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Bolllocks
It was never all paid back, Especially when the government was buying worthless Toxic Securities at Top Market Price Pre-Crash. Lets let the government buy all bad investments from all Americans and see how that works
The Financial Sector raped America
The Fed, not the Gov't owns anything steaming in the pile.
After the crash the Fed created money out of thin air and then swapped that new money with member banks for mortgage paper. One USD value for one USD value. The Fed is a private business, so why would they swap for worthless crap?
Pro Capitalists should have supported Capitalism and let the Banks Fail
We always get the BUT BUT though don't we when it is their money on the line
I and my business need banks, loans to gain, succeed and carry on and grow. I don't think that my experience is unique. Think of all the businesses around that would crump without banking close and near. For instance my local car dealer, one of the largest businesses and employers in my small town.
As a result of proper money policies post-2008. We were recently able to buy a new Ford product this past summer with a zero percent interest loan. That is good news on many fronts.
That's what it took to control rampant and onerous inflation of the '70's. But it resulted in a severe recession in the '80's.
2008 was a horse of a different color, with too much unbacked and unregulated private sector debt shenanigans. Interest rates and inflation were not high.
I have no idea why people still listens to anything he says and he shows how clueless he still is.
Hell, you're the one who posted it here, spreading his message.
Quote:
Originally Posted by Retroit
Instead of suggesting the government needs to continuously artificially stimulate the economy, why doesn't he just admit that Obamanomics is a failed economic policy?
Maybe because Greenspan was the Fed chairman under Clinton and Bush, not Obama?
We had a Federal Reserve mid level muckety muck out of Kansas on our local radio show and he, of course, played up what a great job The Fed did preventing worse damage to the economy. I thought they screwed it up big time.
The big problem with "the economy" was Congress's decision to let banks and mortgage lenders go wild with non-conforming loans, without any kind of regulation in place to deal with potential failures. All the while encouraging "home ownership" in the tax code.
At the time, Congress believed the market was "Self regulating," and that anyone who made bad loans would fail.
However, when the time came to fail, Congress decided that the firms were too important to let fail, hence "TBTF"
There are problems with the way central banking operations work in ALL developed countries -- but casually blaming America's "economic problems" on "the Fed" is not specific enough to be accurate or insightful. You can just as easily blame the OTS, the OCC, Congress, the SEC, etc.
It is one thing when a private customer goes to a ratings agency, to have something rated. That's a private contract between two parties, and it is "buyer beware." The value of your "AAA" rating is entirely in the eye of the beholder. I am OK with that.
It's another thing when the U.S. government devolves decision making power down a chain of private-sector authority (FINRA, for instance), where public authority eventually ends up in the hands of private ratings agencies.
At that point, the government had effectively granted the ratings agencies a 'special status' in the U.S. economy, which would then definitely necessitate regulation and oversight -- only that last part never happened, because Congress basically pretended that none of this was happening.
I believe that our central bank is the most sensible and strongest in the world. And a very major reason why the USA is so strong in the world militarily and economically. I have no doubts that many policies favor the bankers themselves. And the rich. No doubts at all. But that is part of what we get with a purposeful private/public meld of an agency. No other agency could have saved the worlds bankers as did the Fed in 2008/9. If it had have been all Gov't run, Congress would still be hemming and hawing over the world financial crisis today, as we all wallow. If it had been a simple private company, only their few azzes would have been saved.
Of course many subscribe to the Creature handbook, and no amount of information and facts will change that. It is the easy way out for those who feel that they have suffered due to the Fed itself.
You aren't paying attention to the moves by other large economies.....it's only a matter of time before they stop accepting the dollar as the worlds currency. It's not the Fed that has allowed us to do what we do. It's the simple ability to create "wealth" out of nothing which other countries can't do.
By exploiting that the last decade is only bringing about a world change faster than if we were more responsible with the benefit.
$30 trillion in debt will be crushing when China, India, Russia, Europe, etc quits accepting the inflated dollar as payment on this debt.
It's already started and we know this but we can't kick our addiction.
Yes, people want to borrow more in ultra low rate environments, but people don't want to lend in an ultra low rate environment.n especially under the expectation rates will be going up in the future, which people have been expecting for the last several years.
Investors have no place to put money except for the stock market.
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