And maybe this video will give you a better perspective of what is really happening: Thom Hartmann: Euro crisis...Is the UK preparing for the END of the world? http://www.youtube.com/user/TheBigPictureRT#p/u/2/fs_clUxtfa4
On 11/30/2011 11:16 AM, John wrote: > The USA was founded as a grand experiment of new ideas about government at > the time. So far, it's holding true. > > The economic system can be tweaked to adopt to the demands of society. The > US economic paradigm is a mixture of economic policies. In its pure form, > capitalism still exists in the stock market. > > IMO, the greatest danger to the US government is the national debt. This > debt is a burden to the entire government and economy. Both major parties > have opposing views as to how the national debt can be reduced. The longer > they squabble, the longer the problem will persist. If we're not careful, > the accident could happen sooner than later. > > > > --- In FairfieldLife@yahoogroups.com, Bhairitu<noozguru@...> wrote: >> Geez John, where the hell have you been? We've been mentioning for >> years on FFL and discussing a lot of books, articles, documentaries and >> biopics that explain the problem. One couldn't write a better scifi >> scenario if they tried. >> >> I got interested in economics back in the late 70s. I read everything >> from Galbraith, Ravi Batra to Milton Friedman. I especially enjoyed the >> "economic novels" of the late Paul Erdman who made the economic crisis >> of the time understandable. They even made a movie of one book, "Silver >> Bears" with Michael Cain. >> >> http://en.wikipedia.org/wiki/Paul_Erdman >> >> At least the Reagan administration sent some of the the S&L crooks to >> prison. Obama is too endeared to Wall Street for that I'm afraid. >> We're really screwed. Best thing is a massive collapse that must wipe >> out the very rich and age old banking institutions. IOW a complete reboot. >> >> On 11/29/2011 12:37 PM, John wrote: >>> Judy, >>> >>> Good research on your part. It appears that the financial crisis was due >>> to a combination of factors which contributed to an "accident" waiting to >>> happen. And, unfortunately it did. >>> >>> Now, the big "accident" waiting to happen is the enormous national debt >>> that is costing Americans millions of dollars per minute. I don't believe >>> any of the politicians in Washington DC know how to solve this problem. >>> >>> >>> >>> --- In FairfieldLife@yahoogroups.com, "authfriend"<jstein@> wrote: >>>> --- In FairfieldLife@yahoogroups.com, "John"<jr_esq@> wrote: >>>>> --- In FairfieldLife@yahoogroups.com, Bhairitu<noozguru@> wrote: >>>> <snip> >>>>>> The bankers showed how dumb they actually are with their >>>>>> derivatives and hedge funds. It was like a bunch of kids >>>>>> playing with matches and oops burned the house down. And >>>>>> they should pay the full price for it. The public should >>>>>> not bail them out. Catch them at every excuse to sell the >>>>>> public we should help them out and sound a resounding NO! >>>>> The bankers believed that their actions relating to the housing >>>>> mortgage debacle were legal and that they would be supported by >>>>> the federal government. Apparently there was a federal law that >>>>> was passed to lower the requirements for some borrowers so that >>>>> they can buy new homes. >>>> Please, inform yourself. Start with this: >>>> >>>> http://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis >>>> >>>> http://tinyurl.com/7t9e5uz >>>> >>>> The Wikipedia article has lots of references, including to >>>> other Wikipedia articles on the 2008 financial crisis. It's >>>> much more complicated than you dream. Bhairitu is >>>> essentially correct that it was the securitization of risk >>>> in mortgage lending with derivatives and such that was the >>>> primary contributor to the crisis. Just for one thing, the >>>> vast majority of the subprime loans were not made by FDIC- >>>> insured banks. For another, most of the loans that went bad >>>> were not made to low-income borrowers. And for still >>>> another, commercial loans were just as problematic as home >>>> loans. >>>> >>> > >
