posted on 11/30/2011 1:17:17 PM PST
The money is going somewhere and they are doing fine.
posted on 11/30/2011 1:30:29 PM PST
(I grew up in a country that was honest, I am growing old in a country that is not. I am sorry.)
There's only one option. Substantially reduce government spending and stop borrowing/printing huge sums of money to operate from. The longer it takes to do that the harder it will be to turn things around and the more pain and suffering everyone will have to endure.
Government spending is like heroin. Either get off the addiction and suffer serious withdrawals or continue on and die.
posted on 11/30/2011 1:30:46 PM PST
ping to a very interesting article.
posted on 11/30/2011 2:21:04 PM PST
(LIBERTY is the object.)
“Inflate our way out of it” is not something people on a fixed income want to hear.
posted on 11/30/2011 4:09:50 PM PST
To: neverdem; All
Very interesting. Thanks for the post/ping.
Smith: The way I would describe it is: We created new mortgage and financial institutions too fast. No one had an incentive to think it through. Not only were there bad incentives up front with mortgage origination, but those mortgages then would be packaged, mortgage-backed securities issued, and then they were rated and insured. But they werent collateralized. They were exempt, you see. And exempt meant that they were exempt from the property rights rules that would have applied if derivatives had been classified as securities.
Who is "we"?
posted on 12/02/2011 1:36:59 AM PST
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