A Christian look at the 2008 financial crisis and its aftermath

The Washington Times ^ | 18 September 2013 | Matthew Olson

[matthewrobertolson]

"This financially religious system has embraced an unholy trinity of supposed virtues: crony capitalism, psychotic risk-taking, and general apathy towards others."

...

"What have these ideas produced lately? A sluggish economy, high rates of unemployment, and Fed-led stimulus and 'quantitative easing' that will inevitably lead to higher inflation. These all, of course, hit the poorest Americans the hardest."

...

Read more here.

[what's up]

The stock market titans on high, comfortable in their intimidating skyscrapers and their mega mansions, have largely only achieved their success on the backs of others

This is what they said about John D. Rockefeller, Andrew Carnegie, Henry Ford and all the other industrialists who created thousands of jobs for Americans and without whom America would be much poorer country.

Success by the successful isn't always "on the backs of others". Many, many times it's "for the benefit of others".

[matthewrobertolson]

I agree with you somewhat. But in this case, I was referring to people that manipulate stock, derivatives, etc., doing no “real” work (and putting our economy at great risk), but reaping a lot of benefits.

[what's up]

Stock speculation provides liquidity.

Without it stocks go too far up or too far down. Speculation keeps it more or less in line.

The root of the problem in '08 was Gov't intervention in housing which put a false value on real estate, not the speculators.

[Agamemnon]

I agree with you somewhat. But in this case, I was referring to people that manipulate stock, derivatives, etc., doing no “real” work (and putting our economy at great risk), but reaping a lot of benefits.

Matthew:

Your blog says nothing about stock manipulation or derivatives.

If that was your point you failed to make it.

Real conservatives don't eschew those who put their own money to work by picking and choosing their investments wisely.

Since your blog is meant to drive page sponsors to their ads, why don't you take some time to ping Sean Hyman's "Biblical Money Code" and cease from your inclination to conflate stock investors with stock manipulators.

FReegards!

[Reverend Wright]

i think there is a broad brush problem in this article that demonizes the entire financial industry.

at the same time there is a serious problem with the too big to fail banks gaming the regulatory and reporting system to write the same kind of derivatives that got AIG in trouble in 2008.

here is an example

http://www.zerohedge.com/news/2013-03-12/kyle-bass-warns-aig-world-back

the issue is the TBTF banks, not guys like Kyle Bass, who do not get a bailout if they lose money.