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gandalf
ParticipantHLS, appreciate your comments. Very reasonable, all of it.
Just thinking, I don’t know if the 10% down rule would have prevented all of this, as the fraud and poor risk-taking extended beyond ‘Joe the Flipper’ residential real estate into Wall Street, corporate America and beyond.
FYI, there was an op-ed in the LA Times today you might enjoy:
http://www.latimes.com/news/opinion/commentary/la-oe-ferg6-2009feb06,0,6972232.column
Pragmatic, directed analysis of the current economic, banking and mortgage mess. Critical of status quo. Author’s comments about debt and Keynesian stimulus are well-taken, parallel your remarks.
Rationale behind the stimulus and quanititative easing seems to go beyond old-school Keynesian economics though, and author glosses over this. On another level, it seems to me current direction is really about destruction of dollar currency value long-term, which may be our ‘least worst’ way out of this mess. Just my 2c.
Enjoy your evening.
GParticipantHLS, appreciate your comments. Very reasonable, all of it.
Just thinking, I don’t know if the 10% down rule would have prevented all of this, as the fraud and poor risk-taking extended beyond ‘Joe the Flipper’ residential real estate into Wall Street, corporate America and beyond.
FYI, there was an op-ed in the LA Times today you might enjoy:
http://www.latimes.com/news/opinion/commentary/la-oe-ferg6-2009feb06,0,6972232.column
Pragmatic, directed analysis of the current economic, banking and mortgage mess. Critical of status quo. Author’s comments about debt and Keynesian stimulus are well-taken, parallel your remarks.
Rationale behind the stimulus and quanititative easing seems to go beyond old-school Keynesian economics though, and author glosses over this. On another level, it seems to me current direction is really about destruction of dollar currency value long-term, which may be our ‘least worst’ way out of this mess. Just my 2c.
Enjoy your evening.
GParticipantHLS, appreciate your comments. Very reasonable, all of it.
Just thinking, I don’t know if the 10% down rule would have prevented all of this, as the fraud and poor risk-taking extended beyond ‘Joe the Flipper’ residential real estate into Wall Street, corporate America and beyond.
FYI, there was an op-ed in the LA Times today you might enjoy:
http://www.latimes.com/news/opinion/commentary/la-oe-ferg6-2009feb06,0,6972232.column
Pragmatic, directed analysis of the current economic, banking and mortgage mess. Critical of status quo. Author’s comments about debt and Keynesian stimulus are well-taken, parallel your remarks.
Rationale behind the stimulus and quanititative easing seems to go beyond old-school Keynesian economics though, and author glosses over this. On another level, it seems to me current direction is really about destruction of dollar currency value long-term, which may be our ‘least worst’ way out of this mess. Just my 2c.
Enjoy your evening.
GParticipantHLS, appreciate your comments. Very reasonable, all of it.
Just thinking, I don’t know if the 10% down rule would have prevented all of this, as the fraud and poor risk-taking extended beyond ‘Joe the Flipper’ residential real estate into Wall Street, corporate America and beyond.
FYI, there was an op-ed in the LA Times today you might enjoy:
http://www.latimes.com/news/opinion/commentary/la-oe-ferg6-2009feb06,0,6972232.column
Pragmatic, directed analysis of the current economic, banking and mortgage mess. Critical of status quo. Author’s comments about debt and Keynesian stimulus are well-taken, parallel your remarks.
Rationale behind the stimulus and quanititative easing seems to go beyond old-school Keynesian economics though, and author glosses over this. On another level, it seems to me current direction is really about destruction of dollar currency value long-term, which may be our ‘least worst’ way out of this mess. Just my 2c.
Enjoy your evening.
GParticipantBTW, I’m not suggesting the effects of government are always good. Clearly, they’re not. Greenspan and the Fed played quite an important role in the present circumstance.
However, asserting all government involvement is bad is equally idiotic. Government absolutely has a valuable role in regulating market conditions. In an ideal world, there’s counter-cyclical fiscal stimulus to offset business cycle contractions (accompanied by cutbacks when times are good).
Most of us believe there is a middle-ground role for government based in effective pragmatism that curbs inherent problems associated with markets and mitigates the likelihood of situations such as what we face right now.
Imagine a banking industry with conservative ‘rules’? Imagine that. This is actually consistent with what HLS is saying, BTW. Except that it REQUIRES government laws and regulations to enforce. You cannot depend on the market to regulate itself. That much should be evident.
Also, I find it hard to make room for a WSJ editor’s ‘revisionist history’ of the Great Depression given 80 years of ‘mainstream history’ written by people who actually lived through it, and especially in light of current circumstances. The similarities between the 1920’s and the first decade of this century speak otherwise.
ParticipantBTW, I’m not suggesting the effects of government are always good. Clearly, they’re not. Greenspan and the Fed played quite an important role in the present circumstance.
However, asserting all government involvement is bad is equally idiotic. Government absolutely has a valuable role in regulating market conditions. In an ideal world, there’s counter-cyclical fiscal stimulus to offset business cycle contractions (accompanied by cutbacks when times are good).
Most of us believe there is a middle-ground role for government based in effective pragmatism that curbs inherent problems associated with markets and mitigates the likelihood of situations such as what we face right now.
Imagine a banking industry with conservative ‘rules’? Imagine that. This is actually consistent with what HLS is saying, BTW. Except that it REQUIRES government laws and regulations to enforce. You cannot depend on the market to regulate itself. That much should be evident.
Also, I find it hard to make room for a WSJ editor’s ‘revisionist history’ of the Great Depression given 80 years of ‘mainstream history’ written by people who actually lived through it, and especially in light of current circumstances. The similarities between the 1920’s and the first decade of this century speak otherwise.
ParticipantBTW, I’m not suggesting the effects of government are always good. Clearly, they’re not. Greenspan and the Fed played quite an important role in the present circumstance.
However, asserting all government involvement is bad is equally idiotic. Government absolutely has a valuable role in regulating market conditions. In an ideal world, there’s counter-cyclical fiscal stimulus to offset business cycle contractions (accompanied by cutbacks when times are good).
Most of us believe there is a middle-ground role for government based in effective pragmatism that curbs inherent problems associated with markets and mitigates the likelihood of situations such as what we face right now.
Imagine a banking industry with conservative ‘rules’? Imagine that. This is actually consistent with what HLS is saying, BTW. Except that it REQUIRES government laws and regulations to enforce. You cannot depend on the market to regulate itself. That much should be evident.
Also, I find it hard to make room for a WSJ editor’s ‘revisionist history’ of the Great Depression given 80 years of ‘mainstream history’ written by people who actually lived through it, and especially in light of current circumstances. The similarities between the 1920’s and the first decade of this century speak otherwise.
ParticipantBTW, I’m not suggesting the effects of government are always good. Clearly, they’re not. Greenspan and the Fed played quite an important role in the present circumstance.
However, asserting all government involvement is bad is equally idiotic. Government absolutely has a valuable role in regulating market conditions. In an ideal world, there’s counter-cyclical fiscal stimulus to offset business cycle contractions (accompanied by cutbacks when times are good).
Most of us believe there is a middle-ground role for government based in effective pragmatism that curbs inherent problems associated with markets and mitigates the likelihood of situations such as what we face right now.
Imagine a banking industry with conservative ‘rules’? Imagine that. This is actually consistent with what HLS is saying, BTW. Except that it REQUIRES government laws and regulations to enforce. You cannot depend on the market to regulate itself. That much should be evident.
Also, I find it hard to make room for a WSJ editor’s ‘revisionist history’ of the Great Depression given 80 years of ‘mainstream history’ written by people who actually lived through it, and especially in light of current circumstances. The similarities between the 1920’s and the first decade of this century speak otherwise.
ParticipantBTW, I’m not suggesting the effects of government are always good. Clearly, they’re not. Greenspan and the Fed played quite an important role in the present circumstance.
However, asserting all government involvement is bad is equally idiotic. Government absolutely has a valuable role in regulating market conditions. In an ideal world, there’s counter-cyclical fiscal stimulus to offset business cycle contractions (accompanied by cutbacks when times are good).
Most of us believe there is a middle-ground role for government based in effective pragmatism that curbs inherent problems associated with markets and mitigates the likelihood of situations such as what we face right now.
Imagine a banking industry with conservative ‘rules’? Imagine that. This is actually consistent with what HLS is saying, BTW. Except that it REQUIRES government laws and regulations to enforce. You cannot depend on the market to regulate itself. That much should be evident.
Also, I find it hard to make room for a WSJ editor’s ‘revisionist history’ of the Great Depression given 80 years of ‘mainstream history’ written by people who actually lived through it, and especially in light of current circumstances. The similarities between the 1920’s and the first decade of this century speak otherwise.
ParticipantA “New History of the Great Depression” written by a former member of the WSJ editorial board. Just so we know where that ‘comes from’…
In light of the massive frauds perpetrated on our economy this past decade… In light of the recklessly irresponsible leveraging and systemic failures occurring in the banking and financial industry…
In light of the present imbalances in real estate, home-building, underwater mortgages, liar loans and fake appraisals, accelerating foreclosures with resets to come, mounting job losses, etc.
Are you suggesting we should have had less government regulation?
Government is not the problem.
Incompetent government is the problem.
Maybe I’m misreading HLS’ comments, but these ‘Government needs to get out of the way’ types have really hurt us.
Bad government needs to get out of the way.
ParticipantA “New History of the Great Depression” written by a former member of the WSJ editorial board. Just so we know where that ‘comes from’…
In light of the massive frauds perpetrated on our economy this past decade… In light of the recklessly irresponsible leveraging and systemic failures occurring in the banking and financial industry…
In light of the present imbalances in real estate, home-building, underwater mortgages, liar loans and fake appraisals, accelerating foreclosures with resets to come, mounting job losses, etc.
Are you suggesting we should have had less government regulation?
Government is not the problem.
Incompetent government is the problem.
Maybe I’m misreading HLS’ comments, but these ‘Government needs to get out of the way’ types have really hurt us.
Bad government needs to get out of the way.
ParticipantA “New History of the Great Depression” written by a former member of the WSJ editorial board. Just so we know where that ‘comes from’…
In light of the massive frauds perpetrated on our economy this past decade… In light of the recklessly irresponsible leveraging and systemic failures occurring in the banking and financial industry…
In light of the present imbalances in real estate, home-building, underwater mortgages, liar loans and fake appraisals, accelerating foreclosures with resets to come, mounting job losses, etc.
Are you suggesting we should have had less government regulation?
Government is not the problem.
Incompetent government is the problem.
Maybe I’m misreading HLS’ comments, but these ‘Government needs to get out of the way’ types have really hurt us.
Bad government needs to get out of the way.
ParticipantA “New History of the Great Depression” written by a former member of the WSJ editorial board. Just so we know where that ‘comes from’…
In light of the massive frauds perpetrated on our economy this past decade… In light of the recklessly irresponsible leveraging and systemic failures occurring in the banking and financial industry…
In light of the present imbalances in real estate, home-building, underwater mortgages, liar loans and fake appraisals, accelerating foreclosures with resets to come, mounting job losses, etc.
Are you suggesting we should have had less government regulation?
Government is not the problem.
Incompetent government is the problem.
Maybe I’m misreading HLS’ comments, but these ‘Government needs to get out of the way’ types have really hurt us.
Bad government needs to get out of the way.
ParticipantA “New History of the Great Depression” written by a former member of the WSJ editorial board. Just so we know where that ‘comes from’…
In light of the massive frauds perpetrated on our economy this past decade… In light of the recklessly irresponsible leveraging and systemic failures occurring in the banking and financial industry…
In light of the present imbalances in real estate, home-building, underwater mortgages, liar loans and fake appraisals, accelerating foreclosures with resets to come, mounting job losses, etc.
Are you suggesting we should have had less government regulation?
Government is not the problem.
Incompetent government is the problem.
Maybe I’m misreading HLS’ comments, but these ‘Government needs to get out of the way’ types have really hurt us.
Bad government needs to get out of the way.
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