The Tea Party thread!

[Collectorcol]

 

[devilof76]

The nice thing about the fact that this is its own thread is that you don't have to read it. The rotten thing about it is that I'm stuck babysitting this economic hackery until someone finds the mercy in their heart to lock it. Until then, I don't want to hear **** from anyone who thinks they have it worse off than me.

 

[Taibhse]

I'm not a Tea Party fan. Sub-prime caused the crash. Clinton opened the door for sub-prime and lack of regulation did not cause the 1929 crash. The only money made in 2008 was the fiat flood that followed when the alleged best minds in the financial world chose to bail out those who would have drowned in a free market where no help would have been forthcoming (and no sub-prime lending would ever have been seen as rational by anyone other than the kinds of legislative shysters who promoted it in the first place).

From your Spectator link -
'The decline in underwriting standards is clear in the financial disclosures of Fannie and Freddie. From 2005 to 2007, Fannie and Freddie bought approximately $1 trillion in sub-prime and Alt-A loans. This amounted to about 40 percent of their mortgage purchases during that period. Moreover, Freddie purchased an ever-increasing percentage of Alt-A and sub-prime loans for each year between 2004 and 2007. It is impossible to forecast the total losses the GSEs will realize from a $1.6 trillion portfolio of junk loans, but if default rates on these loans continue at the unprecedented levels they are showing today, the number will be staggering.'

hmmm.. '2005-2007'?.. so, that would be a Republican administration then..odd they didn't revoke all that Clinton legislation back in 2001, eh?.. they could have saved the market by letting the banks do what they liked.. oh wait, that was exactly what the banks did and a lot of them got away with trousering the cash.. while the tax payer has to pick up the tab, again.
Fact is interest rates should have been raised after the Crash, as they were after the crises in 1989.. but no-one was going to vote for that.. we get the governments we deserve, through craven self-interest.. ie. house prices and the access to credit that value creates.

The reason financial institutions were not allowed to 'drown' in 2007 was because that was precisely what happened in 1929.. followed by intense Protectionist policies as governments tried desperately to preserve their own national economies.. in short if that path had been followed there would have been a re-run of the Great Depression.. it may not be pleasant at the moment but you really, really would not have enjoyed the alternative.

 

[The Josh]

Time for this thread to die.

 

[devilof76]

Bush tried to shut down the affordable housing racket. He failed.

Occam is very convenient for slashing away inconvenient facts.

I think my favorite of your lost facts is that the only way to fix the crash was to let it fall. That they did not in the 1930's is why the Depression lasted so long. No amount of signing jobs into law was enough to fix anything except FDR's lack of willing soldiers to pursue his great moral crusade of saving Europe from itself.

 

[crows]

 

[devilof76]

This is like if Rev. Blackthorn knew something about money. Terrible.

 

[Sweet Rabbit]

Time for this thread to die.

past time

 

[The Josh]

past time

Ya got me there.

 

[The Ween]

So long as it's just Devil and Taibhse going at it it'll remain robust but good natured. As soon as others get in and add their two cents it'll degenerate toot sweet.

Are you saying I should get my tin foil out?

 

[devilof76]

past time

Ya got me there.

And neither of you are Sandbox mods. Perhaps you know someone who is.

 

[Taibhse]

Bush tried to shut down the affordable housing racket. He failed.

Occam is very convenient for slashing away inconvenient facts.

I think my favorite of your lost facts is that the only way to fix the crash was to let it fall. That they did not in the 1930's is why the Depression lasted so long. No amount of signing jobs into law was enough to fix anything except FDR's lack of willing soldiers to pursue his great moral crusade of saving Europe from itself.

I wonder why... nothing to do with all the profits being made, obviously.. I mean who gets greedy in an unregulated market?.. it just doesn't happen.. look at the situation of fisheries in international waters.. they are a model of good business practise.. oh wait...

The only way to ensure a market is laissez faire is to regulate it, in order to make sure its genuinely laissez faire.. at which point it isn't.. which is why its a mythical beast.. that, and all the cheating...

 

[The Josh]

And neither of you are Sandbox mods. Perhaps you know someone who is.

I've passed it on. Hopefully we get someone in here soon.

 

[crows]

 

[Lejuan]

 

[Taibhse]

Is anyone being forced to read this?

 

[The Josh]

No but politics is a no-no here. That's why it's time to stop posting.

 

[Taibhse]

Ok, you are a mod and you've asked.. so this is my last post.

 

[Lejuan]

Demz the rules. But it's a pity that tinfoil hat bulls **t gets a better run than politics/economics in this place. I learn something whenever these sorts of discussions take place, but I get diddly squat out of the nutjobs.

 

[Collectorcol]

Politics in a toy forum?