csua.org/u/mdd -> krugman.blogs.nytimes.com/2008/09/10/one-finger-salute/
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on ideologues within the White House as well as Alan Greenspan, former chairman of the Federal Reserve. The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of Nasdaq. "All the handwringing and bedwetting is going on without remembering how the House stepped up on this," he says.
A potential crisis that was detected early but still allowed to become an actual disaster? A serious problem affecting the nation that was suborned to political considerations? Surely that's never happened on this administration's watch before.
Sure the Dems from Clinton on have been complicit to a degree, but it is amazing how the White House has been unchallenged in claiming that Congress dropped the ball on reining in Fannie and Freddie without getting called on the carpet about how Bush and Snow and Greenspan scuttled every chance by regulators and legislators to get F/F to avoid the race to the bottom on bad mortgages. From Phil Gramm and Newt's Congress to the Alan and Hank show, this housing debacle was a full GOP production with just a few below the line credits from Democrats!
Surely, the CEOs and other signatories to the financial statements knew of the rising risk, which should have been included in the discussion and analysis section.
The fact that this article was published in a foreign newspaper AND has had no echo whatsoever in the US press should suffice to explain why a McCain victory in November is nothing short of inevitable. No amount of truth that may embarrass the Republicans shall find a critical eye, a drive to investigate in the mainstream media and given proper exposure, of course. Those who do not search (or can't search) for themselves are limited to deceptive, distorting and lying ads that are pure character assassination. We all know how unscrupulously good the Republicans are at it. Then, said voters will "decide" on feelings and impressions, bypassing any cortical function for which the human brain has evolved in the first place.
A Republican that doesn't think that everything corporate being completely unregulated is good? As in nature, and in our own bodies, regulation and cooperation are far more important than unregulated greed and competition, if we want all to survive. Look at cancer - unregulated, greedy, multiplying beyond control - because the body doesn't check it like it should. That's how corporations and financial markets are, if not regulated. They become a cancer on our economy, sucking the life blood out greedily, killing it. Where can we find more of those, and how can we get them controlling the Republican party?
In particular, the Office of Federal Housing Enterprise Oversight, which earlier in the year kept giving Fannie and Freddie more and more rope with which to hang themselves, is headed by a Bush appointee. That office, and the political processes which influence its decisions, should be given much more attention. Name Required E-mail Required (will not be published) Comment Submit Comment Comments are moderated and generally will be posted if they are on-topic and not abusive.
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Liquidity trap Hitting bottom Marketwatch: Rates on three-month bills, among the most popular assets for investors seeking higher quality, plunged to 006%, the lowest on record.
Titanic events in the market A sinking feeling A thought I had today: as I understand it, when the Titanic hit that iceberg, at first the crew didn't think it was so bad. The ship's hull was divided into watertight compartments, and not enough of them had been ripped open to sink the ship.
I'm gathering, from my reading here and there, that most people don't know that Herbert Hoover famously declared that the "fundamental business of the country" was sound.
Worse than ever The trend is not good Fourteen months into the crisis, our situation does not seem to be improving. when it goes way down, that's showing a flight to safety.
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