Re: New study confirms economy was destroyed by Democrat policies
posted at 12/31/2012 3:15 PM EST
In response to Newtster's comment:
You guys are doing just what the ruling elite want you to do - assume that one party or the other is to blame for the mess. THat way you avoid talking about the real cause of the problem. They have set up a situation with banks that they would never do for some other industry. The Fed - owned by the member banks - is nothing but a legal cartel. They have the power to print money, set interest rates, buy up the bankers' mistakes (toxic assets and MBS), hand out $trillions in near zero % loans to their members so they can buy US gov't. debt at a higher rate and keep the spread. They donate billions to politicians, hire them when they retire, hire their family members, give politicians sweetheart loans. Is it any wonder that as our government gets deeper and deeper in debt that the FInancial Industry gets away with murder? That is because the gov't needs the banks to fund their RICO like operation. The politicans become rich at the expense of the public. They have a marvelous gravy train running and they don't want you messing it up. THe moonbats fighting with wingnuts suits them fine.
No doubt theres plenty of blame to go around but the whacko wingnut attempts to rewrite history are just plain ridiculous.
Whacko wingnuts love to attack Obama on everything bad that has happened since he put his hand on a bible beginning on Jan 20th, yet they want to absolve themselves of any responsibility during the 8 yrs they held every branch of the federal gov't leading up to the fiscal fiasco.
As for no bankers being charged... That is primarily a result of the laissez faire environment under the baby-Bush administration. Since baby-Bush created a 'self-regulating' banking environment within which these financial businesses operated, the banks wrote their own rules. That means that technically they didn't break federal law because there were no federal laws in place to regulate them. They operated without federal constraints. You can't punish people who were working under the rules set up by the administration. Where they greedy, manipulative and ruthless? Yep, but that is what a free market is designed to do. No rules, no boundries just a relience on the unseen hand of the market. Newsflash, markets don't come with principals and a conscience, that's the void that proper regulations are designed to fill.
So you can't champion the 'free market' and then complain about the results such a system has wrought. Wall St operated in the closest thing to a free market that baby-Bush could allow with his self-regulation policies and the results speak for themselves. The head of the SEC declared self-regulation a failure and Greenspan said his confidence in free market principals was wrong.
Baby_Bush and the wingnuts wanted to let the foxes run the henhouse and now they act surprised when so many chickens have been killed.