Time for another transfer of trillions from those who produce to those who do not.
That and unregulated securitization of debt. Mergers, the gutting of Glass-Steagall...There is plenty of blame to go around.
I'd describe it a little differently.
I'd call it "the worst financial crisis since a vulnerable Republican ran for president with the Democrats in control of Congress."
The last time this happened it was called "The S&L Crisis," and had been ginned up so it would hit just as we were going into the election season.
Bigger picture: expect this type of earth-shattering crisis (financial or otherwise) to hit just before election time from now on. There are many powerful folks out there, mostly on the left, who believe they can turn chaos to their advantage, if they can make it hit when the American population is trying to decide who they will vote for.
They only way this can work is due to the utterly corrupt and dishonest media.
They've tried to make America "ungovernable" for decades, starting in the '60's, and have decided that that wouldn't work.
Now they've realized that they only have to make America "ungovernable" for a few weeks, during the run-up to a Presidential election, to get most of the same benefit for themselves.
Hmmm. It seems like it is time to help the American people make the connection between Community Activists and Wall Street Woes. McCain needs to get those ads out there staring our most famous Community Activist (the one who isn't a small town mayor.)
--Ludwig Von Mises
Hank Paulson votes for option two.
ping
This economic crisis can be traced back to the Carter Administration: http://www.investors.com/editorial/editorialcontent.asp?status=article&id=305938528597493&secid=1501
BTTT!
“Community Reinvestment Act”
....back when the CRA first came out the largest bank in our city was getting hammered in the press....they were accused of failing to put branch banks in black neighborhoods....so to get the newspaper off their back; they opened a branch in one of the worst neighborhoods in town...had a big grand opening with free balloons and lolipops for the kids....lots of local news crews telling us this was something we could all feel good about....two days later masked gunmen with sawed off shotguns cleaned them out...and they never reopened that branch...true story!
Both parties are to blame for this—they are all complicit. This has been gradually building for decades in the form of a demonization of good judgement, policital correctness, crony capitalism, and an erosion of accountability & responsibility.
Most of us know how this horror show will end: in an orgy of wealth transfer, debt forgiveness, and hyperinflation. Evenually, the economy will collapse under the weight of massive debt and US Gov will be unable to keep it “guarantees”. This could play out in months or years, but I’m convinced it will happen.
Sadly, most Americans are so stupid on this issue they can’t tell up from down. We got a good swift kick in the ass coming and we (collectively) deserve it. I think most Freepers are good people and will suffer with everyone else.
The only silver lining, if there is one, is that the adversity of the coming debacle might (finally) restore some common sense to the masses. Time will tell.
Case closed.
And now we have Boston Barney Fwank who has been their point man in charge of the banking committee during this crisis.
Ugh.
Mortgage Rates Drop - Fed at 2%
$200,000 loan for $708/month. Free Quotes - No SSN Rqd. Save $1000s!
Plus ACORN and NACA.
An informative article "The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities" by Howard Husock in the Winter 2000 City Journal says:
A radical group called ACORN Housing has a $760 million commitment from the Bank of New York; the Boston-based Neighborhood Assistance Corporation of America has a $3-billion agreement with the Bank of America; a coalition of groups headed by New Jersey Citizen Action has a five-year, $13-billion agreement with First Union Corporation. Similar deals operate in almost every major U.S. city. Observes Tom Callahan, executive director of the Massachusetts Affordable Housing Alliance, which has $220 million in bank mortgage money to parcel out, "CRA is the backbone of everything we do."
Senator Obama knows much more about how this works than he lets on.
Why is EVERYONE afraid to mention the MASSIVE inner-city mortgage frauds that got us into this mess?
In Indianapolis ALONE, we had over 1,0000(!!!) homes involved in just TWO Mortgage fleecing schemes!
“The private sector got us into this mess…The government has to get us out of it. We do want to do it carefully.”
Average Americans are believing him. Obama is way up in the polls.
Communist Redistribution Act