Thank you, President Obama, for wiping out 30 years of economic progress.
This entry was posted on Tuesday, August 30th, 2011 at 03:57 and is filed under Your tax dollars at work - and play..
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.
8 Responses to “S&P 500 at Reagan Recession Values After $2.3 Trillion Drop”
‘Trickle down bubble’? Let me guess — you heard someone with more education than you use the term disparagingly, so you stick it into your conversation in order to appear knowledgeable about things of which you have no clue. Either that or you actually think that there’s some plane of reality in which ‘trickle down’ has any bearing on what Democrats have been doing to the economy, which argues for a degree of stupidity that I would not ascribe to anyone. The only ‘bubble’ here is in the heads of the people who think that they can centrally manage the economy; apparently the failure of all previous attempts to do so doesn’t leave any mark on those who boast of being the ‘reality-based community.’
My, my…hit a nerve, did I? I guess the Republicans were missing from action for the four years prior (and the four years during) the latest big disaster, of which this is a mere aftershock. Who would have guessed that the Democrats had full control of the economy in all that time?
Save your vituperation. This is still the aftermath of the long-runout landslide engineered by Wall Street paper-traders and the Republican laissez-faire stooges who encouraged them. It isn’t over yet. There’ll be plenty more to be bitter about by-and-by; wouldn’t want you to run short of bile this early.
“This is still the aftermath of the long-runout landslide engineered by Wall Street paper-traders and the Republican laissez-faire stooges who encouraged them. It isn’t over yet.”
“Like the housing market, the “trickle down” bubble has finally burst.”
These are such broad statements they are meaningless and could be made to apply to anything that is wrong. The “trickle down” is just thrown in there to place the blame on republicans.
Democrats, along with a few lib republicans have been poisoning the waters on the QT for about 10 years now all the while preaching “capitalism doesn’t work”. Now that their toxic policies have had their effect they (and you) continue to pass the blame. This started with FANNIE MAY and FREDDIE MAC. Guess what.. the dems and their supporters have been been running them both for over a decade.
This baby’s (the economic crisis, recession, depression whatever) daddy and mommy are both democrats.
For your enlightenment, 80% of the subprime mortgages were originated with private mortgage lenders, not Fannie and Freddie. So the capitalists are squarely on the hotseat for this mess.
Nor did Fannie and Freddie come up with the idea of slicing and dicing mortgage instruments until nobody could figure out who owned what and then selling it all out on the market. To the best of my knowledge, Fannie and Freddie didn’t partake heavily in the “derivitives” fiasco. That was all capitalist investment bankers.
Nor did Fannie and Freddie come up with the idea of “credit default swaps”, which are just a newer version of betting the line in a craps game, either for or against the shooter. That, also, was the private market. (Nor did Fannie and/or Freddie get involved in that mess, either.)
No, my friend, this current mess is all Wall Street and the Republican “regulators” who fell asleep at the switch. It’s the Invisible Hand gone terribly awry, and now we all have to pay for it.
And at the end of it all, banks still aren’t lending. That’s what’s really holding the recession up. It’s not the deficit (which Republicans were so blase about when they were spending us all down the river to finance wars we didn’t need to fight and have nothing so far to show for). It’s not “government spending”; hell, the government spending is the only thing that is holding us out of a full-blown depression. Private enterprise can’t get the funds to expand and hire because the banks will only loan you money if you don’t really need it.
Do some serious study on the causes and roots of the economic collapse. It will dispel some of the right-wing myths you’ve swallowed whole.
“For your enlightenment, 80% of the subprime mortgages were originated with private mortgage lenders, not Fannie and Freddie. So the capitalists are squarely on the hotseat for this mess.”
Never said private companies were not involved. I am saying the blame for creating the sub-prime mortgage crisis lies squarely on the shoulders of a few dems. at the helm of the banking committee. Barney Frank and CO. They created the regulations that REQUIRED private companies to make loans to unqualified borrowers in the name of diversity. Thus creating a product no one wanted to keep. Then the came in the shysters…
A capitalist system that was free of artificial manipulation would not have created such a product to begin with. But thanks for the enlightenment just the same.