Comments on: Instead of nationalizing banks, Fed is becoming the national bank http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/ Firedoglake weblog Thu, 26 Nov 2009 03:22:45 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: Petro http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674960 Petro Thu, 09 Oct 2008 05:41:13 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674960 <p>Doing one of my random de-lurks to once again express my sincerest thanks to Ian for these enlightening posts on a complex situation.</p> Doing one of my random de-lurks to once again express my sincerest thanks to Ian for these enlightening posts on a complex situation.

]]> By: MsAnnaNOLA http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674607 MsAnnaNOLA Thu, 09 Oct 2008 01:47:15 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674607 <p>I don’t know if anyone else saw this. I just watched this via Patrick.net on youtube. Who do you think was threatening marshall law?</p> <p><a href="http://www.youtube.com/watch?v=HaG9d_4zij8&ref=patrick.net" rel="nofollow">http://www.youtube.com/watch?v.....atrick.net</a></p> <p>I sure as hell would like to know.</p> I don’t know if anyone else saw this. I just watched this via Patrick.net on youtube. Who do you think was threatening marshall law?

http://www.youtube.com/watch?v…..atrick.net

I sure as hell would like to know.

]]> By: MsAnnaNOLA http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674588 MsAnnaNOLA Thu, 09 Oct 2008 01:40:33 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674588 <p>Taking the words out of my mouth. I have been trying to explain this to my co-workers and fiancee that they blew their wad by keeping rates so low and letting the inflation blossom. </p> <p>I would also argue that they blew their wad on the 700 billion bailout. I know it is not spent yet, but I bet it will be in short order. Once we spend it and it doesn’t work, well then we are in really big trouble.</p> Taking the words out of my mouth. I have been trying to explain this to my co-workers and fiancee that they blew their wad by keeping rates so low and letting the inflation blossom.

I would also argue that they blew their wad on the 700 billion bailout. I know it is not spent yet, but I bet it will be in short order. Once we spend it and it doesn’t work, well then we are in really big trouble.

]]> By: MarkH http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674585 MarkH Thu, 09 Oct 2008 01:39:04 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674585 <blockquote><p>Why not just enact a law which freezes, reduces and or flattens current adjustable rate home (1 primary home) mortgages?</p></blockquote> <p>Two reasons:</p> <p>1) Congress took the Bush/Paulson plan as a starting point.</p> <p>2) This is a free country and government ‘helps’ or ‘regulates’, but doesn’t ‘require’ except when it absolutely has to do something to protect everybody.</p> <p>Right now we’re hoping the EESA bailout/rescue and “HOPE for homeowners” works, so government doesn’t have to go to more forceful tactics.</p>

Why not just enact a law which freezes, reduces and or flattens current adjustable rate home (1 primary home) mortgages?

Two reasons:

1) Congress took the Bush/Paulson plan as a starting point.

2) This is a free country and government ‘helps’ or ‘regulates’, but doesn’t ‘require’ except when it absolutely has to do something to protect everybody.

Right now we’re hoping the EESA bailout/rescue and “HOPE for homeowners” works, so government doesn’t have to go to more forceful tactics.

]]> By: Watson http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674582 Watson Thu, 09 Oct 2008 01:36:24 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674582 <p>Instead of this trickle-down boondoggle, how about providing essential credit directly to responsible borrowers and lenders on ‘Main Street’, by subsidizing the difference between the market rate and an affordable rate for home, student, payroll, and auto loans.</p> Instead of this trickle-down boondoggle, how about providing essential credit directly to responsible borrowers and lenders on ‘Main Street’, by subsidizing the difference between the market rate and an affordable rate for home, student, payroll, and auto loans.

]]> By: EricGen http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674571 EricGen Thu, 09 Oct 2008 01:13:22 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674571 <p>We’re all really lucky to have him wherever he blogs. I’ve been following Ian and Stirling around various sites since I first found them back around 2002-2003 at the old (now defunct) BOPnews site. They’re always a wealth of information and insight. </p> <p>Another nice thing about both of them is that they tend to both draw knowledgeable and insightful commenters to wherever they post. Therefore, you also start getting the benefits of the commenters perspectives as well. Sometimes some of the interactions almost seem like a well-practiced orchestra, or perhaps a better description might be a jazz band, as they’ll constantly riff off of one another’s ideas.</p> <p>So, indeed, count yourself lucky, as I certainly do! And, if you hit a point where you don’t see a post from either one of them for awhile, be sure to google and find out where they’ve surfaced next. Sometimes it’ll be at the same site, and sometimes it won’t, but there’s always a wealth of information wherever they surface.</p> We’re all really lucky to have him wherever he blogs. I’ve been following Ian and Stirling around various sites since I first found them back around 2002-2003 at the old (now defunct) BOPnews site. They’re always a wealth of information and insight.

Another nice thing about both of them is that they tend to both draw knowledgeable and insightful commenters to wherever they post. Therefore, you also start getting the benefits of the commenters perspectives as well. Sometimes some of the interactions almost seem like a well-practiced orchestra, or perhaps a better description might be a jazz band, as they’ll constantly riff off of one another’s ideas.

So, indeed, count yourself lucky, as I certainly do! And, if you hit a point where you don’t see a post from either one of them for awhile, be sure to google and find out where they’ve surfaced next. Sometimes it’ll be at the same site, and sometimes it won’t, but there’s always a wealth of information wherever they surface.

]]> By: Synoia http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674570 Synoia Thu, 09 Oct 2008 01:05:29 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674570 <p>Unlawful taking of property.</p> Unlawful taking of property.

]]> By: Hugh http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674565 Hugh Thu, 09 Oct 2008 00:41:09 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674565 <p>mesquite, eCahn, both good points.</p> mesquite, eCahn, both good points.

]]> By: Blub http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674564 Blub Thu, 09 Oct 2008 00:37:23 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674564 <p>I think we’re talking about the flip side of the same coin… the desire for the appearance of growth and prosperity in the absence of real productivity-level wage and output increases. I think I’m also focused on the behavior of firms… including the LBO boom. Companies borrowed heavily to finance acquisitions, etc, at absurd amounts of leverage merely to harness the leverage-enhanced returns and pocket them instead of instroducing real synergies (the traditional motivator of acquisition and acquisition finance)… because there really weren’t any to be had. Politicians encouraged this type of increasingly irresponsibility behavior, both on the part of consumers (to your point) and corporations (to mine). Nothing was real. Nothing had a trajectory to it. We are now reaping the consequences of all this.</p> I think we’re talking about the flip side of the same coin… the desire for the appearance of growth and prosperity in the absence of real productivity-level wage and output increases. I think I’m also focused on the behavior of firms… including the LBO boom. Companies borrowed heavily to finance acquisitions, etc, at absurd amounts of leverage merely to harness the leverage-enhanced returns and pocket them instead of instroducing real synergies (the traditional motivator of acquisition and acquisition finance)… because there really weren’t any to be had. Politicians encouraged this type of increasingly irresponsibility behavior, both on the part of consumers (to your point) and corporations (to mine). Nothing was real. Nothing had a trajectory to it. We are now reaping the consequences of all this.

]]> By: bonkers http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674561 bonkers Thu, 09 Oct 2008 00:25:03 +0000 http://firedoglake.com/2008/10/08/instead-of-nationalizing-banks-fed-is-becoming-the-national-bank/#comment-1674561 <p>Oh man, this is all Andrea Greenspan. Ever since he was an Ayn Rand twerp in the 1950s, he’s been trying to impart her “Gimme Gimme” attitude on the world. Never understood why this dude was allowed to create this false myth that he was some sort of genius. Wasn’t it a clue when all the Repubs praised him for years?</p> <p>His tenure at the Fed was guided by her “Me First” philosophies, and they will always lead to total collapse. Always.</p> Oh man, this is all Andrea Greenspan. Ever since he was an Ayn Rand twerp in the 1950s, he’s been trying to impart her “Gimme Gimme” attitude on the world. Never understood why this dude was allowed to create this false myth that he was some sort of genius. Wasn’t it a clue when all the Repubs praised him for years?

His tenure at the Fed was guided by her “Me First” philosophies, and they will always lead to total collapse. Always.

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