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Originally posted by Universal Light
Respectfully, I could not disagree more.
The Fed is the culprit. It is an Un-American coporation though the masses have been confused to believe it is an American agency. The government is the front for the shadow world bankers truly running the planet.
These coporations are tied to the Fed. They are all in on it together in order to consoldate wealth in order to centralize government.
You're right about the media lying. They are blaming everyone but the Fed.
Originally posted by jefwane
I understand what the OP is saying, and the political shysters from both parties definately bear some blame in this. Democrats bear some responsibillity for forcing companies to make unsound loans to certain demographics, and Republicans bear the responsibillity for failing to regulate anything, and even step in with the justice department to override state laws meant to protect consumers from predatory lending (like in Georgia a few years ago). The OP sounds like something I heard Rush Limbaugh say not long ago.
Originally posted by jefwane
However, it's not like all this happened overnight. It has been building for well over a year now. Some people were shouting about the systemic risk from all the bad stuff on the banks books almost 18 months ago. Only recently with the FNM/FRE fiasco followed shortly by lehman/mer, AIG, and now WaMu has the true magnitude of the problem really sunk in. For the past year we have been bombarded by statements like "the problems in housing has little chance of spreading into the overall economy" and "the bottom is in". Only within the past couple of months has the media really started to really report the issues.
Originally posted by LowLevelMason
If you fail to do a bail out, you lose too. It will cause catastrophic and irreversible market problems, and that will echo throughout our quasi-free market. Or, you can allow the bail out, and thus save the corporations – and yourself – from the pain caused by the government.
But please, my fair townspeople, do not waste your time by over-running the corporation’s castle. Redirect your righteous anger toward the real Frankenstein – Government.
EDIT: To correct typos.
[edit on 26-9-2008 by LowLevelMason]
... It started in 1977, and was made worse my successive amendments by later administrations and complete willful ignorance by Congress who allowed the amendments and ignored any pleas for reform. The repercussions of the Act were obvious, but everyone had a "not my problem/it'll explode after I'm out of office approach."
Originally posted by LowLevelMasonThe answer is not more regulation, but government getting OUT of the market place and making it free for the first time since the 1930s. But that is never going to happen. Government has too much interest in manipulating the markets for short-term gain and long-term disaster.