Posted on 04/22/2012 11:06:22 AM PDT by blam
Hogwash! The $800 BILLION TARP money should have gone to banks which did not gamble with derivatives and operated prudently. Those banks would have kept the credit market operating without a hitch. Those greedy & gambling banks on Wall Street should have been allowed to fail and their business taken over by the good banks.
Yes, at the cost of destroying the US Dollar. The devalued dollar is with us forever, another Depression would have ended, perhaps by now. Perhaps their was no risk, and we destroyed the dollar for no reason, I am in that camp.
Another example of an EXCUSE generated by the government to justify IMPLEMENTING THE CHANGE. The Democrat-fueled FM & FM caused the problem so the government could TAKE CONTROL OF VIRTUALLY ALL HOME LOANS AND OWNERSHIP OF PROPERTY. By the way, Obamacare also gives the government FULL CONTROL of student loans as well.
The socialist 'mission creep' during Obama's reign is STAGGERING. The word 'Democrat' needs to be scrapped! Let's call these insurgents what they are; SOCIALISTS!
No. He prevented a deep recession, but in the process made a Great Depression inevitable...
Everything is going according to the plan.
He probably did, but without a control group it’s impossible to know.
The actions of the Fed before 2007 remind of of those of the second National Bank after the War of 1815. Its reckless policies led to the first great depression. After Nicholas Biddle took over, and improved its management, the country recovered. BUT bankers can harm as well as cure an economy. The more power a ban has, the more harm its can do, and the precariousness of the international situation shows what harm it can do. Only the “Euromess” has prevented the overthrow of the dollar as the international currency. The snowball analogy must be kept in mind: a snowball falling down hill will pick up mass and grow bigger and bigger as it moves downhill. But at some point, its mass reached a size that tears the snowball apart.
Reminds me of: (Could be 16 Taxes)
Tennessee Ernie Ford - 16 Tons
http://www.youtube.com/watch?v=jIfu2A0ezq0
I don’t think so. I think it’s here right now, we have just papered over it. Soup lines replaced with debit cards.
The event that set off the current financial crisis; the first domino that fell, fell in August, 2007 as a result of the consequences of speculation and no doc loans unraveling. Defaults on no doc interest only adjustable rate mortgages that had been securitized and sold across the world as a solid, low risk investment began to default en masse in California. I remember it so well because I was sitting on a beach on Hatteras Island, and remember thinking that I'd better enjoy it, because it might just be the last vacation I'd get for a very long time.
Bernanke was chosen as Greenspan's successor precisely because he'd studied the Great Depression at such length, and had formulated numerous theories as to how to prevent or forestall another. That's how he earned his derogatory nickname, Helicopter Ben.
To make a long story short, this goes back a ways. I'm no fan of Bernanke and haven't been since he made comment about inequitable income distribution in the US, that told me all I needed to know about him. But, he did inherit this mess from Greenspan.
Well let’s see:
1. It is 2012 not 2008. I wonder what Dr. Schwartz thinks now not then.
2. The problems with our economy not unlike the 1930s include:
A. Over regulating business activity and thus reducing it.
B. New social program increasing business uncertainty and thus reducing business activity.
C. Looming tax rate increases.
Monetary policy has no power to change any of them.
3. The deep 1930-33 recession became the great depression due to a follow on recession caused FED action in 1937 THAT WAS IN RESPONSE TO PEOPLE WORRYING ABOUT A HUGE SPIKE IN INFLATION IF NOT HYPER-INFLATION. Does that sound familiar? In terms of the current timeline it would be a FED mistake in 2015 or so. Certainly some people are lobbying for another such mistake because of their concerns with the potential for inflation.
When things such as THIS weren't enough, the BP explosion happened one year later, two days before Earth Day.
No, he probably hastened it.
No one sabotaged the BP rig - get a grip. Until you retreat from that ridiculous position I don’t have anything further to discuss with you.
RIGHT! Glad you caught that. We are all coal miners now - - - - . Well, at least it is not salt, yet.
"I was surprised March 31, 2010 when Obama suddenly announced intentions for expanded offshore East Coast & Gulf drilling.* 21 days later (April 20) and 2 days before Earth Day, 1st accident in 40 yrs!. Then he declares a moratorium, & when struck down in Federal Court, he re-declares a moratorium, in defiance of our Judiciary (3rd, and equal Branch of Govt). Then, retouts his CAP-N-TRADE plan.".
*Remember how surprising this announcement was? 'Out of character' for 0bama, that's for sure.. Almost as if he knew it was an empty promise the moment he said it.
Obama's March 31, 2010 announcement was almost as much of a head scratcher as his statement while in Mexico where he claimed "90% of guns in Mexico come from the United States". Hmmmm.. Perhaps he had something in the works to make that percentage become a reality? Oh, that's right.. 'Fast & Furious'!!!
The verdict is out, I believe that he just kicked the can down the road. Eventually all things must be paid for and when this bill is due it will make the last depression look like a cake walk.
Our Nation's only chance is to get government spending in balance with tax receipts, taxes no more than 18% GDP, start paying down the debit and link our currency to a real commodity. And I don't see anything close to this happening.
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