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Old 04-02-2013, 06:01 PM
 
Location: Earth
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Robert Scheer: It Wasn’t David Stockman Who Wrecked the Economy - Robert Scheer's Columns - Truthdig
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Old 04-02-2013, 06:03 PM
 
39,225 posts, read 20,350,186 times
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Oh yea, the good ole days when the Democrats refused to hear that that it was all going to come tumbling down because they wanted the banks to lend to people who couldn't pay. Yep, the Democrats refused to listen just like they are refusing to listen when they are told that the government debt is out of control.

Democrats caused the crash.


Bernanke, who predicted this would be an era of the “Great Moderation” back in 2004 and as late as March 2007 assured the nation that the subprime mortgage crisis “seems likely to be contained,” remains a member in good standing of the political establishment.
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Old 04-02-2013, 06:07 PM
 
Location: Earth
17,446 posts, read 23,948,037 times
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Quote:
Originally Posted by petch751 View Post


Bernanke, who predicted this would be an era of the “Great Moderation” back in 2004 and as late as March 2007 assured the nation that the subprime mortgage crisis “seems likely to be contained,” remains a member in good standing of the political establishment.
And he has his buddy Krugman doing propaganda for him.
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Old 04-02-2013, 06:11 PM
 
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Bill Clinton started it in 99 when he DE-REGULATED the Glass/Steagall act
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Old 04-02-2013, 06:22 PM
 
Location: Earth
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Quote:
Originally Posted by Miborn View Post
Bill Clinton started it in 99 when he DE-REGULATED the Glass/Steagall act
The article by Scheer which I posted a link to and the article by David Stockman that he was responding to both said that.
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Old 04-02-2013, 06:33 PM
 
11,371 posts, read 7,346,239 times
Reputation: 4523
Quote:
Originally Posted by petch751 View Post
Oh yea, the good ole days when the Democrats refused to hear that that it was all going to come tumbling down because they wanted the banks to lend to people who couldn't pay. Yep, the Democrats refused to listen just like they are refusing to listen when they are told that the government debt is out of control.

Democrats caused the crash.


Bernanke, who predicted this would be an era of the “Great Moderation” back in 2004 and as late as March 2007 assured the nation that the subprime mortgage crisis “seems likely to be contained,” remains a member in good standing of the political establishment.
Your alternative reality is flawed.
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Old 04-02-2013, 06:37 PM
 
Location: Missouri
3,751 posts, read 3,096,457 times
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I don't think the author is going back far enough. He fails to mention the savings and loan crisis at the end of the 80's which cost the taxpayer just under $200 billion. Read up on it and you'll find it eerily similar to the banking crisis of 2008.

To paraphrase the old, smart guys..."Those who forget history inevitably repeat it."
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Old 04-02-2013, 06:46 PM
 
977 posts, read 650,882 times
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Stockman has it right. Monetized debt and constant money printing is music to Wall Street's ears. It keeps interest rates low and inflates equities. Now some of those equities are backed up with strong fundamentals but the monetization of debt is killing bonds to an extent. You used to be able to run to cash instruments when equities were getting hit. Bernanke has screwed that up now. I hear the drumbeat for gold yet historically that has not been proven to be the effective hedge it was thought to be. I think that is because the value of gold is measured in dollars. So if cash/bonds and equities tank, how does that not devalue gold? The dollar is shaky right now and people are flocking to gold. Supply and demand dictate a saturation point on gold. And Germany has told the US in February that they want a chunk of their gold back. It may get ugly soon.
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Old 04-02-2013, 06:49 PM
 
Location: Central Illinois -
21,536 posts, read 14,354,179 times
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Quote:
Originally Posted by Miborn View Post
Bill Clinton started it in 99 when he DE-REGULATED the Glass/Steagall act
And who pushed for that? That would have been Republicans .

Clinton caved into Republican pressure, then Bush/Cheney came along, and the wholesale looting began in earnest for 8 years.

Now Pres. Obama and the Democrats are trying to repair the damage left behind by a bunch of gangsters called NEOCONS.
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Old 04-02-2013, 06:54 PM
 
48,516 posts, read 83,912,172 times
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It was actions from moain street to wall street. From the congress who encuarged it;to bnakers who prvided it to people who wanted it for their own belief in tis wealth building.One only has to realise that mnay bought and sold and made huge profit off hoising;not all where losers.
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