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So... just out of curiosity...

...what kind of decibel levels do you think are being achieved, and what kind of vigor in waving middle fingers in the general direction of the Federal Reserve Bank of New York, in the Lehman Brothers executive suite right now?

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( 3 comments — Leave a comment )
lemmozine
Sep. 17th, 2008 04:15 am (UTC)
Well, I believe in the law of conservation of money. If someone loses money in the stock market, it doesn't just disappear - someone else has done something to make it disappear, into their pockets. Look around and see who's dancing. They're the ones who need to be in prison. That group would include CEOs in the mortgage industry, politicians who failed to regulate them, and so on.

There used to be a slogan "Merrill Lynch Is Bullish On America" - maybe that should be "Merrill Lynch Is Bullshit In America."

Glad I changed my retirement investments and my mom's estate over to money market funds a few months back. I saw this coming, kind of like a runaway freight train.

I'm thinking about doing a bit of investing now, though, while the market is low.
madfilkentist
Sep. 17th, 2008 10:10 am (UTC)
Sen. Schumer said, ""The administration is approaching an unprecedented step, but unfortunately we are living in unprecedented times."

Schumer's history classes must never have covered 1929.

The kind of reckless lending which contributed to the financial disasters of '08 was fueled by the expectation that Uncle Sam would protect everyone from their mistakes. It's acting accordingly. Instead of letting those who made the mistakes pay the price, those of use who acted prudently are going to pay it, in the form of taxes and inflationary effects.

The answer of some is more government power (including ex post facto prison sentences for politicians who failed to enact one's program, according to the post above). The failures of the past are no lesson to them. Roosevelt's handling of the depression let to year after year of high unemployment and low business performance, as the government drained people's money and crippled new investment, yet the very magnitude of his failure is what he's praised for -- he "got us out of" a really BIG depression, even though it really didn't end till after his death. (World War II produced a paper boom, but people in the US were continuing to live with shortages and rationing; the only difference was that you expect it in wartime.)

Unless someone is able to speak out eloquently and convince a lot of people of the folly of this course, we'll see another round of the same -- and history books will praise Obama or McCain for dragging the country through years of stagnation.
lemmozine
Sep. 19th, 2008 04:55 am (UTC)
Well, hmmm. I agree that we never seem to learn anything at all from history. Could it be that historians, like economists, rarely agree with one another on much of anything?

Personally, I would like to see the money used to bail out failed corporations go to something more productive, like a program to help people in foreclosure keep their homes. Trickle down - bah!

Music playing "I'm Changing My Name to Chrysler" by Tom Paxton
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