Posts Tagged ‘2008 Economic Collapse’
Thank you, Ron Paul. Over the last few years I have been studying the Austrian business cycle theory and as such, almost every one of my preconceived notions about America, the world financial system and governance itself has greatly changed. I used to have an almost uninhibited American pride and damn near religious belief that America was “God’s democracy”, and as such – here to stay. This was nothing more than extreme hubris and pride. This hubris and pride lead me to support things like; the Iraq war, tax cuts without sufficient program cuts. I mean, we could do quite litterally – anything.
This is essentially what we libertarians are battling today; The belief by power makers that “we can afford it”. Whatever it is, we can always afford it.
While watching the PBS documentary on the economic crisis, I was amazed at how even incredibly bright, gifted economic thinkers failed so miserably at understanding the causes of the crisis. Nobody better illustrates this than one Henry Paulson – the guy who’s name is on your dollar bill. Ole’ Hank was a good ole’ Republican and Goldman Sachs man. A “free-market” prophet if there ever was one. He believed in and wanted to not allow moral hazard in the marketplace. He was “forced”, however, to give in and bailout companies thereby destroying any and all principles he ever believed in.
What would cause him to do such a thing?
The most succinct way I explain this is – He thought we had an open, honest market. That’s where his (and almost every other politician and economists) go wrong on this economic collapse. His principles only work if you actually have a free market, not what we ACTUALLY have - an over regulated, over manipulated and overly Government mandated market. That is – there is no free market and there hasn’t been for a very long time. All it takes is a little interference to create economic collapse. So once you start interfering, you have to interfere more and more until you get the results you want.
In a true, open and free market we never would have been in this mess to begin with. The GSE’s, or Government Sponsored Entities such as Fannie and Freddie would not have been able to amass some 5+ trillion dollars worth of mortgages and thereby create the mortgage collapse we see today. Government created this mess.
Indeed, almost every-single problem within the economic crisis, traces it’s routes back to government or the fed. The sooner we realize this in the mainstream world of media and books, the sooner we can rebuild our country based on sustainable principles of freedom, peace and prosperity (sound money).
Primarily to the housing crisis;
I’m not an economist and a lot of this is over my head, but usually he is spot on. You know this because the propagandists in the media have been after him and other “doomsayer” bloggers.
There’s a war going on for the truth of things.
It’s really amazing to sit and watch as our political leaders and mainstream media try and convince us that things are not as bad as they seem. They’ve all bought into this notion that they must talk up the economy. As though, talking up the economy is better than… Oh, I don’t know… Actually having a good, sound economy? The left, now that they’ve inherited this economy seem to think that when you “dis” the economy, you are contributing to it’s downfall. It’s my job to speak against this FAKE economic recovery, just as it was your job to speak against those fake WMD’s in Iraq. I’m just sayin’… Let’s keep it real, folks.
The media, especially on CNBC (in the form of Dennis Kneal) has resorted to (ironic) name-calling to anyone who dares suggest that our horrible economy, might become even more horrible. The complete ignoring of facts and figures to back up this name calling is expected. It’s like those video’s attacking Glenn Beck. They often focus on him as a person and how he acts, but usually they completely ignore the substance of what he both says and stands for. Listen to this scum, Dennis Kneale.
Hey Kneale; Stop picking out the lame posters and address those with substance like Karl Denninger. To his credit he had Karl on for like 90 seconds., but of course Karl has been getting it right on the economy for YEARS;
If we can get these guys on CNBC to talk slower and focus their bullshit, maybe we can get somewhere.
The motives are different for each group who tries to malign and ridicule us free-market wonks, but the result is pretty much the same. They (the cheerleader progressive, bailout artists) were wrong, have been wrong and will continue to be wrong. So they will continue to mock and ridicule us for mocking and ridiculing their failures. At some point, I pray us on the liberty loving and free market side win. I think we’re gaining recruits. Just today there were three (3) different stories about Ron Paul on Yahoo News.
Oh and did I mention that Ron Paul has gotten Ben Bernanke to threaten a dollar and monetary collapse if his audit bill were to pass? Haha. Epic win there. The dollar is worth, what $.4 (cents) what it was when the fed started? Secondly, if an audit of the fed is this dangerous then they must be up to some serious fucking mischief. Does this kind of warning sound familiar? Remember if we did not bail these evil bankers out, we faced the “end of our economic and political system” as we knew it. They were full of (Goldman Sachs Of) shit then and their full of it now.
The Fed sucks. Alan Greenspan once suggested if he had stopped the housing bubble, that unemployment would have been around 10% for most of that time. So the bubble bursts and – oh look, we’re nearing 10%. He also suggested that if he’d tried to stop the housing bubble, congress would not have let him. I guess his nickname should be fifty-fifty because he’s probably right.
There’s something in my mind and body that does not allow me to be a Jim Cramer or Barney Frank. I don’t understand from what foundational truths do they operate? What is there M.O? What is there guiding principle?
As a libertarian I focus on the sustaining principles of freedom, because from that we guarantee ourselves long lasting prosperity and success. It’s like the other half of America finds this rather “old fashioned”. What’s the alternative? I believe we have a serious recipe for economic fail right now unless something drastic changes. We are currently facing this -
- Raise taxes on those who hire. (EPIC FAIL RATING OF +20)
- Raise the cost of Energy on everyone. (EPIC FAIL RATING OF +10)
- Increase Government Debt With Socialized Medicine. (EPIC LONG TERM FAIL RATING OF +15)
At a time when we currently have;
- High Unemployment for buyers who are getting layed off.
- High debt load for buyers who are spending less as it is.
- High # of defaults for buyers who are bankrupt.
Yeah… I’m gonna say, EPIC ECONOMIC FAIL on this one.
All the while we have a useless war, still going on in Afghanistan and this current administration seems hell bent on using this “crisis” to turn this country into their own socialist playground. The truth is that we were never in a crisis. I say, we, as in you and I. If you are not working for Goldman Sachs, Bank Of America or any other bank then YOU were not in a crisis.
THEY WERE IN A CRISIS. They used us, to save themselves and now they are trying to bring all us down if we don’t stop it!
While it was not a crisis then, the efforts they’ve made to “fix” this (non) crisis has made things worse. They will only drag this pain on and on. They will try more and more stimulative programs, only delaying the pain further and further. Obama’s goal may well be to make this country as pathetic as possible, so as to ensure we all need government assistance. Maybe that is his goal.
If it is, he should be easy to beat, right?
God I hope so.
Get ready for the totally fictitious and propaganda phrase, “Jobless recovery” folks. The government and media have merged and are now one. They’ve done it because we’ve allowed them to. We must fight them back., attack them from all blogs. Call and harass our leaders until they give in or lose their seat. We must reclaim this country or they will allow us to bleed to death. In the midst of depression job numbers, what is Obama trying to do? Tax business owners to death. Increase capital gains tax, energy prices.. on and on.
I’m seriously starting to wonder if Obama DOES want to ruin this country. Because he’s doing everything in his power to do so. Cap n Trade has the potential to be this generations smoot-halley act of the 1930’s if not worse.
Here, Thomas E Woods discusses the often overlooked depression of 1920 in which our federal government did not try and “stimulate” the economy and thereby the depression only lasted ONE YEAR and quickly we were back to setting records.