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The problem with the housing bubble was that the mortgages got wrapped as CDS, stamped AAA, and sold around the world as sound investments. Those manipulating the market knew the CDS were bad and betted against them. The government's role in the problem was not regulating the banking industry to stop the fraud.
What you described was throwing fuel on an already burning fire.
The government failed twice. Manipulating the free market in the housing industry by lowering the lending standards especially the zero to 5 percent down payment. Bankers didnt make those loans in the past because they knew they were too risky. Freddie and Fannie to the rescue to insure those loans with taxpayer money.
The Federal Reserve lowered the interest rates to below market which encouraged the "free money" mal investment. We saw housing prices sore even though demand stayed up with supply. We see the soaring costs of education through the same government backing.
Not need for the regulation if you allow the free market to exist and let the ones who made the bad economic decisions fail.
What you described was throwing fuel on an already burning fire.
The government failed twice. Manipulating the free market in the housing industry by lowering the lending standards especially the zero to 5 percent down payment. Bankers didnt make those loans in the past because they knew they were too risky. Freddie and Fannie to the rescue to insure those loans with taxpayer money.
The Federal Reserve lowered the interest rates to below market which encouraged the "free money" mal investment. We saw housing prices sore even though demand stayed up with supply. We see the soaring costs of education through the same government backing.
Not need for the regulation if you allow the free market to exist and let the ones who made the bad economic decisions fail.
Wrong. If we didn't deregulate wall street and actually kept glass steagall, the recession wouldn't have been as harsh. The government plays a role in the crisis by fueling the housing bubble, but it created a global crisis/recession by allowing those mortgages to get wrapped up as CDS.
Things are not always what they seem...especially in politics. We argue and debate, but very often miss the nuances and machinations of what is actually going on. Good article....
"Conservatives" (so called) want Ryan because he represents their views: police state, "conservative" welfare state, large federal budgets, imperialism, fiat currency etc. True conservatives get fooled into voting for a guy like Ryan because the media hype is so unbelievable and the cries of "austerity" from the left are so hysterical.
Wrong. If we didn't deregulate wall street and actually kept glass steagall, the recession wouldn't have been as harsh. The government plays a role in the crisis by fueling the housing bubble, but it created a global crisis/recession by allowing those mortgages to get wrapped up as CDS.
You say "deregulation" like the government just got out of the economy altogether and just let the market work on it's own. That couldn't be more patently false. The Fed is there manipulating interest rates and sending wrong signals to investors. Don't forget about Fannie and Freddie and the Community Reinvestment Act. The government had their dirty little fingers everywhere.
The hard right wing nutcases don't care. They just believe the fodder their propaganda masters tell them and obediently hit (R) at every election like the good sheep they are.
The hard LEFT wing nutcases don't care. They just believe the fodder their propaganda masters tell them and obediently hit (D) at every election like the good sheep they are.
Works both ways but your comment really adds nothing to the discussion.
I just find it funny that the GOP's "ideas guy" and point man on the the budget and fiscal discipline is the same guy who voted for TARP, the auto bailout, Medicare prescription drug expansion, the Iraq War, and tax cuts that were not offset with spending cuts. His budget won't balance the budget until 2040. Too funny.
Paul Ryan has absolutely no intention of balancing the budget. His primary goal is to spend as much money on the Tea Party's priority's as possible.
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
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Quote:
Originally Posted by mb1547
Great article, and it backs up what I've been saying about the situation all along--with Ryan on the ticket, this race is going to be a duke em out between the tea party and the rest of the country over the direction we want to go as a nation. If the R's lose, then the tea party is history and the republican party can start movign back toward the center, and to the common sense conservatism that it used to stand for. Good riddance to the nuts on the extremist evangelical right...
Exactly, and even the WSJ's case for a so-called “big election over big issues” is simply another way of waging the same fight as the the Tea Party fanatics. Except beneath it all, is still the same sense of narcissistic entitlement and unrepentant Wall Street greed that got us here in the first place... albeit now gussied up in Ryan's somewhat more "respectable" (and pedantic) rhetoric, instead of the typically more "earthy" and "primitive" approach of the "base".
It's kinda like the Southern Strategy... where the message is still basically the same, but you just gotta make some of the words (and the "messenger"), look a little more "purty"!
Things are not always what they seem...especially in politics. We argue and debate, but very often miss the nuances and machinations of what is actually going on. Good article....
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lol...
