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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Mary Cluney who wrote (126892)	12/10/2009 6:02:53 PM
From: slacker711	Read Replies (2) \| Respond to of 541753

This had NOTHING to do with borrowers. NOTHING. NADA. Absolutely awesome. There is no such thing as personal responsibility. It is obvious that the banks held a gun to all those people's heads and told them to take out zero down ARM loans on homes that they could never hope to afford. Personally, I understand those who apportion most of the blame to the banks. However, to take the position that consumers had nothing to do with the bubble just blows my mind. I am usually pretty good at seeing the other side of an argument, but I honestly cannot comprehend that point of view. Slacker

To: Mary Cluney who wrote (126892)	12/10/2009 7:01:32 PM
From: Steve Lokness	Read Replies (1) \| Respond to of 541753

Mary; WOW. I object so much to this right wing notion that the global economy almost totally collapsed as a result of poor people in the US borrowing Oh my, that family thing was meant as just an analogy. There is nothing in there or anywhere else that I said that places the blame on poor people. How could you have possible read that from what I wrote? Do home owners rich and poor have some responsibility - yes of course but they are way down the list. But, its hard to visualize the governments role here - less so if told as two families. I was just trying to tell it in an understandable way. Guess that didn't work. My fault completely. This Austrian noton that it would have been better if nothing were done is SOOOO wrong. I don't think you get what I'm trying to say and that is surely my fault. ......Austrian thinking is not a political party. It is an economic thought. It is agnostic as to if something is "better" or "worse" - only suggest or predicts causative factors. It predicts what causes economic problems - and leaves it us to decide action. Austrian thinking predicted what was in store for us (as it did in the Depression) and to the best of my knowledge it is unable to help us now. We can learn from it but how do we go back? You are in fix it mode - I'm in thinking ahead mode so that it doesn't happen again. So that gets us back to Bernanke and Greenspan and here you just have to stop and think about this for a minute; If Greenspan and Bernanke understood what they were doing, how did we get in this mess since they dictated policy and had no disagreement with Bush who supported their every whim. They led us right into this mess. So Austrians said what would happen and Bernanke said NO to that, do it my way. We did it Bernanke's way. He's trying to fix his own crap and doing it with your tax payer obligation! steve