To: E. Pluribus Unum
Anybody have a link to the popes' full remarks. It's hard to judge based on the sound bites. Not Catholic, I'm Baptist. But to play devil's advocate:
- I didn't see him call for socialism, only more control.
- There are at least two areas, I can think of where more control would definitely help:
- A lot of the 2008 banking crisis was caused by the repeal of Glass-Steagall and a lowering of standards so that our banks could compete with foreign banks at their lower standards. It was a mistake, we should have demanded that they play by our rules not us by them. Also so many exceptions to the bank reserve rates had been issued that the effective bank reserve rate ratio was 1%. That's why we had to have a bailout, because there was no room to lower the reserve rate ratio and release the liquidity run pressure on the banks. That and the lack of control over the banks use of credit default swaps. All of that lack of control contributed to the banking crisis.
- Our 23% unemployment is the result of lowering our trade import tariffs from the historical 15-20% to just 1%. It's definitely hurt the 23% unemployed (shadowstats.com), and it's hurt the rest of us as real wages have stalled and declined.
posted on 05/16/2013 9:01:14 AM PDT
I didn't see him call for socialism, only more control.
There has been plenty of control... by the Alinskyites.
We have a second subprime collapse coming, only this time it is in car loans, because banks are not allowed to deny car loans to black people.
I am not being hyperbolic.
posted on 05/16/2013 9:06:24 AM PDT
by E. Pluribus Unum
(Islam is a religion of peace, and Moslems reserve the right to detonate anyone who says otherwise.)
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