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05-11-2014, 12:23 PM
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Jigsawed
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Join Date: May 2009
Posts: 10,559
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Quote:
Originally Posted by Tom Joad
Are you serious?
After the way the Wall Street Banksters fucked this economy over I don't see how anyone could say that with a straight face.
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With government bail out.
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05-11-2014, 01:12 PM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by icenine
There is a false logic of zero sum game. If more government workers how can we pay for it.....
there must be a loser in the process
however the benefits of more consumption in our economy would make things better.
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The only ones who don't lose are the political class. Everyone else would be made subservient to the gov't to support such a system.
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05-11-2014, 01:15 PM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by Tom Joad
Are you serious?
After the way the Wall Street Banksters fucked this economy over I don't see how anyone could say that with a straight face.
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If the Wall Street Bankslters have F'ed over this economy, then why does Obama keep pumping it with money long after the recession has supposedly ended?
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05-11-2014, 01:42 PM
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reflexionar
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Join Date: May 2009
Location: Central Oregon
Posts: 2,273
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It would also seem to me that any corporation that is too big to fail is just simply too big. There should be safeguards in place against that as there are (in theory at least) against monopolies. I don't understand how free market theories of competition and being too big to fail can rationally be in the same argument.
__________________
“Anyone who is capable of getting themselves made President should on no account be allowed to do the job.” Douglas Adams
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05-11-2014, 02:08 PM
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Admin
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Join Date: Dec 2011
Location: Behind the Orange Curtain in California
Posts: 37,188
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Bringing back Glass Steagal and expanding on it would be a good step in the right direction. Can you tell I'm a fanboy of Liz Warren?
__________________
I don't know half of you half as well as I should like, and I like less than half of you half as well as you deserve.
- Mr. Underhill
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05-11-2014, 02:33 PM
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Persona non grata
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Join Date: Oct 2013
Posts: 12,654
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Quote:
Originally Posted by Dondilion
With government bail out.
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Who do we have to thank for that?
Why none other than those great champuions of limited government themselves:
http://www.theguardian.com/commentis...nancial.crisis
Quote:
This is the first time in the history of the United States that the president has sought to provoke a financial panic to get legislation passed through Congress. While this has proven to be a successful political strategy - after the House of Representatives finally passed the bank bail-out plan today - it marks yet another low point in American politics.
It was incredibly irresponsible for George Bush to tell the American people on national television that the country could be facing another Great Depression. By contrast, when we actually were in the Great Depression, President Roosevelt said: "We have nothing to fear, but fear itself."
It was even more irresponsible for President Bush to seize on the decline in the stock market five days later as evidence that his bailout was needed for the economy. President Bush must surely understand, as all economists know, that the daily swings in the stock market are driven by mass psychology and have almost nothing to do with the underlying strength in the economy.
The scare tactics of President Bush, Henry Paulson, the Treasury secretary, and Ben Bernanke, chairman of the Federal Reserve, created sufficient panic, so that by the time of the first vote on the emergency package in Congress, much of the public believed that the defeat of the bail-out may actually have had serious consequences for the economy. Millions of people have changed their behaviour because of this fear, with many pulling money out of bank and money market accounts, and adjusting their financial plans in other ways.
This effort to promote panic is especially striking since the country's dire economic situation is almost entirely the result of the Bush administration's policy failures. First and foremost, the decision of Paulson and Bernanke (and previously Alan Greenspan) to ignore the housing bubble, allowed for the growth of an $8tn bubble, which is now collapsing.
It is the collapse of this bubble - which has already destroyed more than $4tn in housing wealth, and is likely to destroy another $4tn over the next year - that is at the root of the economy's problems. While competent economists were warning of the bubble and the dire consequences of its collapse, the top officials in the Bush administration were celebrating the rise in homeownership rates.
The Bush administration made the crisis even worse by deregulating Wall Street. This led to the huge over-leveraging of financial institutions, which has vastly complicated the country's economic policies. It is especially disturbing that Secretary Paulson personally profited from these policies, earning millions of dollars in compensation from Goldman Sachs during his years there as its chief executive.
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"The enemy of my enemy is my friend."
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05-11-2014, 03:00 PM
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Admin
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Join Date: Dec 2011
Location: Behind the Orange Curtain in California
Posts: 37,188
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That's absurd. Everybody knows that it's the black dude in the White House that destroyed Duhmerica's financial system by not cleaning up the Republican's mess fast enough.
__________________
I don't know half of you half as well as I should like, and I like less than half of you half as well as you deserve.
- Mr. Underhill
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05-11-2014, 03:07 PM
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Senior Member
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Join Date: Mar 2014
Location: NE Bamastan
Posts: 11,049
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Quote:
Originally Posted by whell
If the Wall Street Bankslters have F'ed over this economy, then why does Obama keep pumping it with money long after the recession has supposedly ended?
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Right dude, let's put our trust in Wall Street capitalism and screw oversight.
Sent from my SM-N900V using Tapatalk
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I'll believe corporations are people when Texas executes one.
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05-11-2014, 03:10 PM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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Quote:
Originally Posted by Tom Joad
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There will NEVER be full employment. In a Capitalist society it works to the advantage of the employers to maintain a certain level of unemployment, say ~5-6%...... it gives them leverage. This is why Republicans hate the social safety net. The less we need an employer and the easier it is to replace an a-hole boss, the harder (Read; "more expensive".) it is to get and keep good employees.
Seriously. Think about that.
Dave
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"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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05-11-2014, 03:16 PM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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Quote:
Originally Posted by whell
If the Wall Street Bankslters have F'ed over this economy, then why does Obama keep pumping it with money long after the recession has supposedly ended?
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Because the money he gave them went straight to the top and stayed there. They will see to it that that money does us no good until their flunkies are back in power and at better advantage to strip more worker protections, weaken the social safety net and tilt the table further their way.
That would be YOUR party. The party of knee pads and warm towels.
Dave
__________________
"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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