Would a mathematical analysis of the Ponzi scheme Federal Reserve operation that will inherently lead the U.S. into bankruptcy all for the benefit of “financiers” who received $8.4 trillion from the auctions of securities last year without a whisper of that profit to Congress be of interest ?? Ref.
3w scribd dot com, message 49040689 RIP OFF BY THE FEDERAL RESERVE
@AUSM92 Don't be daft. Wall Street salaries went nuts after the regulations were removed. This is especially so for banking. That was done by Reagan. The banking elite can do all this because conservative market principles let them.
The New Deal transferred enormous wealth from the hyper rich into programs that benefited working people. 91% highest marginal tax rate. Lower gap between top and bottom incomes. Growing, prospering middle class. Good public education. That's all gone now.
All you, you should stop thinking about us like the poor, dirty, and jealous with your life, your money. We, who you think who we are. we still have families, have the money, and stand in this world like you. We don't care what capitalism inject into your brain about us. But we are forever be the good guy. We care for our son, our future, and leave all we had got for them. So we aren't rich, we aren't sinister. But our heart doing for our self know. Who care for their son, he is communist.
"Well, first of all the Federal Reserve is an independent agency, and that means basically that there is no other agency of government which can overrule actions that we take" - Alan Greenspan
@MsMihailescu please do not be pointlessly racist, if somthing is in a book dosent make it trure marx and freidman wrote books and both of them spout nonsense, marx's analasis is better of corse but their solutions were both nonsense and history has disproven there extremist theories
2% of people worldwide are thought to be rich. and keep 50% of assets in the world.1 / 3 of the world population is poor. What the world became when under Capitalism?
The growing income gap is not new. It is reemerging after a long period of being reduced by New Deal policies and progressive taxation. Once those policies were eroded and abandoned (beginning with Reagan) the income gap began to spread. You only get a middle class, in the sense we have become used to, if government policy creates it.
9) Without perfect competition unchecked capitalist market will end up as corporatism / fascism.
10) In a free market enterprise there are no rights for consumers. All remedies are post-active. It builds on foundation that all remedies can be aptly compensated by granting monetary enumerations. Which is a folly.
11) Thus I place my faith instead on subjecting power under the control of the "demos". It doesn't need to employ empty statistical idioms such as "average american" to gain legitimacy.
..but about strategic application of contcentrated econopolitical power.
7) With sufficient collusion of power larger companies can e.g. buy out smaller ones, equipped with better economies of scales force them off the market by selling goods temprorarily under production costs, bully retailers into selling only their goods etc.
8) Thus for consumers all the moral consumption choices become non-choices. All the options presented to you only provided only to construct an illusion of freedom.
4) Thus a society model that was to guarantee individual freedom by preventing concentration of econopolitical power, perversely, turned into industry giant manufacturing organism. In 2010 139/500 of world's largest companies came from the US.
5) Perfect market competition is a fools dream. It doesn't exist.
6) Without perfect market competition every capitalist system left to its own devices will eventually blossom into industry monopoly. It is not a question of supply and demand anymore..
Ah the sweet scent of young optimism. :) Few things:
1) The US capitalist system was initially established to prevent power concentrations and thus oppression, i.e. the kind immigrants sufferent in europe.
2) This can only be realised through maintaining a vibrant small scale industry.
3) The US court system turned this ideology on its head by starting to value efficiency outcomes over maintaining small industry market competition.
Capitalism is the historic evolution of private property relationship of alienation,exploitation and suffering of humanity in a modality of commodity production for abstract process of capital accumulation and concentration . A system of wage slavery in a employment system of suppression and dehumanistion. We need to transcend this false limits to our creative cooperative energies for a moneyless,classless,stateless communities of humanity expressing our energies in freedom of being.
And then if we don't believe in the war we go to jail. Duh. And then let's steal money from our people and protect the land-owners and taxers. Duh. And let's steal money for causes some people don't believe in. Duh. And let's, first and foremost, protect the people that run this theft system. Duh. And let's outlaw extortion, unless we are doing it. Duh. Let's control what's on television, so the truth can't be promoted. duh. The DOOZIE.
free market dont fink it will work, even dow state subsidiesed private coorporation who the american peopel dat do not moan about but choose to moan about a poor black single mother recieving some walfare would not like full on free market or socialism which is the biggest threat to them. what we av is pure capitalism adam smith was not a capitalist he said "under the conditions of perfect liberty, the free market will bring perfect equality" which is anti capitalism
@timetochilli "under the conditions of perfect liberty, the free market will bring perfect equality" is exactly capitalism. He's saying that a free market will find a natural equilibrium if it is left alone. In perfect liberty meaning, individual freedom from government interference. That is exactly what free market capitalism is supposed to be.
@timetochilli It has already survived for over 2 centuries despite ever increasing government interference. We're just now getting to the point where the govt is interfering so much that we're heading for a collapse resulting from the govt and the fed artificially stimulating spending that shouldn't be going on. The techno boom of the 90's was blown up into a bubble by interference. The housing boom of the 2000's and the current currency bubble we're calling a recovery are completely artificial
Market competition did not fail.. it was you and your central bank that failed, because in your words, it is a disgrace to centrally plan.. and a central bank is a central planner of price levels and money.. .so you are a disgrace greenspan!
Capitalism, Corporate or State is the wage slavery of immense humanity for abstract process of Capital accumulation and concentration for the elite, 250 top corporations control over 1/3 of the world GDP. More than 3 billion workers are on 2 dollars a day. Capitalism is template of perpetual war,oppression,enviornmental destructions,animal cruelty and suffering, A dehumanising distorting minority imposition in their insatiable drive for ever more Profit .
2:31 The single most important person in US economic affairs over the past 20 years telling us that income inequality needs "policy actions where appropriate"
The problems of the past few years are due to govt INTERFERENCE. They are not due to Capitalism. Anyone who disagrees with this is either unlearned or dishonest.
I consider myself neither and I'd still state that an every unchecked capitalist system is born with a systemic folly that leads into it's own demise. Namely that, with concentration of economic power (pursuant to efficiency of scales -economics) comes the concentration of political power and thus undemocratic and imbalanced strain on society. Market capitalism is a neat theory only when you consider it as acting in isolation of the realities of the political "market place".
@utubisti It is only when force (i.e. government) enters the equation that you see the imbalances that many people mistake as the result of capitalism. True capitalism is non-coercive by definition, so what you are describing is more like corporatism or crony-capitalism. The system that is inherently flawed is government, not market capitalism.
@utubisti If the power of government was so limited that economic powers couldn't use it to their advantage, they'd fail if they mismanage their business the way the banks and GM should've. The people who insist on government interference are impeding the free market's ability to work. Even so, the average American still enjoys a very good standard of living despite the horrible ineptness and empowerment of the government.
didnt Greenspan and helicopter Ben and their expansion of easy credit create all these bubbles that got most of us in this mess, except the rich of course, they got richer..
hes a genius. how sad that something like this (an economics lecture) provokes antisemitism (a crazed, irrational dogma). if we're going to scratch our heads over why our economy tanked, why not ask about the majority of our population being inbred morons?
I had no idea that Alan Greenspan would fall one day and be remembered as nothing more than an ´enemy target´. Well , so long mr. Greenspan , thanks for all the memories. The prison is in this direction. Now , enter and welcome.
GrandFather Bush was busted for WAR CRIMES 1945 he ran Auschwitz Prison for Hitler in the 1930's USED jew Slaves to produce steel for HITLER. Holocaust survivors sued.
Rockefeller sold Hitler The Oil for WW2.
And the LIST Is ENDLESS about USA POLITICAL GANGSTERS...
human beings still not equal specially in any form of government interference. No Politicians, lawyers, Bankers, Anarchist, Rebel Politicians, kings, sultans, Czars, emperors, Pope. No to modern slavery.. & No to opportunist & lazy people...!!!
We humans need more freedom. We dont need any government anymore.. we are all free.!!
lets all create a society of free world for all. A hard working, honest, intellegent community of free will of equality.
Next Economic Paradigm at The Ingenesist Project specifies an innovation economy built on social media; Corporations obsolete. New currency backed by productivity, not debt. Makes adam smith happy, makes Goldman Sachs sad, very very sad.
The U.S. Federal Reserve is not a branch of the government. The U.S. Federal Reserve is a group of elite (high powered) bankers that control the US money. They controled the intrust rates etc. They were not even under the control of the government, US President or anyone.
Yes! Greenspan, Bernanke, Greenberg, Blankfein, Dick Fuld, John Mack, Joe Biden, Tim Geithner and many many other powerful bankers and hedge fund managers are all ethnic jews.
we are all human.........there is no jew or black.....we are all human trying to fight for survival in society with the law of man and the law of nature.
To think of them separate from the US government is a flaw. The Board of Governors is appointed by the US president and confirmed by the US Senate. The fed facilitates collection of federal taxes. The fed maintains the US Treasury's account. The fed buys and sells US government securities. That was all pulled straight from the fed's website. The fed is has been greatly subsidized and supported by the US government. With the fed operating in secrecy, it should not be surprising
if several government members have more influence than just those statements. To say they are not under the control of the president may be true but it's fails to mention that president appoints its most powerful members.
@streetmagicstyle What I am saying, is the the UNITED STATES FEDERAL RESERVES is a privately owned corporation. The United States Government does not control the Federal Reserves. The Federal Reserves controls the United States through the power of money.
@streetmagicstyle Alan Greenspan, Ex Chairman of the Fed. is a member of the Council on Foreign Relations , is a member of the Trilateral Commission and knows 33rd degree secret is the 1899 Alaska Earthquake - British Association record No. 333, at Shide. Isle of Wight on September 3 at three o’ three.
@hammerhead1919 The chairman of the Fed is always nominated by the President of the USA. They are technically not the government, but their activities are so melded with those of the US Treasury that they essentially act as a fourth branch of gov't. The government could never fund the wars we are fighting nor the welfare programs we have without the Fed's inflationary monetary policies. Eventually, they will utterly destroy our currency and economy.
lol funny stuff. Funny when Nathaiel branden brought him to Ayn Rand to be in the collective she didnt take to him at all she knew he was a statist. Later he wrote in her book capitalism the unknown ideal. Ron paul then took it to him to sign it and said, "So do you still believe anything you wrote"? LOL hes an idiot.
"Greenspan reading Smith. Whats next? Satan reading the Bible?"
That's an insult to Lucifer, the light-bearer. The finest, most beautiful angel ever to grace the seraphim. God said that Lucifer was only second to him. Lucifer resisted and said I will not serve. I'm an expert on Lucifer, he is the greatest tragic hero of all ages. When he came to Hell, Moloch supposedly said to him, better to reign in Hell than serve in Heaven.
Capitalism/competition doesn't really work when you have to create money out of thin air to start, thus stealing the savings of others. That is why a lot of foreign countries hate the USA because we finance our wealth with currency printing. A true capitalist structure would incorporate the use of force to settle income inequalities or wealth by aristocracy. Examples of wealth redistribution would be by wars or a natural disaster wiping out people's wealth.
Economical crisis is something logical. This is way the capitalism and free market work. It is natural. The reason, why it is global is prety easy. When all world's markets have integrated into one big global market, each country started depending on each other(in terms of economics). If something goes wrong in one country, than we will see economical situation in other countries going bad too. In some places worse, in some places better, but still it is worse than it used to be.
why is not this RAT in jail? He is one of the main culprits of the shit that has befollen to us. But since he is well connected nothing is happening to this bastard.We all are fucked because of people like him.
The real cause of the financial crisis is the reality that men are in competition with each other to the death. There is only peace in the minds of those who have already been defeated whether by poverty or fear or inferiority, but in the minds of the elite there is no peace until they control every person. Its the oldest pursuit of evil aspirations and thats to be as God, but men lack righteousness and charity and mercy.
NO ONE WAS ABLE TO PREVENT THE MONUMENTAL CRISIS THAT OCCURRED. I'm interested in the true cause of the financial crisis not just scapegoating the government sponsored enterprise to further an ideology.
agreed. crisis is internal to the nature of the way value is created in a capitalist society. States, regulatory environments, credit, changes in technology, all just change the particular manifestation of crisis.
Actually not 40% but 50%. They should have listened to friedman then keep their social and unstable policies such as the fixed exchange rate and De castro policies, read Two Lucky People by Friedman to see WHY it fell :) rather then just say that it did, therefore it doesnt work :)
The only reason there were more jobs before laissez-faire policies were implemented was because the government was printing money to prop up industry. Unfortunately the inflation caused by these policies was skyrocketing to over 500% by 1973 before the coup. Workers could not afford bread even though they had income. This is why reforms were implemented. Have you not heard of the economic miracle of chile? The economic prosperity since the mid 70's in Chile is unrivaled in South America.
Furthermore, the increasing poverty in Latin America was caused by corrupt, greedy, power-hungry leaders who were best suited to follow the economic policies dictated to them by the IMF (whose afformentioned laissez faire policies caused increased social inequality, poverty, unemployment, etc.).
Power hungry? the power hungry leaders want more power...something socialist always claim they want. More of us more of us. while free market claim is less of us. Dictated by the IMF? you do understand that the reforms of banking, is a big process that needed help? you do realize such thing takes time to reform? and when you have people running around looking for a scapegoat. A little push is good, whats wrong with IMF?
The problem with the IMF is they always have preconditions (SAPs) that go along with their loans (which always include deregulation and privatization). These preconditions lead to increased poverty, instability, destruction of the environment. Water privatization in Bolivia is a good illustration of the disasters this can cause. There is a really good book by Joseph Stiglitz (Globalization and its Discontents) that talks about how terrible the policies of the IMF have been.
As desperate Chileans rioted, Pinochet had to reverse many of the Chicago school economic policies: restoring minimum wage, giving unions collective bargaining rights, and start a public works program to create 500,000 jobs. Most significantly, throughout his reign, the copper industry stayed nationalized (how could Chile be a free-market miracle when its biggest export industry is run by the state!) (look into it my friend)
Pinochet kept the el Ladrillo and the country is no longer strong socialist but free market. Thanks to these policies, chile is one of the richest countries in latin america. Have you ever studied how monopolies work and how expensive they are? how they always overprice and has a culture of a "fat firm" ? Also you do realize that friedman didnt support Pinochet much? They are globalized and the economys strong backbone is international trade (Free market? :) ) Im guessing your talking (cont)
The backbone of their economy was always the copper industry which stayed nationalized. If the people of Chile were so pleased with the countrys free market reforms why did they elect a moderate socialist, Michelle Bachelet, for President in 2002?
I think we agree that the economic theories of Freidman and Hayek haven't been apllied with great/complete orthodoxy/strict adherence, but unlike you I believe this is a good thing because the problems of today's capitalist system, specifically in the U.S., would be magnified if they were. Furthermore, I disagree with the foundation of their theory: that private vices (namely greed) yield public good (as this has been shown historically to be incorrect).
ITs always the other guy that is greedy...haha, yeah? historically proven? show some sources. if we say self interest. I bet you we find more proof that this is beneficial. From the time you work in a team, negotiate, look for a spouse, or try to improve your standard of living, self interest is what keeps us going up rather then down. So were still slaves, but the masters have changed? your happy about that as you find a new, but similiar scapegoat...Socialism + mathematical proof =nonexistant
Just look at the paradigm shift occurring in Latin America over the last decade, as country after country rejects neoliberal economic policies with vast popular support, as they are strongly in favor of more democratic socialist reforms.
sure I think hayeks road to serfdom explains this idea as how people look for a negative aim, the conspiracy theory and just go for it. The social intervention policies, as being proved mathematically and psychologically fail yet again. and the more they reject free market the more they get kicked in the ass and blaming free market
They've already tried these economic policies (privatization, deregulation, opening markets to foreign investment i.e. the introduction of transnationals) with terrible results. As i said, this is why most of Latin America is making democratic socialist reforms. No one is talking about conspiracy theories, people just want economic policies that won't leave them starving, unemployed, or working in sweatshops (which has been increasingly prevalent during the neoliberal era).
actually during their privatization era they did quite well, its the next step which your talking about which was the era of hell. MOnetary policies and taxation that jumped into this. PLease before Peron in Argentina the standard of living was one of the highest in the world. If this is really the case as u say. Name the specific try reading Classical Liberalism in Argentina: A Lesson for the World" by Jacob G. Hornberger. You sure people actually knew difference at times between social& lazz?
Bolivia, Ecuador, & Venezuela are specific examples of places where neoliberal economic policies have been disastrous and are now making a shift to the left. But this is an epidemic, affecting countries throughout Latin America after the debt crisis. The amount of people living in poverty in Latin America increased from 136 million in 1980 to 196 million in 1990; the number of poor reached 220 million by 2002, with almost 100 million people living in extreme poverty (from ECLAC).
But I guess you cant explain what actually happens with a postive economic answer yeah? the many misconceptions of on social part being overrun after one that is more radical. The more radical call the socialist party capitalist, and everyone in the world agrees. Tell me, what party caused the poverty in either bolivia, equador, or venezuela? :) The junta in venezuela? You forget the miracle of Chile, and the miracle of Japan which you so quickly are to judge :). But yeah, give specific exampl
I have read a lot about this and Chile under Pinochet being a free market miracle is a myth. In 1973, under Allende, the unemployment rate 4.3% (he was assassinated in 1973). After 10 years of Pinochet and his Chicago school experiments, in 1983, unemployment rose to 22%, real wages declined by 40%, the banks he had privatized defaulted (all this aside from his atrocious human rights record). (continued..)
the Inflation was stabilized. Yeah in 1983 they had a recession, and i suggest you read a bit about fixed exchange rates. They actually didnt do as friedman had. So your basically talking about 3 years which are the affect of those dangerous social policies, it was contrary to what friedman wanted. Child mortality fell from om 82.2/1000 to 20/1000. Standard of living is higher, and the GDP is increasing by 7% contra to all the other socialist countries in latin america.
I dont like GDP as an economic indicator because the wealth in the country could be extremely disproportionate and the countrys GDP could still be high/grow with the wealth concentrated among a small elite. Also, was Pinochet not a Power Hungry dictator, despite many of his policies that you may advocate?
Specifically, formerly nationalized industries are privatized so sectors of the economy that previously provided the country with money for social services no longer do. As markets are opened to big transnationals, small businesses are left unable to compete and people have to work in sweatshops instead. Tariffs are eliminated that previously protected small-scale farmers who are forced to abandon their crops because theyre displaced by U.S. agribusinesses, etc., etc. etc.
You are a master of disinformation probably reading too much left wing marxist drivel such as that innacurate rag "the shock doctrine". You are a freedom hater that thinks people don't have a right to the product of their own hard work and that the lazy and irresponsible should be rewarded. You believe in the use of force to mandate free rides, classism and subsidies rather than hard work, responsibility, opportunity and integrity.Your revisionist history is telling of your one sided education.
The only reason American capitalism survives is because socialism is always there to save it (i.e. keynesian reforms during the great depression and today). And laissez-faire capitalism is forced on third world countries, just because a greedy, corrupt dictator agrees to economic policies set forth by the World Bank, IMF, etc. doesn't mean "the country" agrees to them (in fact they are almost unanimously opposed except by a narrow sector of elites with wealth and power).
Actually, the only reason American Capitalism is dying is due to social interventions. It started off with monetary policies and intervention policies that caused the great depression. So dont play that card! Even Keynes said that in the long term this policy wont matter, as its left as a problem to the next generation. The only thing thing that is forces is socialism in third world countries. Are you seriously stating that you can start your own entrepreneural firm without problems in africa?
I think the only reason it survives IS social interventions. That is why most of the developed world, specifically Europe (especially Japan), has abandoned laissez faire economic policies for a more keynesian approach because by now it's understood that this approach (w/o govt intervention) will end in disaster and/or people simply won't tolerate it.
funny thing is even Keynes would disagree. Japan is a perfect example its ridiculous high taxation brought them into the decade some economic depression. SAme thing with sweden since 1971 when taxes went up to 102%... The short term relief is mere policies they use to fix the problems that government created with their social plans. The actual claim that it is free markets fault is a scapegoat. Theres not even a sound theory to why such a thing would happen. how bout scotland?
HAHAA yes watch as Europe crumbles (and America too if it becomes to much like it) as it will be crippled by it's social programs. What is birthrate in Europe? Less than 1.5 on average. A level of 2.1 is required to keep population stable. With the population of Europe halving in the next 50 years how will it's massive social programs remain (as it is they are in bad shape..plus much higher unemployment) I guess they can depend on the muslim immigration to keep their populations stable..yikes.
Neoliberalism at the basis of the financial crisis
25/09/2008 - An analysis of the global financial crisis by Jacques Sapir, Research Director at the School for Advanced Studies in the Social Sciences, argues that the neoliberal economic model promoted by the United States is at the basis of the current crisis.
I know this is something that nobody ever talks about because it's always considered TABOO,but I want to mention 2 things that r NEVER MENTIONED ANYWHERE that I'll bet contribute a lot to these problems. 1-I worked building houses for several years-hardly ANY subcontractors pay taxes,yes there are a FEW.BILLIONS OF $s of taxes lost! 2-the profits from building a house are way too high causing houses that were worth $20,000 yrs ago 2 sell 4 $150,000 today:actual 'construction' cost?=only $80,000!
If they are freezing the asset on Wall Street, there isn't wealth building to be spread any where around but prosper in your own business. Selling not only what they have produced are not only making the money in their business. Trading for exchange on the open market place is to offer to the cash paying customers their worth and knowing what would work for you is to produce the very best that their money can buy. I would take a capitalist society to rebuild wealth.
Damn these Rothschilds - my wine bill is going through the roof. I stashed all my commissions from selling mortages to unqualified buyers in my offshore accounts. So long suckers - I am off to Tahiti.
Greenspan is just one more Zionist/Rothschild stooge, like Rupert Murdoch. I have an English friend who badgered my wife and I for TWO YEARS to get our money out of the stock market because of the "impending stock market crash of OCTOBER 2008..." and the subsequent rape of our country by internationalists. Now, I ask you, how could my friend predict this from reading so-called "conspiracy" sites, yet old Rothschild-stooge Greenspan just shrug his shoulders and chuckle...???
First of all, if he had been allowed to raise interest rates this crisis would have been worse. These libertarians like Ron Paul who want no government regulation or oversight would make the problem worse. The free-markets Adam Smith spoke of are a fantasy and have NEVER existed. Did he say income inequality was a NEW problem, ARE YOU SERIOUS?!?!?!
Down with Capitalism, Up with Libertarian Socialism!
I would strongly recommend reading Economic History rather then blindly decide on a statement that fits your indoctrination. In Bernanke actually confessed that the FED caused the great depression, but I guess we can ignore that too. Yeah the free market sure is a fantasy, i bet medieval Iceland, Early Antique Greek, and Early pennsylvania would disagree. Before Sargon the great. Mathematics & Psychology is still on the free markets side. Speculation and fingerpointing is #1 card of socialism
I'm not talking about free markets in medieval iceland or in early pennsylvania, I'm talking about large-scale, modern, industrialized countries, the kind that Adam Smith's theory on political economy influenced and was meant to apply to (though his theories were never applied with great orthodoxy- the exception being third-world countries that his economic theories are forced upon). Accepting that qualifier I believe my statement is correct.
Thats comfortable definitions. The ideas of before are not less effective due to our larger-scale size. In fact, they apply even more. What your using is the argumentum ad populum. Actually more like consensus gentium. Sure there isnt a clear free market example in the world. But just cause the world is right that, doesnt make it right. It's actually a very weak statement. No third-world country has capitalism forced upon them. Government intervention and force sounds much like socialism ;)
Large-scale, specifically the economy of a country (or between multiple countries), is the question at issue. I'm not saying the division of labor or the classic "benevolence of the butcher" example wouldn't be applicable in a small marketplace or village in an underdeveloped country, I'm saying in a modern, industrialized country this system will always ruin itself in time.
It wont always ruin itself because it has never before. if ceteris paribus; the only parts that has ever ruin itself in time IS the centralized, socialized areas. Or to be correct, the intervention policies. Its really basic Positive economics. The socialied restructured "country" becomes "FAT" rather then "Fit". For instance, the USA.
With regard to this "rich get richer is a flaw [myth]" I think that is obviously false, the U.S. is one of the most socially unequal countries in the world. All this being said, I'd be happy to continue this argument (I'd like to think discussion) but I also hope you recognize we may not get anywhere as we obviously have VERY different ideological viewpoints.
Yes, the FED was part of the problem then and now but it's because it failed miserably to fulfill one of its primary functions which was to regulate and oversee private banks.
Whatever it tries to fulfill it will always fail. Private banking does not need to be regulated.When they removed the gold standard and the hotshots ("elite") have power to influence, then it would be foolish to try and blame things on yourself. Its better to blame on the free market. What better conspiracy theory is there? There's no better strategy for a politician to pull than the example mentioned. The intervention policies of FED are the mistake, I think Friedman made Bernanke2admit in 2002
Private banking absolutely needs to be regulated. When you defend unregulated private enterprise and say it works effectively, what do you mean exactly? That the rich get richer, the poor get poorer, the is a democratic deficit and people feel helpless, because that has always been the result of further deregulation of various sectors of the economy.
The rich get richer theory on free privatized banking is a flaw. Only way that the rich get richer and the poor get poorer is to not give them a choice. How does one create a strategic approach to this? By having political influence and the government on ones side. Which in the end IS not private but socialized banking. The only place people should feel helpless, is in a regulated banking system where people CANT change or chose, but are forced to do what the politicians want.
First, we should make sure we are making the distinction between LIBERTARIAN socialism (what I believe is this best way to organize society) and state socialism or, especially, authoritarian communism. If we are talking about the U.S., business and government interests are almost always one in the same regardless of what you would like to believe . Corporations have overwhelming control over our country.
Heh, Chomsky fan im presuming? I start listening to chomsky (a prick who uses his genious in litterature to teach normative economics to people who dont know positive economics) when he starts studying economics rather then literature. Communism is always authoritarian, and in reality; most democracies are authoritarian (where majority decide over minority). Corporations have too much control? they are public...not private :) simply make the gov able to influence less and corporations will too.
yeah, public only in the sense that they are responsible for making profit for their stockholders, disregarding their employees, the environment, and everything else in the process. And democracies are not authoritarian, authoritarianism by definition is a small group of elites unaccountable to "the people." By the way, I do have great respect for Chomsky; you should know this one: "corporations= private tyrannies."
Its not the corps, its the politicians that are private tyrants. PEOPLE own the corporations, and the one deciding, is a smaller group...just like politics. Corporations may seem evil, but then you learn business and see the real deal. I have no respect for chomsky. as I stated, he is a master of linguistics, not economics. Read some real economics such as Hayek, Freedman, Rothbard, etc to get stuff thas not really suppose to work on your emotion but give a picture that follow economic law.
To me listening to people like Friedman is intolerable. Listening to how you are supposed leave everything to the "invisible hand" of the market and let corporations have unaccountable free reign as all of society's social ills worsen. Adam Smith himself warned against corporations or joint-stock companies becoming too pervasive (because he thought they were inherently ineffecient) and today they are the most powerful institution in the world.
Listening to things we dont want to hear or dont understand is intolerable I guess? Im a big Adam Smith fan yeah? but bear in mind that he is not the omnipotent answer, he was the first to recognize it but also, he is 300 years behind us...But sure,I guess we both agree that more regulations is bad and less regulations (forcing public to go private) is right? Again, the most powerful institution is still the politicians, they go in favor of some corporations over others. Ban politicians!
[I]t was the monopoly status, sanctioned by law that gave the parcel of rogues who represented The Company in India and elsewhere in the region a virtual free hand to act as despots, and to plunder on a scale that made even lowly clerks into millionaires, who traded on their own account, and committed crimes to match.
To sum up, Adam Smith was not arguing for the structure (stock structure) of corporations being wrong, but the intervention given in favors through politicians. get me?
Ron Paul is a market anarchist. The mess was CREATED by government intervention you fool! FANNIE AND FREDDIE!!!! account for over half the mortgages are GSE's! Low interest rates throughout the 90's created the BUBBLE! guess who??? Government! Government mandated programs that compel banks to lend to credit risk borrowers...government again. You are utterly and totally discredited.
Fannie and Freddie didn't cause the crisis, they were a consequence of it. The problem was systematic. Any objective, rational person sees this by now (read "Once Again, It Wasn't Fannie and Freddie"- an article by Russ Roberts that explains it very clearly).
I hate to say it, but you're fighting a lost cause. Surely if there was a place where people would misunderstand the root causes of the world economic crisis, this would be the place. It's just too bad that human stupidity extends beyond the bounds of YouTube...
And for the morons who don't understand what I'm saying - ddaly1 is correct, and anyone who disagrees with him is wrong.
What WAS the crises? It consisted of the housing bubble bursting and all the scores of consequences of that. All experts agree on that point but apparentley you didn't get the memo. Now lets ask ourselves..hmmm how are bubbles created? lets think here...high demand...and what happpens when the government steps in and offers mortgages cheaper then they otherwise would have been? hmmm...higher demand. Do you have the first clue of the impact of Fannie and Freddie?Do you realize they are a duopoly?
The more mortgages that mortgage brokers could push through, the higher their incomes. The brokers had no stake in the outcome once the mortgages left to them (the same with banks), all they had to do was process the mortgages, package them up, then sell them and collect their fee. People in the shadow banking sector (non-bank financial institutions) who were willing to take these risky loans didnt fully understand the risk they assumed. SINCE NO ONE OVERSAW THIS (OR REGULATED IT), ...(cont.)
What are you high????...no one saw it coming...wow!!!..that's a new one on me i suppose you believe everything you see on t.v.?...I find it hard to believe that individuals who were responsible for these large financial firms..with all there extended knowledge of economics and everything to do with money..didn't see this coming..get real...recessions are systematic and functional for the purpose they serve...and you speak about rationality..thanks for coming out!!
?- i have no idea what you are referring to, i never said that no one saw it coming.
true, recessions are systematic in that they are an inevitable part of economic systems such as our own, they happen regularly as part of a boom and bust cycle, but they definitely aren't somehow desirable if that's what you are suggesting -- that would be absurd
Stop fawning over Greenspan and start analysing the bigger picture. Unregulated lending, endorsed by A.G, has created toxic debt amongst mortgage and credit card holders and created tensions amongst firms with limited liability. Despite the recapitalisation of banks, customers and businesses remain unwilling to invest and spend in light of economic meltdown and banks are hoarding cash. Therefore, the real economy remains in a deep depression and inter bank lending has frozen.
I ain't "fawning" over him. I'm sayin he wasn't alone. Seems like people wanna blame ONE person. Fact is, he DID try to raise interest rates through the Fed...but their plan didn't work. That bein said, the Federal Reserve system, the system itself, has lent itself to this mess. There are many other things as well like bad lending practices (frauds are being investigated), people borrowing tons of money to get a house, etc. Plus all the political pressure to spend and inflate.
Alan Greenspan is a self-centred and clueless ignoramus who should be blamed for the subprime mortgage crisis and the economic tsunami it created. He dedicated years to defending non-interventionist capitalism yet supported the injection of liquidity into the banking system using taxpayers money. His arguments are self-refuting and self-contradictory and he should be discredited as an economist.
"Says Law" was blown out of the water by the great depression in the 1930s and now milton friedman's and alan greenspan's ideas on laissez-faire capitalism have been discredited by this current economic turmoil. Unregulated lending leads to excessive debt and a resulting credit freeze in the financial system.
greenspan is the motherfucker. he is the financial terrorist. those who understand the current credit crisis will understand why i called him a motherfucker.
do u need me to explain to you why greenspan caused this credit crisis? u are an ignorant. it's greenspan fault. go read more books. for start we have $600 trillion derivatives and the entire world GDP is $75 trillions last year. how can we balance that? there is no money in the entire world, let alone the U.S. to balance that derivatives. we will be in a depression for some decades. our debt is up to the eyeball
yes I need you to explain this, and on balance explain how the progress made in recent decades would have been made without Greenspan. its simplicity itself to lay blame, far harder to actually think about the convoluted mess we are in and how many people share responsibility for that as well as how do we get out of it responsibly
You're a complete moron if you wish to place blame squarely on the sholders of ANY one man. You're no different han the fools who point the finger at Bush when things go badly. Greenspan was ahead of the curve in identifying and prescribing remedies to the financial crisis he saw on the horizon, he was one of many.if you want to blame anyone, blame the fools who lived and live beyond their means,on Dodd,Frank, and other democrats who were too busy taking money from the lies of Fannie and Freddi.
u r a fucking moron. let me teach you history, jackass motherfucker. greenspan is the source of this crisis. do u even know what is the "source" means? 1) greenspan reduced central bank interest rate. 2) Congress repelled financial regulation. banks lend money to people to buy house even when they are not qualify. now we have sub-prime mortgage bust because borrowers can't pay their mortgage.
lol this guys is hated by everyone, left and right, what an asshole!!!!
JagjeetMann 2 days ago
capitalism ?? fair... fairies are more real
iwasgozz 1 week ago
OccupyWallStreet (:
ethics in business must be demanded by the people
TSKlite 4 months ago
Lol at 'the disgrace of central planning' coming from the foremost central planner in the US.
tothemax01 7 months ago
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Would a mathematical analysis of the Ponzi scheme Federal Reserve operation that will inherently lead the U.S. into bankruptcy all for the benefit of “financiers” who received $8.4 trillion from the auctions of securities last year without a whisper of that profit to Congress be of interest ?? Ref.
3w scribd dot com, message 49040689 RIP OFF BY THE FEDERAL RESERVE
oldereb38 8 months ago
@AUSM92 Don't be daft. Wall Street salaries went nuts after the regulations were removed. This is especially so for banking. That was done by Reagan. The banking elite can do all this because conservative market principles let them.
The New Deal transferred enormous wealth from the hyper rich into programs that benefited working people. 91% highest marginal tax rate. Lower gap between top and bottom incomes. Growing, prospering middle class. Good public education. That's all gone now.
rugbyguy59 11 months ago
@rugbyguy59
"conservative market principles let them."
You lost me here.
What does a political ideology have to do with the dismal science known as economics?
Romansteel13 3 weeks ago
All you, you should stop thinking about us like the poor, dirty, and jealous with your life, your money. We, who you think who we are. we still have families, have the money, and stand in this world like you. We don't care what capitalism inject into your brain about us. But we are forever be the good guy. We care for our son, our future, and leave all we had got for them. So we aren't rich, we aren't sinister. But our heart doing for our self know. Who care for their son, he is communist.
hungdirect 1 year ago
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Marxist economics contradicts itself.
The Contradiction of Communism: watch?v=sg7rRESIcDM
JohananRaatz 1 year ago
"Well, first of all the Federal Reserve is an independent agency, and that means basically that there is no other agency of government which can overrule actions that we take" - Alan Greenspan
J1NX1337 1 year ago
We have exterminated the property owners in Russia. We are going to do the same thing in Europe and America."
(The Jew, December 1925, Zinobit)
Read this book for free on internet,,jews have prepare blood shed,suffering and destruction for you.
Who Is Esau-Edom...Who Is Esau-Edom..
MsMihailescu 1 year ago
@MsMihailescu please do not be pointlessly racist, if somthing is in a book dosent make it trure marx and freidman wrote books and both of them spout nonsense, marx's analasis is better of corse but their solutions were both nonsense and history has disproven there extremist theories
rictorn 1 year ago
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2% of people worldwide are thought to be rich. and keep 50% of assets in the world.1 / 3 of the world population is poor. What the world became when under Capitalism?
hungdirect 1 year ago
The growing income gap is not new. It is reemerging after a long period of being reduced by New Deal policies and progressive taxation. Once those policies were eroded and abandoned (beginning with Reagan) the income gap began to spread. You only get a middle class, in the sense we have become used to, if government policy creates it.
rugbyguy59 1 year ago
9) Without perfect competition unchecked capitalist market will end up as corporatism / fascism.
10) In a free market enterprise there are no rights for consumers. All remedies are post-active. It builds on foundation that all remedies can be aptly compensated by granting monetary enumerations. Which is a folly.
11) Thus I place my faith instead on subjecting power under the control of the "demos". It doesn't need to employ empty statistical idioms such as "average american" to gain legitimacy.
utubisti 1 year ago
..but about strategic application of contcentrated econopolitical power.
7) With sufficient collusion of power larger companies can e.g. buy out smaller ones, equipped with better economies of scales force them off the market by selling goods temprorarily under production costs, bully retailers into selling only their goods etc.
8) Thus for consumers all the moral consumption choices become non-choices. All the options presented to you only provided only to construct an illusion of freedom.
...
utubisti 1 year ago
...
4) Thus a society model that was to guarantee individual freedom by preventing concentration of econopolitical power, perversely, turned into industry giant manufacturing organism. In 2010 139/500 of world's largest companies came from the US.
5) Perfect market competition is a fools dream. It doesn't exist.
6) Without perfect market competition every capitalist system left to its own devices will eventually blossom into industry monopoly. It is not a question of supply and demand anymore..
utubisti 1 year ago
@ BiT and others:
Ah the sweet scent of young optimism. :) Few things:
1) The US capitalist system was initially established to prevent power concentrations and thus oppression, i.e. the kind immigrants sufferent in europe.
2) This can only be realised through maintaining a vibrant small scale industry.
3) The US court system turned this ideology on its head by starting to value efficiency outcomes over maintaining small industry market competition.
...
utubisti 1 year ago
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Capitalism is the historic evolution of private property relationship of alienation,exploitation and suffering of humanity in a modality of commodity production for abstract process of capital accumulation and concentration . A system of wage slavery in a employment system of suppression and dehumanistion. We need to transcend this false limits to our creative cooperative energies for a moneyless,classless,stateless communities of humanity expressing our energies in freedom of being.
arzoyan 1 year ago
And then if we don't believe in the war we go to jail. Duh. And then let's steal money from our people and protect the land-owners and taxers. Duh. And let's steal money for causes some people don't believe in. Duh. And let's, first and foremost, protect the people that run this theft system. Duh. And let's outlaw extortion, unless we are doing it. Duh. Let's control what's on television, so the truth can't be promoted. duh. The DOOZIE.
geehuckwow 1 year ago
free market dont fink it will work, even dow state subsidiesed private coorporation who the american peopel dat do not moan about but choose to moan about a poor black single mother recieving some walfare would not like full on free market or socialism which is the biggest threat to them. what we av is pure capitalism adam smith was not a capitalist he said "under the conditions of perfect liberty, the free market will bring perfect equality" which is anti capitalism
timetochilli 1 year ago
@timetochilli "under the conditions of perfect liberty, the free market will bring perfect equality" is exactly capitalism. He's saying that a free market will find a natural equilibrium if it is left alone. In perfect liberty meaning, individual freedom from government interference. That is exactly what free market capitalism is supposed to be.
BelieversinThings 1 year ago
@BelieversinThings no it will not it will collapse in 5 mins
timetochilli 1 year ago
@timetochilli It has already survived for over 2 centuries despite ever increasing government interference. We're just now getting to the point where the govt is interfering so much that we're heading for a collapse resulting from the govt and the fed artificially stimulating spending that shouldn't be going on. The techno boom of the 90's was blown up into a bubble by interference. The housing boom of the 2000's and the current currency bubble we're calling a recovery are completely artificial
BelieversinThings 1 year ago
once upon a time he was called genius.
he fucked up once now he is a demon instead of just a fuck up.
atmark666 1 year ago
Market competition did not fail.. it was you and your central bank that failed, because in your words, it is a disgrace to centrally plan.. and a central bank is a central planner of price levels and money.. .so you are a disgrace greenspan!
astro7894 1 year ago
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Capitalism, Corporate or State is the wage slavery of immense humanity for abstract process of Capital accumulation and concentration for the elite, 250 top corporations control over 1/3 of the world GDP. More than 3 billion workers are on 2 dollars a day. Capitalism is template of perpetual war,oppression,enviornmental destructions,animal cruelty and suffering, A dehumanising distorting minority imposition in their insatiable drive for ever more Profit .
arzoyan 1 year ago
2:31 The single most important person in US economic affairs over the past 20 years telling us that income inequality needs "policy actions where appropriate"
itisGabe 1 year ago
u fucking ugly old fuck, I hope you turn into mold in hell
rexirexi 1 year ago
The problems of the past few years are due to govt INTERFERENCE. They are not due to Capitalism. Anyone who disagrees with this is either unlearned or dishonest.
DominicMetal1979 1 year ago
@DominicMetal1979
I consider myself neither and I'd still state that an every unchecked capitalist system is born with a systemic folly that leads into it's own demise. Namely that, with concentration of economic power (pursuant to efficiency of scales -economics) comes the concentration of political power and thus undemocratic and imbalanced strain on society. Market capitalism is a neat theory only when you consider it as acting in isolation of the realities of the political "market place".
utubisti 1 year ago
@utubisti It is only when force (i.e. government) enters the equation that you see the imbalances that many people mistake as the result of capitalism. True capitalism is non-coercive by definition, so what you are describing is more like corporatism or crony-capitalism. The system that is inherently flawed is government, not market capitalism.
BobbyW3363 1 year ago
@utubisti If the power of government was so limited that economic powers couldn't use it to their advantage, they'd fail if they mismanage their business the way the banks and GM should've. The people who insist on government interference are impeding the free market's ability to work. Even so, the average American still enjoys a very good standard of living despite the horrible ineptness and empowerment of the government.
BelieversinThings 1 year ago
jack shit has happened since, the banksters are back to their old tricks
namitsu1 1 year ago
didnt Greenspan and helicopter Ben and their expansion of easy credit create all these bubbles that got most of us in this mess, except the rich of course, they got richer..
demik027 1 year ago
hes a genius. how sad that something like this (an economics lecture) provokes antisemitism (a crazed, irrational dogma). if we're going to scratch our heads over why our economy tanked, why not ask about the majority of our population being inbred morons?
loamobn 1 year ago
@loamobn i can tell ur an idiot if think greenspan is a genius, u have no real knowledge of economics,
demik027 1 year ago
I had no idea that Alan Greenspan would fall one day and be remembered as nothing more than an ´enemy target´. Well , so long mr. Greenspan , thanks for all the memories. The prison is in this direction. Now , enter and welcome.
Yatukih001 1 year ago 2
enemy target detected. Remove enemy target.
Yatukih001 1 year ago
Skulls and bones originated in 1845 Illuminati Bolsheviks
Jew Catholic. Secret Society.
Prescott Bush was one of the first Americans, then his WIMP off springs also.
ABOLISH the FEDERAL RESERVE.
USE the TREASURY INSTEAD, the people TREASURE. NO INTEREST Charges
AS there is HUGE INTERESTS with the FED RES.
FED RES is not a US Gov. Entity. IT's Illuminati.
skulls n bones. OF NO value to America at all. They suck
all the money they can. ABOLISH FED RES
mastior 1 year ago
GreenSpan does what ever Rothschild tells him to do...
PERIOD.
FED RES was orchestrated in the 30's with HITLER/Rothschild/Rockefeller/Prescott Bush/ Jp Morgan.
CIA also and NWO. All Alumni of the Skulls and Bones
mastior 1 year ago
LOOK UP IG FARBEN...
GrandFather Bush was busted for WAR CRIMES 1945 he ran Auschwitz Prison for Hitler in the 1930's USED jew Slaves to produce steel for HITLER. Holocaust survivors sued.
Rockefeller sold Hitler The Oil for WW2.
And the LIST Is ENDLESS about USA POLITICAL GANGSTERS...
mastior 1 year ago
Best Chairman Ever.
kitycalifornia 2 years ago 2
He only caused two major recessions. Way to go Alan!
causeimthesquid 2 years ago
fucking JEW... CROOKS.
mastior 2 years ago
@mastior now we know why hitler wanted them exterminated,I dont blame him.
MrTabby5000 1 year ago 2
@MrTabby5000 i personally think thats extreme by far . its only a very few bankers that are our enemies not the Jewish people .
throwerofturds 1 year ago
@throwerofturds
There is no telling who is who,so there.
MrTabby5000 1 year ago
@throwerofturds i dont understand what you saying . your saying kill em all ? because you know who is who ? you must be a very smart guy hey ?
throwerofturds 1 year ago
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CAPITALISM & COMMUNISM SUCKS..!!!
human beings still not equal specially in any form of government interference. No Politicians, lawyers, Bankers, Anarchist, Rebel Politicians, kings, sultans, Czars, emperors, Pope. No to modern slavery.. & No to opportunist & lazy people...!!!
We humans need more freedom. We dont need any government anymore.. we are all free.!!
lets all create a society of free world for all. A hard working, honest, intellegent community of free will of equality.
zuduzeye 2 years ago
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zuduzeye 2 years ago
Zeitgeist
azdwnldazdwnld 2 years ago 2
Next Economic Paradigm at The Ingenesist Project specifies an innovation economy built on social media; Corporations obsolete. New currency backed by productivity, not debt. Makes adam smith happy, makes Goldman Sachs sad, very very sad.
ingenesist 2 years ago
that guy stole my money, now this other bernake jew is stealing my money. UsE DeBIt AnD cAsH, FuCK ThE BANKs.
gen6k 2 years ago
It's a rigged system. - No thanks.
im4wur 2 years ago
"The Ragged Trousered Philanthropists, published in 1914.
itrainsinoctober 2 years ago
The U.S. Federal Reserve is not a branch of the government. The U.S. Federal Reserve is a group of elite (high powered) bankers that control the US money. They controled the intrust rates etc. They were not even under the control of the government, US President or anyone.
hammerhead1919 2 years ago 9
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shutup you dull uncultured american. noones gives a shit about your country. it was founded on genocide.
now go away you fat cheeseburger eating piece of shit.
MrSuperpunch019 2 years ago
Are they all jews?
MrTabby5000 2 years ago
Yes! Greenspan, Bernanke, Greenberg, Blankfein, Dick Fuld, John Mack, Joe Biden, Tim Geithner and many many other powerful bankers and hedge fund managers are all ethnic jews.
Pasha350z 2 years ago
We see the jewish problem.
MrTabby5000 2 years ago
we are all human.........there is no jew or black.....we are all human trying to fight for survival in society with the law of man and the law of nature.
SpiritB13 1 year ago
HEY Pal there is YOU and ROTHSCHILD FED RES... That's black and white ...
mastior 1 year ago
its intrest rates not intrust rates.
ChrisJamesthebeast 2 years ago
@hammerhead1919
To think of them separate from the US government is a flaw. The Board of Governors is appointed by the US president and confirmed by the US Senate. The fed facilitates collection of federal taxes. The fed maintains the US Treasury's account. The fed buys and sells US government securities. That was all pulled straight from the fed's website. The fed is has been greatly subsidized and supported by the US government. With the fed operating in secrecy, it should not be surprising
streetmagicstyle 1 year ago
@streetmagicstyle
if several government members have more influence than just those statements. To say they are not under the control of the president may be true but it's fails to mention that president appoints its most powerful members.
streetmagicstyle 1 year ago
@streetmagicstyle What I am saying, is the the UNITED STATES FEDERAL RESERVES is a privately owned corporation. The United States Government does not control the Federal Reserves. The Federal Reserves controls the United States through the power of money.
hammerhead1919 1 year ago 2
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@streetmagicstyle Alan Greenspan, Ex Chairman of the Fed. is a member of the Council on Foreign Relations , is a member of the Trilateral Commission and knows 33rd degree secret is the 1899 Alaska Earthquake - British Association record No. 333, at Shide. Isle of Wight on September 3 at three o’ three.
insightllc 1 year ago
@hammerhead1919
Its a good thing the fed is privatized.
MrTabby5000 1 year ago
@hammerhead1919 The chairman of the Fed is always nominated by the President of the USA. They are technically not the government, but their activities are so melded with those of the US Treasury that they essentially act as a fourth branch of gov't. The government could never fund the wars we are fighting nor the welfare programs we have without the Fed's inflationary monetary policies. Eventually, they will utterly destroy our currency and economy.
BobbyW3363 1 year ago
I listened to the first 20 seconds and then shut it off.. what the fuck is wrong with america? idiot nation idiot nation
rytlejon 2 years ago
More like keynesianism in crisis amirite?
MANofINACTION 2 years ago
Greenspan reading Smith. Whats next? Satan reading the Bible?
acidtrashy 2 years ago 19
lol funny stuff. Funny when Nathaiel branden brought him to Ayn Rand to be in the collective she didnt take to him at all she knew he was a statist. Later he wrote in her book capitalism the unknown ideal. Ron paul then took it to him to sign it and said, "So do you still believe anything you wrote"? LOL hes an idiot.
Bigturns33 1 year ago
@acidtrashy Lol!
And he's reading it like Fabio would read Edgar Allan Poe.
SleekMinister 3 months ago
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@acidtrashy
"Greenspan reading Smith. Whats next? Satan reading the Bible?"
That's an insult to Lucifer, the light-bearer. The finest, most beautiful angel ever to grace the seraphim. God said that Lucifer was only second to him. Lucifer resisted and said I will not serve. I'm an expert on Lucifer, he is the greatest tragic hero of all ages. When he came to Hell, Moloch supposedly said to him, better to reign in Hell than serve in Heaven.
Romansteel13 3 weeks ago
illuminati bastard!!!!!
highandstone 2 years ago
Capitalism/competition doesn't really work when you have to create money out of thin air to start, thus stealing the savings of others. That is why a lot of foreign countries hate the USA because we finance our wealth with currency printing. A true capitalist structure would incorporate the use of force to settle income inequalities or wealth by aristocracy. Examples of wealth redistribution would be by wars or a natural disaster wiping out people's wealth.
kng863 2 years ago
Economical crisis is something logical. This is way the capitalism and free market work. It is natural. The reason, why it is global is prety easy. When all world's markets have integrated into one big global market, each country started depending on each other(in terms of economics). If something goes wrong in one country, than we will see economical situation in other countries going bad too. In some places worse, in some places better, but still it is worse than it used to be.
AlexeyFromRussia 2 years ago
This little rat.... reading from a book in his speech... LOOK at us asshole!
FaithfulAndTrue1 2 years ago
Look at him. He is to old to remember speach by heart
AlexeyFromRussia 2 years ago
lying fucker. thanks for the mess.
strikeforcefreedom10 2 years ago
why is not this RAT in jail? He is one of the main culprits of the shit that has befollen to us. But since he is well connected nothing is happening to this bastard.We all are fucked because of people like him.
jorgeguanaco1 2 years ago
watch?v=vitSBqhWjfc
pissysteve 2 years ago
Greenspan worked against the USA.
jimjaas 2 years ago
The real cause of the financial crisis is the reality that men are in competition with each other to the death. There is only peace in the minds of those who have already been defeated whether by poverty or fear or inferiority, but in the minds of the elite there is no peace until they control every person. Its the oldest pursuit of evil aspirations and thats to be as God, but men lack righteousness and charity and mercy.
Spurgeon123 3 years ago
NO ONE WAS ABLE TO PREVENT THE MONUMENTAL CRISIS THAT OCCURRED. I'm interested in the true cause of the financial crisis not just scapegoating the government sponsored enterprise to further an ideology.
ddaly1 3 years ago
agreed. crisis is internal to the nature of the way value is created in a capitalist society. States, regulatory environments, credit, changes in technology, all just change the particular manifestation of crisis.
brendanmcooney 3 years ago
I also forgot to mention, poverty doubled (20% to 40%), from '73 to '83 under Pinochet's more laissez faire/ Chicago school influenced policies.
ddaly1 3 years ago
Actually not 40% but 50%. They should have listened to friedman then keep their social and unstable policies such as the fixed exchange rate and De castro policies, read Two Lucky People by Friedman to see WHY it fell :) rather then just say that it did, therefore it doesnt work :)
mammuru 3 years ago
The only reason there were more jobs before laissez-faire policies were implemented was because the government was printing money to prop up industry. Unfortunately the inflation caused by these policies was skyrocketing to over 500% by 1973 before the coup. Workers could not afford bread even though they had income. This is why reforms were implemented. Have you not heard of the economic miracle of chile? The economic prosperity since the mid 70's in Chile is unrivaled in South America.
stick1to2the3issue 3 years ago
Furthermore, the increasing poverty in Latin America was caused by corrupt, greedy, power-hungry leaders who were best suited to follow the economic policies dictated to them by the IMF (whose afformentioned laissez faire policies caused increased social inequality, poverty, unemployment, etc.).
ddaly1 3 years ago
Power hungry? the power hungry leaders want more power...something socialist always claim they want. More of us more of us. while free market claim is less of us. Dictated by the IMF? you do understand that the reforms of banking, is a big process that needed help? you do realize such thing takes time to reform? and when you have people running around looking for a scapegoat. A little push is good, whats wrong with IMF?
mammuru 3 years ago
The problem with the IMF is they always have preconditions (SAPs) that go along with their loans (which always include deregulation and privatization). These preconditions lead to increased poverty, instability, destruction of the environment. Water privatization in Bolivia is a good illustration of the disasters this can cause. There is a really good book by Joseph Stiglitz (Globalization and its Discontents) that talks about how terrible the policies of the IMF have been.
ddaly1 3 years ago
Amazing that you are so ignorant of history. Google the economic miracle of Chile.
stick1to2the3issue 3 years ago
As desperate Chileans rioted, Pinochet had to reverse many of the Chicago school economic policies: restoring minimum wage, giving unions collective bargaining rights, and start a public works program to create 500,000 jobs. Most significantly, throughout his reign, the copper industry stayed nationalized (how could Chile be a free-market miracle when its biggest export industry is run by the state!) (look into it my friend)
ddaly1 3 years ago
Pinochet kept the el Ladrillo and the country is no longer strong socialist but free market. Thanks to these policies, chile is one of the richest countries in latin america. Have you ever studied how monopolies work and how expensive they are? how they always overprice and has a culture of a "fat firm" ? Also you do realize that friedman didnt support Pinochet much? They are globalized and the economys strong backbone is international trade (Free market? :) ) Im guessing your talking (cont)
mammuru 3 years ago
The backbone of their economy was always the copper industry which stayed nationalized. If the people of Chile were so pleased with the countrys free market reforms why did they elect a moderate socialist, Michelle Bachelet, for President in 2002?
ddaly1 3 years ago
They didn't want to change the entire country over night, just a lot of it. The reforms came in stages.
stick1to2the3issue 3 years ago
As I said politicians are often bought and paid for by business interests but at least they're elected.
ddaly1 3 years ago
IF their paid for, they're not really doing what is right, but what they need to do :)
mammuru 3 years ago
I think we agree that the economic theories of Freidman and Hayek haven't been apllied with great/complete orthodoxy/strict adherence, but unlike you I believe this is a good thing because the problems of today's capitalist system, specifically in the U.S., would be magnified if they were. Furthermore, I disagree with the foundation of their theory: that private vices (namely greed) yield public good (as this has been shown historically to be incorrect).
ddaly1 3 years ago
ITs always the other guy that is greedy...haha, yeah? historically proven? show some sources. if we say self interest. I bet you we find more proof that this is beneficial. From the time you work in a team, negotiate, look for a spouse, or try to improve your standard of living, self interest is what keeps us going up rather then down. So were still slaves, but the masters have changed? your happy about that as you find a new, but similiar scapegoat...Socialism + mathematical proof =nonexistant
mammuru 3 years ago
Just look at the paradigm shift occurring in Latin America over the last decade, as country after country rejects neoliberal economic policies with vast popular support, as they are strongly in favor of more democratic socialist reforms.
ddaly1 3 years ago
sure I think hayeks road to serfdom explains this idea as how people look for a negative aim, the conspiracy theory and just go for it. The social intervention policies, as being proved mathematically and psychologically fail yet again. and the more they reject free market the more they get kicked in the ass and blaming free market
mammuru 3 years ago
They've already tried these economic policies (privatization, deregulation, opening markets to foreign investment i.e. the introduction of transnationals) with terrible results. As i said, this is why most of Latin America is making democratic socialist reforms. No one is talking about conspiracy theories, people just want economic policies that won't leave them starving, unemployed, or working in sweatshops (which has been increasingly prevalent during the neoliberal era).
ddaly1 3 years ago
actually during their privatization era they did quite well, its the next step which your talking about which was the era of hell. MOnetary policies and taxation that jumped into this. PLease before Peron in Argentina the standard of living was one of the highest in the world. If this is really the case as u say. Name the specific try reading Classical Liberalism in Argentina: A Lesson for the World" by Jacob G. Hornberger. You sure people actually knew difference at times between social& lazz?
mammuru 3 years ago
Bolivia, Ecuador, & Venezuela are specific examples of places where neoliberal economic policies have been disastrous and are now making a shift to the left. But this is an epidemic, affecting countries throughout Latin America after the debt crisis. The amount of people living in poverty in Latin America increased from 136 million in 1980 to 196 million in 1990; the number of poor reached 220 million by 2002, with almost 100 million people living in extreme poverty (from ECLAC).
ddaly1 3 years ago
But I guess you cant explain what actually happens with a postive economic answer yeah? the many misconceptions of on social part being overrun after one that is more radical. The more radical call the socialist party capitalist, and everyone in the world agrees. Tell me, what party caused the poverty in either bolivia, equador, or venezuela? :) The junta in venezuela? You forget the miracle of Chile, and the miracle of Japan which you so quickly are to judge :). But yeah, give specific exampl
mammuru 3 years ago
I have read a lot about this and Chile under Pinochet being a free market miracle is a myth. In 1973, under Allende, the unemployment rate 4.3% (he was assassinated in 1973). After 10 years of Pinochet and his Chicago school experiments, in 1983, unemployment rose to 22%, real wages declined by 40%, the banks he had privatized defaulted (all this aside from his atrocious human rights record). (continued..)
ddaly1 3 years ago
the Inflation was stabilized. Yeah in 1983 they had a recession, and i suggest you read a bit about fixed exchange rates. They actually didnt do as friedman had. So your basically talking about 3 years which are the affect of those dangerous social policies, it was contrary to what friedman wanted. Child mortality fell from om 82.2/1000 to 20/1000. Standard of living is higher, and the GDP is increasing by 7% contra to all the other socialist countries in latin america.
mammuru 3 years ago
I dont like GDP as an economic indicator because the wealth in the country could be extremely disproportionate and the countrys GDP could still be high/grow with the wealth concentrated among a small elite. Also, was Pinochet not a Power Hungry dictator, despite many of his policies that you may advocate?
ddaly1 3 years ago
funny how you don't mention what inflation was (over 500%), or the decline of federal coffers.
stick1to2the3issue 3 years ago
uhm, the specific regulations that needed in place, the actual issue (specific not broad). is what I ment
mammuru 3 years ago
Specifically, formerly nationalized industries are privatized so sectors of the economy that previously provided the country with money for social services no longer do. As markets are opened to big transnationals, small businesses are left unable to compete and people have to work in sweatshops instead. Tariffs are eliminated that previously protected small-scale farmers who are forced to abandon their crops because theyre displaced by U.S. agribusinesses, etc., etc. etc.
ddaly1 3 years ago
You are a master of disinformation probably reading too much left wing marxist drivel such as that innacurate rag "the shock doctrine". You are a freedom hater that thinks people don't have a right to the product of their own hard work and that the lazy and irresponsible should be rewarded. You believe in the use of force to mandate free rides, classism and subsidies rather than hard work, responsibility, opportunity and integrity.Your revisionist history is telling of your one sided education.
stick1to2the3issue 3 years ago
Which is why facism is bad. NOT CAPITALISM
stick1to2the3issue 3 years ago
The only reason American capitalism survives is because socialism is always there to save it (i.e. keynesian reforms during the great depression and today). And laissez-faire capitalism is forced on third world countries, just because a greedy, corrupt dictator agrees to economic policies set forth by the World Bank, IMF, etc. doesn't mean "the country" agrees to them (in fact they are almost unanimously opposed except by a narrow sector of elites with wealth and power).
ddaly1 3 years ago
Actually, the only reason American Capitalism is dying is due to social interventions. It started off with monetary policies and intervention policies that caused the great depression. So dont play that card! Even Keynes said that in the long term this policy wont matter, as its left as a problem to the next generation. The only thing thing that is forces is socialism in third world countries. Are you seriously stating that you can start your own entrepreneural firm without problems in africa?
mammuru 3 years ago
I think the only reason it survives IS social interventions. That is why most of the developed world, specifically Europe (especially Japan), has abandoned laissez faire economic policies for a more keynesian approach because by now it's understood that this approach (w/o govt intervention) will end in disaster and/or people simply won't tolerate it.
ddaly1 3 years ago
funny thing is even Keynes would disagree. Japan is a perfect example its ridiculous high taxation brought them into the decade some economic depression. SAme thing with sweden since 1971 when taxes went up to 102%... The short term relief is mere policies they use to fix the problems that government created with their social plans. The actual claim that it is free markets fault is a scapegoat. Theres not even a sound theory to why such a thing would happen. how bout scotland?
mammuru 3 years ago
HAHAA yes watch as Europe crumbles (and America too if it becomes to much like it) as it will be crippled by it's social programs. What is birthrate in Europe? Less than 1.5 on average. A level of 2.1 is required to keep population stable. With the population of Europe halving in the next 50 years how will it's massive social programs remain (as it is they are in bad shape..plus much higher unemployment) I guess they can depend on the muslim immigration to keep their populations stable..yikes.
stick1to2the3issue 3 years ago
Neoliberalism at the basis of the financial crisis
25/09/2008 - An analysis of the global financial crisis by Jacques Sapir, Research Director at the School for Advanced Studies in the Social Sciences, argues that the neoliberal economic model promoted by the United States is at the basis of the current crisis.
khallaghi 3 years ago
I know this is something that nobody ever talks about because it's always considered TABOO,but I want to mention 2 things that r NEVER MENTIONED ANYWHERE that I'll bet contribute a lot to these problems. 1-I worked building houses for several years-hardly ANY subcontractors pay taxes,yes there are a FEW.BILLIONS OF $s of taxes lost! 2-the profits from building a house are way too high causing houses that were worth $20,000 yrs ago 2 sell 4 $150,000 today:actual 'construction' cost?=only $80,000!
4merCIA 3 years ago
If they are freezing the asset on Wall Street, there isn't wealth building to be spread any where around but prosper in your own business. Selling not only what they have produced are not only making the money in their business. Trading for exchange on the open market place is to offer to the cash paying customers their worth and knowing what would work for you is to produce the very best that their money can buy. I would take a capitalist society to rebuild wealth.
GemHudson 3 years ago
Damn these Rothschilds - my wine bill is going through the roof. I stashed all my commissions from selling mortages to unqualified buyers in my offshore accounts. So long suckers - I am off to Tahiti.
tannenstein 3 years ago
Greenspan is just one more Zionist/Rothschild stooge, like Rupert Murdoch. I have an English friend who badgered my wife and I for TWO YEARS to get our money out of the stock market because of the "impending stock market crash of OCTOBER 2008..." and the subsequent rape of our country by internationalists. Now, I ask you, how could my friend predict this from reading so-called "conspiracy" sites, yet old Rothschild-stooge Greenspan just shrug his shoulders and chuckle...???
vintagemotelguest 3 years ago
alan greenspan is going senile. bernanke is a pussy. america needs some volcker.
lesscunning 3 years ago 2
Reagan too.
stick1to2the3issue 3 years ago
First of all, if he had been allowed to raise interest rates this crisis would have been worse. These libertarians like Ron Paul who want no government regulation or oversight would make the problem worse. The free-markets Adam Smith spoke of are a fantasy and have NEVER existed. Did he say income inequality was a NEW problem, ARE YOU SERIOUS?!?!?!
Down with Capitalism, Up with Libertarian Socialism!
ddaly1 3 years ago
I would strongly recommend reading Economic History rather then blindly decide on a statement that fits your indoctrination. In Bernanke actually confessed that the FED caused the great depression, but I guess we can ignore that too. Yeah the free market sure is a fantasy, i bet medieval Iceland, Early Antique Greek, and Early pennsylvania would disagree. Before Sargon the great. Mathematics & Psychology is still on the free markets side. Speculation and fingerpointing is #1 card of socialism
mammuru 3 years ago
I'm not talking about free markets in medieval iceland or in early pennsylvania, I'm talking about large-scale, modern, industrialized countries, the kind that Adam Smith's theory on political economy influenced and was meant to apply to (though his theories were never applied with great orthodoxy- the exception being third-world countries that his economic theories are forced upon). Accepting that qualifier I believe my statement is correct.
ddaly1 3 years ago
Thats comfortable definitions. The ideas of before are not less effective due to our larger-scale size. In fact, they apply even more. What your using is the argumentum ad populum. Actually more like consensus gentium. Sure there isnt a clear free market example in the world. But just cause the world is right that, doesnt make it right. It's actually a very weak statement. No third-world country has capitalism forced upon them. Government intervention and force sounds much like socialism ;)
mammuru 3 years ago
Large-scale, specifically the economy of a country (or between multiple countries), is the question at issue. I'm not saying the division of labor or the classic "benevolence of the butcher" example wouldn't be applicable in a small marketplace or village in an underdeveloped country, I'm saying in a modern, industrialized country this system will always ruin itself in time.
ddaly1 3 years ago
It wont always ruin itself because it has never before. if ceteris paribus; the only parts that has ever ruin itself in time IS the centralized, socialized areas. Or to be correct, the intervention policies. Its really basic Positive economics. The socialied restructured "country" becomes "FAT" rather then "Fit". For instance, the USA.
mammuru 3 years ago
With regard to this "rich get richer is a flaw [myth]" I think that is obviously false, the U.S. is one of the most socially unequal countries in the world. All this being said, I'd be happy to continue this argument (I'd like to think discussion) but I also hope you recognize we may not get anywhere as we obviously have VERY different ideological viewpoints.
ddaly1 3 years ago
Yes, the FED was part of the problem then and now but it's because it failed miserably to fulfill one of its primary functions which was to regulate and oversee private banks.
ddaly1 3 years ago
Whatever it tries to fulfill it will always fail. Private banking does not need to be regulated.When they removed the gold standard and the hotshots ("elite") have power to influence, then it would be foolish to try and blame things on yourself. Its better to blame on the free market. What better conspiracy theory is there? There's no better strategy for a politician to pull than the example mentioned. The intervention policies of FED are the mistake, I think Friedman made Bernanke2admit in 2002
mammuru 3 years ago
Private banking absolutely needs to be regulated. When you defend unregulated private enterprise and say it works effectively, what do you mean exactly? That the rich get richer, the poor get poorer, the is a democratic deficit and people feel helpless, because that has always been the result of further deregulation of various sectors of the economy.
ddaly1 3 years ago
The rich get richer theory on free privatized banking is a flaw. Only way that the rich get richer and the poor get poorer is to not give them a choice. How does one create a strategic approach to this? By having political influence and the government on ones side. Which in the end IS not private but socialized banking. The only place people should feel helpless, is in a regulated banking system where people CANT change or chose, but are forced to do what the politicians want.
mammuru 3 years ago
First, we should make sure we are making the distinction between LIBERTARIAN socialism (what I believe is this best way to organize society) and state socialism or, especially, authoritarian communism. If we are talking about the U.S., business and government interests are almost always one in the same regardless of what you would like to believe . Corporations have overwhelming control over our country.
ddaly1 3 years ago
Heh, Chomsky fan im presuming? I start listening to chomsky (a prick who uses his genious in litterature to teach normative economics to people who dont know positive economics) when he starts studying economics rather then literature. Communism is always authoritarian, and in reality; most democracies are authoritarian (where majority decide over minority). Corporations have too much control? they are public...not private :) simply make the gov able to influence less and corporations will too.
mammuru 3 years ago
yeah, public only in the sense that they are responsible for making profit for their stockholders, disregarding their employees, the environment, and everything else in the process. And democracies are not authoritarian, authoritarianism by definition is a small group of elites unaccountable to "the people." By the way, I do have great respect for Chomsky; you should know this one: "corporations= private tyrannies."
ddaly1 3 years ago
Its not the corps, its the politicians that are private tyrants. PEOPLE own the corporations, and the one deciding, is a smaller group...just like politics. Corporations may seem evil, but then you learn business and see the real deal. I have no respect for chomsky. as I stated, he is a master of linguistics, not economics. Read some real economics such as Hayek, Freedman, Rothbard, etc to get stuff thas not really suppose to work on your emotion but give a picture that follow economic law.
mammuru 3 years ago
To me listening to people like Friedman is intolerable. Listening to how you are supposed leave everything to the "invisible hand" of the market and let corporations have unaccountable free reign as all of society's social ills worsen. Adam Smith himself warned against corporations or joint-stock companies becoming too pervasive (because he thought they were inherently ineffecient) and today they are the most powerful institution in the world.
ddaly1 3 years ago
Listening to things we dont want to hear or dont understand is intolerable I guess? Im a big Adam Smith fan yeah? but bear in mind that he is not the omnipotent answer, he was the first to recognize it but also, he is 300 years behind us...But sure,I guess we both agree that more regulations is bad and less regulations (forcing public to go private) is right? Again, the most powerful institution is still the politicians, they go in favor of some corporations over others. Ban politicians!
mammuru 3 years ago
I disagree. Politicians are, by and large, corporate whores subject to their whims. I believe the heads of GE, exxon, boeing, etc. are more powerful.
I believe Adam Smith's criticism of corporations was the disconnect between owners and management, which made them ineffecient in his view.
ddaly1 3 years ago
[I]t was the monopoly status, sanctioned by law that gave the parcel of rogues who represented The Company in India and elsewhere in the region a virtual free hand to act as despots, and to plunder on a scale that made even lowly clerks into millionaires, who traded on their own account, and committed crimes to match.
To sum up, Adam Smith was not arguing for the structure (stock structure) of corporations being wrong, but the intervention given in favors through politicians. get me?
mammuru 3 years ago
Ron Paul is a market anarchist. The mess was CREATED by government intervention you fool! FANNIE AND FREDDIE!!!! account for over half the mortgages are GSE's! Low interest rates throughout the 90's created the BUBBLE! guess who??? Government! Government mandated programs that compel banks to lend to credit risk borrowers...government again. You are utterly and totally discredited.
stick1to2the3issue 3 years ago
Fannie and Freddie didn't cause the crisis, they were a consequence of it. The problem was systematic. Any objective, rational person sees this by now (read "Once Again, It Wasn't Fannie and Freddie"- an article by Russ Roberts that explains it very clearly).
ddaly1 3 years ago 2
... systemic, excuse me
ddaly1 3 years ago
I hate to say it, but you're fighting a lost cause. Surely if there was a place where people would misunderstand the root causes of the world economic crisis, this would be the place. It's just too bad that human stupidity extends beyond the bounds of YouTube...
And for the morons who don't understand what I'm saying - ddaly1 is correct, and anyone who disagrees with him is wrong.
milani04 3 years ago 2
What WAS the crises? It consisted of the housing bubble bursting and all the scores of consequences of that. All experts agree on that point but apparentley you didn't get the memo. Now lets ask ourselves..hmmm how are bubbles created? lets think here...high demand...and what happpens when the government steps in and offers mortgages cheaper then they otherwise would have been? hmmm...higher demand. Do you have the first clue of the impact of Fannie and Freddie?Do you realize they are a duopoly?
stick1to2the3issue 3 years ago
The more mortgages that mortgage brokers could push through, the higher their incomes. The brokers had no stake in the outcome once the mortgages left to them (the same with banks), all they had to do was process the mortgages, package them up, then sell them and collect their fee. People in the shadow banking sector (non-bank financial institutions) who were willing to take these risky loans didnt fully understand the risk they assumed. SINCE NO ONE OVERSAW THIS (OR REGULATED IT), ...(cont.)
ddaly1 3 years ago 2
What are you high????...no one saw it coming...wow!!!..that's a new one on me i suppose you believe everything you see on t.v.?...I find it hard to believe that individuals who were responsible for these large financial firms..with all there extended knowledge of economics and everything to do with money..didn't see this coming..get real...recessions are systematic and functional for the purpose they serve...and you speak about rationality..thanks for coming out!!
KroniklyCanuck 2 years ago
?- i have no idea what you are referring to, i never said that no one saw it coming.
true, recessions are systematic in that they are an inevitable part of economic systems such as our own, they happen regularly as part of a boom and bust cycle, but they definitely aren't somehow desirable if that's what you are suggesting -- that would be absurd
ddaly1 2 years ago
A.G must have a lot on his conscience.
Onetimerule 3 years ago 2
He is trying to talk himself out of hell ^_^
joneselius 3 years ago
Stealthswimmer.
Stop fawning over Greenspan and start analysing the bigger picture. Unregulated lending, endorsed by A.G, has created toxic debt amongst mortgage and credit card holders and created tensions amongst firms with limited liability. Despite the recapitalisation of banks, customers and businesses remain unwilling to invest and spend in light of economic meltdown and banks are hoarding cash. Therefore, the real economy remains in a deep depression and inter bank lending has frozen.
Onetimerule 3 years ago 3
I ain't "fawning" over him. I'm sayin he wasn't alone. Seems like people wanna blame ONE person. Fact is, he DID try to raise interest rates through the Fed...but their plan didn't work. That bein said, the Federal Reserve system, the system itself, has lent itself to this mess. There are many other things as well like bad lending practices (frauds are being investigated), people borrowing tons of money to get a house, etc. Plus all the political pressure to spend and inflate.
stealthswimmer 3 years ago
Alan Greenspan is a self-centred and clueless ignoramus who should be blamed for the subprime mortgage crisis and the economic tsunami it created. He dedicated years to defending non-interventionist capitalism yet supported the injection of liquidity into the banking system using taxpayers money. His arguments are self-refuting and self-contradictory and he should be discredited as an economist.
Onetimerule 3 years ago
"Says Law" was blown out of the water by the great depression in the 1930s and now milton friedman's and alan greenspan's ideas on laissez-faire capitalism have been discredited by this current economic turmoil. Unregulated lending leads to excessive debt and a resulting credit freeze in the financial system.
Onetimerule 3 years ago
Did a child write this?
stone1home 3 years ago
fucking greenspan. your early action is the result of our current credit crisis predicument.
KhmerD0g 3 years ago
greenspan is the motherfucker. he is the financial terrorist. those who understand the current credit crisis will understand why i called him a motherfucker.
KhmerD0g 3 years ago
you are an ignorant one Khmer aren't you ?
LeGioNoFZioN 3 years ago
do u need me to explain to you why greenspan caused this credit crisis? u are an ignorant. it's greenspan fault. go read more books. for start we have $600 trillion derivatives and the entire world GDP is $75 trillions last year. how can we balance that? there is no money in the entire world, let alone the U.S. to balance that derivatives. we will be in a depression for some decades. our debt is up to the eyeball
KhmerD0g 3 years ago
yes I need you to explain this, and on balance explain how the progress made in recent decades would have been made without Greenspan. its simplicity itself to lay blame, far harder to actually think about the convoluted mess we are in and how many people share responsibility for that as well as how do we get out of it responsibly
LeGioNoFZioN 3 years ago 2
You're a complete moron if you wish to place blame squarely on the sholders of ANY one man. You're no different han the fools who point the finger at Bush when things go badly. Greenspan was ahead of the curve in identifying and prescribing remedies to the financial crisis he saw on the horizon, he was one of many.if you want to blame anyone, blame the fools who lived and live beyond their means,on Dodd,Frank, and other democrats who were too busy taking money from the lies of Fannie and Freddi.
RightWingCon81 3 years ago
u r a fucking moron. let me teach you history, jackass motherfucker. greenspan is the source of this crisis. do u even know what is the "source" means? 1) greenspan reduced central bank interest rate. 2) Congress repelled financial regulation. banks lend money to people to buy house even when they are not qualify. now we have sub-prime mortgage bust because borrowers can't pay their mortgage.
learn that, know that, remember that. bitch.
KhmerD0g 3 years ago
Your English is as bad as your history and understanding of the crisis. You watched some MSNBC and think you're an expert.
Sub-Prime mortg