Most likely, yes.
I think the whole house of cards was/is going to crash anyway. I think the timing of it was accelerated due to statements (Barney Frank) and actions (Bernake/Paulson) to help Obama. However, I don’t think they realized how big and how fast it would crash.
The whole mess started by selling mortgages to folks who were not credit worthy. The mortgage brokers then sold the mortgage to Fannie May & Freddy Mac who were required by law to buy them. Fannie and Freddie then bundled those mortgages and sold them to all yield hungry investors as bonds.
On top of that home owners with good credit kept borrowing using appreciated house as collateral.
There was no central planning. Blame the politicians (all democrats) who backed Fannie & Freddie. Also blame people who borrowed and spent thinking the house prices would go up for ever.
The bubble always collapses in the end.
In my opinion, Obama and the Democrats created this economic crisis just as FDR and the Democrats created the Great Depression in the 1930s. Their reason is the same, to turn America into a Communist Socialist Republic. FDR started the process in 1933 when he created the Great Depression, now Obama will complete it in our time.
the crisis was structural and has been on the books for a long time. I think the actual motivation of the origins lie in greed.
That said, the timing of the unraveling was so opportune that I find it suspicious, particularly since the CDS market provided a vehicle to pressure the stocks of certain financial firms (which could then be FTD/naked shorted), and get the ball rolling with Lehman and AIG. So many parties and particularly countries had an interest in seeing obama win, though top of my list are Russia and China.
The result - the election was thrown to obama, the treasury is being looted to the tune of TRILLIONS this year, and the GOP may not get back into power for a long time.
I had an argument about this with someone on FreeRepublic. I said that the economic crisis was probably directed by Soros and intentionally precipitated by Schumer causing the run on IndyMac and that it got out of hand, causing more of a crisis than the Democrats planned. Anyway, I told the poster that the investors that were bailing out IndyMac were probably going to turn out to be big time Democrat donors, and sure enough it was Soros and David Dell and someone else.
The role of a small group of DemonRATs to collapse the economy is the elephant in the room. It was calculated as a way to derail the Bush Administration and pin it on the Republicans. It was calculated to win the White House and greater control over the House and the Senate. It was calculated to change to makeup of the Judiciary.
When Lehman Brothers went bankrupt, the DemonRATs did not waste time to blame the collapse on Bush. Little was said about the DemonRATs and their promise to fix the economy prior to the 2006 elections.
Instead the DemonRATs were like those who started the fires in California in order to get jobs fighting them. Little did they know the extent of the fire storm they would generate. The DemonRATs takeover of Congress and the Senate gave them full control over the how they would bring on the downfall. The proof of their complicity is the fires started to burn and they did nothing to stop them.
With the economy heading for disaster if nothing was done, it seems obvious that those who did nothing were doing so for a purpose. That purpose was to allow a fire storm to go through the economy for political purposes.
All that was then needed was for the Fifth Column (The MSM) to fan those flames until we had a destructive economic fire burning out of control and a Marxist President with all the answers. This had less to do with the brilliance of Democrats and more to do with the unbridled and improbable of the American electorate.
Well at least it is nice to feel like I am not the only nut on the tree. I have felt this was a setup since it first started. I don’t know enough about high finances to even listen to a discussion, but I know a skunk when I smell one. It was just all too convenient, and I think the urgency that Bush displayed was an attempt to cut them off at the pass, but I don’t think he was able to get enough, fast enough to get er done.
I will not be surprised if everything is suddenly all better once the half white president takes office, but it is very possible that they too have lost control of it and we are in for one nasty ride.
With this pick for the head of the CIA today, it could be not only nasty but deadly. God help us.
I wrote about this and already stated the this was setup to be the October surprise. Remember Carville saying “It’s the Ecnomy stupid”? Yes, this was planned from the beginning.
In the 2009 Predictions thread, I said that this economic crisis will go away as quickly and mysteriously as it started.
I’m already seeing the first signs.
This depression is brought to you by Hank Paulson, who, back when he headed Goldman/Sachs, prevailed upon Congress to repeal the Glass Steagall Act during the Clinton administration in 1998.
Glass Stegall was passed after Great Depression I to prevent the very collusion between commecial banks and investment banks that precipitated this crisis.
Now all of the investment banks have blown up due to high leverage and hedge funds are in the process of doing the same thing.
Biggest Oct. surprise yet and the stupid American voter fell for it.
The idea that there are folks “in charge” and in control pulling the levers is a comforting one. That’s why paranoid theories tend to catch on.
Unfortunately, that’s not the case when it comes to the current crisis. And even worse, the levers that are being pulled, don’t seem to be all that effective.
Never assume to great conspiratorial plans what common stupidity can explain more easily!
Duh... of course.