Originally posted by: Craig234
Originally posted by: alchemize
Originally posted by: Craig234
Originally posted by: alchemize
Originally posted by: Craig234
Where are the right-wingers to say that the cause of the problems are federal insurance like FDIC that make borrowers less wary and encourage excessive risk?
If we just get rid of consumer protection like that, then the risk will properly keep businesses from overextending. It's all the Democrats' fault.
Where are all the left-wingers to say that the cause of the problems are the free market? That if we socialized all lending institutations there would be no need for profits?
If we just get rid of profits, then the businesses would keep from overextending. It's all the Republicans fault.
Well, the 'liberal agenda' is a regulated market keeping it serving society's interests and not running off a cliff to profit a few - while profiting people as the grease for themachine.
I tell you, I'm convinced that many or most right-wingers are stuck at the 13 year old level of understanding these issues, once they heard from some propagandist that democrats are against profit, and they realized profit has an important role to play and from then on consider themselves of opponents of the Democratic Party based on that straw man as they defend the nation from communism, not realizing what they're actually doing is enabling the blocking of helpful regulation.
Craig, what's your education and experience when it comes to finance and the markets? While you like to call me a "13 year old", I have a BS in Finance and an MBA, and I've been in insurance and financial services for 11 years.
And I can show you all kinds of examples where people who have far more education and experience than you do still appear affected by teenage-level fallacies.
Ayn Rand seemed to ruin more young men than about anyone else in the modern era. A whole generation of misguided right-wingers have been influended by her nonsense.
Alan Greenspan, who has credentials almost as good as yours, has some problems in that very area, depsite all of his extraordinary abilities.
Let's not even start on the fallacies in economics of some of our presidents.
I'm not saying by any means that you are like a 13 year old overall, I'm saying that that one specific fallacy that seems to have become such a pervasive myth for so many adults, is at the level of fallacy you would expect around the age of 13, not from serious people like yourself.
Call it parody now all you like, it represents the view of a whole lot of people. If you didn't mean it, you were at least making the misguided argument that it was any sort of counterpart to my post which pointed out the very believable and also misguided argument some on the right I think will make before long why the liberals are to blame.
I understand that when a myth is widespread, criticism of it sounds wild and crazy, until the process of debunking it widely happens at which point people pretend it was never a widely held belief. Obviously my point sounded wild and crazy to you for you to attempt a 'parody' version. Not a very rational or substantive response for an MBA, but oh well.
Because my parody post shows how ignorant you are about a general concept like FDIC and it's purpose.
Except that you showed nothing like that, you're wrong, and the fact you think it showed that only shows how clueless you are, for whatever reason.
What exactly did I get wrong on the FDIC, an FDR-era program following the bank crashes caused by frightened investors withdrawing their funds in a panic, designed to give them the feeling of safety needed to leave the funds in the banks and thereby prevent the financial institutions' crashes?
I guess you proved how I got it wrong; I look forward to your elucidation.
This has everything to do with firms leveraging capital and chasing the "profits" of subprime. Firms that turned their noses up at the allure of those profits are sitting pretty. Those who did not, as we can see, are getting chewed up and spit out.
Uh, ya, and my argument was clearly not a position I held, it was one I'm saying I see as quite possibly coming soon from misguided right-wingers. You did not understand that?
Then again, your level of social concern is reflected by the complete absence of any concern for those impacted or fixing the system, instead your comment in a later post only references glee that your own firm has made the choices needed to benefit from the problems. Congrats on your money, and not so much on your humanity and citizenship, IMO, if your posts here are an indication.
But you can serve a useful role for reminding others why we need power in the hands of others than the narrow interests, watching out for society's more general interest.
A power which the narrow interests - as they appear to have successfully done with the deregulation Engineer and LegendKiller mention - attempt to subvert.