Author Topic: October 14, 2008: The Day the Economy as We Knew It Died  (Read 638 times)

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Offline sainthieu

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October 14, 2008: The Day the Economy as We Knew It Died
« 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..."

Offline Alpo

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Re: October 14, 2008: The Day the Economy as We Knew It Died
« 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.
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Offline biro

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Re: October 14, 2008: The Day the Economy as We Knew It Died
« Reply #2 on: October 14, 2011, 09:54:53 PM »
Huh? They've paid it back.  ::)

Offline Basil 320

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Re: October 14, 2008: The Day the Economy as We Knew It Died
« Reply #3 on: October 14, 2011, 10:24:55 PM »
Bring back an updated version of Glass-Steagall.
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