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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (117160)	12/6/2008 5:07:36 PM
From: longnshort	2 Recommendations Read Replies (1) \| Respond to of 132070

" Ronnie Babe ran huge deficits." gee and I thought Congress controlled the purse strings.

To: Knighty Tin who wrote (117160)	12/7/2008 6:40:47 PM
From: Freedom Fighter	Respond to of 132070

KT, >Under Bush 43, Greenspan and Bush competed to see who could be more reckless with the country's future.> The part you keep conveniently avoiding is that they did what they did (run deficits and provide easy money) because the Clinton/Rubin/Greenspan bubble burst and they were trying to avoid the exact same scenario what we are experiencing now (and it was bipartisan). They did manage to push the problem forward, but erred very badly by not behaving responsibly/prudently when things recovered. However, if Clinton/Rubin/Greenspan didn't create the biggest bubble in the history of the universe, then Bush/Greenspan wouldn't have broken their record in the next few years. LOL It's the same Keynsian and Friedman crappola we are trying now. It's all BS. You can't cure an economy suffering from monetary and credit excesses with more credit and monetary excesses. Prices have to return to their sustainable free market levels, losses have to be absorbed, the weak have to be removed etc... The crap they are doing now is simply a matter of whether you want it to take 1 year, 5 years, 20 years etc... and whether you want to blow out the currency or have real money.

To: Knighty Tin who wrote (117160)	12/8/2008 2:23:14 AM
From: Skeeter Bug	1 Recommendation Read Replies (1) \| Respond to of 132070

"About a decade later, a team working within JP Morgan Chase invented credit default swaps, which are contractual bets between two parties about whether a third party will default on its debt. In 2000 these were made legal, and at the same time were prevented from being regulated, by the Commodity Futures Modernization Act, which specifies that products offered by banking institutions could not be regulated as futures contracts. This bill, by the way, was 11,000 pages long, was never debated by Congress and was signed into law by President Clinton a week after it was passed. It lies at the root of America’s failure to regulate the debt derivatives that are now threatening the global economy." businessspectator.com.au the foundation for our current cds mess was laid by one william jefferson clinton. if you want to argue graham actually laid the foundation (he did), then you still have to conclude that clinton put the sealant on the foundation laid by graham. dirty deeds done dirt cheap.