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Old 09-19-2008, 05:16 PM   #1
empathy
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Default 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)
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Old 09-19-2008, 05:26 PM   #2
Sarahmay
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Default Re: List of Reasons why our Economy is Doomed.

Sounds about right to me.
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Old 09-19-2008, 06:49 PM   #3
Richard T
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Default 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.
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Old 09-19-2008, 07:04 PM   #4
pineal-pilot-in merkabah
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Default Re: List of Reasons why our Economy is Doomed.

uk pound next then euro
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