tag:blogger.com,1999:blog-20377909.post3177417028673466996..comments2024-02-26T08:05:58.174-08:00Comments on ECONOMICROT: Greenspan: Worst Economic Crisis Ever SeenRandyhttp://www.blogger.com/profile/09221346085089343469noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-20377909.post-3648400912316082182008-09-16T18:54:00.000-07:002008-09-16T18:54:00.000-07:00Louisa,Jerry, at least Louisa got my point (kudos ...Louisa,<BR/><BR/>Jerry, at least Louisa got my point (kudos to her). Your "but" shows you missed the point. Congress controls the purse strings (Civics 101). Oh by the way, what party was in charge of congress the last four years and was so proactive as the housing bubble peaked and crashed? I wouldn't be disappointed if both Reid and Porter don't get reelected when there time is up. Gov't works best when it puts bounds on the self serving efforts of organizations and individuals, not as the controller of how we should live our lives. Gov't in-action is usually better than gov't in action. <BR/><BR/>JobuckAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20377909.post-5087384414707279662008-09-15T10:14:00.000-07:002008-09-15T10:14:00.000-07:00Is the irony lost on him that he played a starring...Is the irony lost on him that he played a starring role in causing this crisis? It's amazing how un-reflective these so-called leaders are.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20377909.post-81554363714503959972008-09-15T10:03:00.000-07:002008-09-15T10:03:00.000-07:00Louisa,You are so right! The Partys are very close...Louisa,<BR/><BR/>You are so right! The Partys are very close in looks and dress, but there are some fundamental differences between the members who make up these Partys. There is a difference between the Democrats and Republicans. The Republicans have evolved into extremism and pure greed, while the Democrats have evolved into a more conservative group, with progressive members. There is a difference. I do not believe that Obama is the same as McCain, or Biden the same as Palin. I believe there are fundamental differences between the two sets. <BR/><BR/>I do feel that of those two top presidential contenders, Obama is more willing to try and fix the problems with a greater interest in analyzing them, while McCain would become overly influenced by the lobbyists and Party hacks that he so proclaims to have hated. <BR/><BR/>McCain has wanted "the Ring" that had so quietly been hidden by Bilbo Baggins, he is so willing to turn into Golem. And he has.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20377909.post-70237204612503644322008-09-15T09:14:00.000-07:002008-09-15T09:14:00.000-07:00This is all about business and Wall Street owning ...This is all about business and Wall Street owning and running the country- they OWN U.S.. Party affiliation has little to do with it, though they love the people to keep believing that dog and pony show.<BR/><BR/>It is a cyclical phenomenon, and we have had excessive periods of greed and hubris like this before, as we did in the beginning of the 20th century - the robber barons and "Guilded Age".<BR/><BR/> I think this cycle we're in now started in Reagan era, but this is not about political parties. It did not matter which party was in control as the moral hazard and predatory finance was encouraged, aided and abetted all along the way- no matter who was in the White House or Congress.<BR/><BR/>The only "party" we have in this country is The Business/Wall St. Party. Once you accept this, everything else makes good sense.Unknownhttps://www.blogger.com/profile/00500214795443898836noreply@blogger.comtag:blogger.com,1999:blog-20377909.post-15767512466147081952008-09-15T06:51:00.000-07:002008-09-15T06:51:00.000-07:00Out of the last 7 presidents, 5 came from the GOP....Out of the last 7 presidents, 5 came from the GOP. I am beginning with Nixon. The GOP/Nixon were signing the bills that were brought into law beginning in 1969. That is nearly 40 years ago. <BR/><BR/>The over-abundant spending began with Reagan, although the war in Vietnam was a significant drain, at the time, upon the economy and the psyche of Americans.<BR/><BR/>Reagan put the nation into a huge debt by the end of his term. Supply-side economics and trickle-down theory was his mantra, and it was a massive failure that has continued to permeate the two Bushes, and now McCon, ever since. <BR/><BR/>The Chicago School of economics, at the University of Chicago, was delivered to Reagan with open arms, and continued through Clinton and into the stickie fingers of Little Boy Bush. McCon just follows what the big boys in the GOP tell him what they want him to do. Just look at the number of lobbyists--conduits from the most powerful people around the nation and the GOP. The problem is that McCain is incredibly stupid.<BR/><BR/>I have not swallowed the Obama kool-aid. He is an incredible disappointment. He better get off of his Dukakis if he going to beat the McCon.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20377909.post-65903760450476376602008-09-14T22:44:00.000-07:002008-09-14T22:44:00.000-07:00Not that I like to defend the GOP, but the tech bu...Not that I like to defend the GOP, but the tech bubble came on the Dems watch and led to Big Psycho Als interest rate response. Investment houses proceeded to make billions. Bin Laden certainly started planing his attack prior to Bush Jr. You could argue that it began with Bush Sr and that Clinton didn't do anything to mitigate it since the attack came barely into Jrs term. Don't be so eager to drink the Obamalade either. As a society/country we have learned how to bankrupt the treasury. I believe it is back in the early 80's we entered the path as a debtor nation which was underway during Carter and no doubt accelerated under Reagan. No one can deny how much of our budget is gobbled up by Social entitlement. Defense budget prior to the war was totally insignificant in comparison to welfare. Look how much we spend to service the national debt now. Bottom line; our standard of living is a fraud yet we easily spend billions on our entertainment gods (movies and sports); so before we blame anybody we better look in the mirror first!!!!! <BR/><BR/>JobuckAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-20377909.post-52987541691526245952008-09-14T22:01:00.000-07:002008-09-14T22:01:00.000-07:00Big Al is a fool of the biggest type. Read Michael...Big Al is a fool of the biggest type. Read Michael Hudson's article on counterpunch.org about the Chicago School of Ayn Rand-type economics gargoyles. <BR/><BR/>Big Al has the biggest self-absorbed ego in America. It exceeds the Boy Bush.<BR/><BR/>BIg Al has convinced himself he did not kill Nicole-Brown..., oh, I mean the country. (You get what I mean about his personality type.) <BR/><BR/>To admit any error or the failure that took down the world's economy would force him to stand up to a massive verbal stoning, and show that the emperor of the federal reserve never had any clothes on to begin with.<BR/><BR/>I am sorry to offend any Republicons, but this is how the GO-Plunderers have led the country for decades.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-20377909.post-61376418078636422502008-09-14T18:28:00.000-07:002008-09-14T18:28:00.000-07:00Completely agree!It's all Easy-Al's fault. He cu...Completely agree!<BR/><BR/>It's all Easy-Al's fault. He cut rates and inflated at any sign of global economic troubles:<BR/><BR/>- US Stock market crash of 1987<BR/>- Japan's crash of 1990<BR/>- LTCM Collapse of 1994<BR/>- Asian Currency Crisis of 1997<BR/>- Russian Bond Default of 1998<BR/><BR/>All this easy-money policy grew into the NASDAQ bubble, which popped, followed shortly thereafter by 9/11. <BR/><BR/>Once again, Easy Al invoked his tried and true policy - cutting rates 13 times while ramping up the printing presses then pushing unconventional mortages - HE ABSOLUTELY KNEW what he was doing when inflating the biggest housing bubble in history, but secured an exit plan before it all blew up in his face.<BR/><BR/>When history is rewritten, Easy-Al will likely go down as the WORST<BR/>FED CHAIRMAN IN HISTORY<BR/><BR/>RandyRandyhttps://www.blogger.com/profile/09221346085089343469noreply@blogger.comtag:blogger.com,1999:blog-20377909.post-87205680318937707312008-09-14T14:02:00.000-07:002008-09-14T14:02:00.000-07:00Does anyone else feel like slapping Greenspan sens...Does anyone else feel like slapping Greenspan senseless after you hear him spouting off like this? He's out in the spotlight, blabbing profusely about the disaster he was instrumental in creating. He's like some sort of economic sociopath.Unknownhttps://www.blogger.com/profile/00500214795443898836noreply@blogger.com