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Thread: Obama to Repeat FDR's Scam

  1. #131
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Decker View Post
    The entire civilized world has turned its collective back on letting markets 'self-correct' when the situation borders on ruin.

    Before an economic emergency can turn into a crippling depression, government steps in to right the situation.

    I don't think anyone sees a good thing in 25% unemployment, rampant poverty, attendant rises in crime or the like as palatable results from a self-correcting market.

    So we do something about it.
    Ya like make people go to war and the unemployment magically drops.
    Is society was made of coral our world would be floral.

  2. #132
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    Re: Obama to Repeat FDR's Scam

    Intellectual Conservative Politics and Philosophy


    In 1939, ten years after the crash on Wall Street, the Secretary of the Treasury, Henry Morgenthau, Jr., told the House Ways and Means Committee:

    "We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises . . . I say after eight years of this administration we have just as much unemployment as when we started . . . And an enormous debt to boot!"
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  3. #133
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Decker View Post
    I dont' think the article concludes that at all.

    It was the inaction of the SEC - unenforced laws - that made the problem worse. Oversight failed b/c there was no oversight...no regulation. A tautology but accurate.
    False.

    In 2004, the Security and Exchange Commission, led by then-chairman William H. Donaldson, unanimously approved a major change (deregulation) in the “net capital” rule, a change that reduced how much money banks had to hold in reserve to protect against bad investments (losses).
    The author spins it as deregulation but it's not. they changed the rate. It's still regulated just at a different rate. To use an analogy if the government changes the speed limit from 55 to 70, we are no less regulated we still must limit our speed, we can just drive faster now. the law regulating speed still exists. This is a common problem with government intervention. We never know who is going to be controlling these things or even if they are qualified.(think Brownie)
    Besides all that the need for regulation by the SEC wouldn't need to exist except that the banks are protected by the government to start with.
    From the ashes.

  4. #134
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    Re: Obama to Repeat FDR's Scam

    Ok so who thinks he is being entirely honest and who things this man is just blowing smoke up our ass then?

    Obama: Catastrophe coming if Congress doesn't act - Yahoo! News

    He sure seems to be throwing in his share of guilt trips. Even though the majority of Americans thought/think bailouts where/are a bad idea. What a word smith.
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  5. #135
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by dirtpoorchris View Post
    Ya like make people go to war and the unemployment magically drops.
    No. I mean like fixing our crumbling bridges and federal highways among other pressing needs....port development, levee maintenance....

  6. #136
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Phoenix View Post
    False.
    No, it's true:

    (from article) The investment banks complained about being regulated by both the SEC and Europe; in exchange, they wound up effectively regulated by no one.
    The author spins it as deregulation but it's not. they changed the rate. It's still regulated just at a different rate. To use an analogy if the government changes the speed limit from 55 to 70, we are no less regulated we still must limit our speed, we can just drive faster now. the law regulating speed still exists. This is a common problem with government intervention. We never know who is going to be controlling these things or even if they are qualified.(think Brownie)
    Besides all that the need for regulation by the SEC wouldn't need to exist except that the banks are protected by the government to start with.
    High finance is not a freeway. I think you greatly oversimplify what the SEC is and what it does.

    It is undeniable that every country on the planet uses gov. intervention to help the free market when the market fails.

    Remember the circumstances surrounding the 1929 crash - laissez-faire was the model and ideal of the 3 republican administrations preceding the crash--widespread economic inequality; decimation of organized labor, rampant cannibalistic mergers and acquisitions, blatant fraud on Wall Street, richest 1% owns about half of the country, and worker productivity grew some 40% over the decade with worker wages not reflecting that effort.

    Those facts of the 1920s are a rightwing dream. Unfortunately, the crash and depression followed.

    It's a good thing FDR and his spending policies aided in the US's recovery.

  7. #137
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Decker View Post
    No, it's true:



    High finance is not a freeway. I think you greatly oversimplify what the SEC is and what it does.

    It is undeniable that every country on the planet uses gov. intervention to help the free market when the market fails.

    Remember the circumstances surrounding the 1929 crash - laissez-faire was the model and ideal of the 3 republican administrations preceding the crash--widespread economic inequality; decimation of organized labor, rampant cannibalistic mergers and acquisitions, blatant fraud on Wall Street, richest 1% owns about half of the country, and worker productivity grew some 40% over the decade with worker wages not reflecting that effort.

    Those facts of the 1920s are a rightwing dream. Unfortunately, the crash and depression followed.

    It's a good thing FDR and his spending policies aided in the US's recovery.
    It doesn't mean they do it right. Power corrupts. Once someone gets in a position that isn't usually granted thanks to the heightened circumstances you don't know if they are going to control themselves or even act in the way they promised. But you still gave up the expected and norm. It cannot be reversed. But later they can apologize or make up an excuse and people's opinions will.

    In all things you cant mix nothing with something and get something new. You cant mix nothing + water and get cool-aid. You cant mix nothing with nothing and get anything. And you for sure as hell can't mix nothing + paper + ink and get money.

    All you will do is water down everything that isn't properly set up for economic failure survival and make sure it fails.
    Is society was made of coral our world would be floral.

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    Re: Obama to Repeat FDR's Scam

    TARP recipients paid $114M to lobby lawmakers - Washington Business Journal:

    TARP recipients paid $114M to lobby lawmakers
    Recipients of the $700 billion federal bailout package in the finance and auto sectors may view their contributions and lobbying as the smartest investments made in years, according to the Center for Responsive Politics.

    More than half of the 300 companies helped by the federal government’s Troubled Asset Relief Program (TARP) have dished out $114.2 million for politicking, with $77 million spent on lobbying last year and $37 million spent on federal campaign contributions for the 2008
    Is society was made of coral our world would be floral.

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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by dirtpoorchris View Post
    It doesn't mean they do it right. Power corrupts. Once someone gets in a position that isn't usually granted thanks to the heightened circumstances you don't know if they are going to control themselves or even act in the way they promised. But you still gave up the expected and norm. It cannot be reversed. But later they can apologize or make up an excuse and people's opinions will.

    In all things you cant mix nothing with something and get something new. You cant mix nothing + water and get cool-aid. You cant mix nothing with nothing and get anything. And you for sure as hell can't mix nothing + paper + ink and get money.

    All you will do is water down everything that isn't properly set up for economic failure survival and make sure it fails.
    The value underlying money is a fiction. That's the front end of the argument. The back end is the allocation of that fictitious value. There's no magic gold bullet that changes the first leg of this argument and governmental intervention corrects the failures of the market in the second leg of the argument.

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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Harry Guerrilla View Post
    I listen to news on my local npr station and when they bring economists they are always Keynesians. Practically all mainstream economists make me want to pull my hair out.




    What?
    Junk Economists teach MONEY WHOREING Humanity is a different course . When all is said and done we will have to start in 101(the freshman level). Our founding fathers tried to avert this collision with socialism but our presidents and congresses perverted the constitution. Voila ...socialism like hell.

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