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RE: More financial bailouts - 9/20/2008 11:11:35 PM

Lynnxz

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Joined: 10/3/2006
From: Atlanta
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...

What a mess...

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RE: More financial bailouts - 9/20/2008 11:34:49 PM

bookredsox

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Welcome to the Socialistic States of America... What happened to capitalism and Adam Smith's invisible hand?

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Post #: 22

RE: More financial bailouts - 9/20/2008 11:40:24 PM

Hippiekinkster

Posts: 5512
Joined: 11/20/2007
From: Liechtenstein
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quote:

ORIGINAL: bookredsox

Welcome to the Socialistic States of America... What happened to capitalism and Adam Smith's invisible hand?

Who? Is he, like, related to Anna Nicole Smith? She's dead, I think.

That hand thing, is it clapping with one hand?

Capitalismo
What a wonderful theory
Just don't bend over.

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"We are convinced that freedom w/o Socialism is privilege and injustice, and that Socialism w/o freedom is slavery and brutality." Bakunin

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Post #: 23

RE: More financial bailouts - 9/21/2008 12:35:11 AM

corysub

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Joined: 1/1/2004
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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..

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Post #: 24

RE: More financial bailouts - 9/21/2008 6:55:42 AM

Lorr47

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Joined: 3/13/2007
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quote:

ORIGINAL: pahunkboy

Guy robs a bank. he goes to jail.

Wall street robs the bank.

they get billions....
[/quote

Under the Paulson plan many Wall Street portolio managers are probably going to receive 50 billion portfolios packages to manage. So, the portfolio managers "manage" us into this mess, and now the government is giving each a 50 billion portfolio to work with. If they were incompetent and/or dishonest to begin with, what does the government think they are going to do now. I wonder if politicians ever have heard of "conflict of interest." We put those who orchestrated this mess in charge of unravelling it: Try to determine civil and criminal culpability after they get done with it the second time. I was told that 67 Senators have holdings in AIG. Have we grown from the "Keating 5" to the "AIG 67+?"

< Message edited by Lorr47 -- 9/21/2008 7:15:50 AM >

(in reply to pahunkboy)