Saturday, October 11, 2008

More on "Funny Money." No, Virginia, it wasn't poor people who caused this mess.


Well, Blessed Leader spoke to us yesterday telling us he's directly involved and hard at work solving our economic problems. I wonder how little the markets would have fallen had he not spoken?

Let's look some more at why we're really in this fix. (HINT: Nineteen Twenties Economics.)

From Alternet:
"The Woman Who Could Have Prevented This Financial Mess Was Silenced by Greenspan, Rubin and Summers" by Katrina vanden Heuvel

Our Heros, eh? Well, these boys just love swashbuckling around with other people's money-most notably ours.

Then there's derivatives. Those things, under differing names, had a role in the market crash of Nineteen Twenty Nine, so FDR and the Democrats wisely regulated them.

The GOP hated this, so when new types of derivatives where invented, they pushed to make them totally deregulated! Free Market Fundamentalism! YAY!

Let's look at the massive poop they've heaped upon us.

From "Fortune"
"The $55 Trillion Question" by Nicholas Varchaver and Katie Benner
Will Credit Default Swaps be the Next Financial Crisis? (As if it were separate from this one!)

Jolly huh?

Then there's this from the Wall Street Journal:
"The GOP Peddles Economic Snake Oil
Suddenly Republicans are against market values?"
by Thomas Frank

Well, have a good day anyway, and remember we already have FDR's model we can modernize to help us out of this.

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