With Canada as it's BFF, right next door...macrae11 wrote:...I'm terrified to think of what kind of hole Romney could turn the states into. Quite possibly a large smoking one teeming with nuclear radiation.
macrae11 wrote:I thought you'd have a special place in your...er...heart for Clinton. You may still get your wish in 2016.
macrae11 wrote:Presidents get far more credit and blame for the economic circumstances that they happen to preside over than they should.
macrae11 wrote:True enough, but Greenspan's policies work just fine as long as you're in an era of economic growth.
macrae11 wrote:Way to not screw things up America.
macrae11 wrote:In short, normal economic cycles. And I shouldn't say his policies work in periods of growth, they just don't get the attention because things are going well. The boom really should have ended in the early 2000's after the tech bubble burst, which Greenspan helped create. Instead he favored pedal to the metal economic policies of fueling growth with cheap credit. So instead of a relatively smooth economic downturn as would have been expected like in the 70's we get the monstrosity that happened in 2008 which we're still feeling the effects of now. Greenspan recanted many of his beliefs after the crash but he had already handed the reins of the stampeding horses over to Bernake, and we know how that's been going.
Mathieu Benoit wrote:macrae11 wrote:In short, normal economic cycles. And I shouldn't say his policies work in periods of growth, they just don't get the attention because things are going well. The boom really should have ended in the early 2000's after the tech bubble burst, which Greenspan helped create. Instead he favored pedal to the metal economic policies of fueling growth with cheap credit. So instead of a relatively smooth economic downturn as would have been expected like in the 70's we get the monstrosity that happened in 2008 which we're still feeling the effects of now. Greenspan recanted many of his beliefs after the crash but he had already handed the reins of the stampeding horses over to Bernake, and we know how that's been going.
"Go for it, take adjustable mortgage rates. The rates are based on the the interest rates that I set, and they're super low right now! Just 1%! You can totally afford 1%! Buy that big house you always wanted! Don't worry I got your back!"
*starts cranking up the interest rate*
"Well... I never said adjustable rates were good. I said fixed rates were good. Don't you people know which one of my speeches to pay attention to? Bunch of idiots. screw you guys, I'm retiring."
macrae11 wrote:Well that's one take. Historically adjustable rates have typically been the best route to go. It's only been in the last 5-7 years that fixed is clear and away the best choice.
Mathieu Benoit wrote:http://www.huffingtonpost.com/2012/11/07/donald-trump-election-revolution_n_2085864.html
What a dillhole.
macrae11 wrote:That was the start. But the real kicker and what brought the whole mother down was that they took those mortgages, repackaged them, fraudlently got the regulators to paint them with AAA bond rated status, sold them to everybody and then took out insurance on them failing. If it hadn't been for these steps it would have hurt a lot of home owners, banks, real estate agents etc. But with this repackaging they managed to infect the entire economy from bond funds, mutual funds, pension funds, insurance companies etc. Essentially spreading the infection from what could have been relatively localized, to blowing it up enough to bring the world to the brink.
macrae11 wrote:I highly recommend watching Inside Job. Very good overall synopsis of what went down.
Mathieu Benoit wrote:macrae11 wrote:That was the start. But the real kicker and what brought the whole mother down was that they took those mortgages, repackaged them, fraudlently got the regulators to paint them with AAA bond rated status, sold them to everybody and then took out insurance on them failing. If it hadn't been for these steps it would have hurt a lot of home owners, banks, real estate agents etc. But with this repackaging they managed to infect the entire economy from bond funds, mutual funds, pension funds, insurance companies etc. Essentially spreading the infection from what could have been relatively localized, to blowing it up enough to bring the world to the brink.
It's absolutely brilliant if you think about it.
Mathieu Benoit wrote:macrae11 wrote:I highly recommend watching Inside Job. Very good overall synopsis of what went down.
Is it a documentary? I'd love to find something to help break it down a bit because Joline and I love this kind of stuff, but she doesn't really have a foundation as to what happened and I could use some deeper insight myself.
macrae11 wrote:Brilliant and sadistic. They weren't the genius' they thought they were because most of them didn't forsee it blowing up like it did.
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