Posted on 09/23/2009 7:07:47 AM PDT by Palin Republic
We all know about the love affair between the WSJ and the Fed.
Thanks Sarah!
There's plenty of blame to spread around on that s**t sandwich.
Ron Paul is a Republican in the original tradition of the party. His audit bill has a majority of the House signed on as co-authors. (RINOs need not apply)
The difference between Palin and Ron Paul, if I may simplify, is that Ron Paul tends to be a one-note politicians who gets obsessed with narrow issues and ignores everything else. Palin has a much broader and more sensible approach to things.
I support her because she combines all the elements necessary to bring conservatives together: constitutional freedoms, economic sense, traditional religious and social values, and patriotic defense of our country against its enemies.
Plus, she’s a natural born leader who can inspire large crowds.
Bookmark to watch these links later.
“Lack of government wasn’t the problem, government policies were the problem. The marketplace didn’t fail. It became exactly as common sense would expect it to,” she said. “The government ordered the loosening of lending standards. The Federal Reserve kept interest rates low. The government forced lending institutions to give loans to people who as I say, couldn’t afford them. Speculators spotted new investment vehicles, jumped on board and rating agencies underestimated risks. So many to be blamed on so many different levels, but the fact remains that these people were responding to a market solution created by government policies that ran contrary to common sense,” she said.
Be still my beating heart. This is one brainy gal, almost as smart as I am :)
Sorry, but that is just plain insane!
I still prefer Alexander Hamilton to Thomas Jefferson, btw.
[But Helicopter Ben’s aggressive actions save us from a free fall.]
Temporarily perhaps. But he has set us up for an even greater crash coming sometime next summer.
Capitalism without morality is Adulthood 101?
Honesty, fair dealing, and looking out for each other do not stop at the door of the corporation. A bank that sells you a product it believes will harm you is acting immorally.
You make some excellent points - bookmarking for later re-reading.
[That said, your point about predatory lenders is well taken, and points to the continued need for regulation to protect the public.]
No, it points to letting banks fail who make bad loans and not propping them up with Federal guaranties. Watch what is about to happen to FHA.
And Milton Friedman.
No, a lender offers an adjustable mortgage with a 'teaser' rate that is less than half of what a representative rate would be under the prevailing formula, setting the borrower up for an unavoidable default at the end of the static period. - This practice played a major part in the housing/lending collapse.
[You don’t recover from a complete collapse of all financial institutions. ]
Then just wait till the next collapse happens next year, because all the banks are bankrupt. The Fed just papered over the whole problem.
He AND his supporters call him a Libertarian with a capital L.
And yet that party nominated Bob Barr for President.
The Panic of ‘21 was over so quickly because we were coming off a war, and there was huge pent-up economic demand. It was also nowhere near as systemic as either the Depression or this event. After ‘21’s recession (about 18 months or so), there was the mother of all booms. We’re talking like dot-com boom. Which, inevitably, led to ‘29. Bankers just cannot seem to contain themselves when there is money being made.
The other thing here is that the panic of ‘21 was a US-only event. The Depression and this event are world-wide. There is no “decoupling” going on, despite the mental masturbatory comments of economists otherwise.
P!NG
Agreed. But then you could say the same about a used car dealer and they have never crashed the economy. The real question is why were bank lending so freely during the decade before the crash. That question leads us right back to the Fed.
Amen!
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