OrthodoxChristianity.net
December 20, 2014, 08:46:07 PM *
Welcome, Guest. Please login or register.

Login with username, password and session length
News: Reminder: No political discussions in the public fora.  If you do not have access to the private Politics Forum, please send a PM to Fr. George.
 
   Home   Help Calendar Contact Treasury Tags Login Register  
Pages: 1   Go Down
  Print  
Author Topic: October 14, 2008: The Day the Economy as We Knew It Died  (Read 582 times) Average Rating: 0
0 Members and 1 Guest are viewing this topic.
sainthieu
Abstractor of the Quintessence
High Elder
******
Offline Offline

Faith: Orthodox
Jurisdiction: Antiochian
Posts: 621


« on: October 14, 2011, 09:34:30 AM »

Fast reminder of the gigantic mistake the government made in instituting the Troubled Asset Relief Program in 2008--a program that assured that banks could keep their "free market" gains, yet "socialize" their failures at the expense of the American taxpayer. A revealing TV segment from 2008 can be found here, at CNBC.

The point is that our current financial woes have many causes, most, if you study the matter carefully, caused by government interference in the operation of the free market.

"Almost everyone who believes in the Constitution and free markets properly considers October 3, 2008, one of the darkest days in U.S. history. It was on that day that the “Emergency Economic Stabilization Act” creating the Troubled Asset Relief Program (TARP) became law. A day later, I wrote that law’s passage, accompanied by tactics and threats which amounted to orchestrated blackmail, over the strident objections of over 150 economists from across the political spectrum, only days after its initial voter-driven failure, proved that Washington’s politicians and elites “don’t care what we think.”
...
Paulson’s putsch gave cover to the long list of heavy-handed actions which have followed..."
Logged
Alpo
Taxiarches
**********
Offline Offline

Faith: Jerkodox
Posts: 7,043



« Reply #1 on: October 14, 2011, 09:37:53 AM »

banks could keep their "free market" gains, yet "socialize" their failures

Sounds very European. Not you have to only socialize also their profits and you'll become Scandinavian.
Logged

biro
Excelsior
Site Supporter
Moderated
Hoplitarches
*****
Online Online

Posts: 14,699



WWW
« Reply #2 on: October 14, 2011, 09:54:53 PM »

Huh? They've paid it back.  Roll Eyes
Logged
Basil 320
Site Supporter
Archon
*****
Online Online

Faith: Eastern Orthodox Christian
Jurisdiction: Greek Orthodox Archdiocese of America, Holy Metropolis of Pittsburgh
Posts: 3,136



« Reply #3 on: October 14, 2011, 10:24:55 PM »

Bring back an updated version of Glass-Steagall.
Logged

"...Strengthen the Orthodox Community..."
Tags:
Pages: 1   Go Up
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.18 | SMF © 2013, Simple Machines Valid XHTML 1.0! Valid CSS!
Page created in 0.041 seconds with 31 queries.