hoover

Santelli's Chicago Tea Party: The Quest for Our Nation's Soul

I agree. CDS's and many other financial instruments allow speculative excesses and enormous obligations backed by very little. Debt (government, corporate and individual) is too great to even calculate. Gambling debts by banks, large corporations, and indiviuals belong in the spiritual world -- not the world called reality. So called paper assets and paper liabilites have fallen into the world of Alice-In-Wonderland. Government will have an awfully difficult time going forward -- creating believable illusions to support other unbelievable illusions. .

On Feb 22 01:45 PM oldumbguy wrote:

> Honestly, I think Santelli is an idiot.
>
> I actually think that this country is more than just capitalism.
> Capitalism is a part of our society but I do not think it is or should
> be the sole defining element.
>
> Capitalism in this country has become a shield that allows greed
> and criminal behavior to thrive. If it is to continue as an important
> part of our society then it must be reformed. This can come from
> the outside (government) or within. The total lack of self policing
> by the financial industry that brought us to this point is unforgivable.
> The government is left to deal with the wreckage of this greed and
> criminal behavior.
>
> Rick Santelli would like to ignore the mess capitalism has created
> and focus on the inequity of the government attempt to clean up the
> mess. That is an excellent way to change the subject but does not
> address the real problems that brought us to this point.
>
> A more productive rant would be to root out the problems that made
> it necessary for government intervention in the first place.
>
> A good start would be the elimination of CDS. If borrowers and lenders
> think they need insurance policies then let them buy real insurance
> policies not some pseudo unregulated substitute.
>