Posted on 09/14/2009 12:44:39 PM PDT by upbeat5
A year after the financial system nearly collapsed, the nation's biggest banks are bigger and regaining their appetite for risk.
(Excerpt) Read more at cnbc.com ...
http://www.cnbc.com/id/32842099
Words fail...
Well, of COURSE they are! There’s NO DOWNSIDE to risk any more. Because Uncle Sucker will bail out any failures, why not risk everything???
When unemployment was at 6.5% they were terrifying people that we were in the great depression to get people to close their wallets. This CAUSED a meltdown.
We were due for a a correction, but not the correction we got due to the evil ones and their hatred for Bush.
Wall Street knows the media will not do that again under Ozero. No way...they will never destroy him like they did Bush. So they are safe and skies are clear for investing.
The govmint has eliminated their risk. The small banks are the ones that have to worry.
This is good. Just don't bail them out if the securities default. Let the market destroy malinvestment.
You get it. Congrats.
I don’t think I would blame the Dems for this one. Wall Street snookered itself into this one,and us with them.
parsy, who says a pox on Wall Street
“The most potent factor that took Wall Street down last Fall was the media and the Demoncrats.”
Hardly. This was an enormous credit bubble that had been building for years and will take years to unwind. The collapse didn’t start last fall, it started months before when real estate topped out. You delude yourself if you think that politicians and their media hacks are capable of bringing down the global economy with scare stories.
Of course not. You ARE a Dem.
Therefore, why would you blame the screaming liars who terrified everyone last Fall?
Yes, and as I said a correction was certainly due.
However, the lying media exacerbated it when they terrified everyone into thinking a depression was coming. And when people are terrified into closing their wallets the economy goes South in a more major way than it was headed.
You really think the Dems and media WOULDN'T employ such a tactic? The piling on of Pelosi, Reid, Ozero, Frank, Katie Couric and all their minions last Fall should give you a clue as to what they were doing.
If there's an economy to attack, an election to win, and a far-left activist base to mobilize they WILL ALWAYS employ all the full gamut of lies in their arsenal.
Ping!
This is the equivalent to dad bailing son out of jail. 32 times. And paying all his fines? What’s the incentive to behave?
I didn’t say the Democrats and their media comrades wouldn’t employ such a tactic.
I said that in their wildest dreams they couldn’t hope to cause the amount of damage that has happened. It’s on par with thinking that the rooster makes the sun rise because he crows.
The scope of the financial mess is in the trillions of dollars and it is worldwide. It is the result of years of fraudulent and irrepsonsible lending, securitization and sale of bad paper, fraud by bond rating agencies, a failure by bond buyers to do any due diligence, an unregulated credit default swap market, overleverage by financial firms. And more. This wasn’t something dreamed up by politicians and the press. The majority of Democrats and the media had no idea what was headed our way and weren’t warning about it. For that matter the majority of the financial press were equally clueless.
You under-estimate the evil of the media and Democratic elites.
They didn't just dream...they PLANNED. They know that depleting confidence exacerbates an existing financial crisis to the nth degree. And they jacked up the hyperbole massively last Fall to do just that.
Crashing banks is what the commies love more than ANYTHING. Those who don't recognize what they did last Fall to an already fragile system are extremely naive.
Okay, I see that you want every cause to be ultimately political. I’ve followed politics since Barry Goldwater and there’s not much that I don’t know about the left and the press.
But some events, even ones that the left will exploit, aren’t caused by them. They were doing their usual yapping about the economy being bad. They do this every election when they are out of power. They wouldn’t know how to make the real estate market inflate into a giant bubble and they certainly wouldn’t know how to make it pop on cue. They wouldn’t know a CDO from an MBS from a CDS. They couldn’t induce banks to make the foolish investments that they did. Naive is to think that an economic crisis of this size is the product of some scheming politicians and their media cheerleaders.
I suppose you also think they were only "yapping" for years on end to destroy the war effort as well. Smart people know it was a concerted effort to destroy Bush and the military's effectiveness and not just "yapping".
So why wouldn't they employ that same "yapping" on the economic front? Of course they did. You think it's only "yapping" but most conservatives know that the media gets inside people's heads and determines behavior and beliefs. Politics 101. When 99% of the media is telling you you're headed for depression clueless people and conservatives who know what they're up and what is coming close their wallets. And guess what the effect is on the economy? Duh.
In case you haven't heard...crashing banks is what people like Soros love to do most. Anti-capitalism 101. The FAR left got their guy in, not the moderates. The way the far left gets in power is ALWAYS through lies and deceit. And they were on a tear election season '08.
The Lehman failure exposed the AIG failure and the Washington Mutual failure (both already in the critical ward it is true), and caused the Merrill and Wachovia failures (absorbed by mergers). It had Morgan Stanley and GE teetering and the bond markets completely closed. Teh run on money funds hit $1 trillion a day. Only prompt Fed action averted an even more collosal meltdown, and being "against bailouts" for one week cost the authorities $2 trillion in interventions in place of $50 billion tops.
Lehman was a collosal failure caused by a puritanical reluctance to intervene in markets. That reluctance could not survive contact with the reality. Some pundits without practical responsibilities pretend otherwise even today, but they are fools and do not know what they are talking about. They got their preferred policies and they blew up half the world. But they aren't even sorry, they just demand a largely helping. Its crap.
No Obama hasn't helped. But no, it isn't all his fault either. The Bush treasury department screwed the pooch on Lehman, that must be faced. It is not like it was their only unforced error of world historical proportions, either.
I guess you missed my point mentioned several times already that there were underlying problems?
HOWEVER, the meltdown was made several times worse by the lies and fear which were deliberately propogated by the far left.
The fact that there was a huge push to get a SOCIALIST in the WH who is running on a platform of inflicting huge tax increases on an already ailing system does not strengthen confidence; it undermines and erodes the capitalist system....thus the meltdown was far worse than it should have been.
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