I completely forgot about this thread. I guess it is better late than never.
bluespana said:
FCC? Federal Communications Commission? or the SEC? Securites and Exchange Commision? It might help your argument if you knew their name.
Deregulation in the SEC allowed Madoff to prosper, along with that market force, blatant profiteering. Think Rogue Trader.
Under Bush:
Ms. Thomsen of the S.E.C. said resources for the agency had not kept pace with the growth in the securities industry and said the agency simply did not have the resources to fully investigate every tip.
FCC?? *facepalm*
Yes, I meant SEC. I must have had a brainfrack moment, thinking SEC but typing FCC. I had just been reading about the Communications Act before replying, so that, and the fact they sound similar when spoken or thought, probably explains it. As for the bold part...... touché ;)
Anyway, as I said, he had passed inspections even back into the clinton era. Also, as I said, if you want enough regulation that every single fraudster will be caught before they can do damage you wil end up with an extremely static economy being run by a few oligopolies/monopolies that will make the polarization of wealth seen today look like a socialists dream. I noticed you completely glossed over this point.
bluespana said:
ElanJo said:
As for the Great Depression. Hoover and Roosevelt created the great depression. I suggest you reread your history.
I would laugh it weren't so depressing. Luckily for you, it was refuted just other day after this 'idiotic' Republican said the same.
From the Ohio Times:
Hoover's renominating speech at the 1932 Republican convention used the word 'depression' 10 times. So, it seems beyond idiotic for anyone to claim the country's great economic disaster of the 20th Century was rooted in the New Deal policies of Franklin Delano Roosevelt, the Democratic president who was elected to succeed Hoover. Of course, we know that there are people who are beyond idiotic, including U.S. Rep. Steve Austria, R-07.
(Austrian School?)
Hoover -- who was blamed for allowing the country's economic emergency to worsen between 1929 and 1932 -- was under no illusions about the existence of a depression during his single term in the White House. Hoover told the Republican convention that had gathered in Chicago: "The last three years have been a time of unparalled economic calamity. They have been years of greater suffering and hardship than any which have come to the American people since the aftermath of the Civil War. . . Thus beginning 18 months ago, the worldwide storm grew rapidly to hurricane force and the greatest economic emergency in all the history of the world. Unexpected, unforeseen, violent shocks with every month brought new dangers and new emergencies to our country. Fear and apprehension gripped the heart of our people in every village and city."
When will we see your contrition, Elanjo?
Rep. Austria gets right with history: FDR didn't start Depression
Wednesday, February 11, 2009 - 3:24 AM
By Darrel Rowland, THE COLUMBUS DISPATCH
Freshman U.S. Rep. Steve Austria conceded yesterday that President Franklin D. Roosevelt did not cause the Great Depression.
In a one-page e-mail, the Beavercreek Republican wrote: "I did not mean to imply in any way that President Roosevelt was responsible for putting us into the Depression, but rather was trying to make the point that Roosevelt's attempt to use significant spending to get us out of the Depression did not have the desired effect. Roosevelt did not put us into the Depression, but rather his policies could not pull the nation out of the recession."
I would suggest you use google. It is your friend.
For the record, I lean to no school of economics.
You wouldn't laugh, or be depressed, if your interest in economics, which knows no party lines, overcame your interest in searching for, politically motivated, journalists to think for you. And, no, the Austrian school of economics is not Steve Austria, lol.
The Great Depression was a creation of the 2 administrations because it was the 2 administrations that attempted to spend their way out of it. Had they not done it would not have been "The Great Depression". It would have been a very severe recession and may have even technically been a Depression. The cause of this severe recession/depression came about because of irresponsible monetary policies, in the previous decade, by the government/Fed, leading to artificial prosperity based on debt, aswell as excessive speculation and a false boom period. Once it popped it crashed in on itself, and then was prolonged by Hoover and Roosevelt, creating the Great Depression.
Once you have a centrally planned economy and monetary system, the policies, particularly monetary policy, becomes the most important policy there is. If you fuck up by just a tiny amount with your planning you endanger the entire economy and population. Considering the complexity of the economy, not only scientifically but psychologically aswell, it is complete insanity, or God-like arrogance, to expect to run a viable economy for any decent length of time, particularly in a democracy where you get elected dependent on promises of giving the voters money.
I would suggest you take an economics class, or read some economics books, and even familiarise yourself with atleast one "school" of economics - preferably all of them.
Sometimes Google is your worst enemy.
PS. To do nothing seems harsh on those who will suffer. But to spread that suffering to the entire population is beyond redeemable.
"Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out."
President Andrew Jackson 1832
The tentacles of the bankers have grown into the state apparatus to such a point that they answer to no-one. They are above the law and will continue to allow the whole population to suffer to the advantage of themselves. The 1st step is to smoke them out of the state apparatus, and then put down the state itself...... humanely. Weeds will grow back and spoil your garden if you do not take out the root.
