Good Article by Harvard Economist Against the Bailout

Watermark said:
The clear cause of this problem was lack of government regulation.
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No it wasn't, the clear cause was government backing of bad loans. Go over the HISTORY. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk. Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.


The only thing deregulation did was enable more companies to expand into more areas of lending. You could say that made the problem worse, but if not for the gov guarantees (which is the root of the problem) it would have meant nothing more than more choice for consumers.

Water, I've said before you are a smart person, but you are intellectually lazy and not capable of reading anything beyond a certain length. You are too manic to stay focused for that long.
 
KingCondanomation said:
No it wasn't, the clear cause was government backing of bad loans. Go over the HISTORY. The federal government chartered Fannie Mae in 1938 and Freddie Mac in 1970; these two mortgage lending institutions are at the center of the crisis. The government implicitly promised these institutions that it would make good on their debts, so Fannie and Freddie took on huge amounts of excessive risk. Worse, beginning in 1977 and even more in the 1990s and the early part of this century, Congress pushed mortgage lenders and Fannie/Freddie to expand subprime lending. The industry was happy to oblige, given the implicit promise of federal backing, and subprime lending soared.


The only thing deregulation did was enable more companies to expand into more areas of lending. You could say that made the problem worse, but if not for the gov guarantees (which is the root of the problem) it would have meant nothing more than more choice for consumers.

Water, I've said before you are a smart person, but you are intellectually lazy and not capable of reading anything beyond a certain length. You are too manic to stay focused for that long.
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Exactly, these regulations and regulations on top of one another are just finally coming to fruition, and causing the market to fall apart. It was an unsustainable distortion of the true market. The Fannie socialism took on ridiculous amounts of risk on the taxpayers dollar, and that needs to stop. We need to return to true free market principles, and those blaming minor parts of the Glass-Steagle act on this are just delusional.
 
The Green Party supports the positions in this article while neither of what passes for the "mainstream" candidates support it. They're all for greasing Wall Street with taxpayer dollars.

Most Americans will bitch and moan about this outright theft, but won't have the courage to do anything about it.
 
Watermark said:
Exactly, these regulations and regulations on top of one another are just finally coming to fruition, and causing the market to fall apart. It was an unsustainable distortion of the true market. The Fannie socialism took on ridiculous amounts of risk on the taxpayers dollar, and that needs to stop. We need to return to true free market principles, and those blaming minor parts of the Glass-Steagle act on this are just delusional.
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So now you are against too much regulation? Didn't you say the problem was deregulation?

Good for you on the Fannie statement though.
 
blackascoal said:
The Green Party supports the positions in this article while neither of what passes for the "mainstream" candidates support it. They're all for greasing Wall Street with taxpayer dollars.

Most Americans will bitch and moan about this outright theft, but won't have the courage to do anything about it.
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The Green Party is the true party of the free market.
 
Watermark said:
You're right, LadyT, the great depression did end eventually.
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Hoover created the Reconstruction Finance Corporation to bailout companies. He also shutdown trade with the Smoot-Hawley Act.

Basically every fucking policy you keep pushing for on here was done during the Great Depression and failed. Stop pushing your already failed BS and blaming free marketeers.
 
Watermark said:
You're right, LadyT, the great depression did end eventually.
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Oh, please you haven't offered anything of substance as to why this is a good idea from your own thoughts or line of rationing. You've just been parroting the same fear driven talking points to get everyone else to fall in line and just give $700B away.
 
KingCondanomation said:
Hoover created the Reconstruction Finance Corporation to bailout companies. He also shutdown trade with the Smoot-Hawley Act.

Basically every fucking policy you keep pushing for on here was done during the Great Depression and failed. Stop pushing your already failed BS and blaming free marketeers.
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This is the most ridiculous distortion I've heard out of you in a while Dano. Good job.
 
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