View Single Post
  #14 (permalink)  
Old May 29th, 2010, 01:27 PM
Paul Motter's Avatar
Paul Motter Paul Motter is offline
Administrator
Admiral
 
Join Date: Aug 2000
Location: in my office!
Posts: 10,893
Send a message via AIM to Paul Motter
Default

Manuel - depending on your age that is a very accurate statement.

We have just had a lost decade in terms of economic growth. People said this would not be a second depression, but in terms of economic growth is has been very close to one. We haven't gone down as far, but we certainly did not get anyplace.

And please don't think I am delusional - it was Republicans as well as Democrats. It was the repeal of Sorbanes-Oxley (led by Graham and endorsed by Greenspan) allowing the cross-over of banks, stock market makers and insurance companies that led to the deregulation that caused the recent crisis. And when the bubble was apparent the hedge funds came in and bet against the system and ran the market into the ground.

But once the Republicans opened those doors, the Democrats did more than their fair share of creating the housing bubble with cheaper than dirt credit based on perpetual motion rising home values and no-salary check mortgages to anybody.

Meanwhile - every pension fund was talked into buying Triple AAA rated Mortgage-backed security bonds that are now worthless. And now our companies have adjusted to the new economy by creating far leaner corporate workforces and we know jobs are not coming back anytime soon unless we stimulate small business or create government jobs.

Since we can't create more government jobs without prinitng money - that leaves stimulating small busines by cutting taxes - a plan we have been promised just like we were promised relief from the mortgage crisis.

How many homes have been saved by our mortgage reforms? How many jobs were created with the "stimulus bill?"
Attached Thumbnails
Stock Market Crashing-unemployment.jpg  
Reply With Quote