Posted on 09/23/2009 7:07:47 AM PDT by Palin Republic
Yeah. Bernie Madoff actually wrote one of the SEC regulations, the one he used to rip off his customers. But the Fed is actually the bigger villain in all of this.
No, you find somebody that’s desperate for money and say, I’ll loan it to you at 11% per week. Vigorish payments due every Friday.
And if both parties agree what’s wrong with that? You’re not going to suggest that commercial banks break people’s legs are you?
the picture sums it all up— america needs sarah
Ron Paul is a Republican? In name only. Not that there’s anything “wrong” with that but just pointing out that he isn’t principled enough to run as a third party candidate.
Even a stopped clock is right twice a day.
“Ron Paul is a Republican? In name only.”
Agreed. Ron Paul is much more free market and pro Constitution than most of the Republican Party.
Yeah I remember after her speech at the convention the first thing out of the mouth of old mealy-mouth Mort Kondrake was "Her speech was written by..." trying to minimize her success.
Agreed about Paul: even a broken clock is right twice a day.
Watch the Left and the MSM now try to turn Palin into a Paultard. This should be fun.
Best,
Chris
I dunno if we’d be in recovery by now without the Fed propping up all these lenders. Recovery from these credit/banking panics takes years - on average (throughout the developed countries) about six+ years or so.
But there’s one thing we can say for certain: the malignant cancer would have been exposed for all to see, there would be no “too big to fail,” there would have been failed banks, real accountability (possibly by pitchforks, torches and nooses up & down Wall Street) and we wouldn’t be debating such silliness as “executive compensation” right about now.
As it is, it appears we’re going to prop up malfeasance and fraud for a very long time...
And she was coached by McCain staff... Just sayin'
Our elected officials are supposed to serve the people, not the party. That’s why I’ve always been uncomfortable with the term RINO. Mostly I associate it with liberalism.
The reason it takes years though is because the bailouts enable weak institutions to stay in business. A business failure releases raw materials, capital, and labor back into the market where surviving business can acquire them. The panic of 1921 was severe, but the Fed did nothing and it was over in about six months.
Does the lender not have some moral responsibility to explain the implications of what he is offering to the consumer? They were telling people with ARMs "Oh, you can just refinance in a few years when the rate resets."
How many people did they tell flat out that "you will be paying XXXX thousand more at the end of the loan if rates go up X," or "Note that with this interest-only teaser rate your payments will go to X, and if you can't refinance for whatever reason you will be stuck"? Probably none. I had a stinking balloon rider attached to one of my mortgages I only found out about at the closing table.
Yes people were ignorant. Do banks have an unqualified right to prey on that ignorance? My foot they do. If someone didn't know the implications of what he/she was getting themselves into, the darn company should have MADE IT CLEAR. Not legally, necessarily, but morally--because it's the right thing to do.
If anyone tells you that, you send them over to YouTube to see one of the Alan Grayson videos...
"Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know."
Fed Inspector General Has No Clue
Fed Vice Chair and the $1.2 Trillion Slush Fund
Since when has questioning the actions of the Federal Reserve tantamount to treason? To be a true "conservative" one must allow the Fed to do whatever it wants with zero accountability?
Palin can be the Teddy Roosevelt of our time. TR was neither pro business nor pro union (the two major groups clashing during the Industrial Revolution). TR recognized that big business cannot have everything it wanted nor organized labor, TR chosed to use government as the referee to insure the country’s interests came first. I agree with Palin, the problem is not just government, but the main patron of politicians, Wall Street that contributed to the big financial mess. Who do you think called the Senators and Congressman to tell any fed regulator to go to h*ll when they tried to enforce existing SEC regs??? Palin and to an extend Ron Paul got it right. Problem is bankers and government, and they both need to be reined in and reformed. In fact there needs to be an investigation to find out exactly what happen, and determine if any SEC regs were violated in Wall Street, because some of the CEO’s need to be held accountable. For starters Moody, Finch and other rating companies who gave mortgage backed securities AAA ratings without ever reviewing the loan applications for the loans bundled into the securities. If a manufacturer slaps on a UL label onto a toaster, when the toaster was never tested by the UL labs, and you brought the toaster, plugged it into the socket and during use it burns the kitchen down. Subsequent investigation shows that the toaster was not UL compliant, I guarantee the manufacturer has legal problems.
Yes, they do. The consequences of the product on you are yours to figure out. That's Adulthood 101.
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