Thursday, November 28, 2013

A Manufactured Crisis?

According to a 2008 study by the Federal Reserve Bank of Minneapolis, approximately 80% of business borrowing at the time of the financial crisis was taking place OUTSIDE THE BANKING SYSTEM, and that even within the banking system the actual amount of lending had remained exceedingly high all throughout the crisis. This whole narrative by the likes of Paulsen, Geithner, and Bernanke that the economic and banking systems were literally on the verge of some sort of catastrophic collapse was and continues to be absolute bullshit.

10 comments:

Rational Nation USA said...

The Dynamic Triad.

dmarks said...

It is so amazing that there is this argument that the huge rich banksters need bailouts (i.e. massive taxpayer gifts) or there will be an economic apocalypse.

And it comes most strongly from the Left, of all places.

While much more of the sound, non-interventionist, "no welfare for corporations/rich" is coming from the Right.

Isn't it supposed to be the other way around?

Even Ducky has argued on the necessity of this pure waste spending.

Will "take no prisoners" Hart said...

I think that we'd probably have to throw in Greenspan (Mr. Bailout bails out the Mexican Peso), too, Les, and make it a quadrant.............It's this whole revolving door mentality, dmarks. These guys; Geithner, Paulsen, etc., they come to Washington from the banks and when they leave Washington they go right back!

Rational Nation USA said...

Just like Ayn Rand said...

dmarks said...

Yeah, but that doesn't explain the non-"bankers", the rank-and-file on the Left buying into the chicken little arguments to justify truly massive corporate welfare.

Rational Nation USA said...

Yes it does dmarks. Check out Capitisn, the New Ideal. One of Rand's non fictions.

Will "take no prisoners" Hart said...

There wasn't a single banker on Wall Street who didn't think that the government wouldn't bail them out. Throw in the artificially low interest rates, the devaluing of the currency, Fannie and Freddie buying up hundreds of billions in toxic loans, and the FDIC pretty much guaranteeing all bank deposits (even those greater than $250,000) and there really wasn't any risk left at that point, and if you don't have risk, you don't have capitalism.

Rusty Shackelford said...



Who would you rather be for a month.......Tom Brady or Jamie Dimon?

Rational Nation USA said...

Correction... The Unknown Ideal.

dmarks said...

The idea that Ayn Rand more accurately describes the reasoning of left-wing corporatists like Ducky than the leftists can themselves? Interesting..