Posted on 09/13/2009 5:24:10 PM PDT by blueyon
Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.
“In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.”
(Excerpt) Read more at tickerforum.org ...
here are my posts in one eye shocking wrap up for tonight.
Lehman collapse: President Barack Obama to push banking overhaul
http://www.freerepublic.com/focus/f-news/2338880/posts
Money market guarantee program expiring (Heads up notice for Sept 18,2009)
http://www.freerepublic.com/focus/f-news/2338874/posts
““In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today in Paris. “The problems are worse than they were in 2007 before the crisis.””
I heard Elizabeth Warren make the same point last Friday.
bump
rather than flush the toxic debt they decided to paper over and hide the losses.
I’m starting to join the camp that believes that Obama is intentionally causing an economic catastrophe in order to consolidate his power and to make massive changes increasing government power. This is what happened in 1932 and afterward. Obama looks at his hero FDR and says to himself, “Hey, FDR increased government spending on a massive basis, the economy got much worse but...he still got re-elected. So can I”.
Wait..wait...P-BO said this administration ‘brought us back from the brink’ of economic disaster. Sooooooo, if we have an economic disaster after all, will it be all Bush’s fault? I’m just trying to understand the logic...
“Oh Brother..................”
Hahahaha. Don’t worry the dimoKKKRATS will have their ace team of Frank & Dodd on the case.
Exactly. Warren said the toxic junk is still sitting there on their books.
I’m just trying to understand the logic...
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When you truly believe that 2+2=5 we will release you back into society Mr. Smith
I understand the temptation to jump on that bandwagon. But OTOH for this to be true he would need to have some understanding of what he is doing.
I think it would be best if we, as millionaire parents, paid the price for our spoiled brat teenage sons' property damage and let him spend 1-5 yrs in jail. Otherwise, he'll never learn better and repeat the process, costing us more in the long run.
My two cents on the situation.
[rather than flush the toxic debt they decided to paper over and hide the losses]
Here’s how bad it could be. I do real estate in Vegas. Supposedly up to 20% of the mortgages here are either in default or pre default - so call it 10% in foreclosure. Yet listings have dropped to only a couple months supply. 10% of around 500,000 homes should be 50,000 homes, but only 12,000 are listed.
I don’t see how a crash doesn’t hit again. I don’t see where the banks can hide the pea much longer.
Break ‘em up. Or is that too much government intervention?
Hell yes! Break them up to where they were until relatively recently.
Why do we a half dozen incompetent banks swallowing every competent bank in all 50 states?
I have long been convinced he's just a front man. The person or persons behind him pulling the strings have a lot of time, money and effort invested in their plan. I'm also convinced their plan is to destroy the financial system in such a way as to benefit from its collapse. I don't think they are communist, just very greedy, very unprincipled people who think they are smart enough to destroy the system and be able to keep others from rushing into to fill the vacuum. They are playing a very dangerous game.
I suspect ObamaTron is just smart enough to know which side his bread is buttered on, and to know they would not hesitate to eliminate him with extreme prejudice if he ever got the idea he was in charge.
Frankly, I don't see but very little chance of saving our country. And that chance is in the hands of the tea party people who went to DC this weekend to stand up for the America we grew up in. And the millions of others who would love to have been there but couldn't afford it or were too busy earning a living and keeping America going.
As an aside, I am soooooooo tired of hearing the racism charge over and over. It's like no matter how deserved the criticism of Obama is it doesn't count if someone can yell “racism”. Hopefully it's taking on the form of the boy who cried wolf.
I see some very dangerous times just ahead.
Really?
I’m shocked, Shocked I say!
A big government bailout that covers all the losses of irresponsible companies made the problem worse? Who could have guessed???
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