Re: Pat Buchanan attacks Finance Capitalism.

On Sep 29, 4:43 pm, "steve" <st...@steve.com> wrote:
> On 29-Sep-2008, john fernbach <fernbach1...@yahoo.com> wrote:
>
> > > Well, no.  This isn't big government.  This is robber baron
> > > Capitalism, pure and simple.  Incompetent, dishonest, rich, powerfu
l
> > > Capitalists ignoring reality and the common good to feather their own
> > > nests.   So, what else is new?
>
> > I'm call myself a democratic socialist, and I partly agree with this
> > statement, but I think it's a little unfair.
>
> It's not simply unfair, but false.  The problem is in the mixture of go
vt
> guarantees (implicit in FNMA and explicit in FDIC) and regulatory pressur
e
> to make insecure loans (Community Redevelopment Act, and various problema
tic
> adjustments to same..pushed primarily by democrats, esp Bill Clinton), pl
us
> the cheap money that the Bush admin started pumping into the economy afte
r
> 9-11 (via the printing press and the fed res).  All this created compet
itive
> pressure to make bad loans (no money down, unqualified buyers), which in
> turn fueled a run up in the housing market.  When the market dropped, t
he
> insecure mortgages were worth nothing and anyone holding mortgage backed
> securities was also in trouble.  This is a failure of a poisonous
> combination of poorly structured regulation and aggressive monetarism. 
 The
> market only responded to the perverse incentives created by that
> combination.  Many saw it coming, but there was no political advantage 
in
> acting responsibly.
>
> steve
> --

To put in layman's language, if you give big home loans to lazy
negroes and if you allow clever jews to bundle those loans and sell
them all around the world, you end with the mothafuc*a that we be
seein' now.  and who LET this happen?  The weasely politicians who
depend on jewish money and negro votes.
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Poster (01.10.2008 02:16)