|
corysub -> RE: More financial bailouts (9/21/2008 12:35:11 AM)
|
quote:
ORIGINAL: TheUtopian
quote:
ORIGINAL: thornhappy
The Bush administration's seeking a $700 million dollar bailout of mortgage related assets from financial institutions in the US.
"The proposal was stunning for its stark simplicity: less than three pages, it would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, allowing the Treasury to buy and resell mortgage debt as it sees fit."
thornhappy
I could write for a solid hour regards this subject.... but I'm just going to emphasize one point for the ideologically stubborn folks who reside here :
What you've seen transpire over the last ten days is pure Prima facie evidence that there is no such thing as '' Free Markets'' .
These are rigged and manipulated markets, where there is intervention ala an invisible hand every single day. And furthermore, had there been no intervention and everything left up to the free-flow and fury of a true free market - we'd have chain-reaction bankruptcies throughout the whole banking system and pandemonium in the streets right now.
- R
The USA has a political history of involvement in and destruction of the "free market system. Politicians put in "price controls" and scarcity developed; politicians put in "excess profits taxes" and the consumer pays the bill; politicians put in rules and regulations restricting oil drilling, the building of new refineries in over thirty years, a halt to U.S. nuclear power builds, and a a group of small mideast countries now dictate the price of oil, and the consumer pays; politicians open the peoples treasury for trillion in entitlement programs, and the working jerk out there foots the bill; Lyndon Johnson privatizes Fannie Mae and Freddie Mac, Mr. Cuomo relaxes most restrictions on their loan portfolio which enables "the poor" to buy homes, and both companies now are essentially bankrupt...and on and on and on....
Most every problem we are facing these days is the direct result of populist political incursions into the free market system and, so you are correct, there really hasn't been a "free market system" since the Standard Oil Trusts were broken up..
|
|
|
|
