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Thread: Obama to Repeat FDR's Scam

  1. #21
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    Re: Obama to Repeat FDR's Scam

    Umm...the entire market missed the fact that the bubble was going to pop...until it happened...
    that's the reason why it is a bubble
    So it's only a bubble if you don't know about it until it "pops"? So because I knew of the credit bubble, for example, before it "popped" does that mean it wasn't a bubble?

  2. #22
    Advisor JoeMama's Avatar
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Khayembii Communique View Post
    So it's only a bubble if you don't know about it until it "pops"? So because I knew of the credit bubble, for example, before it "popped" does that mean it wasn't a bubble?
    Well if people (the majority) knew it was going to "pop" then they would pull out, thus making it 'pop'. (But I am not familiar with the credit bubble.)

    And of course you will always have the people on the side warning about it. But the majority go along with it.
    "Two things are infinite: the universe and human stupidity; and I'm not sure about the former" - Albert Einstein

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    Re: Obama to Repeat FDR's Scam

    Well if people (the majority) knew it was going to "pop" then they would pull out, thus making it 'pop'. (But I am not familiar with the credit bubble.)

    And of course you will always have the people on the side warning about it. But the majority go along with it.
    Ok, well you said "the entire market" and not "the majority of people". Thanks for clarifying. Although I would argue that a good portion of the market knew of the housing bubble; I remember either reading an article or hearing a story on NPR talking about some brokers at one of the leading investment firms who were openly talking with each other about how they hoped they were out before it popped. Basically, they knew it was going to pop some time soon but didn't know when, and were hoping that they would be out before it happened.

    So I think claiming that "the entire market" missed it is incorrect; they knew it was going to happen, they just didn't know when.

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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Khayembii Communique View Post
    Ok, well you said "the entire market" and not "the majority of people". Thanks for clarifying. .
    sorry about that mix-up

    Quote Originally Posted by Khayembii Communique View Post
    So I think claiming that "the entire market" missed it is incorrect; they knew it was going to happen, they just didn't know when.
    But the idea is the majority of people don't know it is a bubble. Or if they did, no one like to be in a bubble, so it pops
    Like the internet bubble, people couldn't possibly imagine why internet would not be big. (sorry about the double negatives). But have you ever heard of Etoys?...well I think it ended up going bankrupt.
    "Two things are infinite: the universe and human stupidity; and I'm not sure about the former" - Albert Einstein

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    Re: Obama to Repeat FDR's Scam

    But the idea is the majority of people don't know it is a bubble. Or if they did, no one like to be in a bubble, so it pops
    My point is that the employees at these firms knew that this whole house of cards was going to collapse; from their perspective you would have to be completely blind not to see it. Where it wasn't noticeable was from the perspective of the people taking out the loans. So we have a situation where the people issuing the loans knew about it but those taking out the loans didn't.

    So the people "in the market" - i.e. those that grant loans as a profession, and end up making money off of it - knew it was going to collapse. The reason they didn't stop doing what they were doing/care/act to prevent it is because they were making a lot of money off it. The reason it collapsed wasn't because "everyone realized it was a bubble" but because so many people started defaulting on their loans.

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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Khayembii Communique View Post
    The reason they didn't stop doing what they were doing/care/act to prevent it is because they were making a lot of money off it. The reason it collapsed wasn't because "everyone realized it was a bubble" but because so many people started defaulting on their loans.
    Ok, I concede, that is a different way to look at it
    "Two things are infinite: the universe and human stupidity; and I'm not sure about the former" - Albert Einstein

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    Post Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by winston53660 View Post
    Wouldn't you just love to buy in cash one of those kick ass BMW's or Mercedes?
    I'd rather buy a secure piece of land with an allodial title that no government thugs, or any other kind, could touch.

    --And with it a security system that would automatically zap any intruder bent on committing theft or any other kind of harm to me or my property.


    However the sad truth is, I don't think it is possible for an ordinary person to buy allodial titled land in this country--or for that matter, perhaps--anywhere in the world.

  8. #28
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by Khayembii Communique View Post
    Ok, well you said "the entire market" and not "the majority of people". Thanks for clarifying. Although I would argue that a good portion of the market knew of the housing bubble; I remember either reading an article or hearing a story on NPR talking about some brokers at one of the leading investment firms who were openly talking with each other about how they hoped they were out before it popped. Basically, they knew it was going to pop some time soon but didn't know when, and were hoping that they would be out before it happened.

    So I think claiming that "the entire market" missed it is incorrect; they knew it was going to happen, they just didn't know when.
    The banks and government know its a bubble that is why they adjust interest rates to slightly dissuade borrowing. It never seems to have the affect that they want. They never start to contract the money supply during this time and continue to allow the insolvent banks to lend. Fractional reserve banking is a scam for the people.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

  9. #29
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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by JoeMama View Post
    So you have a private enterprise business that makes a costly mistake, you should increase regulation?
    ...

    The subprime mortgage issue could not have been helped with more regulation. Government would have still let the loans go out.
    No one forsaw what was going to happen.
    No one forsaw a real estate bubble that was about to burst.
    And I doubt the government could have forseen that with more regulation.

    People/businesses learn from there mistakes, not if you give them bailouts though. Then it takes away a bit of the incentive to redress your wrongs.
    Plenty of people predicted this for years and seen it coming. They aren't liberal mainstream economists and their solutions weren't ideas that help politicians get reelected so they get ignored. Politicians interested in preventing an economic downturn "On their watch" keep instituting temporary measures that prolong the downturn and eventually make it worse, which is where we are now.
    From the ashes.

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    Re: Obama to Repeat FDR's Scam

    Quote Originally Posted by aquapub View Post
    So the question is, will America be the least bit distinguishable from the stagnant, mediocre economies of Europe, with their double-digit unemployment rates and government-run everything by the time this charismatic serpent is done smiling his way past our common sense?
    That's simply not true. I don't know where you get your facts from.

    The Social Democracies of Europe are performing reasonably well with moderate growth, moderate unemployment and low inflation. And most of them (even with all of those dreaded social programmes) are running significant surpluses...





    Source: 2008 estimates from the 2008 CIA World Factbook

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