View Full Version : Economic Collapse is the Plan
28th October 2010, 02:40
Read more: http://www.nytimes.com/2010/10/25/opinion/25krugman.html
22nd November 2010, 18:58
Foreclosure Fraud - MSNBC w/ Cenk & Matt Taibbi (http://www.youtube.com/watch?v=I3e71oxkp74)
Cenk Uygur (host of The Young Turks) on MSNBC Live speaks with Matt Taibi of Rolling Stone about bank foreclosure fraud.
22nd November 2010, 19:23
18th December 2010, 15:35
Not to defend the banking industry, for they certainly have a large share of the blame here. But neither video mentions the role the government played in assuring there would be bad, sub-prime loans in the first place.
By guaranteeing loans and forcing banks to lend in areas they had deemed unsafe and to people they had deemed uncreditworthy, the government all but assured a large number of bad loans.
18th December 2010, 15:56
The definition of fascism is government at the service of corporations which is what we have here. There is a seamless blending of corporate interests into government where former kingpins of corporatocracy occupy high level positions (Geithner, etc.) and make decisions in the best interests of their "former" employers. Given that model, it should not be surprising that govt. failed to properly regulate, or "overlooked" certain things that were going on.
18th December 2010, 22:38
I think the attempt of government to regulate is as much a part of the problem as their failure to adequately regulate. It creates a false sense of security.
Without FHA backing and lowered lending criteria, the number of bad loans would have been miniscule. Lenders won't lend money they don't think they'll get back. It was the goverment backing that allowed so many bad loans into the system.
Once in there, I don't know what the government could have done to oversee things. The sheer volume of transactions makes any kind of effective oversight difficult, if not impossible. The most effective proposal I've heard for oversight is a non-government option that wouldn't cost the taxpayers hardly anything .
Simply require all financial transactions to be posted on-line and turn the blogging community loose on them. All privacy info would be scrubbed of course. And there is already a language developed for this and tested. Wired magazine detailed the idea a year or so ago.
22nd December 2010, 18:04
Ty, the corporations and banks ARE the government. At least their vile, twisted tentacles are securely wrapped around the throats of the US Congress and other world leaders.
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