America has Given Up on Capitalism for Socialism

Discussion in 'Politics' started by JustChristian, Sep 18, 2008.

  1. JustChristian

    JustChristian
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    Paulson, Bernanke Push Plan to Cleanse Balance Sheets
    By Alison Vekshin and James Rowley
    http://www.bloomberg.com/apps/news?pid=20601087&sid=auI5M5F3uYmE&refer=home


    Sept. 18 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke met with lawmakers to push a plan that would move troubled assets from the balance sheets of American financial companies into a new institution.

    Congressional leaders meeting with Paulson and Bernanke late today in Washington said they will work to pass legislation soon. The initiative, which may also insure money-market funds, is aimed at removing the devalued mortgage-linked assets at the root of the worst credit crisis since the Great Depression.

    ``Absolutely, this is good news,'' said Marilyn Cohen, who manages $185 million in bonds as president and chief executive of Envision Capital Management in Los Angeles. ``Hopefully, this will give the trading desks the confidence to start making markets again.''

    The Treasury and Fed chiefs, after months of trying to aid failing financial companies case by case, want to prevent the crisis that has led to $518 billion in global losses and writedowns from further weakening the U.S. economy.
    ``What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets,'' Paulson said after the meeting. ``We're coming together to work for an expeditious solution which is aimed right at the heart of this problem, which is illiquid assets on financial institutions' balance sheets.''

    All brought to you by the Socialist Republican Party of Ameica (and your increased tax dollars).
     
  2. carpro

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    While Bush takes action, the do nothing Congress goes on the lamm.
     
  3. JustChristian

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    So you support a socialistic America?
     
  4. carpro

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    I don't support a Congress that leaves town at this time with their leaders saying they "don't know what to do" anyway.

    I admire President Bush for not acting like a lame duck and doing something instead of sitting on his hands.

    Government , specifically Congress, got us into this mess and are running from the problem they created.

    Bush has not abandoned his responsibilities. He fights on.

    I may or may not like everything he's doing, but he is doing.

    It's a lose/lose situation for him. If he gets this mess under control, he will get no credit and if he fails , he will get all the blame.

    He has not shied away from the task. He's got more guts in his little finger than Congress does collectively.
     
    #4 carpro, Sep 19, 2008
    Last edited by a moderator: Sep 19, 2008
  5. Revmitchell

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    It is difficult to fix the errors that go as far back as the Carter administration over night.
     
  6. LadyEagle

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    Indeed.....
     
  7. JustChristian

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    Maybe he should have declared martial law and postponed the elections. Ummmm..... Could happen.
     
  8. JustChristian

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    Well, Bush has had 8 years. How long does it take to START to do something?
     
  9. Revmitchell

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    Who knows but it is then clear the Bush did not create this mess as you keep asserting.
     
  10. carpro

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    He did.

    http://www.baptistboard.com/showthread.php?t=53072

    You already know about it.

    Why are you pretending you don't?

    That's dishonest of you.
     
  11. righteousdude2

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    The government is NOT to Blame!

    The blame for this financial crisis should be directly laid at the feet of each and every CEO, Board Member, and top leadership of each institution on Wall Street. Washington could have, and should have acted much earlier than they did, but, it is not their fault that maybe another more banks will fail before this mess hits bottm.

    If we have move one day closer to Socialism, blame the greed of those who lead the finacial credit charge up the "hill to no where." Blame the bookkeepers who cooked books that ended up scorching the hands, wallets, and hearts of each investor, borrower, and depositor.

    It's time to stop pointing fingers at each other [and it's time to stop giving the finger to the public who trusted their money with companies that were merely brick facades with little, or, no credible substance to back their slogans and advertisements shown throughout the country many times each week.:tear:

    God Save the Queen??? No, God Save This Country!!

    Pastor Paul:type:
    Remove the Haze Ministries
    Books: Prodigal Daze & Thorn Daze
     
  12. Revmitchell

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    To say that "America" has given up on Capitalism is quite the overstatement.
     
  13. JustChristian

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    Define capitalism. I would say that capitalism believes in the free market system. That doesn't include bailing out companies who try to make a profit through extremely risky behavior. It doesn't include nationalizing the mortgage and to a more limited extent the insurance business. I would call these centrally planned or socialist activities. Support your claim that these fit within the definition of a free-market democracy.

    What is capitalism? What is socialism?
     
  14. Revmitchell

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    Support your claim that "America" has turned from Capitalism.
     
  15. TomVols

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    I wouldn't say America has given up on Capitalism. But Keynesian economics is certainly alive and well even amongst so-called fiscal conservatives. :BangHead:

    Woodrow Wilson's legacy is still with us, isn't it? :BangHead:

    And we should remember that the root of all of these financial problems is the subprime crisis, pushed by Clinton and his financial team, to increase the number of home owners, and the profilgate lending practices spurred on by these policies. Bush unfortunately continued this policy with his "American Dream" program, but the damage had largely already been done. We saw this at play in the late 90s and now the chickens are coming home to roost.

    And a couple of Obama's main economic advisers? Clinton's co-architects at Fannie/Freddie during the hey-day of their demise.

    McCain says he's no economic expert. Obama shows it. Blind, meet the blind.
     
    #15 TomVols, Sep 19, 2008
    Last edited by a moderator: Sep 19, 2008
  16. JustChristian

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    We didn't move "one more day towards socialism" as you say. We arrived. America became a socialist nation under GW Bush.
     
  17. YOUTUBECANBESAVED

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    And we really do not know how bad this is yet

    And we really do not know how bad this is yet


    This will be squarely in the legacy of President George W. Bush Junior, and aplogists can go on trying defend him , just isn't going to happen, he is at fault and was lazy:sleeping_2: on his watch but then his pals could lose all they had and he had to step in.

    Capitalism changed under his watch, he used socialism to protect Cronyism and Special Interests.

    Now mainstreet is going to ask, where is my check, make obvious cents, I mean sense.

    The whole world has taken note that Capitalism is not the same in the United States of America.

    My Opinion on this Political Board
     
  18. carpro

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    Just more empty rhetoric.

    Bush has caused everything bad that has happened in the last 8 years,yada yada yada.:rolleyes:
     
  19. Revmitchell

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    That idea should excite you.
     
  20. rbell

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    Not so fast.

    You say "it's time to stop pointing fingers at each other," but in your first paragraph, you.....point fingers at folks.

    If we're gonna point fingers, there's a lot to go around:
    • Greed from many corporate bigwigs.
    • Thousands (millions?) of Americans practicing financial stupidity--buying homes they can't afford on terms they didn't bother understanding, with money they don't have (and won't have), relying on advice they shouldn't have ever used.
    • Congress passing stupid regulations such as the Clinton-era "community reinvestment act," which pushed lenders to lend money to high-risk clients...hence, tons of bad loans.
    • Bush and his cronies, for engaging in stupid financial policy and hamstringing a generation, just so he can say he "did something."
    My kids' America will be broke thanks to the abundant stupidity of these, and others.

    Sorry...playing a class envy game here won't work. Lots of people are to blame, and the ensuing mess is bigger than we could have ever imagined.
     

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