OT: Another bank bites the dust

oblique strategies · Post by **oblique strategies** » Thu Sep 18, 2008 10:06 pm

I can't help but see it all as a macro version of what happened to the town of Flint Michigan, as documented by Michael Moore in the film 'Roger & Me'.

The systematic stripping away of the resources of a town, but being done to a nation. Bit by bit.

Actually, it's being done to a lot of the whole world!

mdk · Post by **mdk** » Thu Sep 18, 2008 10:11 pm

djadonis206 wrote:
mdk wrote:
djadonis206 wrote:fyi I still believe in free markets
you mean like the Milton Friedman / Chicago School idea of a free market?
Yes - when I took micro we had to study Milton Friedman

ok. so what role, if any, do you personally think government has to play in a particular society? should everything be left to the 'free market'?

and leaving aside opinions on whether the free market is desirable, do you think that a free market is even possible in human society?

smutek · Post by **smutek** » Thu Sep 18, 2008 10:20 pm

Akshara wrote: If the US government were your company, from the two actually viable candidates, which team would you hire to pull your company out of financial ruin:

1) the Harvard Juris Doctor Magna Cum Laude with the BA in political science and international relations whose partner is a Juris Doctor?

2) the Naval Academy graduate who ranked 894 out of 899 in his class and whose partner has a BA in journalism?

It's a tough decision, take your time.

Not tough at all.

I'd have security see the "2 viable candidates", along with the dimwitted bastards that tried to convince me there were only "2 viable candidates" in the first place, to the door and then I would hire someone competent to do the job.

oblique strategies · Post by **oblique strategies** » Thu Sep 18, 2008 10:20 pm

mdk wrote:ok. so what role, if any, do you personally think government has to play in a particular society? should everything be left to the 'free market'?

and leaving aside opinions on whether the free market is desirable, do you think that a free market is even possible in human society?

Good questions.

Get the right tool for the job: don't use a hammer when the job requires a screw driver.

djadonis206 · Post by **djadonis206** » Thu Sep 18, 2008 11:18 pm

oblique strategies wrote:
mdk wrote:ok. so what role, if any, do you personally think government has to play in a particular society? should everything be left to the 'free market'?

and leaving aside opinions on whether the free market is desirable, do you think that a free market is even possible in human society?
Good questions.

Get the right tool for the job: don't use a hammer when the job requires a screw driver.

The FED was created in response to the depression

The government (i.e. the president and congress) should stay out of financial matters

honestly, the FED could raise interest rates on member banks to dissuade risky behavior

this would in-turn raise interest rates on us and we would buy less, producers would produce less etc etc

while it would be naive to say the FED is not influenced by what ever administration is in office, the FED does not have to answer to the president, or congress

Pitch Black · Post by **Pitch Black** » Fri Sep 19, 2008 1:48 am

For anyone interested here is a fantastic slideshow on how the subprime crisis really works. I didn't understand before, but now I (almost) do. Worth checking out!

http://docs.google.com/TeamPresent?doci ... pauth=true

deva · Post by **deva** » Fri Sep 19, 2008 2:21 am

djadonis206 wrote:
The FED was created in response to the depression

The Fed was created in 1913 and was the cause of the depression...

deva · Post by **deva** » Fri Sep 19, 2008 2:26 am

djadonis206 wrote: The government (i.e. the president and congress) should stay out of financial matters

This is religious dogma pushed by the high priests to convince you to give over control of your resources with no say in how they are used. It is really astonishing that so many people argue for their own slavery.

oblique strategies · Post by **oblique strategies** » Fri Sep 19, 2008 6:24 am

deva wrote: It is really astonishing that so many people argue for their own slavery.

And defend the slave-owners capability to continue to enslave them.

Very good pets indeed. Sit, roll over, play dead.

Emissary · Post by **Emissary** » Fri Sep 19, 2008 7:28 am

deva wrote:
djadonis206 wrote:
The FED was created in response to the depression
The Fed was created in 1913 and was the cause of the depression...

pwned. god i am a child

Homebelly · Post by **Homebelly** » Fri Sep 19, 2008 7:31 am

deva wrote:
djadonis206 wrote:
The FED was created in response to the depression
The Fed was created in 1913 and was the cause of the depression...

Its not quite as simple as that, there where all kinds of reasons for the great depression. Admittedly, if you look at those reasons from a very narrow view then you are correct the FED was one of them. But if you broaden your view you'll see that it was a whole bunch of phenomena that caused the actual "Depression" including bad legislation on the part of the US treasury and a very slow moving Congress that the FED was trying to advise to free up cash but wouldn't. Other reasons included falls in international trade, the slowing down of domestic trade in the US, and the inability of Germany to continue paying its war reparations to the US and the UK. Its way to easy to blame the FED by its self, or the central banking system as a whole, especially when you add into the picture all of the other masonic one world government poop being flung around at the moment that ties the FED into some ornery all encompassing conspiracy.

OvertoneZero · Post by **OvertoneZero** » Fri Sep 19, 2008 7:58 am

If the stock market is any indicator at all, I believe that there is a strong chance that it bottomed and reversed yesterday and the 'crisis' is passed.. all right before the election.. funny how that works. We shall see.

deva · Post by **deva** » Fri Sep 19, 2008 8:30 am

Homebelly wrote:
deva wrote:
djadonis206 wrote:
The FED was created in response to the depression
The Fed was created in 1913 and was the cause of the depression...
Its not quite as simple as that, there where all kinds of reasons for the great depression. Admittedly, if you look at those reasons from a very narrow view then you are correct the FED was one of them. But if you broaden your view you'll see that it was a whole bunch of phenomena that caused the actual "Depression" including bad legislation on the part of the US treasury and a very slow moving Congress that the FED was trying to advise to free up cash but wouldn't. Other reasons included falls in international trade, the slowing down of domestic trade in the US, and the inability of Germany to continue paying its war reparations to the US and the UK. Its way to easy to blame the FED by its self, or the central banking system as a whole, especially when you add into the picture all of the other masonic one world government poop being flung around at the moment that ties the FED into some ornery all encompassing conspiracy.

Bernanke has publicly stated the Fed caused the depression. Obviously there are many factors and such a statement is a bit simplistic. Nevertheless, Bernanke made it during a speech honoring Friedman.

Conspiracy is a funny word. It is interesting to note that the people who made the choices which brought about the depression made vast sums of money from those choices... and the US was changed from a nation full of farmers and small businesses into a nation full of wage slaves.

deva · Post by **deva** » Fri Sep 19, 2008 8:36 am

OvertoneZero wrote:If the stock market is any indicator at all, I believe that there is a strong chance that it bottomed and reversed yesterday and the 'crisis' is passed.. all right before the election.. funny how that works. We shall see.

The stock market is not an indicator. The 'crisis' is just beginning. The Fed (using taxpayer money with no say from the taxpayers) will be bailing out more financial institutions, and various companies.

The wealth of the nation is being looted...

Homebelly · Post by **Homebelly** » Fri Sep 19, 2008 9:08 am

deva wrote:
Homebelly wrote:
deva wrote: The Fed was created in 1913 and was the cause of the depression...
Its not quite as simple as that, there where all kinds of reasons for the great depression. Admittedly, if you look at those reasons from a very narrow view then you are correct the FED was one of them. But if you broaden your view you'll see that it was a whole bunch of phenomena that caused the actual "Depression" including bad legislation on the part of the US treasury and a very slow moving Congress that the FED was trying to advise to free up cash but wouldn't. Other reasons included falls in international trade, the slowing down of domestic trade in the US, and the inability of Germany to continue paying its war reparations to the US and the UK. Its way to easy to blame the FED by its self, or the central banking system as a whole, especially when you add into the picture all of the other masonic one world government poop being flung around at the moment that ties the FED into some ornery all encompassing conspiracy.
Bernanke has publicly stated the Fed caused the depression. Obviously there are many factors and such a statement is a bit simplistic. Nevertheless, Bernanke made it during a speech honoring Friedman.

The reason i am biting on this is because some one else recently tried to tie these ends together in another conversation i was having. At that point i wasn't aware of the statment so i went to look for it. Here is a link to the speach.
http://www.federalreserve.gov/BOARDDOCS ... efault.htm
Its my opinion, and also i think the tone f the last paragraph, that Bernanke is being a little facetious here and is in no way accepting blame on behalf of the Federal reserve system. There is a lot not to like about the central banking system, but i don't think this is one of them.