Koan:
"Maybe a tadpole depression now, but according to Stiglitz, Samuelson, and Krugman it is very dangerous. According to Benoit Mandelbrot (the discoveror of chaos theory, fractals and leading mathematician of probability) this depression could be worse than anything since the Revolutionary war.
Yes, glass Steagll was everyone's fault, but according to NOW/PBS it was also Moody's and Standard and Poors stamping C and B paper, banks pulled out and rebundled AAA paper (fraud) then bundeling them into CDO's and selling thme around the world in billion dollar bundles. And CDS's e.g. AIG.
And of course the nonsensical Republican's supplyside economics put forth, I believe by Laffer and Friedman and starting with Reagan i.e. (cut taxes, always-lol). An economic equation Stiglitz, Krugman, Samuelson and most other economists all say is nonsense. So for 30 years we have been using an incorrect economic model.
With regard to Friedman. He was a proponent of "self regulating capitalism" (He was captain of the Chicago boys". Friedman called Nixon the biggest socialist of all the presidents when he advocated wage and price controls.
Two good reads, or CD's on Friedman are Paul Krugman's "the Conscience of a Liberal" 2008 nobel prize winner, and Naomi Kline's "shock doctrine:
youtube.com
1999 Gramm slipped it in and Rubin (what a disappointment he turned out to be) got clinton to sign it.
Q: >>Are you aware we are in a monster depression tim??
It's more of a tadpole-Depression at this stage, koan. You'll have to wait awhile to see if it grows up into Godzilla. And I'm not sure how poor old Milton Friedman got blamed for the mess, he wasn't a fan of unregulated banking.
Then they repealed the glass Steagall ACT
Glass-Steagall was repealed piecemeal over time, some as early as Carter. The coup de grace was administered by the Gramm-Leach-Bliley Act of 1999 which Robert Rubin urged Bill Clinton to sign. Which he did. |
