View Poll Results: Who is to blame for the high Unemployment rate?

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  • Bush and the Republicans

    9 47.37%
  • Obama and the Democrats

    7 36.84%
  • Europe

    0 0%
  • High Gas Prices

    2 10.53%
  • The Earthquake in Japan

    1 5.26%
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Thread: Who is to blame for the high Unemployment rATE?

  1. #41
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by Kandahar View Post
    It was a bit of both...the GOP of the Clinton era certainly didn't do much objecting to it. But I agree with your implication that deregulation was a bad idea, and we need more stringent rules in place to govern our financial system.
    Barney Frank and the Dems crammed it down the Republican's throats. The Republicans were the ones who tried to warn them what was going to happen.

  2. #42
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by repeter View Post
    Greed caused the financial collapse. Ergo, it caused a lot of the unemployment we're seeing today. The numbers wouldn't be nearly as high if Wall Street hadn't been so greedy. And don't even tell me greed didn't cause the collapse, that'd be a lie, plain and simple.
    How would we advance without it? You think that people provide economic services just out of the goodness of their heart?

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  3. #43
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by StillBallin75 View Post
    How much of this effect is offset by the fact that the lower value of the dollar creates a greater demand for exports?
    Obviously not much since unemployment is still very high.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
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  4. #44
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by Kandahar View Post
    It was a bit of both...the GOP of the Clinton era certainly didn't do much objecting to it. But I agree with your implication that deregulation was a bad idea, and we need more stringent rules in place to govern our financial system.
    The problem is not deregulation. Most of the bad policies were self-eliminating. Rather, the problem stems from easy credit and not allowing companies that partake in these bad practices to fail. Without creative destruction, how do we gain efficiency?

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  5. #45
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by SPC View Post
    You can't blame deregulation on the Republicans. That was a Clinton idea.
    Clinton deregulated the mortgage industry and when Bush tried to re-regulate it, it was the Democrats who wouldn't allow it. Deregulation led directly to the housing bubble, which sparked the economic crash.
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  6. #46
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by Cephus View Post
    Clinton deregulated the mortgage industry and when Bush tried to re-regulate it, it was the Democrats who wouldn't allow it. Deregulation led directly to the housing bubble, which sparked the economic crash.
    And tell me, which party was it that bailed out the companies that inevitably crashed because of the bad practices that they engaged in once those regulations were loosened?

    You can't have deregulation if you're going to subsidize bad behavior.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  7. #47
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by SPC View Post
    Barney Frank and the Dems crammed it down the Republican's throats. The Republicans were the ones who tried to warn them what was going to happen.
    Glad we agree that deregulating the financial system was a terrible idea, and should be reversed.
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  8. #48
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by phattonez View Post
    The problem is not deregulation. Most of the bad policies were self-eliminating.
    No they aren't. The financial sector will continue to make the same mistakes over and over again if no one reins them in, each time convincing themselves that this time is different. I mean, we're already in another tech bubble despite the fact that we just had one a decade ago.

    Rather, the problem stems from easy credit and not allowing companies that partake in these bad practices to fail. Without creative destruction, how do we gain efficiency?
    That works for widget manufacturers, not so much for financial companies. The main point of "creative destruction" is to allow for innovative companies to replace less innovative companies...but innovation is usually not something desirable in finance. Especially when it involves extraordinarily complex transactions that are several steps removed from any underlying asset.
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  9. #49
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by Kandahar View Post
    No they aren't. The financial sector will continue to make the same mistakes over and over again if no one reins them in, each time convincing themselves that this time is different. I mean, we're already in another tech bubble despite the fact that we just had one a decade ago.
    Those companies were going down because of those mistakes. And voila, they are saved so they can continue those practices.

    That works for widget manufacturers, not so much for financial companies. The main point of "creative destruction" is to allow for innovative companies to replace less innovative companies...but innovation is usually not something desirable in finance. Especially when it involves extraordinarily complex transactions that are several steps removed from any underlying asset.
    It's not about innovation in this case as much as it is about the elimination of bad business practices.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  10. #50
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    Re: Who is to blame for the high Unemployment rATE?

    Quote Originally Posted by phattonez View Post
    And tell me, which party was it that bailed out the companies that inevitably crashed because of the bad practices that they engaged in once those regulations were loosened?

    You can't have deregulation if you're going to subsidize bad behavior.
    The whole point of regulation in the first place is to control the bad behavior that's likely to occur. If we'd maintained regulation, then the banking industry would not have been able to get involved in mortgages, would not have been stuck with tons of bad paper and bailouts would never have been necessary. Now keep in mind, I entirely disagree with the bailouts, I think every one of those companies should have been allowed to fail based on their own stupidity, but once it stops being American Home Mortgages and starts being Bank of America that's facing failure, it becomes a different ball game. There are certainly banks that refused to get involved in the sub-prime mortgage game, but many, many just bought paper thinking it would all magically be good and made some really horrible decisions. They should have been allowed to die, but if that happened, there goes American consumer confidence, there would have been riots in the streets. It was really a no-win situation, there were no good solutions, except not to deregulate in the first place.
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