Thanks for pointing it out. I just want to say that I am absolutely hooked on your blog. I'll be buying your book next week. Thanks for all of your blogging efforts! I track about 100 a day, and yours is a top-five!
Yes that is an excellent video. It does leave out one very important factor though. The Federal Reserve was an enabler by setting artificially low interest rates that gave the banks the money to fund these risky mortgages.
We need to get rid of the Fed and its power to manipulate and "manage" the markets and go back to a stable dependable money. While there were panics and recessions prior to the existence of the Fed, they were typically short lived. Only after the Fed was created did we have a 10+ year Great Depression that only ended because of WWII.
Typically short-lived? The longest depression in American history was that in 1837, which bottomed out after 6 years; the so-called "Great Depression" certainly wasn't the fault of the Federal Reserve, and anyone who thinks that it is needs a reality check on the effects of Keynesian economics.
Had the initial stock market crash been allowed to play itself out, and the Fed then eased up on the money supply, rather than allowing Hoover to intervene using government and pass tariff laws (what a GOOD idea!), the "Great" Depression would have been a blip on the economic radar. Instead, the American populace elected that meddler FDR, and we got the Perfect Storm of government interference and populist idiocy that Andrew Jackson could only dream about.
God. Read an actual history of the Democrats and their historical relationship with banks and banking in this nation, can you people?
That's a well presented set of cherry picked concepts.
It makes me wonder why, if Carter was to blame, didn't Reagan or GHWB do anything over the next 12 years? That seems strange.
If makes me wonder why, if Clinton was to blame, GWB together with his control over both the Senate and the House, didn't do anything about it why they controlled everything.
It seems like the GOP is better at talking the talk than walking the walk on this issue.
I wouldn't doubt it was put out by a McCain campaign guy, but it still dispells at least any attempt by the democrats to put this SOLELY on the republican's doorstep.
The Panic of 1837 lasted six years while the 1930's Great Depression lasted ten years.
Of course you are absolutely correct that government meddling has prolonged many economic downturns in the world's history. There is nothing worse than a politician who thinks he has to do something. Remember the Federal Reserve Board of Governors is appointed by the President.
Thanks for pointing it out. I just want to say that I am absolutely hooked on your blog. I'll be buying your book next week. Thanks for all of your blogging efforts! I track about 100 a day, and yours is a top-five!
ReplyDeleteDarn, I was going to bring that video to your attention. I was the first to submit it to Reddit, apparently.
ReplyDeleteYes that is an excellent video. It does leave out one very important factor though. The Federal Reserve was an enabler by setting artificially low interest rates that gave the banks the money to fund these risky mortgages.
ReplyDeleteWe need to get rid of the Fed and its power to manipulate and "manage" the markets and go back to a stable dependable money. While there were panics and recessions prior to the existence of the Fed, they were typically short lived. Only after the Fed was created did we have a 10+ year Great Depression that only ended because of WWII.
Typically short-lived? The longest depression in American history was that in 1837, which bottomed out after 6 years; the so-called "Great Depression" certainly wasn't the fault of the Federal Reserve, and anyone who thinks that it is needs a reality check on the effects of Keynesian economics.
ReplyDeleteHad the initial stock market crash been allowed to play itself out, and the Fed then eased up on the money supply, rather than allowing Hoover to intervene using government and pass tariff laws (what a GOOD idea!), the "Great" Depression would have been a blip on the economic radar. Instead, the American populace elected that meddler FDR, and we got the Perfect Storm of government interference and populist idiocy that Andrew Jackson could only dream about.
God. Read an actual history of the Democrats and their historical relationship with banks and banking in this nation, can you people?
That's a well presented set of cherry picked concepts.
ReplyDeleteIt makes me wonder why, if Carter was to blame, didn't Reagan or GHWB do anything over the next 12 years? That seems strange.
If makes me wonder why, if Clinton was to blame, GWB together with his control over both the Senate and the House, didn't do anything about it why they controlled everything.
It seems like the GOP is better at talking the talk than walking the walk on this issue.
I wouldn't doubt it was put out by a McCain campaign guy, but it still dispells at least any attempt by the democrats to put this SOLELY on the republican's doorstep.
ReplyDeleteAlfred,
ReplyDeleteThe Panic of 1837 lasted six years while the 1930's Great Depression lasted ten years.
Of course you are absolutely correct that government meddling has prolonged many economic downturns in the world's history. There is nothing worse than a politician who thinks he has to do something. Remember the Federal Reserve Board of Governors is appointed by the President.
Eric
In case you're interested, here's an interesting article that disputes whether CRAs were to blame.
ReplyDeletethe video was removed from youtube, does anyone know anywhere else i could watch it...tnx
ReplyDeleteWhat the heck happened to the video? The link goes nowhere now.
ReplyDelete