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Options 1 and 5, and maybe 6 (1)

squiggleslash (241428) | more than 5 years ago | (#25126495)

on the extremist positions poll [multiply.com] .

No, this is not the fault of too much regulation. There's some nuggets of truth to it, but the whole "We regulated too much" crap is, well, crap. We didn't regulate where it mattered. Banks created crappy mortgage plans, bought said crappy mortgages, and then covered it up. Nobody was forced to do any of this (being required to make loans to underserved communities, which seems to be the only thing he can hang his hat on as a place where the government made people do anything, is not the same as being forced to design unpayable mortgages that rely upon house-price inflation and giving them to loan risks) or encouraged to do it, at a governmental level, the government merely stayed out of the way.

I also love this "Great Depression caused by events that happened after it" meme that's spreading. No, it wasn't. Really. Hoover's protectionism of the US economy as a whole had some obvious negative consequences, but the regulation of the market itself that occurred afterwards went a long way towards giving people confidence in the market, confidence that would never have been gained back if it had remained the unfettered roulette wheel it had been before the 1930s. Regulations aren't introduced in isolation, and they weren't introduced at that time with no thought.

As with all problems with a system, you mop up the mess, determine the causes, and modify the system using the minimum possible to ensure the issue doesn't arise again. It's like a computer program with bugs. If an application deletes all your work, do you:

1. Recover the files, and put in bug fixes.

2. On the basis that you can kinda-sorta claim that the last bug fix you did might have also introduced a new bug that contributed to the problem, remove all the bug fixes from your program and revert to version 1.0?

Economists love arguing for #2. I think #2 is insane.

Re:Options 1 and 5, and maybe 6 (1)

smooth wombat (796938) | more than 5 years ago | (#25140165)

I prefer option 1. You made your bed, now lie in it. With the exception of my immediate family and maybe five people I've worked with over the years, no one has ever cut me any slack. If our financial system grinds to a halt because Lehman, Merrill, Bear, AIG and the others overextended themselves, that's life. We'll have to deal with it.

As far as regulation, I, along with millions of others I'm sure, have said all along that these are the same people who whined and threw tantrums when Congress said back in 2005-2006 that more regulation was needed on hedge funds and the like. These people claimed that by forcing them to undergo more scrutiny, the markets would grind to a halt and oh, btw, theye know what they're doing so have no fear.

Yet who are the ones now (literally) crawling to the American taxpayer begging them to save their hides as their world comes crashing about them?

I think the funniest aspect of this whole situation was listening to Jim Cramer last night. As a rule, I avoid him except on occasion when the market tanks. I like to hear him weasel his way out of the free market, everything is ok nonsense he, along with Larry Kudlow, tries to peddle. Cramer said, more or less, that the government can't let the 5 million home foreclosures bring down the economy. It just can't. The government has to spend the money to stop this nonsense.

Yes, it can Jim. That's the way markets work. The irrational exuberance of people like you who keep telling people to trade the market (which is in essence what he does) and your buddies on Wall Street, led to this debacle. You can't now seriously expect the public to believe that because of your screw ups that they have to bail you out. People took risks and lost. That's the way the free market works. If you're not going to accept the slings and arrows of the free market, then advocate fascism and get it over with.

Which is exactly what he did last night. So to Jim Cramer, Larry Kudlow, Ben Bernanke, Henry Paulson and all the rest of the people out there calling for the government to toss another $1 trillion down the proverbial black hole, you must now stand up and publicly proclaim: Hi! I'm (insert name), and I'm a fascist.

If only dreams could come true.

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