Posted on 01/10/2011 6:17:58 AM PST by IbJensen
Congratulations! You sign paperwork that says the bank can do certain things and then the bank does those things and it isn't fraud.
Nice when industry writes its own laws isn't it?
That's funny. As if banking isn't one of the most regulated things in the country.
That still does not make it moral, ethical or less fraudulent.
Yeah, it makes it less fraudulent.
Definition of FRAUD
1a : deceit, trickery; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right b : an act of deceiving or misrepresenting : trick
You got to be kidding! Go back and look at the Depressions and the Panics that we had. We had Depressions every 20 years. Not Recessions, but Depressions. Year to year currency swings were wild, despite the dollar being gold backed, or rather because of. You had the long depression following the civil war which basically lasted 30 years.
How much more could the country have grown if we hadn't had the wild currency swings and the depressions. And the civil war razed half of what was built.
Would you agree that selling packages of sub-prime, alt-a and AAA debt while representing the entire bundle as AAA is fraud?
Who represented anything as AAA?
Do you understand how the word, depression, used to mean still economic progress?
That, “ The Great Depression” wasn’t a depressed increase in wealth, but a regression, a “Recession”, a non progress,a non slowing down, but an actually backwards poverty movement?
The great thing about the gold standard was there entire parts, if not the majority, of the economy that was isolated/protected against that standard. Obviously, you are against people not being forced, compelled, dragooned into that racket by force. OK. Fine.
Do you understand why today they call the events of the 1800's "Depressions"?
Here's a clue....
GNP (million)
1807 $511 -> 1809 $433 DEPRESSION of 1807-1814
1817 $591 -> 1824 $455 Panic of 1819 6 Year DEPRESSION, Foreclosures, bank failures, Wages fall
1827 $530 -> 1830 $499
1832 $560 -> 1833 $504 Panic and DEPRESSION, unemployment 10%, 33% in NYC.
1842 $638 -> 1844 $577 DEPRESSION of 1837-1844, 40% of banks fail
1847 $725 -> 1850 $606
1857 $836 -> 1859 $712 PANIC Unemployed riot. 5000 banks fail
1873 $1247 -> 1879 $1112 DEPRESSION of 1873-1878, unemployment 14%, 18,000 businesses fail,
1893 $1289 -> 1898 $1455 "More than 15,000 businesses failed, 500 banks closed, and unemployment remained over 10% for five years, making this the worst U.S. depression up until the Great Depression."
Does this look like "slowed growth" to you? The only one that even comes close is the Depression of 1893 which saw increases in GDP despite 5 years of unemployment at 10%
First, I question that data.
Seriously, do you think they had the equipment,software, to collect that, in those days?
Anyway, what I do like is the quick, short time frame of economic disruption. Unlike the the post Federal Reserve act and, what, near three years into our ‘depression’, which might last another ten, or more. 13+ years, near a generation. Yeah! Supper. I’ve read that the firs Federal Reserve Depression was from 1929 to 1945. Nice. That’s 16 years. Why, I’m an idiot to want to go back to an era of one year depressions. God forbid we trade that for decade plus Depressions.
I don’t know where you’re getting 1 year depressions, 5 6 7 years and the long depression after the civil war was considered 30 years.
This is the first depression we’ve had since 1930. 80 years depression free. 70 if you want to stretch the great depression out to 1940 to pick up that 1 year depression in 39.
You need to read up on history a little and don’t just take Ron Paul’s word for it that the Depressions of the 1800 were mild.
I don’t know about the unemployment, but it seems like they would have very good stats on the bank failures and the business failures. After all there ought to be banking records and sales tax records.
And as far as the current depression, it’s a little early to assume it’s going to last 3 years much less 13.
Well, there’s a thing thought of as history, and then there is reality. Why shouldn’t we have a depression post the Civil War? We only destroyed a third of the country, near nigh wiped out a generation of labor, had our first serious bout of printing paper money, and still managed to from 1865 to 1895 to double in size, do the continental railroads, close the west, build hundreds of cities and increase population, wealth by many times. God forbid we have such depressive, real, physical growth again.
Hey. Numbers are symbolic representation of reality. They are not reality themselves.
We’ve already gone three years.
Oh, well, doubling of our entire history of debt, so fare, and we are almost out of the woods. Whoopee! Our grandchildren will thank us.
You can thank Congress for that. And they can do that with or without the Federal Reserve.
Sounds like Moodys, Fitch and S&P gave bad advice.
knew that it could not have been AAA
What's the definition of AAA and how did they know?
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