Financial Crisis 101

A good question, to which I repost:
http://www.capmag.com/article.asp?ID=1826

"In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law–men who use force to seize the wealth of disarmed victims–then money becomes its creators' avenger. Such looters believe it safe to rob defenseless men, once they've passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.

"Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed. Money is so noble a medium that is does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.

"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper."

Ayn Rand, from Atlas Shrugged

A real President address's the nation when crisis is in the air to reassure them everything is going to be allright.
Barack Obama comes out when things appear to be good to claim credit for what he has not done and tells us what a great job he is doing, then at a time of danger and crisis hides away from America and the news media.
I have heard Obama's name and seen his ugly face everyday since his election except for yesterday except as the stock market crashes, except as oil gushes into the Gulf of Mexico, except as Car bombs and federal incompetence are on display in Manhattan, except as monumental floods sweep across the state of Tennessee.
Now Obama is no where to be found.

In an America of the Founding Fathers these guys would be behind bars or worse (which is really better).

We are now the criminals in this upsidedown bizzaro world. No it's not a dream. It's a nightmare on mainstreet USA.

Don't sell yourself short Klavan, that entire video is a joke. i recall one true statement: Republicans are too stupid to recognize the difference between crony capitalism and real capitalism.

Although not really true, Republican politicians recognize the difference, they just prefer cronyism because it makes them rich and keeps them in power. The truly stupid people are the conservatives who think Republicans are any different than Democrats in this regard. This time it will be different!

The video is pretty good for propaganda, not much else though.

Laws are meant to protect THEM from US. Part of the problem is YOU don't really want to convict all the criminals, just the ones you don't agree with ideologically. You support the criminals you agree with ideologically. Ditto for the left, except the left isn't out there throwing tea parties, using the right message but violating its spirit. Which is worse? … Again, I already know you're answer is- the people you don't agree with ideologically. And around the vicious circle we go for another pass. I express this not necessarily at you personally, but to the right in general. For example, this video mentions 6 criminals, Obama, Dodd, Frank, Clinton, Carter, Geitner, its not coincidence it only targets those of an opposing ideology, even though ideology has little to do with why they're criminals.

What is a Faux Noise?

What are you talking about?

They and the media will blame the coming economic collapse on capitalism.

Anyone with two brain cells would laugh at that, obviously, but the sheeple can be convinced.

The Chernobyl solution, D.C. is so toxic that we need to pour a giant concrete containment over the whole damn thing! Love the first paragraph.

Same here…. its about to go to an email of about 30 people. thanks Jackson!

Has Mr Soros read the constitution? Does the constitution even matter anymore?

IMF loan forces Greece to privatize, "crucial sectors like health care". I guess when we want a return of our money we want the private sector capitalism in control, but when we are trolling for votes with other peoples money we want big government regulation and government CONtrrol.

NYT Article:
"Another reform high on the list is removing the state from the marketplace in crucial sectors like health care, transportation and energy and allowing private investment. Economists say that the liberalization of trucking routes — where a trucking license can cost up to $90,000 — and the health care industry would help bring down prices in these areas, which are among the highest in Europe."
http://www.nytimes.com/2010/05/01/business/global...

in osamabamas home village in the kenyan backwaters…his name means several things…
1. big dumbass
2. head dumbass
3. really big headed dumbass…..there's more but my keys a sticky…

The Democrats won't be happy until everyone in America is "equal" —- just like they are in Zimbabwean.

The problem is Big Government and the Republicans are still a Big Government solution party, as they were under Bush.

He pushed hard to expand homeownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Mr. Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Mr. Bush chose to oversee them — an old prep school buddy — pronounced the companies sound even as they headed toward insolvency.

“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002

When you vote in November, PLEASE vote for a REAL constitutional conservative, not just another Dim lite.

If it weren't for markets and the market disciplines that ultimately forced the crumble of this government engineered corrupt system, it might still be gong on today. And when the day of reckoning would finally come, the ultimate and inevitable bigger collapse could have taken America down. America ducked a bullet thanks to markets.

Markets and market disciplines saved America's asss from what big government created. If it weren't for government sponsored entities (GSEs) like Fannie and Freddie that leveraged-up ((30:1) in order to buy the government created toxic sub-prime garbage (in order to satisfy quotas as mandated by another government agency–HUD), this whole sorry episode could never have happened.

That is one of the best posts I have ever read here – very concise!

As my old friend Steve used to say, "Excellent value!"

We are now the criminals in this upsidedown bizzaro world. No it's not a dream. It's a nightmare on mainstreet USA.

Naturally, Mr. Soros would believe that the Chi-com command economy is the better way.

He said the "market fundamentalist" belief prevailing in the U.S. that markets correct their own excesses was wrong, and criticized former Federal Reserve Chairman Alan Greenspan for taking that line. Mr. Soros — who as chairman of Soros Fund Management, said he manages about $27 billion in assets — cited his own investment decisions as an example.

"When I see a bubble, I buy that bubble, because that’s how I make money," he said.

Mr. Soros doubled his bet on gold at the end of 2009 as prices for the metal rose, a filing showed this month, a few weeks after Mr. Soros called gold the new asset bubble.

Mr. Soros said the U.S. and China needed to work closely to manage the global economy, calling recent signs of bilateral tension worrying.

Mr. Soros simply hates capitalism.

The two countries disagreed over how to tackle global warming during a meeting in Copenhagen recently, and have faced off over trade and currency issues. Mr. Obama met with Tibet’s exiled spiritual leader the Dalai Lama of Tibet in the White House this month, despite official protests from China.

"Unless we stop it in the next few months, I think that we could yet fall back into a situation that prevailed in the 1930s, where each country is for itself," Mr. Soros said. He said trade protectionism was his top concern, in terms of the global economy’s outlook.

Turning to Europe, Mr. Soros said worries about Greece’s debt had exposed a flaw in the euro’s construction, namely that the 15 euro zone countries, which share a single currency, had a common central bank but not a common Treasury.

"Either Europe now takes the institutional measures that are needed to make up for the deficiency or, in fact, it may not survive," said Mr. Soros. Soros Fund Management is one of several heavyweight hedge funds that are betting that the Greek-debt woes will push the euro lower.

In what he suggested was an encouraging step in the U.S. , Mr. Soros said Mr. Obama appeared to be taking a tougher political stance on issues, especially health care, after the Democrats lost a key Senate seat in January.

Republican Scott Brown won the Massachusetts special election to replace the late Sen. Edward Kennedy, in an upset win that cost the Senate Democrats their 60-vote supermajority and threw into question their ability to pass a sweeping health-care overhaul.

Mr. Obama unveiled a $950 billion health-care overhaul plan earlier this month, laying the groundwork for his party to try to push legislation through Congress without Republican support

"I think he got the message in Massachusetts," Mr. Soros said.

So Mr. Soros thinks the message is to ignore the wishes of the American people?

Why are we not surprised?

Meanwhile, we are still wondering why Mr. Soros has not been extradited to France, where he should be spending his golden years in a jail cell.

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Don't sell yourself short Klavan, that entire video is a joke. i recall one true statement: Republicans are too stupid to recognize the difference between crony capitalism and real capitalism.

Although not really true, Republican politicians recognize the difference, they just prefer cronyism because it makes them rich and keeps them in power. The truly stupid people are the conservatives who think Republicans are any different than Democrats in this regard. This time it will be different!

The video is pretty good for propaganda, not much else though.

In the blue trunks…John Galt… And in the red trunks…George Soros.

Nice post!

The Chernobyl solution, D.C. is so toxic that we need to pour a giant concrete containment over the whole damn thing! Love the first paragraph.

When the fools in D.C. crash our economy Europe and Asia will burn! That is if Europe doesn't beat us to the punch and collapse first. All their social engineering is coming back to haunt them (Greece) and it's kind of scary to watch unfold. It's like the OBAMATONS want to crash America, although I don't think THE CHOSEN ONE is the brains behind the Progressive's he's just the face man with a nifty slogan!

“…that entire video is a joke.”
“Republicans are too stupid…”
“…they just prefer cronyism…”
“…truly stupid people…”
“…propaganda…”

The only thing missing in your infantile diatribe is any repudiation of his numerous sound conclusions.

Nah Nah….you fatty fat face.

In this instance, we had 6 criminals mentioned, going back to the Carter Administration, all Democrats. Point out some Republican criminals also and you'll prove me wrong. I never see Republicans named in this regard from conservative commentators.

No one tells me this, I see it, I experience it, every day. Like you said: "Just saying something does not make it true." – "conservatives believe in the rule of law above all else." Easy to say, but there is no proof in your words or actions.

So you mean like your "wit" then I guess.

feh.

Laws are Not meant to protect *them* from *us*.

Laws are meant to protect everyone, equally, regardless of wealth, status, or politics. Hence the reason that the statue of Justice holding her scales, wears a blindfold.

Unfortunately, our "representatives" hold themselves above the law, and use power, position and influence to skirt the law, while using that same law to persecute, fine, and destroy, anyone they percieve as working against them, and their own self interest.

All criminals should be convicted, and Geithner, Rangel, Frank, Dodd, etc. should be among the first under indightment. Not because of their politics, but because of their ACTIONS.

Liberals tend to be enslaved to their own ideology, and then engage in projection to claim that everyone ELSE is ideologically driven. And it blinds them not only to their own disuse of reason, but also to messages that ought to be heard, simply because the messenger does not register with the correct political party.

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