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09-19-2008, 05:16 PM | #1 |
Avalon Senior Member
Join Date: Sep 2008
Location: Seattle ,WA
Posts: 63
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List of Reasons why our Economy is Doomed.
(Cut and pasted from prisonplanet.com)
* Fractional-reserve banking, which is inherently unstable and entirely a confidence game * Congress for passing the Federal Reserve Act and creating the Federal Reserve, the third central bank in the history of the US * Woodrow Wilson for using the Fed to finance World War 1 * Benjamin Strong, the President of the Federal Reserve Bank of New York from 1914-1928, for inflating the money supply in the ’20s to help out Great Britain which led to the Great Depression * Herbert Hoover for his economic intervention from 1929-1932. He was not laissez-faire by any means. * John Maynard Keynes for laying the foundation of a miseducated public * FDR for banning private ownership of gold, enacting the New Deal, creating Social Security and Fannie Mae, and exacerbating the Great Depression * The FDIC for lulling the American public into a false sense of security regarding their bank deposits and training the public to unquestionably trust the financial system * LBJ for the guns and butter of the ’60s * Nixon for severing all ties between the US dollar and gold * Reagan’s intellectual duplicity, using free market, small government rhetoric while turning the US into a chronic debtor nation * Alan Greenspan, one of the most duplicitous, arrogant, and incompetent individuals in the history of the United States. If I had to pin this crisis on any one man, it would be he. * George W. Bush for cutting taxes while raising spending and his full embrace of Cheney’s doctrine of “deficits don’t matter” * Ben Bernanke for following the Greenspan doctrine to its inevitable conclusion * The heads of Fannie Mae and Freddie Mac for using artificially low borrowing costs to create systemically-dangerous housing institutions * Christopher Dodd and Barney Frank for beating the socialist drum * Christopher Cox for thinking a ban on short-selling will solve anything * Hank Paulson for folding the hand he was dealt * The ratings agencies for rubber stamping garbage assets as AAA * The heads of the major banks and brokerages on Wall Street for turning a blind eye as their institutions were taking on massive leverage that threatens to take down the financial system * The hedge funds that levered up structured finance to dangerous levels * Generations of lawmakers for kicking the looming financial crisis can down the road * Home buyers who lied about their income and creditworthiness * Predatory lenders who put people into mortgages they could never afford (Cut and pasted from prisonplanet.com) |
09-19-2008, 05:26 PM | #2 |
Avalon Senior Member
Join Date: Sep 2008
Location: Sedona Arizona
Posts: 549
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Re: List of Reasons why our Economy is Doomed.
Sounds about right to me.
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09-19-2008, 06:49 PM | #3 |
Avalon Senior Member
Join Date: Sep 2008
Posts: 179
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Re: List of Reasons why our Economy is Doomed.
Matter of fact, the one single reason to account for the list:
Greed. Which is the foundation, the fabric and the demise of the current civilization. |
09-19-2008, 07:04 PM | #4 |
Avalon Senior Member
Join Date: Sep 2008
Location: england
Posts: 1,153
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Re: List of Reasons why our Economy is Doomed.
uk pound next then euro
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