sundog - some comments, most of which are minor points - i think we agree in general... (and some of your arguments were vs things I never said, so not sure what to say about that :-) )
I'm very much aware that TARP was during Bush's term and the role Paulson played. Geithner was right there in the mix too at the nyfed. Remember this, TARP was a bridge loan until all the many other programs got put in place. Repayment of that and bragging about minimizing losses is all a smoke screen, you have to look at all the programs (TGLP, etc) Obama didn't really do anything in the way of reform there - total PR.
The repeal of Glass Steagall was just one of the steps in making sure that the too big to fails would be made whole. Notice now that all of those huge banks are now even bigger.
It is tough to be critical of Greenspan and not of Bernanke - his policies are just more extreme versions. Push printed money (in the form of credit and collateral at made up prices) through the major banks and see what sticks. Many markets have been destroyed from this give money to the banks to save them at all costs and we'll see the effects of this as each QE has less effect and is more destructive.
Trying to solve global population at the same time as fraud doesn't make sense to me and almost guarantees we won't make progress on the simple things we could do - I guess we'll agree to disagree on that one.
I will say this though, some of the things you are claiming are over population are actually symptoms of weakening of the world's reserve currency. e.g. natural resource prices going up.
Part of the secessionists frustration I think is seeing that people on both parties, if they haven't made progress at this point, are not going to - and members of their party go along with it and are part of the problem. We are still diverging, not converging. There are not many in DC that represent the good of the country and the pillaging of the country has become so blatant that it's hard to not see a major reset as necessary. Self repair is fading fast as a hope.
Endurance, you seem to forget that the original TARP bailout was a Bush deal, jammed through by Henry Paulson (Goldman - Sachs, CSX) because he had gotten word of the massive disaster caused mostly by the dismantling of Glass-Steagall. Glass-Steagall served us well for many decades because it limited the leverage exposure in the marketplace. Then some clever folks who deal with other people's money invented the derivatives market, Glass-Steagall was burned on the floor of the exchange, and the crooks were off to the races. After the 2008 election the Obama team put limits and requirements on the TARP money, and at least that much of it had accountability and was paid back. As far as Geithner is concerned I've never been thrilled with him. Volker was a calming voice in a turbulent moment. The real culprit was Greenspan, and he's even admitted as much. Oh, and don't forget Mister Unlimited Economic Growth - Milton Friedman. Unlimited growth in the human body is called cancer. Sustainability is what we should be after, and that comes with self-discipline and self-sufficiency. Globalization makes us internationally dependent and serves only the bankers and the uber-rich. I've never been a fan. I am a fan, however, of helping others to become self-sufficient in micro-economies in the realm of fuel, energy and food, and I think there is an answer there, but we can't do that at the end of a gun barrel.
I couldn't agree with you more that blame resides on both sides of the aisle, but the answer is in accountability, not in term limits, or in scrapping the whole shebang. Proper exercise of accountability i.e., prosecution of the guilty (re: Randy Cunniningham and others like him) is a form of term limits in itself. Too often governing bodies drape themselves with immunity even before they act.
As far as Freddie and Fannie are concerned, those institutions bought toxic mortgages that were certified AAA by S&P, Moody's, et al. They don't write mortgages. Their incompetence resided in their failure to perform an exacting due diligence. Why didn't they do that? Well, possibly because the "trusted and respected" ratings entities had given their blessings. Freddie and Fannie weren't the only ones fooled...Lehman is gone, Merrill-Lynch got sucked up by BOA, Countrywide is toast, and the perpetrators are living abroad with their ill-gotten gains.
I welcome Elizabeth Warren into the fray. I agree that the Fed is "owned" by the banks. I agree that having an independent manager of our currency is a good idea (Elizabeth Warren again), but to ignore overpopulation as a root cause for this is to ignore the human nature that accompanies dangerous times such as these. Rats in a maze with limited food comes to mind. India and China are building interstate highway systems and cars. Gasoline prices are going up, up and away. Petroleum resources, vital to the food supply more than even transportation because of their use in fertilizers, pesticides, herbicides and ag fuels are dwindling, no matter how much we frack (which brings me to water use in fracking, but then this tome could go on forever...). What I'm trying to say is that greed as a means of protecting yourself from the is a pretty natural response to the problems we face, which is why we need controls and regulations to limit that greed.
Endurance, we are on the same page, and I have actually been on that path since my return from Vietnam, and will continue to be an advocate and entrepreneur in that field until I expire and they make me into a big pot of green chile. It's not wise to waste food, even though I might be a little old and tough.
Oh, one more thing - kingorpawn, judging by the retro argument you keep spouting I'm guessing you are of the Christian persuasion. If so, what do you have against social justice? Your hair is still on fire, but maybe you don't have indoor plumbing. In that case I don't blame you for sticking your head in there.
Originally Posted by sundog