Quote:
Originally Posted by Adak
Finance? Our entire melt down in the economy, was due to government interfering stupidly, with finance!
|
Your every example are fraud, corruption, fiscal mismanagment, etc all made possible by deregulation or by subverting the regulators. My god. Glass Stegall was created to stop corrupt finance people from gaming the economy. What did America do to make this recession? We even recinded Glass Stegall so that corrupt finance people could enrich themselves at the expense of America. Extremist Republicans threatened to remove all SEC financing if the SEC enforced the laws (ie making possible Bernie Madoff). Why do you not even know these basics?
That reality is only disputed by wacko extremist talk show hosts and their disciples. I will not even try to list the details. Reams of previous posts here have described the corruption created by reducing regulation to enrich finance people. A corrupt admniistration literally permitted corrupt finance people to steal money from most all Americans.
Only a fool sees everything in terms or more regulation or less regulation. In some industries, little regulation makes a stronger America. In other industries (ie finance), we cannot regulate it enough to make a stronger American economy. That contradicts the broad paint brush (deregulation) advocated by extremist rhetoric. Is probably too complex for their extremist disciples (ie Tea Party) who need every answer in a soundbyte or 'liberal verses conservative' rhetoric.
A simple rule. A finance guy should be paid same as an equivalent worker in any utility. A stock broker or investment banker only does what an electric, gas, or water company employee does. Move money, electriciity, gas, or water. Nothing in finance creates jobs. But when we overpay a water company or finance company employee, then productive jobs are subverted or destroyed. Again, posted examples are longer than this entire thread. But that should have been obvious if ignoring extremist talk show hosts.
Did talk shows mention these realities? Of course not. They know where their money comes from. Better is to enrich at the expense of America. How curious. Exactly what happened during George Jr's tenure. Government removed or even subverted regulation to all but print money using CDOs, SIVs, and other derivatives. But again, all this was explained here previously and in great detail.
How uninformed were George Jr people? As the American economy was going over a cliff, where were any of George Jr's extremists? All were silent. Or did the moderates (Paulson, Bernake, etc) tell the wackos to shut up? George Jr had no idea what was happening. In a crisis meeting, he literally lost control and just walked out. His own people even yelling and accusing in panic. George Jr would make public statements saying our economy was sound. When at one point we were hours away from a meltdown that would have created 40% unemployment. Or did extremist talk show hosts forget to discuss this?
So after George Jr walked out and John McCain demonstrated no grasp of the problem, then who took over the meeting? Obama. Only he had been properly informed and understood the ongoing catastrophy on Wall Street. But again, did extremist talk show host forget to discuss that meeting?
The people in government who created this crisis by enriching Wall Street had no idea how bad they were making things even back in 2002. And had no idea what to do. Because they were not moderates.
A wacko extremist without a soundbyte is powerless; is left to confront reality. This recession obviously was created when wacko extremists removed or subverted finance industry regulations.
If your sources were honest, then you knew $0.55 trillion back then is more than $1.3 trillion today. That is the point. You keep posting half truths promoted by extremist talk show hosts. Do not even know who intentionally created this recession using blantant fiscal mismanagement and subverting regulations.