Barney Frank, Paul Krugman: What is Government's Role?

[BLACKPUSSYPUNISHER]

BARNEY FRANK IS (INSANE) GIVING "MORE" POWER TO THE FEDERAL RESERVE!?!?! HE ACTS LIKE THAT'S A GOOD THING. IF THE FEDERAL RESERVE PAYED TAXES (WHICH THEY DON'T) WE WOULD NOT HAVE A BUDGET DEFICIT WE WOULD HAVE BILLIONS IN SURPLUS!!! VOTE RON PAUL-2012!!!

[Scientisticsoviet]

@BLACKPUSSYPUNISHER Or it could be nationalized and pay all it"s profits back to the govenrment in dividends.

[BLACKPUSSYPUNISHER]

@Scientisticsoviet -The "central bank" in England has been nationalized for YEARS, and you know what has changed.....Nothing. The central bank concept in the United States never should have been instituted, per the U.S Constitution. The government can just regulate the banks to prevent "money panics" or "runs" or bank induced recessions. The regulation can be overseen by the SEC. Did you know that about 30-40% of the money you pay to the IRS goes to the Federal Reserve to pay back our debt.

[Scientisticsoviet]

@BLACKPUSSYPUNISHER Didn't know I paid money to the IRS... I mean I live in Canada after all.

Aside, I was being very specific about what I meant about the advantages of nationalization. Basically that all debt created by loans issued from the central bank to the government would be nearly 100% paid back to it in the form of dividends (not quite 100% due to operational costs).

It's separate from how to control finance more generally.

[BLACKPUSSYPUNISHER]

@Scientisticsoviet-Sorry I thought you were an American my friend. But honestly in America our constitution states that only "congress" shall coin money, it says nothing about the process being "outsourced" to a central bank. Hey take a look at this documentary. youtube.com/watch?v=pQsyCLXYsd­8

[Scientisticsoviet]

@BLACKPUSSYPUNISHER Ah I see what you mean. But the idea behind nationalization is to give the ministry of finance, and by extension the parliament (or in the US, congress) the power over coinage or more generally expansion of the money supply.

It would only be a semi-independent institution at least (at most a full blow department or subdepartment). I tend to prefer semi-independent state owned enterprises, just to keep political influence at arms length when dealing with SOES.

[bsimpson505]

@BLACKPUSSYPUNISHER I love your name. 

[BLACKPUSSYPUNISHER]

@bsimpson505-Thank you 4 the compliment. Even though I have that screen name, my main focus is to try to open peoples eyes about the EVIL CENTRAL BANKS of the world, and how they enslave not just individual people but WHOLE NATIONS with debt. In the U.S. we owe the {private} federal reserve bank-TRILLIONS of dollars. Its complete financial insanity. And the private federal reserve bank PAYS NO TAXES. It takes in billions in profits but it pays no taxes. Again: Complete Insanity!!!

[shotsky94]

Barney Frank and Paul Krugman...c'mon

Krugman: the guy who said we need a housing bubble to replace the dot-com bubble

and Barney: the puppet of Fannie Mae....lol

could have been a bit more objective

[ericfeinberg28]

@shotsky94 grow up

[bulgeland4]

You found a nice Stalinist pair to DISCUSS ECONOMY MOTHERFUCKERS!!!!!!

[gserlenga]

@bulgeland4 idiotic comments on a youtube video ... how unusual

[IAMBERTLL]

Nice language. Are you using the best

of your vocab? How 'bout posting a

comment when you're sober, eh?

[hsd6sl]

Nice to see the add for this youtube-video for me were for lending money

[baigandine]

Without government, what you've got is the pirates from the Capital One commercial. And the pirates sending your money to China.

[mikejpete]

@baigandine the systemic problem is that Capital One "regulates" the government more than the government regulates it.

[suicidepreacher]

fuck Barney Frank ... he wants to end democracy and kugman dont know shit ... burn them

[IAMBERTLL]

@suicidepreacher

Nice language. Are you using the best

of your vocab? How 'bout posting a

comment when you're sober, eh?

[rumco]

Couldn't bear to watch this past 10mins. They are both stupid and evil. Frank blaming the market when it was the government who backed and forced the recklessness.

[baigandine]

@rumco When the bank eats a bad mortgage, it's the bank's problem. When the bank leverages a bad mortgage up to wazoo, sells it to everyone in a manner which most folks did not understand, and gives it a triple A rating, it's the economy's problem...The government didn't make them do the latter.

[rumco]

@baigandine Government said it's OK to make a bad mortgage and actively encouraged and forced banks to lend while backing up mortgages via Freddy and Fannie and deposits via FDIC. Plus fractional reserve banking has been legalised and coordinated by the State. An existence of a economic problem does not mean that government must step in, especially if it's the State who caused it.

[SPQRomantic]

@rumco *facepalm* So US law and US regulations created a WORLDWIDE housing bubble?

The things morons come up with these days...

[rumco]

@SPQRomantic Yes. FED, legal tender laws, interest rates too low (money printing), housing subsidies, regulation that lowered lending standards, freddie and fannie guarantees (outright buying of under-water mortgages), coordinated money printing by other central banks (ECB, BoE, BoJ at al) ...

ABCT explains how and why.

For your own sake, I will assume that by "morons" you meant the Franks and Krugmans of this World.

[SPQRomantic]

@rumco Sorry, Austrians are a religion with zero academic prestige. They outright reject empiricism and then claim the government does everything bad.

Sorry, US law will not create a housing bubble in South Korea. Greedy multinational banks using faulty models can do that, but not the Fed.

You are also blaming a Federal Reserve run by libertarian Alan Greenspan for regulating too much when it was him who allowed the shadow banks to continue unregulated.

I bet you like Peter Schiffhead LOL

[shotsky94]

@SPQRomantic Greenspan was not a libertarian. Neither was he an Austrian......Austrians cant run central banks because they dont believe in it. He could have put interest rates at market rates if he was really laissez-faire but he didn't do that

[mikejpete]

@SPQRomantic calling it a religion denotes your bias. You might want to look up an interview excerpt between Ron Paul and Alan Greenspan on this very issue.

[UtubeMyAccountName]

What nonsense is this?

Please, tell me this was not publicly funded.

Everyone should see this, if for nothing more than an object lesson in Orwellian doublespeak.

[JimmyJimmington]

Good, but this format makes no sense. Why not have a neutral moderator and a panel of krugman and frank?

[rumco]

@JimmyJimmington Because it's a statist propaganda. Utter nonsense. Both of them are muppets.