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Heck, he'll be your ONLY advertisement what with you people not having any clue at all about what to do. Hey, people still remember that the last time you had your hands on the wheel, you drove us straight into the ditch. And then ran away from the scene of the accident. Been running ever since. What an admirable bunch...
That is true.
The current drivers have chosen to step into the ditch and dig a little deeper though.
It was actually caused by Clinton-Greenspan and amplified by Bush-Greenspan + Bush-Bernanke.
Actually, not. No role for CRA, no role for the GSE's. Signing Gramm-Leach-Bliley didn't turn out well, but even there, it only set a stage. Actors had to come onto the stage and act like jerks. Cue George and the Wall Street Boys. Bernanke would likely say himself that he might have struck out on his own a little quicker, but Greenspan was God to too many for that. You absolutely had to sit there for a while and pledge to focus on doing God's work.
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Originally Posted by summers73
Also, "blind squirrel" or "broken clock" theories don't really apply when the predicters actually talk about the details on exactly how the credit crisis will evolve and the likely aftermath. But, it's great fodder for those mentally incompetent "economists" who were too stupid to see this coming. That dog just ain't gonna hunt.
There were a lot of people warning of the storm clouds brewing from mounting abuse of subprime credit markets. Anyone who said he or she knew exactly how the problem would come to be was lying, but the choir only grew louder and more boisterous from late 2003 onward. Congress heard. They eventually began pushing Greenspan on the matter, but he kept saying the Fed was on top of it all and no action was needed. Lots of people took him at his word. Including Greenspan, apparently
Quote:
Originally Posted by summers73
You can't replace credit with money printing + legislation, no matter how many times you click your heels and saying there's no place like home...
Why not? Credit is liquidity, money is liquidity. When the system is short on liquidity, what does it matter which one you use? Can any of the Blind Squirrels provide an answer for that?
Last edited by saganista; 01-15-2010 at 01:34 PM..
That is true. The current drivers have chosen to step into the ditch and dig a little deeper though.
Oh, I don't know. The stimulus bill is about +1.7 or +1.8 million on jobs through the end of 2009, and we should see a little better than an extra 2.0 points of GDP growth in Oct-Dec from it when those numbers come out. I can't call that making anything worse...
Anyone who said he or she knew exactly how the problem would come to be was lying.
Nope, because books specifying EXACTLY how the situation would unfold, not just the doom and gloom part, were published. I know they aren't part of the beltline crowd, but since no sane person takes those nutcases in DC seriously, it's actually a compliment.
Were you crying about Bush ruining capitalism when he bailed everyone out?
Actually I was totally against it.
But Congress voted FOR it and Bush signed it.
Obama was in Congress at the time and voted FOR it.
And Obama took that third installment from Bush to use after he got in office.
Nope, because books specifying EXACTLY how the situation would unfold, not just the doom and gloom part, were published. I know they aren't part of the beltline crowd, but since no sane person takes those nutcases in DC seriously, it's actually a compliment.
The "lunatic delusional" Roubini and Schiff come to mind when they started warning about the economy getting out of balance a few years ago come to mind.
I don't take any so called experts in DC seriously..had no clue, never saw it coming ? Then they should be fired because they are no experts.
The "lunatic delusional" Roubini and Schiff come to mind when they started warning about the economy getting out of balance a few years ago come to mind.
I don't take any so called experts in DC seriously..had no clue, never saw it coming ? Then they should be fired because they are no experts.
Then of course she deflects when talking about how Fwanks and "always wrong" Bernanke denied there being a housing bubble forming.
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