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Old 02-15-2013, 11:38 AM   #26
Blart
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Originally Posted by BroncoBeavis View Post
At this point it's not even really an economic school so much as common sense shaking it's head at modern economic insanity.
Anyone else shudder when they hear "common sense"?








Here's some Austrian School common sense. Ditch central banking and fiat money, life was so much better before 1900:

http://en.wikipedia.org/wiki/List_of..._United_States


(Austrians, avert your eyes. Historical data has no meaning.)



More common sense: Somalia's economy is the best!

http://mises.org/daily/2066

Last edited by Blart; 02-15-2013 at 11:41 AM..
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Old 02-15-2013, 11:39 AM   #27
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The CRA was the fire. What the banksters and Wall Street did was pour a thousand gallons of jet fuel on it. It's also instructive to look at the intent of these parties in this collapse. Frank and Dodd's intent was to create more affordable housing for Americans who couldn't afford it. The intent of those who created the derivatives market was to knowingly abuse the system to rake in wealth for themselves. Add LIBOR into the mix and what Frank/Dodd did is the flea on the elephant's ass.

Last edited by Rohirrim; 02-15-2013 at 11:51 AM..
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Old 02-15-2013, 12:48 PM   #28
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Anyone else shudder when they hear "common sense"?
http://www.politico.com/story/2013/0...2.html?hp=t1_3

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State of the Union 2013: President Obama calls for 'common sense' solutions


Quote:
Originally Posted by Rohirrim View Post
The CRA was the fire. What the banksters and Wall Street did was pour a thousand gallons of jet fuel on it. It's also instructive to look at the intent of these parties in this collapse. Frank and Dodd's intent was to create more affordable housing for Americans who couldn't afford it. The intent of those who created the derivatives market was to knowingly abuse the system to rake in wealth for themselves. Add LIBOR into the mix and what Frank/Dodd did is the flea on the elephant's ass.
The government's role went far farther than the CRA. The federal government invented mortgage-backed securies. And through implied taxpayer backing allowed tons of potentially bad debt to be given stellar ratings. The private market really had no choice but to follow suit or leave the market (especially when you factor in the CRA) But that's the mistake they made. They should have left the market, rather than follow federal insanity. Which was the practical effect after the crash anyway.

When it comes down to it, no bank has lost nearly as much cash on the housing crash as the Federal GSE's have. So it's a little ironic that some want to pin this whole problem on the private sector when in reality they were just following the federal government's blueprint.
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Old 02-15-2013, 04:43 PM   #29
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This chart shows the deterioration of the dollar. We've had non-stop inflation (blue) since WWII. The skinny spikes are normal depending on the economy. The part you have to worry about is the length along the x-axis without a change of direction. If you understand compound interest, then you can see how the compounding inflation percentages every year for the last 60 years would blow everything pre-1950 off the graph. A dollar in the 1600s was still roughly equal to a dollar for the next 300 years. A dollar in 1940 equals 6 cents today.



The inflation tax is paid by the poor to the rich. Who do you think is benefiting from all the QE? Everybody will pay higher prices when this money finally reaches the people, but the privileged get to use it before the prices rise.
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Old 02-15-2013, 05:15 PM   #30
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Beavis...what happened to butthead...

no surprise. I'm reposting this excellent short vid about the 2008 meltdown.

Many people still do not understand what happened (beavis and butthead included).

http://www.informationclearinghouse....ticle33932.htm
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