Posted on 03/20/2009 12:14:25 PM PDT by Red Dog #1
It was no accident.
The folks in power in Washington and on Wall Street want to pretend that the current global financial crisis -- you know, the one that reduced household net worth in the United States by $11.2 trillion in 2008, according to the Federal Reserve -- was an accident caused by some unfortunate confluence of greed and asleep-at-the-switch regulators.
(Excerpt) Read more at articles.moneycentral.msn.com ...
B.T.W., This is my first post, please be nice if I messed it up!
Congrats. Good job!
Very good. Welcome to FR.
I guess there is hope for me, huh?
Other talking points:
“Nobody could have seen this coming”
“There are so many bad actors, we can’t single anybody out for blame”
“It was the other political party that caused this, not ours”
You did it exactly right! Welcome.
Though I believe George Soros manipulated it all
I don’t buy it. Every time the stock market goes up (down), pundits want to praise (blame) the current politicos. That’s a vast oversimplification. The current crisis has way more to do with Americans becoming hedonistic debtors and forgetting the Book of Proverbs than it does with any political manuevering.
YOU SUCK, n00b!
JUST kidding! Relax, you did just fine. Welcome aboard!
I have a great deal of respect for Jim, in fact his sage advice last year kept me from getting burned worse than I did. I’m glad to see fog is lifting a bit and news of this ripoff is making the news round.
Amen!
Almost 9 years as a FReeper and your first time starting a thread?
You have impressive restraint!
So we can expect the second one in 2016? ;)
THINK about it Doc...The perfect storm...started with gas prices going through the roof..and as the gov. (can’t remember who) said...never waste a crisis. They didn’t. They played on the fears of the American people....they always do.
Bingo, Doc.
...Posted 7 times in 9 years here, still don’t have a clue about HTML or the post article process. Good on yer, and a good article to boot...
Wow, after all these years? It's a doozey too!
BS, you need to go eductate your self
Interesting post!
...Easy FRiend, takes me 15 months. Only took me a month to say something that got my account cancelled. Fortunatly JR finally aquitted me...%^}
I was traumatized by the Washington Post/Los Angles Times copyright suit!!!
This thread deserves the CAPTAIN OBVIOUS pic.
Funny how few Americans are even the least bit upset with the *theft*.
Hey, I know I haven't been the same since, lol
I am, but the only way to fight back is to pay off debt, hoard cash, and no more contributions to the stock market.
Disconnecting from the system is the only way.
“These were, in fact, insurance policies that guaranteed the companies taking them out (banks, other insurance companies, investment banks and the like) against losses on securities in their portfolios.”
(policies written by AIG in LONDON)
I have flat out asked people in the insurance business if this was the case and been told NO WAY!
Where can I get my policies to insure me against possible loss of GAMBLING MONEY??
Also, we never landed on the moon and 9/11 was an inside job.
If a conspiracy could destroy trillions of dollars in value and threaten to bring down the global economy, then putting a handful of terrorists on planes would be child’s play.
This is crazy talk.
Well, you didn't post any pictures that have been posted ten thousand times before but you otherwise did fine.
I prefer to fight fire with fire, no need to overreact.
Your excellent point must be repeated...
“... The current crisis has way more to do with
Americans becoming hedonistic debtors and
forgetting the Book of Proverbs than it does
with any political manuevering...”
I would only add that without a baseline of
moral absolutes, the good ship America is adrift
in relativism. Who is to say what is corrupt
and what is pure without absolutes based upon
Scripture? These days we can make it up as we
go without guilt or remorse. How convenient.
Look, I’ve worked on Wall Street. Not recently, I admit, but I feel like I know the scene. Yes, politicians are going to exploit a crisis. Also a boom. Politicians will exploit a cute puppy dog. It’s what they do.
But markets, if we believe in markets at all, markets respond to the psyche of buyers and sellers. The government is a buyer and seller, of course, and a big one, but at the end of the day the government counts for about 10% of the US market. Multiply that fourfold for the effects of regulation—and believe me, the street can get around most regs—and the private sector is still a larger player than the feds.
No, I believe that we will not be able to understand this crisis unless we talk about personal financial responsibility and why it went down the toliet in the last fifteen years.
“The current crisis has way more to do with Americans becoming hedonistic debtors and forgetting the Book of Proverbs than it does with any political manuevering.”
Ah, how about political mauevering and financial manuevering made the debt hedonism possible?
How about rating agencies which rate honestly?
How about CPA firms which alert the public to risky company accounting?
How about government agencies which blow whistles?
I find it hard to blame joe sixpack for taking money handed him, by the white collar criminals in business and government.
If you want to impose the Bible on guilty parties, start at the top where the power was/is.
“A false balance is abomination to the LORD: but a just weight is his delight.”
I’m not imposing anything on anybody. I’m saying that there has been a very sound piece of financial wisdom at the core of Western culture for three thousand years, and if a whole generation decides to ignore it and then gets the can opened on them, it has to be said that it is at least partly their own d__n fault.
You have been here for 9 years and this was your first article post you have amazing restraint
Dude we are spookey
I understand your background BUT....I don’t buy the personal responsibilty crap. Most people that I know are, but most people I know did not count on the job losses with the panic of higher fuel costs. My company laid off every retail rep. they had. Did I plan that when I bought my home? No. Do I have lots of credit cards...no. Neither do most of the people I know. Our loan process was a very strict and through process...not at all what I’m hearing these so called companies did. I have NEVER seen an easy loan process regardless of what it was.
It’s called rape the American people and then blame them for the rape. Usual tactic for rape anyway...they stone women in Iraq for something they couldn’t help.
I’ll stand by the American people, I think most have more sense than the Gov. anyway.
I was kidding.... I’ve got 9 posts and 30,000 some replies myself.
...Yea, I know, I guess the smiley I used wasn’t so good...%^)
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