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Neocon Oil Cheerleaders
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 Posted: Wed Jul 16, 2008 7:29 pm Post subject: Republicans Confuse Magic Corporations for Free Market |
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Republican acolytes seem to believe that the corporate form of
organization is somehow magic, and government evil. The folks
at Enron, Exxon, Arthur Anderson and so on have aptly demonstrated
quite the opposite, they are just greedy scum. The free market
vision, complete with competitive, free and open markets has given
way to seedy, corrupt crony capitalists, who are worse even, than
those wasteful federal, state and local municipal governments so
lambasted by the Republican intelligentsia. When will Republicans
start promoting the free market again? |
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Werner
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| Posted: Wed Jul 16, 2008 7:29 pm Post subject: Re: Republicans Confuse Magic Corporations for Free Market |
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On Jul 16, 10:29 am, Neocon Oil Cheerleaders <n...@spamm.com> wrote:
| Quote: |
Republican acolytes seem to believe that the corporate form of
organization is somehow magic, and government evil. The folks
at Enron, Exxon, Arthur Anderson and so on have aptly demonstrated
quite the opposite, they are just greedy scum. The free market
vision, complete with competitive, free and open markets has given
way to seedy, corrupt crony capitalists, who are worse even, than
those wasteful federal, state and local municipal governments so
lambasted by the Republican intelligentsia. When will Republicans
start promoting the free market again?
|
There are many who believe government is somehow magic. If Enron etc
could tax customers and print money they would not be bankrupt. If
government could not tax us and print money it would have been
bankrupt long ago.
Role of government and regulators
Economist Robert Kuttner has criticized the repeal of the Glass-
Steagall Act as contributing to the subprime meltdown. [58] A taxpayer-
funded government bailout related to mortgages during the Savings and
Loan crisis may have created a moral hazard and acted as encouragement
to lenders to make similar higher risk loans.[59]Additionally, there
is debate among economists regarding the effect of the Community
Reinvestment Act, with detractors claiming it encourages lending to
uncreditworthy consumers[60] [61] and defenders claiming a thirty year
history of lending without increased risk.
...
A contributing factor to the rise in home prices was the lowering of
interest rates earlier in the decade by the Federal Reserve, to
diminish the blow of the collapse of the dot-com bubble and combat the
risk of deflation.[69]. From 2000 to 2003, the Federal Reserve lowered
the federal funds rate target from 6.5% to 1.0%.[72]
Fannie Mae and Freddie Mac
Further information: 2008 GSE support plan
The Federal National Mortgage Association (Fannie Mae) and the Federal
Home Loan Mortgage Corporation (Freddie Mac), two large government-
sponsored enterprises, are the two largest single mortgage backing
entity in the United States. Between the two corporations, they back
nearly half of all mortgages, around $12 trillion as of 2008.
http://en.wikipedia.org/wiki/Subprime_meltdown#Role_of_government_and_regulators |
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