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Socialism for the rich
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Orion_Zorn
post Sep 9 2008, 10:00 AM
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http://www.youtube.com/watch?v=6gZuG-52js0

Where is the Free Market Bush and his chums always talk about? In a Free Market, Bear Sterns, Fannie and Freddie would be allowed to die off. Now we are propping up 'inefficient' businesses, and essentially penalizing businesses that played by the rules.

So the working class are supposed to let our factories go overseas because Protectionism is bad, and Free Market economics is the best policy... but when it comes to rich people taking a bath, well then the government has to step in.

If I understand it right, the bailouts add to the national debt? Lol this is hilarious!

And the corporatacracy just keeps chugging along...Protectionism for big Corportations, Free Market for Labor.



This post has been edited by Orion_Zorn: Sep 18 2008, 08:33 AM

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bridarshy
post Sep 9 2008, 10:07 PM
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As you may know the GSE's where setup to provide liquidity to banks. This the mistake number one, because they are quasi gov't agencies. What happens is, when a bank wants to underwrite a, lets say sub-prime mortgage, but they don't have the capital to back it up, they go to Freddie or Fannie... So then the banks know they have no liability and they can go writing loans to whomever can sign their name. That is why we are in this mess!

If banks needed liquidity, they could get it privately, but this way they can shift responsibility. The Gov't has stepped in because the have to quiet this crisis. We should be holding the execs at the banks liable for this, instead of giving them their bonuses.

The Fed... Oh, that's another thread lol.

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Roark
post Sep 9 2008, 10:15 PM
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No arguments on this one from me... if institutions aren't allowed to fail, you fall into the trap of privatized profits / public risk. It's a system that can't sustain for too much longer. The taxpayers can only support so much incompetence. Moral hazard alone will increase twofold after all these buyouts.

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[FeaR]NeD__
post Apr 18 2009, 11:17 PM
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Old post I know, but I finally agreed with Roark on something so I had to reply.

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StarGazeR
post May 16 2009, 08:01 PM
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QUOTE(Orion_Zorn @ Sep 9 2008, 09:00 AM)
http://www.youtube.com/watch?v=6gZuG-52js0

Where is the Free Market Bush and his chums always talk about?  In a Free Market, Bear Sterns, Fannie and Freddie would be allowed to die off.  Now we are propping up 'inefficient' businesses, and essentially penalizing businesses that played by the rules. 

So the working class are supposed to let our factories go overseas because Protectionism is bad, and Free Market economics is the best policy... but when it comes to rich people taking a bath, well then the government has to step in.

If I understand it right, the bailouts add to the national debt?  Lol this is hilarious!

And the corporatacracy just keeps chugging along...Protectionism for big Corportations, Free Market for Labor.
*




Zorn, I know we haven't agreed on many things in the past, but I am with you 100% on this one. Good post. Great post!!



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