Marx, if were he still alive today, would be SO proud!
A very good column.
2) Eliminate regulation of Wall Street and/or fail to enforce the regulations that already exist, instead trusting Wall Street and other money managers and speculators to manage other people’s money with few or no regulations and little oversight.
Some of us have been ATTEMPTING to curtail this MADNESS on the part of the government for many years.
Sadly, over the years, the madness metastasized into the private sector with derivatives of derivatives and too many totally ephemeral and whacked out so-called “investment” and “credit” instruments to list them all. It was SO far out of control that a number of the top economic minds in the country admitted that even THEY didn’t understand them.
Then there was the idiotic move by Congress to FORCE lenders to make loans to manifestly unqualified borrowers, turning their quest for the “American Dream” of home ownership into their – and OUR – unfolding national nightmare. And THESE morons want the same government to take over HEALTH CARE?
But what the “Masters of the Universe” in the private sector failed to realize is that the GOVERNMENT has the printing press to bail THEM out. If they tried it, they’d be arrested for counterfeiting. The feds HATE competition!
Unfortunately, not many others felt any of this government and private sector insanity was – or would become – a serious problem. I can’t count how many LAUGHED at us during that period. Many of them right here at Free Republic (and you know who you are). Most of them have STOPPED LAUGHING!
And so the sheep will again be sheared.
Trust me, it is NOW A SERIOUS PROBLEM, one even the feds may not be able to print their way out of this time.
It is ALWAYS what happens when man – or SOME MEN – play god with the immutable laws of nature and economics. History teaches that they do so at great peril – and they ALWAYS fail. Insanity is doing the same things over and over while expecting a different result. Since these scams are always zero sum games, you have to wonder who wound up with all that dough. I sure didn’t get any of it.
What saddens me most is that – on the government side, at least — Newt either squandered or let slip HIS chance to get a grip on it. And, no, I’m NOT picking on Newt. Tales of “RICHES FOR ALL” from these cockamamie financial schemes lured many of US into the game as well.
In this 2 minute clip, he seems to be trying to tell us that he took a shot at it. (You’ll hear the audience groan as he does so. Some of the folks in the very conservative area didn’t believe him.)
http://www.youtube.com/watch?v=lIo8FJJMps8
How to ruin the U.S. economy?
Put the Rats in charge. Simple.
http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html