Have the foundations of US capitalism been shattered with worst financial crisis since the Great Depression?. SDSG and many a news outlets seem to thinks so.
"The latest Since 1864, American banking has been split into commercial banks and investment banks. But now that's changing. Bear Stearns, Lehman Brothers, Merrill Lynch -- overnight, some of the biggest names on Wall Street have disappeared into thin air. Goldman Sachs and Morgan Stanley are the only giants left standing. Despite tolerable quarterly results, even they have been hurt by mysterious slumps in prices and -- at least in Morgan Stanley's case -- have prepared themselves for the end.
"The only thing that is certain is that the era of the unbridled free-market economy in the US has passed -- at least for now. The near nationalization of AIG, America's largest insurance company, with an $85 billion cash infusion & a bill footed by taxpayers -is a staggering move."
Who's to blame?? Once could argue this a direct result of the Conservative "no regulatory" philosphy. But where real the irony is "we are in a free-market administration who are now doing things that the most liberal Democratic administration would never have been doing in its wildest dream"
Crazy times indeed
Free Fallin - Tom Petty
1 comment:
NICE! The old scare tactics. YOu believe everything you see on the news? The Same News Outlets who WHORE themselves out for stories?
Or just the doom and gloom?
The market has survived NUMEROUS world Wars, attacks on this nation, health epidemics, natural disasters and the late 1970's..where people waited HOURS for gasoline. I know it's tough for you to relate to the country folk, now that you are a Certified New yorker, who doesn't get gasoline. But I didn't wait 4 hours for gas this AM. I actually paid less than I have this time last week.
Once again, Both major parties are at fault.BUt I have YET TO EVEN HAVE YOU EFFING ACKNOWLEDGE THAT. YOu want ANY credibilty in this blog? Cause you sound VERY IGNORANT.When you have the chairman of the House Tax-Writing department ( your boy from Harlem Charlie "oh shit I have to pay taxes on that" Rangel) NOT paying taxes on MANY of the Rental Units he has...how can he claim he's working for the people. He is either TOO effing stupid to be in the position he is, or a CROOK. Probably both. He is suppose to be in charge of writing the tax law. And
I'm really suprised this hasn't got more attention. Oh wait it would be racist to question him and he's a liberal, so the NBC's,CNN, ABC'S, CBS's...it doesn't fit their agenda.
The Private Sector and Capitalism will survive. I'm curious, why you left out the Fannie and Freddie story. Is it cause you don't know it? Or that you think it's no big deal?( tax payers are on the hook for the tune of 53TRILLION $$)Or is it cause your boy Obama has received the 3rd highest kickbacks from them ( a 20 odd year institution) even though he' served a WHOLE 3 years. ALL taxpayers are going to help foot the bill. Where is the outrage? WE have Congressional hearings on Steriods in baseball? But the Eff's can't even police themselve.
In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets to maximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.
For years, conservatives have been critical of how Fannie, and Freddie Mac, have leveraged their government-sponsored advantages (including exemptions from state and federal taxes, lower capital requirements, and the ability to borrow at rates well below those paid by private companies), to create a co-monopoly in the housing finance sector. When Fannie’s accounting scandal came to light in 2004, conservatives pushed hard for reforms to phase out Fannie and Freddie. Led by former Walter Mondale and Barack Obama campaign adviser James Johnson, Fannie and Freddie pushed back hard, raising millions of dollars for members of the relevant oversight committees and opening up “Partnership Offices” that funneled money into various housing projects in districts of key members of Congress.
Fannie also bought off activist groups such as the corrupt Association of Community Organizations for Reform Now (ACORN), which has been indicted, multiple times across the country, for vote fraud (Obama worked closely with ACORN as a street organizer in Chicago). Fannie’s lobbying efforts paid off as liberal politicians such as Sen. Chuck Schumer (D-N.Y.) and Rep. William Clay (D-Mo.) worked to kill any real reform of Freddie and Fannie. The Washington Post reports: “In an internal memo in 2004, Fannie Mae executive Daniel H. Mudd affirmed what the company’s critics had long contended: In the political arena, ‘we always won’ and ‘we took no prisoners.’”
If I were you, I would stick to Music and promoting SDSG, CAPITALISM in this country is NOT GOING ANYWHERE.
And excuse when I lAUGH at Obama's critism that McCain has " lobbysist" advising him. It's easy to complain about lobbysist, when you can just take your $$ and advive RIGHT from the horses mouth. Do you realize
I wasn't much of a fan of McCAin, still not. But the LOVE affair of Obama, a man who hasn't done a THING, is nausating at best.
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