Re: Major Causes of Financial Mess

On Sep 30, 8:50 am, "JC" <dontbot...@xxxxxxxxxxxxxxx> wrote:
"jay" <jaym1...@xxxxxxxxxxx> wrote in message

news:cfe0fbea-5ac8-4859-9cb8-282e0a1fec93@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx





What are the major (top 10) causes of the financial mess? Below is a
list based on my limited knowledge. Could someone help correct it?
(Please avoid partisan politics)

1. Government printing more money than could be properly utilized.
2. Government failing to properly oversee and regulate printed
money.
3. Government failing to prevent banks from making bad loans or
worse
yet possibly encourging banks to make bad loans in order to pump
money
into economy.
4. Banks making bad loans because they were encouraged by government
and because lack of regulations allowed them to unload the bad
loans.
5. Congress setting up Freddie & Fannie. F&F making and buying bad
loans. Congressional (which members?) involvement in creation,
encouragement and kickbacks from F&F.
6. Financial Institutions assuming that loans purchased from banks
had
low risk similar to such loans in the past.
7. Failure of citizen's involvement in government.

JC, steppin' up to the plate, says;

I'll just add the one that I think is most important. Just like
everything else, on this matter we have allowed the federal government
to disregard the US Constitution. When the feds decided they would no
longer "regulate interstate commerce" in regards to the financial
sector the crooks had carte blanche to cook the books, sell empty
baskets and laugh all the way to the bank. When we allow one sector to
cheat because we have something to gain from it, we can't really
complain when another sector gets the same benefits. WE NEED TO MAKE
THIS GOVERNMENT GO BACK TO THE SUPREME LAW OF THE LAND, THE US
CONSTITUTION. Perhaps more people should read it.

There, I said my piece!

JC from Gnat Flats

Good.. good.

I'll add one other thing..

Once the floor-jacks and I-beam props have been put in place to keep
the financial house of cards from imploding immediately.. Someone
should really really figure out how to replace the hollowed out US
economy.. that fifty floor house of cards has no internal support.

We have had most of our industry, jobs, tax revenue, positive balance
of trade, and influence shipped overseas.
The US GDP is something like 1%.. while the red chinese' is about 11%.
(Thank you, neocon traitors!)

The US really should have better things to export than debt and DVDs.

.

Relevant Pages

  • How the American economy works #3
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    (soc.culture.europe)
  • How the American economy works #3
    ... The banks don't pay for these crime costs, ... Illegal drugs - Anything people do for money can result in money being ... if the government got the newly printed currency ...
    (alt.religion.christian.roman-catholic)
  • Re: TURMEL: Ben Franklin, Prof. Flaherty, on Death gamble
    ... actions of creating government issued currency free of interest or ... of money should be maintained as an exclusive monopoly of national ... owes the people of furnishing them with a sound and uniform currency ... controlling the money-creating activities of the commercial banks. ...
    (sci.econ)
  • Re: Is horse chestnut wood good for anything?
    ... Money lending is not unregulated. ... What went wrong here was multiple course of *government* intervention ... This created a perverse incentive for the banks (and AIG as their ... IOW, the very *regulation* ...
    (rec.woodworking)
  • Re: Politics and the military (Re: The rise in military science fiction)
    ... The Chinese money sources all lead back to the central banks which are Government controlled. ... Don't make the mistake of deciding that what the US government thinks is important must necessarily be what the Chinese government thinks is important; they might decide to trade their financial stability for something else, like Taiwan and saying it is economically stupid only makes you right. ... Much like the USA could repudiate all or some of the debt it owes, again something the state has the power to do and very good financial reasons for not doing, ... Even if the US decided to reduce borrowing it could still, print money, raise taxes or divert other spending. ...
    (rec.arts.sf.written)