Here is the truth : Although he doesn't give a reason, obviously one way or another the real reason is the banks had screwed up, in place of buying the toxic assets, we just gave them money to glaze it over. This video shows the lies told and by whom, when, etc. The stimulus destroyed the dollar, not today of course, but sooner or later, you cant do this, it is inconceivable without a Jubilee that things can go forward forever without a crash. Those with money, with access to media keep the PONZI scheme going. Working class is losing about 5% a year in real inflation to the overall picture. Your pay stays the same, costs go up. THey are slowly pricing all americans down to poverty level while bringing 3rd world nations up to that level from deep poverty. Then the world will move forward with 1M power brokers controlling media, polticis, muscle in military and police world wide, and 7.? Billion people making 15$ an hour or close to it... Lets face it, From Reagan until this very day, we made bad choices and they are heavily influence by the money on both sides, but mostly right wing neocon. think tanks
Without Mark to Market rules the banks can do what they do now. Cheat ! Lie, and manipulate the economy. They now have to ability to school the system 100% and leave us all behind... Just remember when you are broke, it isnt the banker on the corner, they just work there. It is the wallstreet bankers, those down in Palm Beach Gardens, Jupiter Florida living large on your money
Mark to Market is an accounting device of reporting financial agility at banks. Are they near a huge stumble or not? Banks contain your money. Suits hate to take a dump in their own front yard. Banks in other words do not go out of their way to fail. A bank failure has the public failing the bank. Want a good book to read that is paced and has good stories? The Forgotten Man by Amity Shlaes is awesome and not all that long. Add in the book by the great man we lost a few years back and you fairly well understand market collapses, including banks.
Liberalism is anti American and based in pure ignorance so what about it could make sense to an intelligent person??
bank bailouts were all paid back and saved world from depression so intelligent people thank God for them. Problematic bailouts go to failed individuals who never pay back a penny. Do you understand?
No one has proved the bailout saved the world from a depression. This keeps getting repeated ad nauseum but no real explanation is ever provided. The government could have just taken that money and handed it out directly to low income people. Probably would have been a lot more effective. Or could have just let those banks crash and burn and then lower the tax rates because the government wouldn't have to spend that money. You'd support that, wouldn't you james M ? Don't you think lower tax rates would have been better for the economy than bailing out big banks? If not, please explain why.
??? stock market was down to 8000 with just a few bankruptcies. If all of Wall Street and main street had gone down it would have been far far worse than Great Depression.
You know much less than nothing of course. If $20 trillion had been given out and not paid back we would have had 100 % inflation and total depression with the entire banking financial system bankrupt with no way to ever recover. probably 100% unemployment.
they didn't spend a penny they made loans that were paid back. Just like if you lost your wallet and a friend let you borrow until you found your wallet. Simple enough for you to grasp?
Only if they refuse to adapt to a changing world. The only thing certain besides death and taxes, is an ever changing world. Besides, the evidence suggests we're smarter than animals (see: man on moon). If we can adapt to the vacuum of space, there is no excuse for failing to adapt to the tiny difficulty of keeping yourself fed .. especially in the First World.
??? lower tax rates in a huge huge depression with the banking financial system broken in a million pieces would not have any effect on depression whatsoever . You know less than knowing. You won't learn a thing until to accept that
What nonsense. Banks are your servants. Use and abuse them at your leisure, or don't. You are the customer, you have the choice.
They made everyone take loans(100% paid back) so the entire banking financial system, on which the entire economy depends, would be solvent and functioning. Do you understand? without a banking financial system no recovery was possible.
Are you referring to the TARP troubled asset reliEF program. I had heard that some of this money was repaid to the treasury. If that happened, would your view if this change? Can you show where this was called a stimulus package? It seems to me that many people are conflating the tarp, with the stimulus package
Typical meaningless pablum that utterly FAILS to address any of the actual issues duly noted for the record.
The FRB is "loaning out money" to banks, not to individuals or corporations. How that money is then employed depends upon the banks themselves. For instance, in a booming realty market of course it goes towards house mortgage-loans. Or a new car. Whatever the usage, the purpose is to maintain economic growth - but lending cannot "manage the economy". It simply helps it along. What manages the economy - ie. stimulates Demand - is direct government intervention by means of expenditure. And where does the Secretary of the Treasury get that money from? Yes, the FRB-loans. Profligate spending on the DoD and insufficient taxation at upper-levels is the bane of a "decent economic development". It is obvious that Government expenditure determines largely where funding goes and what it does. Spending exaggerated amounts of money on the DoD privileges those working there and companies furnishing the DoD. But, reducing income-taxation reduces the government ability to spend it upon Real Necessities of the American economy. The DoD is not a real necessity - the US is not at war and there is No Major Military Threat on the horizon! So, given the massive debt existing, funding the DoD was considerably stoopid. There are far more poignant Real Necessities of the economy (like national health care or nearly-free tuition at state post-secondary schools) that should be privileged by Federal spending ...