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did you read that article, I can find more on the same subject? It doesn't mention Greenspan
Yep, I did read it. Alan Greenspan was on Capitol Hill defending himself for being at the root of this mess just the other week. Bill will not be in teh same position. Greenspan is getting trashed (partly rightfully so IMHO) on most financial websites as well. Some he should have foreseen, some was impossible but effectual nonetheless. Find time on the financial pages for the roots and most will point back to Greenspan. His repeated outward and implied "OK" to the derivate and exotic bundles paved the way for the foray.
Please understand though... I believe the finger can be pointed in just about every direction! I believe that where it should settle, weight balanced, is on the private sector for that is where the significant cause and hopefully long term fix will be applied.
I am a Republican and believe Gov't usually (read as almost definitively) is not the answer and should not be the focus in economic matters. Banks lent the money and they did so because they were able to continuously clear their balance sheets. They are failing not because of the government but because they made bad choices. They are ultimately accountable for pissing away their money for greed.
Bear in mind - a LOT of the uncleared paper effect has not even hit. That is the scary part.
If we want, we can point at any president's foibles - even our beloved RR.
Yep, I did read it. Alan Greenspan was on Capitol Hill defending himself for being at the root of this mess just the other week. Bill will not be in teh same position. Greenspan is getting trashed (partly rightfully so IMHO) on most financial websites as well. Some he should have foreseen, some was impossible but effectual nonetheless. Find time on the financial pages for the roots and most will point back to Greenspan. His repeated outward and implied "OK" to the derivate and exotic bundles paved the way for the foray.
Please understand though... I believe the finger can be pointed in just about every direction! I believe that where it should settle, weight balanced, is on the private sector for that is where the significant cause and hopefully long term fix will be applied.
I am a Republican and believe Gov't usually (read as almost definitively) is not the answer and should not be the focus in economic matters. Banks lent the money and they did so because they were able to continuously clear their balance sheets. They are failing not because of the government but because they made bad choices. They are ultimately accountable for pissing away their money for greed.
Bear in mind - a LOT of the uncleared paper effect has not even hit. That is the scary part.
If we want, we can point at any president's foibles - even our beloved RR.
you are such a tease.........
"I feel sorry for people that don't drink, when they wake up in the morning, that's as good as they're gonna feel all day" - Frank Sinatra
Yeah, sure.. one-sided read.... OK. So much left out... I am not really a what if person so I'll stay away from all of the potential scenario analysis....
BUT
Let me ask it this way: Did Clinton and the Gov't lend to the minorities????? Please do answer that very basic Yes/No question for me.
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Here is an audio clip from a radio show back in 01, where even then, Obama was pushing the "spread-the-wealth" idea. That in it's self is no surprise, after all he is a Democrat, but if you read between the lines, it's very clear that, for him, it's about a racial injustice and he plans to fix it in the White House.
He clearly talks about how "his people" i.e blacks, deserved a piece of the pie back in the 50's & 60's during the civil rights movement and still deserve it today. You ask "where is their piece coming from" well, think about it, if you work hard to draw a paycheck, he wants you to feel it's your duty, as a US citizen, to share what you've earned with those that are "less fortunate", this will be in the form of taxes. So, who are these less fortunate ones he speaks of, they are a group of people that have been conditioned over many generations that you don't have to work hard in life because you deserve to have what others have for doing little to nothing. Why should I support those that made choices in life such as dropping out of school and flipping burgers for minimum wage, or those that choose to not work at all????
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Going back to the welfare state. We already know that doesn't work because the recipients have no skin in the game. They should have to earn it or forfeit it. It shouldn't be an entitlement. If you could figure out a way to raise the socio-economic status of the poor, then by all means, but don't just give it away because it doesn't work. Just look at the welfare programs that have been in place for years.
*edited*
BTW, I wrote my college thesis on why our economic assistance policies didn't work in Latin America. Let's just say it has a lot more to do with sociology than economics. Bottom line is unless there's skin in the game by all participants, it's gonna fail. Needless to say, my views didn't go over very big at my ultra conservative school, but it's the truth.
This is a season of patriotism, but also of something that is easily mistaken for patriotism; namely, nationalism. The difference is vital.
G.K. Chesterton once observed that Rudyard Kipling, the great poet of British imperialism, suffered from a "lack of patriotism." He explained: "He admires England, but he does not love her; for we admire things with reasons, but love them without reasons. He admires England because she is strong, not because she is English."
In the same way, many Americans admire America for being strong, not for being American. For them America has to be "the greatest country on earth" in order to be worthy of their devotion. If it were only the 2nd-greatest, or the 19th-greatest, or, heaven forbid, "a 3rd-rate power," it would be virtually worthless.
This is nationalism, not patriotism. Patriotism is like family love. You love your family just for being your family, not for being "the greatest family on earth" (whatever that might mean) or for being "better" than other families. You don't feel threatened when other people love their families the same way. On the contrary, you respect their love, and you take comfort in knowing they respect yours. You don't feel your family is enhanced by feuding with other families.
While patriotism is a form of affection, nationalism, it has often been said, is grounded in resentment and rivalry; it's often defined by its enemies and traitors, real or supposed. It is militant by nature, and its typical style is belligerent. Patriotism, by contrast, is peaceful until forced to fight.
The patriot differs from the nationalist in this respect too: he can laugh at his country, the way members of a family can laugh at each other's foibles. Affection takes for granted the imperfection of those it loves; the patriotic Irishman thinks Ireland is hilarious, whereas the Irish nationalist sees nothing to laugh about.
The nationalist has to prove his country is always right. He reduces his country to an idea, a perfect abstraction, rather than a mere home. He may even find the patriot's irreverent humor annoying.
Patriotism is relaxed. Nationalism is rigid. The patriot may loyally defend his country even when he knows it's wrong; the nationalist has to insist that he defends his country not because it's his, but because it's right. As if he would have defended it even if he hadn't been born to it! The nationalist talks as if he just "happens," by sheer accident, to have been a native of the greatest country on earth — in contrast to, say, the pitiful Belgian or Brazilian.
Because the patriot and the nationalist often use the same words, they may not realize that they use those words in very different senses. The American patriot assumes that the nationalist loves this country with an affection like his own, failing to perceive that what the nationalist really loves is an abstraction — "national greatness," or something like that. The American nationalist, on the other hand, is apt to be suspicious of the patriot, accusing him of insufficient zeal, or even "anti-Americanism."
When it comes to war, the patriot realizes that the rest of the world can't be turned into America, because his America is something specific and particular — the memories and traditions that can no more be transplanted than the mountains and the prairies. He seeks only contentment at home, and he is quick to compromise with an enemy. He wants his country to be just strong enough to defend itself.
But the nationalist, who identifies America with abstractions like freedom and democracy, may think it's precisely America's mission to spread those abstractions around the world — to impose them by force, if necessary. In his mind, those abstractions are universal ideals, and they can never be truly "safe" until they exist, unchallenged, everywhere; the world must be made "safe for democracy" by "a war to end all wars." We still hear versions of these Wilsonian themes. Any country that refuses to Americanize is "anti-American" — or a "rogue nation." For the nationalist, war is a welcome opportunity to change the world. This is a recipe for endless war.
In a time of war hysteria, the outraged patriot, feeling his country under attack, may succumb to the seductions of nationalism. This is the danger we face now.
"I feel sorry for people that don't drink, when they wake up in the morning, that's as good as they're gonna feel all day" - Frank Sinatra
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