Airman Wagon! PaaaRAAAAADE.....Rest

[Dinsdale]

Where in there does Schwab say anything about American involvement being a necessity?

He doesn't, dumbfuck.

Matter of fact, he probably would have preferred if the US didn't get involved, since that jacked income taxes to the wealthy to 77%, which would have been a higher portion of his income than he gained from the US market. It would have CLEARLY been in his better interest if the US wasn't involved.

LTS, I believe there's a relationship between your lack of reading comrehension and your complete lack of common sense.

[BSmack]

Where in there does Schwab say anything about American involvement being a necessity?

He doesn't, dumbfuck.

Matter of fact, he probably would have preferred if the US didn't get involved, since that jacked income taxes to the wealthy to 77%, which would have been a higher portion of his income than he gained from the US market. It would have CLEARLY been in his better interest if the US wasn't involved.

LTS, I believe there's a relationship between your lack of reading comrehension and your complete lack of common sense.

A funny thing happened after those taxes got jacked up to 77 percent.

The roaring 20s.

You know what happened after they lowered those rates to 24 percent?

The Great Depression.

[mvscal]

Riiiiight. Because everyone knows that correlation equals causation. Good job. You've managed to make LikesToSuck TRaNnies Too appear intelligent for a moment.

In any event, you're full shit as usual. The top rate was dropped to 25% in 1925, idiot.

[BSmack]

Riiiiight. Because everyone knows that correlation equals causation. Good job. You've managed to make LikesToSuck TRaNnies Too appear intelligent for a moment.

So the tooth fairy caused it?

[mvscal]

Riiiiight. Because everyone knows that correlation equals causation. Good job. You've managed to make LikesToSuck TRaNnies Too appear intelligent for a moment.

So the tooth fairy caused it?

It was a classic bubble economy accompanied by rapidly expanding credit (the Fed set below market interest rates and lowered reserve requirements) which prompted people to overextend, wild speculation in the stock market and an 88% increase in Federal expenditures under the Hoover administration from 29-33.

Any of this sounding familiar?

[LTS TRN 2]

What's very familiar is the recent GOP-led repeal of the Glass-Steagall act. In accordance with your own parrotings about anti-government interference, they fucked it up again--this time worse.

[War Wagon]

an 88% increase in Federal expenditures under the Hoover administration from 29-33.

yeah, but we got a really cool dam to show for it.

[Dinsdale]

It was a classic bubble economy accompanied by rapidly expanding credit (the Fed set below market interest rates and lowered reserve requirements)

Hmmmmm.....


Nah, it was lower taxes that caused the Great Depression, and it had NOTHING to do with the government manipulating the free market... NOTHING.

Remember, the more of the nation's wealth/assets sitting in the government's hands, the more vibrant the economy...

It's Brinomics 101.

[Dinsdale]

A funny thing happened after those taxes got jacked up to 77 percent.

We blew a huge wad of cash on WW1?


You really eat that socialist shit up. I feel sorry for you, you amoral POS.

[mvscal]

It was a classic bubble economy accompanied by rapidly expanding credit (the Fed set below market interest rates and lowered reserve requirements)

Hmmmmm.....


Nah, it was lower taxes that caused the Great Depression, and it had NOTHING to do with the government manipulating the free market... NOTHING.

Remember, the more of the nation's wealth/assets sitting in the government's hands, the more vibrant the economy...

It's Brinomics 101.

The truly sick thing is that the same fundamental dynamics which produced the Great Depression are what caused our current depression. A burst real estate bubble, people speculating on land and stocks with borrowed money leading to failed margin calls etc. Of course the Bushbama response was the same as the Hoovervelt response: Spend metric ass tons of cash we don't have.

[Shlomart Ben Yisrael]

...the recent GOP-led repeal of the Glass-Steagall act.

Not a whole lot of resistance from the Democrats on that.

[Dinsdale]

What's very familiar is the recent GOP-led repeal of the Glass-Steagall act. In accordance with your own parrotings about anti-government interference, they fucked it up again--this time worse.

Huh?

The provisions of the "repeal" of Glass-Steagall mainly effected selling mortgage bundles as securities, or at least that's what the Loony Lrft focuses on anyway.

OK, I know this is an area in which you struggle mightily, but try and follow me down the Logic Brick Road here... I know you like to take the ultra-easy route and not think for yourself, instead toeing the Loony Left party linein strict lockstep, but Ithink you'd be a happier man/transexual if you'd learn to think.

See if you can follow -- I'll try not to use many big words.

-First, let's establish what a lending institution does.

It's a business that lends people money for an agreed upon rate. In the case of consumer home loans, the payment is remitted monthly, and over the course of the contract, the consumer eventually ends up paying the lender quite a bit more than the lender originally spent buying the home for the consumer.

Over the long term, this provides and annual return on their investment of 5-6% normally, with very low risk and less-than-outrageous administration expenses, which certainly isn't a shabby return.

Get enough of these contracts going, and there's some pretty freaking huge money to be made.


OK, now that we've established what "lenders" are and what they do, and how they make a bunch of money, let's look at what the repeal of Glass Steagall did to effect that operating model...


That would be "nothing."


So, you complete fucking moron, if a lender is making buhzillions a year in nearly-guaranteed money every year, why on earth would they ever sell off their moneymakers?


Wait... they didn't want to sell off all of those contracts...


light coming on yet, dipshit?


They only wanted to sell off the ones the government FORCED them to write.


Light coming on yet, dipshit?


Bcause if heavy regulation cripples an "essential" industry, the obvious solution is to implement much heavier regulation as a fix. I mean, that's logic at work.

[mvscal]

...the recent GOP-led repeal of the Glass-Steagall act.

Not a whole lot of resistance from the Democrats on that.

Wasn't it courageous of Bubba Jeff Crintawn to veto that bill? Oh, wait....he didn't.

[mvscal]

What's very familiar is the recent GOP-led repeal of the Glass-Steagall act. In accordance with your own parrotings about anti-government interference, they fucked it up again--this time worse.

Huh?

The provisions of the "repeal" of Glass-Steagall mainly effected selling mortgage bundles as securities, or at least that's what the Loony Lrft focuses on anyway.

Actually there is good reason to focus on the securitization of mortage bundles. They could bundle shit loans with good loans, sell them as triple A rated securities, use the cash to make more shit loans, rinse repeat and then cover their asses with totally unregulated default swaps which ended up being a 62 trillion dollar bag of flaming dogshit left on the taxpayers' doorstep.

[LTS TRN 2]

What, you guys are devouring each other now?

'Sup, Dins? Look, I don't mean to piss on your Glenn Beck wet dream, but the repeal of Glass-Steagall did a hell of lot more to loose the corporate slimeballs than you're alleging. A lot more.

What are you trying to say? That Phil Gramm was right? That he shouldn't be in jail (with his wife)? That Greenspan, Rubin, and Larry Summers (nice Irish boys) were right? Huh?

Do you realize that you never actually dare to take a stand? That you are a terrified little creep of a man who squirms and wiggles like a gerbil during Fleet Week?

well,

WW

[smackaholic]

I remember my gramps telling me about the depression and how we were headed back down the exact same road in the early nineties.

He didn't have to read about it in a book. he had front row seats. he was born in 1898. had some really good prohibition speak easy stories as well. i remember him talking about loose credit causing the whole damn thing. prolly better he's not around now to see this mess as it makes anything before it look like the height of financial responsibility.