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whoah! that was nasty. let me say that NITRAM appears to be unable to make distinctions between those who caused the calamity and those who are trying to fix it. the true cause was application of a philosophy that allowed people to run wild. humans are prone to greed, and if you allow it to take root it multiplies. for 28 years we encouraged greed under a philosophy of letting the market do what it wanted to do. I experienced this myself while working at EPA in a program that was attempting to protect the public from the scourge of gasoline lead additive. you can't protect infants from a persistent toxic substance by letting the market do what it wants to do, but that's what the Reagan folks were trying to accomplish. it was a terrible, irrational idea that was defeated by public opinion (then the Reagan folks took credit for the success of the program, though they had fought it and were defeated by reasoning people). likewise, you can't keep people from trying to make mountains of cash if you take away the constraints on risks by deregulating large banks and investment houses and trading rules such as the uptick rule, but that also is what people have tried to do over the last generation. ultimately a completely laissez-faire market will always fail, and we were approaching that. so let's not tarnish an administration that has been in power for -- what?, three weeks? -- with the sins of an irrational philosophy that caused this to happen. overall, if people can't even understand cause and effect when the evidence is right in front of them there is little chance we can again become a great economic power. irrationality, like inefficiency, is ultimately punished in the market.
Feb 14 11:29 am
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All Comments by LoebA »How the Crash Will Reshape America [View article]
On Feb 14 06:36 AM NITRAM wrote:
> We are not, and never will be again, the financial capitol of the
> world. Our GREED and the largest group of LIERS AND CHEATS in our
> government. One of our enemies will be the new financial capitol
> of the world. Obama , Pelosi and the other court jesters will destroy
> we from within