Originally posted by Diki:
But they believed in the Bush plan... now, apparently the Obama legacy. It's not so much the deflection of blame, more the wholesale failure to admit it had anything to do with their politicians' mad rush to give the financial market 'free rein', as if there was NEVER a reason for regulation in the first place...
You can remember the 70's? Bully for you.. Shame you don't remember the 20's as well. Financial institutions have no vested interest in the health of the country as a whole. The are international, shadowy entities that profit, and profit alone drive. If you can make money at the expense of any country's economy, you do it. Only governments have the power to rein them in. Once a government abrogates that responsibility, it's devil take the hindmost.
Tonight's CNBC program 'House of Cards' is another objective look at the collapse. And once again, just like 'The Ascent of Money', the blame for what happened gets placed firmly in the laps of greedy Wall St. traders, dumb (or deliberately misled) buyers, and the 'asleep at the wheel' SEC and government entities that were run by the wolves they were supposed to guard against, NOT Democratic politicians or policies. This debacle happened squarely on the watch of the Republican party, and anyone that thinks their mantra of tax cuts and deregulation, after precipitating this crisis, is going to solve it as well is in the grip of a religious fervor...
Insanity is the expectation of a different result, despite trying the same thing over and over...
DIKI you really need to pick up a book now and then and stay off CNBC which never ran an objective piece in its short life. If a piece does not FIT within their Liberal bias , it will NOT be seen., Period. Thats like someone telling you to listen to Rush Limbaugh, he is going to run an objective piece on Clinton. Wall Street is full of Greedy people. Get OVER it. They trade stock for MONEY!! They skirt the rules. They have a way around every new rule before the rule passes. But in the end as Wall Street goes MAIN STREET goes. The Money Changers are the kings of the hill. like it or not. Class envy will not solve a thing. You can play or pay. Again BARNEY FRANK AND CHRIS DODD FOUGHT REREGULATION!! They LED the charge AGAINST RE REGULATION!!! OBAMA SUED banks on that would NOT LOOSEN their standards for those who could not afford a home.....
The causes for the Depression are nothing like we have today. A run on the banks caused the collapse and the Smoot Hawley Protectionist Act CEMENTED it. Many things were put in place to avoid that ever happening again. And it won't. (even in the worst of the Depression 70% of all workers were still employed) The FDIC is the reason there has not been a run on the banks today. I feel totally safe having money in the bank, and I have FDIC protected money with Capital One. I can sleep at night. But you can bet I will be buying major inflation protection instruments over the next six months.
[This message has been edited by Kingfrog (edited 02-13-2009).]
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