Wow! This explains how our financial crisis happened to a T!

[Happy Times]

Originally Posted by goldorak

When Subman1 comes around to opening a thread on the state of italian economy I will answer your critics there.
But here we talk about the breakdown of the most important economy in the world.
Said economy that is being saved by a free check of 700 BILLION DOLLARS on the back on the taxpayers. Where is the deregulation here ? I thought republicans hated intervening in "private" affairs. Let the market regulate itself and all that bull****.
What happened to that ideology ?
Are you realising that a completely deregulated free market is just as utopian as soviet communism was ? And this crisis which has been a long way in the coming is just the proof.

I understand that there has to be real risks for banks, so they cant count on a assured bail out in the end. Thats the role regulaiton should play, watching the virtual economy. It has no business in tampering with the real economy as this video is about.
And Italy is a big chunk of EUs economy, also the "most" important economy in the world, and it makes me worried often.

[SteamWake]

Originally Posted by Hylander_1314

The biggest problem is the government is getting too involved in what should be private business.

Exactly there the ones that screwed it up in the first place.

It started as a noble and decent idea but then the goverment got involved more and more "Housing for all!" was the cry. (Sounds familiar to me somehow).

At any rate now we look to the clowns that created the crisis in the first place to solve it???

As we speak they are at least trying to slip in earmarks, pet programs, assume pension funds from the unions, and on and on. All in all a dramatic shift towards shift of the economy to a socialist model. They call it a "Global Market". A global market... pffft... As they say you can put a suit of silk on a monkey but its still a monkey.

This is not what the founding fathers had in mind.

[goldorak]

The economy in the founding fathers day was a little bit different from what we have now. Don't you think its ridiculous to continuosly refer to the founding fathers intent as far as economic theory goes ?
Economic ideals are different from political ones.
The later can and do have relevance even after many centuries but economic ideals no. They change as society changes, unless you want to sustain that american economic model still reflects that of late eighteen early ninteen century america ?

[SteamWake]

Originally Posted by goldorak

The economy in the founding fathers day was a little bit different from what we have now. Don't you think its ridiculous to continuosly refer to the founding fathers intent as far as economic theory goes ?
Economic ideals are different from political ones.
The later can and do have relevance even after many centuries but economic ideals no. They change as society changes, unless you want to sustain that american economic model still reflects that of late eighteen early ninteen century america ?

Absolutly not.

Capitalisim is what made America a super power. The country was founded on capitalisim. Sure its more complex that it once was but the concepts were still the same.

Econmics were never intended to be an inseprable part of the goverment. In fact the intention was for the goverment to "Get the hell out of the way".

Eventually the goverment became so intertwined with the consumer economy over the years through feel good legislations such as Fannie Mae. I can think of many more ways the goverment has slowly but surely become an inseperable player in the economy.

But its too late now.

[UnderseaLcpl]

Both videos removed due to copywright infringement. WTF

[Onkel Neal]

Let Bill Clinton educate you:

"I think that responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up Fannie Mae and Freddie Mac."

- BILL CLINTON, ABC GOOD MORNING AMERICA INTERVIEW, LAST WEEK

[Stealth Hunter]

Originally Posted by UnderseaLcpl

Both videos removed due to copywright infringement. WTF

Let alone by "Warner Music Group"...:hmm:

I disagree with many of his points, but it still seems a little bizzare that they could remove it on the grounds of infringement...

It's like the Discovery Institute having ExtantDodo removed from YouTube because of his videos that debunked their fruity proposition that Earth is 6,000 years old.

[August]

Originally Posted by Stealth Hunter

Let alone by "Warner Music Group"...:hmm:

Which probably owns the rights to one or more of the accompanying songs...

[Stealth Hunter]

Wait- it had music?

I guess one should check the mute button on the YouTube player.

[August]

Originally Posted by Stealth Hunter

Wait- it had music?

I guess one should check the mute button on the YouTube player.

[Hylander_1314]

Originally Posted by goldorak

The Economy is not a private affair. With the failing of the most important economy in the world you have political ramifications. Not only worldwide but inside the US as well.
The economy must thrive inside a series of rules, without rules you only have caos, and in the end its society that ends up paying the bill.
Because the cost of not paying is just to terribile to contemplate.
Deregulation at all costs is bull****, and having rules doesn't mean haveing a socialist or communist state.

Actually, in the United States of America, it is. Or at least it's supposed to be. This is where it all started some 90 years ago, at least in America, to go downhill.

"This Act (the Federal Reserve Act, Dec. 23rd 1913) establishes the
most gigantic trust on earth. When the President (Woodrow Wilson) signs
the Bill, the invisible government of the Monetary Power will be
legalised... The worst legislative crime of the ages is perpetrated
by this banking and currency Bill." Congressman Charles A. Lindberg Sr.

This is a good read too: http://www.yamaguchy.netfirms.com/78...ndb_index.html

And here is what Woodrow Wilson said after signing the Federal Reserve Act into law:

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence

[Frame57]

Nice to see Pelosi is using this situation to blame the Bush administation entirely. However, last I checked the democrats have been overs-seeing the finance committee for the last 2 years. Barney Frank claimed that those financial Institutions were solid. So either he lied or was not doing his job...

[Konovalov]

Originally Posted by Frame57

Barney Frank claimed that those financial Institutions were solid. So either he lied or was not doing his job...

As did President Bush and the White House make the same kind of claims. As did Henry Paulson, the Treasury Secretary, who was nominated by President George W Bush. As did Ben Bernanke, Chairman of the Federal Reserve. I know this because last night on CNN's the Situation Room they showed clip after clip of comments from President Bush, Paulson, and Bernanke saying that the financial institutions were sound and safe.

So they all either lied or weren't doing their job.

[Hylander_1314]

Both sides have had their hands in this goodie bag. Both are equally to be blamed. But instead of trying to work together to remedy the situation, they prefer to point fingers. But hey, it's an election year! Time to sling a bunch of **censored**!

What keeps getting lost or forgotten about is the government is the root for this financial debacle. The ground rules it required of the lending institutions back in the mid '90s have made this house of cards.

The thing that gets me, is the government creates these situations, then says the answer to the problem is more government control.....................

Even though this book was published 16 years ago, it's amazingly accurate on what is now going on from what started back in the 1960s. http://books.google.com/books?id=r0Q...result#PPP1,M1