Organizing for America | The Large N Limit: On War and Why our Economy is the Way it is Today

On War and Why our Economy is the Way it is Today

By PDSimic - Nov 2nd, 2008 at 4:43 am EST

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Tags: banks, Bush, CREDIT, economy, Iraq, Socialism, Taxes, War

Political Punch: Jake Tapper, ABC News' Senior National Correspondent, October 31, 2008.
http://blogs.abcnews.com/politicalpunch/2008/10/obamas new-atta.html?cid=137258875#comment-137258875

Side Punch: Kristokoff

"PDSimic, your emotions are blinding you if you are not willing to find out why our economy is the way it is today..."

Counterpunch: PDSimic

- I know, it has nothing to do with the 10 billion a month that Bush and McCain and their neo-con friends make us pay for pursuing an ill-advised war in Iraq.

- I know, it has nothing to do with the fact that Bush and the wealth-will-trickle-down gang in his administration could not separate their ideological views - any regulation of banking system is bad, except "self-regulation" - from practical reality and their responsibilities to the American people.

- I know, it has nothing to do with banks being allowed by the same by-now-totally-bankrupt self-regulation-is-all-we-need economic philosophy to abandon their centuries tested banking models based on lending their own money on their own risk.- I know, it has nothing to do with the credit and mortgage derivatives that have been kept unregulated by Bush, McCain, and similar economic ideologs, so banks felt they can be careless and lending to anybody since they where allowed to turn around and sell their loans to the investment pools out of which toxic derivatives have been manufactured, and resold in different package to the global investor (which was a scam, the administration knows it, and this is why they where talking about bailing out even foreign banks with US taxpayer dollars - to prevent huge liabilities for fraud committed under their watch and possibly under their active encouragement).

- I know, it has nothing to do with the credit rating agencies who, under the influence of this administration which needed (and still needs) a huge sums of money to pursue the war, and under the funding structure that is a text-book case of the conflict of interest, where all-too-happy participants in the fraud, slapping a overly generous credit ratings to the toxic derivatives the US investment banks where selling.

- I know, it has nothing to do with the self-regulated banks being so free-wheeling and greedy that while bankers in lending department have been lending the same money over and over again, turning around an instant profit by passing the risk to the global investor, the trading floors of these same banks have been that "global investor", that bought that garbage; which was good while the party lasted, but no regrets, that money is already spent, on private McMansions, yachts, and other life necessities that many people on this blog seem to care so much about...

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