The curruption will (did) prevail - rant
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Don't forget the $500 or $600 billion we've already signed over in the past few weeks.
Even the economists who still don't think this will work are starting to climb on board the "hurry-up" wagon 'cause the gamblers are now jumping ship in droves...dumping what little assets that were left in the market into bonds. They think raising the FDIC safety net may at least stave off the JoeBlow bank runs that are just around the corner.
I swear, if my measley IRA drops any further I'm gonna start looking for yachts to defecate in...the simple pleasures my be all I have left.
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@tomsdesk said:
Rick, I believe you are reaching over all these recent morgage backed security shemes and scams that allowed outside individuals to skim off the capital that is needed now. I think you are ignoring the accompanying rut of fraudulant morgage qualifications, given to people who couldn't/shouldn't legally have been accepted into the programs you mentioned, in order to create more monopoly-money to play with.
I repeat: creed, fraud, and conspiracy! If you want to call the politicians stupid for not anticipating corruption...no argument from me. But this problem was caused by crooks!
Considering quite a bit of the fraud was occurring within Fannie Mae and Freddie Mac (government entities), who were paying of dems like Frank to block oversight that would avert future fraud, then there's still political causes.
I agree with you that greed played a huge part. I'm not trying to sound like I disagree. But the origins of the problem are political. The crooks just took the situation to its inevitable conclusion.
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My feeling is that we should prosecute the theft before we persecute the stupidity...above all, this outcome, especially the corrupted misuse of the legislation, was not the intent of the politicians (one would hope)...they just wanted to help a few more good people to qualify for the American dream.
This recent pervading attitude that the victim is somehow always complicit in the crime is pure Horse-Pucky: without criminals there is no crime...and without this mindset there would be far fewer criminals. These guys walking away with millions from this mess should be treated as Enemy #1...and until they are history will repeat.
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@tomsdesk said:
These guys walking away with millions from this mess should be treated as Enemy #1...and until they are history will repeat.
Are you talking about CEO's or Senators?
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@unknownuser said:
@unknownuser said:
Are you talking about CEO's or Senators?
Not my question so forgive me but those I have come to know were one in the same and traveled in the same circles.
No problem. It was a tongue-in-cheek question to tomsdesk that seemed timely after all the pork that got added to the "bailout" bill.
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@rickw said:
Are you talking about CEO's or Senators?
HeeHee!
I'm talking about anyone involved in the fraudulant behavior! The real money didn't disappear, it's still out there somewhere...in the hands of crooks it doesn't belong to.
Can you imagine how the market would tank if prosecution had been promised in the bailout bill...?
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I don't think all the 700 billion has been handed out yet. Has it? But I get your point. There is none of the accountability they were talking about beforehand. Just one last handout from the Bush administration.
Also the point was that the banks were supposed to produce something: credit. Now you may think this is something made out of nothing, but that's what this country has been running on. Somehow the banks are not being any easier with the credit than they were, and no one's going to make them.
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@unknownuser said:
I'm talking about anyone involved in the fraudulant behavior! The real money didn't disappear, it's still out there somewhere...in the hands of crooks it doesn't belong to.
The fundamental reason for all the chaos is that the Capitalist monetary system is essentially a scam.
I strongly recommend listening to the following: http://uk.youtube.com/watch?v=z13TzFBtsWw
It lasts just over an hour, but it is an audio only clip so you can listen while you work etc.It as an explantion, in laymans terms, of how so-called "national" banks such as the "Federal Reserve" or the "Bank of England" are actually cartels and NOT national banks controlled by their respective governments.
You may not agree with all that he says, I don't myself, but a lot of it helps make sense of the boom and bust nature of the capitalist system.
If the monetary system used is, at root, dishonest then it follows that everything else flowing from it is corrupted.What does the future hold?
Well, we can all speculate, but what is certain is that no political or economic system lasts forever. As has been said before, "We live in interesting times".Regards
Mr S -
[quote="tomsdesk"]My feeling is that we should prosecute the theft before we persecute the stupidity...quote]
Great quote Tom, my feeling exactly.
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I would expect a Canadian to be more affected by what happens to Detroit than a Californian.
I, for one, am writing to my representatives. Just because no one's posting here, doesn't mean Americans are not trying to follow this and experiencing shock and awe.
It's not just a simple matter of rooting for a particular bill--but now this:
"Given the current weakened state of the US economy, we will consider other options, if necessary including use of the TARP program, to prevent a collapse of troubled automakers," White House spokeswoman Dana Perino said.
This may be to your liking, but it underlines that somehow Congress has handed over more than 700 B to a lame duck administration to hand out at will. (and very lame--eats me up that we have to have yet another month of their stupefied dys-management and graft.)
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As I said in my previous post:
@unknownuser said:
If the monetary system used is, at root, dishonest then it follows that everything else flowing from it is corrupted.
The former chairman of the Nasdaq stock market has been arrested and charged with securities fraud, in what may be one of the biggest fraud cases yet.
Bernard Madoff ran a hedge fund which ran up $50bn (£33.5bn) of fraudulent losses and which he called "one big lie".For more info (and don't believe for a minute that this is a one-off) visit: http://news.bbc.co.uk/1/hi/business/7779442.stm
The capitalist economic model is mostly conducted through the use of smoke and mirrors. We are all locked in to it, through no choice of our own, and because we have seen the collapse of various "socialist" economic systems we are all too scared to consider any alternatives.
We are in the horrible position of wanting to see the downfall of all these economic criminals but know that hundreds of millions of innocent victims (us!) could have our lives destroyed in the process.
Between a rock and a hard place comes to mind.
Regards
Mr S -
I would not go that far to blame Politicians for morgages given to people who do not have real means to repay. I am afraid all that is cooked by bankers. They have created model where they were betting on increase in productivity and prices steadily going up. It looked as easy win...but as capitalism is Sh**ty system which goes into boom and bust cycles then there is always one generation or two who do not remember last bust and they pay correction price...
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[quote="pbacot"]I would expect a Canadian to be more affected by what happens to Detroit than a Californian.
Why?
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Capitalism is not at fault here; those who abuse it are. Blaming the system is like blaming cars for auto accidents or blaming guns for gun deaths.
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Come on Ron, you wouldn't advocate no controlls on the distribution of drugs? Somewhere with every situation is a line that represents optimum balance. I personally favor free markets, but in hindsight not at the current pace deregulation was implemented.
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@honoluludesktop said:
Come on Ron, you wouldn't advocate no controlls on the distribution of drugs? Somewhere with every situation is a line that represents optimum balance. I personally favor free markets, but in hindsight not at the current pace deregulation was implemented.
I'm saying capitalism and free markets are inherently good. It's the practitioners who can mess it up. Certain governmental regulation is necessary, even desired. Finding the optimum balance, as you put it, is the goal.
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@double espresso said:
@pbacot said:
I would expect a Canadian to be more affected by what happens to Detroit than a Californian.
Why?
Just proximity? I gathered you were from the "midwest" of Canada. My impression is there are a lot of industry trade ties, including the car business with the US midwest and Canada. California has a different economy to some extent. Not trying to make a big point, just in answer to what you said earlier, which I forget now... You know, we'll all definitely feel it if one or more of these giants falls. We all have dealerships for example. I've worked on jobs for some of them. They pull back, there's no dealership plans to draw etc. etc.
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Hi Ron,
Cars and Guns like any other manufactured product are tangible goods that can be bought and sold. In a private enterprise situation, both seller and buyer arrive at a price that suits them. Or they don't and no transaction takes place.
The same applies to every product or natural resource that individuals or nations wish to trade.Due to barter being impractical for many transactions money was created as a means of exchange. Money itself has no intrinsic worth.
However, in the free enterprise system we have today money is manipulated by the likes of the stock exchange to create money out of other money. This distorts the value of real goods and services and hence we have boom and bust which causes the chaos we see today.
Private enterprise and Free enterprise are two totally different animals.
The first is a form of self-regulated capitalism that has proven to be more or less a fair and successful method of conducting transactions. It provides the best method for those who are prepared to work to receive a fair reward for their efforts.
The second is, in my opinion, a fraudulent and criminal system perpetrated by individuals who contribute nothing to the world. They are motivated by simple personal greed unimaginable to most of us.
I fear most Americans, when reading attacks on capitalism, wrongly interpret that to mean an attack on America itself. That is not the case. Americans should simply take note of what one of America’s greatest sons had to say:
@unknownuser said:
"If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."
Thomas JeffersonRegards
Mr S -
Mr. S, I was talking about capitalism and free markets not private or free enterprise. My reference to the gun and auto industry was maybe an inaccurate analogy, but the point is that the system is good, some of the players are bad. When there are failures, we need to blame and punish the players, not the system. Bernie Madoff is a classic example. This guy needs to be in prison with a bunch of nasty guys who don't much care for his type.
The movie "Wall Street" really shows what you and others are talking about: people creating wealth without creating substance; greed run amok.
I do not take any offense whatsoever when capitalism is attacked. I don't see it as an attack on America at all.
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@bellwells said:
@honoluludesktop said:
Come on Ron, you wouldn't advocate no controlls on the distribution of drugs? Somewhere with every situation is a line that represents optimum balance. I personally favor free markets, but in hindsight not at the current pace deregulation was implemented.
I'm saying capitalism and free markets are inherently good. It's the practitioners who can mess it up. Certain governmental regulation is necessary, even desired. Finding the optimum balance, as you put it, is the goal.
How can Capitalism be divorced from the practice of Capitalism? Capitalism, unlike religions doesn't hold claims of truth therefore it is not an ideology but a praxis. There is a fundamental fallacy that people always fall for, they mix-up the Market-economy with Capitalism. Market economy can be idealised as having optimizing properties in certain respects like supply and demand. Capitalism is all about anti-competitive practices that actually detriment free-market principles. Just look at what corporations do. They realised early on by monopoly, dumping, with-holding stock, lobby groups, hotile take-overs of peer companies or those that supply or deal with related services and conditioning of consumers they can manipulate the market to their favour (i.e. multi-national Conglomerate's version of Capitalism). This is fine and dandy as such practices also occur in nature however, in nature there is no National or international Institutions that can institutionalise in Law and enforcement the advantages gained by this particular way of Capitalism. You see Capitalism in its current form is actually detrimental to the practice of free-market enterprise.
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