Posted on 10/04/2008 4:33:24 PM PDT by Toddsterpatriot
The bubble pops. Lenders freeze. Depositors lose faith. Panic spreads. And the government steps in because nobody else will.
Today it is Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke putting together the rescue package for a financial system rocked by falling home prices and a wave of defaults on subprime mortgages.
But a short walk through U.S. history demonstrates the point made by Alex J. Pollock of the American Enterprise Institute: "If you would like an empirical law of government behavior, it is that in a panic or threatened financial collapse, governments intervene -- every government, every party, every country, every time."
(Excerpt) Read more at online.wsj.com ...
How do I know? Over a 20 year career in the bond business I probably traded 50 billion of their debt with institutional investors. ALL of those investors were under the impression that they were buying implicit gov't guarantees.
So they were government entities all along.
And they're exempt from state and local taxes. I wonder how many private companies get that little benefit?
“And they’re exempt from state and local taxes” That’s right. Here’s an interesting statement from Pete Stark which should clear up the question while further showing that the dems thought the GSE’s were just fit as a fiddle:
http://www.house.gov/stark/news/108th/fmfmreformst.htm
What you're really saying is all the really large concerns are government owned.
Several tens of thousands of companies falling in the 501(c) catagory.
No, that's what you're saying. And it's 100% wrong.
Those entities also get a Federal tax exemption. Private companies don't.
Are you just being obstinate or do you not know the difference?
Without being a pr*ck about it, for once.
No. Because I'm right and you're wrong.
Without being a pr*ck about it, for once.
If you want to start throwing out words like that you should at least know what you're talking about. It's obvious you don't.
In other times the presence of some large grey ships would have ended the career of this crack pot.
Seems to expensive nowadays...
How’s your BOA stocks ? Are you still holding ?
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