Hard to believe putting your faith in an egomaniac like Trump could come back to bite a shower of shites like the Republicans in the arse.
Absolute bollocks. What sort of right wing lunatic asylum are you taking this shit from? All economic studies of the crisis have found the same thing, that affordable housing goals had no observable impact on either the rate of subprime defaults or the volume of subprime loans.
It beggars belief that the rich shitheads are still trying to find away to blame the collapse of their racket on the poor. And that there are people dumb enough to believe them.
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Government did force the financial sector though, at least in the US.
The financial crisis of 2008/9 is an extremely complex subject and there is plenty blame to go around. I agree with you blaming the poor is a cop out, as the poor are just as prone to greed as the rich. The root cause of sub prime though was the Community Reinvestment Act, which was tied to the approval of bank mergers, and effectively blackmailed banks into providing loans to un-creditworthy borrowers. Everything else snowballed from there.
Was the repeal of Glass Steagell not an enormous factor in the crash?
Financial institutions went fuckin bananas after that went.
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Correct. Effectively what happened is all the money banks created by loaning to anyone with a pulse was invested in risk assets (the loan payments were invested in risk assets). When subprime collapsed risk assets quickly followed, so banks balance sheets got destroyed. Banks then went from lending to everyone to lending to no one which is what caused the Great Recession. Subprime could have been contained.
The repeal was backed to the hilt by all the banks too wasnât it? GS, Rubin, Summers, all these heads were just mad for it.
The phrase âtrickle downâ was bandied about willy nilly at the time iirc. Democrat reaganomics.
So, if the gubberment went on the advice of the financial institutions and it all done got fucked up, whoâs to shoulder the greater part of the blame?
And who should be listened to in the future?
All of the aforementioned cunts shoulder the blame. The Fed, big banks, and the politicians. Glass Seagal was repealed so the big banks could get bigger, a revolving door with the Fed meant they could do what they liked with âturn a blind eyeâ regulation, and more contributions to the politicians to keep the party going. It is utterly corrupt. The real tragedy is nothing has changed, no lessons learned, just careering along to the next crisis.
The only answer is a complete overthrow of the current system, and governments that are held accountable. Hard to see it happening anytime soon.
You mean anytime ever. Unless open revolution is staged, it wonât happen. The capitalist system as it is (iâm not a commie, commercial capitalism is a good thing) is so rigged, it will not change without blood in the streets.
A future something like that in âThe Running Manâ is a more likely outcome. Just a continuation of how it is now, and fuck the proles.
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Trump Taj Mahal casino to close, losing âmulti-millions a monthâ.
Pence says âI strongly endorse Paul Ryanâ.
Credit Default Swaps and Subprime mortgages bundled into Mortgage Backed Securities was always going to end one way.
Pity it was those fuckers in Goldman Sachs who made billions out of it though.
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âIf weâve got nuclear weapons, why canât we use themâ?. Question asked by Trump at a foreign policy briefing. Three times.
I might get back to you in the morning, but until then, well done on cogging your entire answer from this article by a right-wing, Rupert Murdoch-endorsed journalist who bases his entire article on an interview with a member of a right-wing Swedish think tank.
Unlike you, I donât plagiarize mate, and I donât read the Boston Globe or any Murdoch rag.
There are a total of zero countries that have achieved prosperity via socialism, but an endless list of those that have squandered the prosperity achieved by others.
Sure you donât, and neither does Melania Trump.
Em, youâre living in one.
FDR revived the US by massively expanding the role of government after the type of free market policies you have such blind faith in had destroyed the country.
Bernie Sanders, who in your own words is a socialist, quite rightly says:
âAgainst the ferocious opposition of the ruling class of his day, people he called economic royalists, Roosevelt implemented a series of programs that put millions of people back to work, took them out of poverty, and restored our faith in government. He redefined the relationship of the federal government to the people of our nation. He combatted cynicism, fear and despair. He reinvigorated democracy. He transformed the country, and that is what we have to do today."
âAnd, by the way, almost everything he proposed, almost every program, every idea, was called âsocialistâ.'"
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The left wing extremists are going after Clint Eastwood now.
You really havenât a clue regarding economics, nor history for that matter.
There were many causes for the Great Depression, and why a normal healthy recession turned into a depression. The primary reason is a Federal Reserve who kept interest rates low as stock market speculation reached a frenzy in the late 20s. Just like 2008/9 unsound banks loaned huge amounts of money to people who hadnât a notion of paying it back should asset prices fall (stocks in that era, housing in our era). As I said earlier the primary role of government is to protect its citizens, that includes protection from an unsound banking system. The Fed failed then, just as it failed in 2008, and just as it is failing again.
Rooseveltâs New Deal had nothing to do with ending the Great Depression. FDR took office in 1933 and the worst years of the depression were 1935-1939. The economy was turned around and the depression ended when the US entered WWII, and the associated massive deficit spending.
Bernie Sanders is an idealistic nut stuck in the 19th century like yourself.
Has he been talking to chairs again?
The person widely tipped to be the next vice-president of the United Sates of America is a South Kilkenny man.
Exhaustive research by Mary Flood of Kilkenny Family History, attached to Rothe House has found that the direct descendant of Democratic congressman, Tim Kaine, the running mate of Hilary Clinton on the Democratic Party ticket is from Rosbercon.
Tim Kaineâs paternal great grandmother is Mary Catherine Fleming, Mullinakill, Rosbercon.
The information only came to light after Mr Kaine made a throw-away remark that one of his ancestors came from County Kilkenny and that started Mary Flood on her quest.
Tim Kaine has two cousins from Rosbercon who are really looking forward to meeting him, Mary and Joan Fleming.
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