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  #1  
Old 04-26-2009, 08:04 AM
exapp exapp is offline
 
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Default The Quiet Coup

The Quiet Coup
http://www.theatlantic.com/doc/200905/imf-advice
Simon Johnson, a professor at MIT’s Sloan School of Management, was the chief economist at the International Monetary Fund during 2007 and 2008.

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The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
Another sobering essay on the economic crisis. The author's thesis is consistent with the proliferation of regulation that always seems to allow the lending industry to avoid accountability for collateral valuation while making it look as if they are accountable, and of course profiting from the difference between perception and reality.
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Old 04-26-2009, 08:25 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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At least some understand it. Thank you for posting this.
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Old 04-26-2009, 08:33 AM
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Riick Riick is offline
 
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THE CORPORATION
Someone here mentioned this film, watched it last night.
AFAIC, a real eye-opener.
Available on YouTube ((and elsewhere full size)) ..... http://www.youtube.com/watch?v=xa3wyaEe9vE

.
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Old 04-26-2009, 11:05 AM
Restrain Restrain is offline
 
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Actually, it's the reverse. Government got control of the industry through the Fed and its regulators. Through this, lending standards that a prudent bank/lender would use were wiped out as government indirectly said, go ahead and make the loans. We'll backstop the losses. After all, how could government keep a lend-and-spend economy running without extremely lax lending standards? We stopped producing anything of substance 20 years ago. As one economist said, how can we base an economy on selling insurance policies to each other? We did that, and now we see what can and did happen. There was nothing behind these insurance policies.

When we based an economy on production, measured economic wealth on what businesses and industry generated rather than what government generated, we were wealthy. Now, the number of foreclosed homes is in the millions. Tent cities have sprung up. Detroit and other major NE cities are shells of themselves.

All because government and business focused on the quarterly results and propping up their plans, not for long term consideration.
  #5  
Old 04-26-2009, 12:48 PM
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Hey Restrain, how things going? and you are correct about our production here and the tent cities, but they sure do not expose that in the media.
  #6  
Old 04-26-2009, 01:49 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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Quote:
how could government keep a lend-and-spend economy running without extremely lax lending standards?
Gov't pushed, prodded and backed the banks to lend in the extreme. The results is long runs in "up" markets punctuated by extreme crashes. The recessions we have had in the 20th and 21st Century have either been "extreme" or nearly invisible...There is no middle ground and that is largely a function of government failing to keep the reins tight enough on the horse they are spurring...
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Old 04-26-2009, 05:58 PM
chad hampton chad hampton is offline
 
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Banks have owned this country since 1913. There hasn't been a politician since then that doesn't get bank approval before voting on any bill that would impact the big banks.
  #8  
Old 04-26-2009, 06:17 PM
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<p>That is correct and I get a kick out of those that try to make it a political issue. I wish more folks didn't sleep thru history and the other classes that would help them connect the dots.</p>
  #9  
Old 04-26-2009, 07:06 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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Quote:
Banks have owned this country since 1913.
Actually, the bankers themselves, J. Pierpoint Morgan in particular, stopped the Crash of 1907 internally by putting up their money and lobbying foriegn bankers as well as our own banks to be the lender of last resort.
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  #10  
Old 04-26-2009, 08:08 PM
KEN SMITH KEN SMITH is offline
 
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In 1992 the US signed the NORTH AMERICAN FREE TRADE AGREEMENT.Since then we signed several more trade agreements.The queston is,are we better off in 2009 than we were in 1992.
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