Wall Street Bailout: The End of Free Markets?

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September 30th, 1995 an economist writing for the New York Times predicted this bailout. He said due to increasing pressure from the Clinton administration, the Fed was loosening lending standards. He went on to say that in times of economic prosperity, (dot.com boom of 99-02) this wouldn't have much of an effect. But in the event of an economic downturn, some sort of rescue plan would be needed. The stage was set before Bush ever got into office.
Look up the Community Reinvestment Act of 1995.

Frustrated College Student of MO 3:44PM November 04, 2008

The belief that the problems which created the current economic crisis simply grew from the current administration is narrow minded. The blame for the current crisis rests on the shoulders of BOTH the individual and the financial giants. It's time we hold ourselves responsible after an era of excess comes to an end and look for ways to prevent this from happening in the future.

J. Gumbus of NY 11:21AM October 15, 2008

When Barack Obama becomes president, i hope his first executive order is a mandatory college Education law that will require ignorant, prejudiced fools to read a text book. And boy, do some of these comments prove my point.

Roy of IN 3:04PM October 14, 2008

Does this mean that Omama's belongings will be seized. He has "consorted" with radical persons advocating the overthrow of the government of the U.S.?

of KS 2:58PM October 14, 2008

The truth is that markets never were free. They relied on available cheap labor and other resources, easy credit, currency manipulations, and government protection.
Markets licensed to steal. It was survival of the biggest in an unregulated race to control resources, transport, and commerce in the shortest time for the quickest profit.
No one, no nation planned for a future beyond the duration of the party in power.
It's a good thing we can rely on the End Times to settle the score.

Moron Kurzweil of FL 2:27PM October 14, 2008

When i hear angry McCain mobsters yell out 'socialist' as a reference to Sen. Obama, i have to question if these people know who the current President of the US is. The economic failures of the past few years have shown us that government has a major role to play in upholding the rules of a 'free market' system.
Besides, the term 'socialism' is a dumb, simplistic adjective thrown around by right wingers to intimidate anyone who dares question the unchecked powers and profits of modern day corporations. Ironically, these right wingers get child tax credits from big gov't, receive $ 600 rebate checks from big gov't, get their local projects financed by pork barrel spending from big gov't, get tax deductions on their 'business use' F-150's from big gov't and yes, use medicare to cover their health care expenses...which, of course comes from big gov't.
Right wingers want you to believe that big gov't is bad only when it spends money on 'URBAN' projects like education, child health care, neighborhood safety and housing development.
Free market competition is a centerpiece of American political economy. We praise individuals who work hard enough to build a business and achieve success. Yet, we're also the fairest nation in the world who believe if corporations are shipping our jobs overseas and getting tax cuts from our coffers, we have a God-given right to rise up and remind our government who they work for.

Edward Norris of GA 2:17PM October 14, 2008

Little Red Riding Wolfowitz: A Word About Cronyism
What ever happened to Wolfowitz? He sold us the war in Iraq as a two second venture with flowers in the morning, then went to the World Bank and was almost the first President to be fired by said bank. Now this same Wolfowitz who sheepishly slunk out of the limelight for most of this year is the sameWolfowitz, who as of today, isto lead Bush's New International Security Advisory Boardformed to "give our government advice on Weapons of Mass Destruction." On his first day up, he recommends spending money on nukes to keep us competitive with the damn Communists, Red China. The simple fact is that Wolfowitz has throughout his entire career demonstrated a penchant for cronyism and for smearing and marginalizing perceived rivals as tactics for getting his way. Soon after becoming head of the World Bank, Wolfowitz lapsed into his typical favoritism, even while he was, ironically, decrying the technique as practiced by governments of the global South. Instead of having an open search for some key positions and allowing for promotions from within, Wolfowitz simply installed Republicans from the Bush administration in high positions with enormous salaries.
Thus George W. Bush, the 43rd Still President of The United States allowed completely non competent people to be appointed into the group of Paid Consultants on Iraq Democratization (to the tuneof $17,000 a week). This latest appointee was just a secreatry who slept with Wolfowitz. I guess its all who you blow in the Washington.
AND YET, Still President Bush just recently signed an Executive Order demanding that "U.S. Persons" (to be named later) are to seize all property with NO NOTICE TO BE GIVEN of any person, group, subgroup, partnership, association, joint venture, trust or corporation who is said to be found to "threaten stability in Iraq."
These same "U.S. Persons" are charged to seize all personal property WITH NO NOTICE TO BE GIVEN to any one who helps or talks to a disident. These agents of change are also to seize all personal property without notice of any person who migh be "owned or controlled" by anyone whose property has already been seized. Seizures of property are also be carrid out on any person known to provide a disident with "goods or services or any one who receives good or services from" said disenter. If you even "evade, avoid, or conspire to" fight this Executive Seizure Order you are to be considered a civilian disident.
Is Wolfowitz really a bad choice for this postion? more: http://www.palincomparisonblog.com/LittleRedRidingWolfowitz.html
ConcernedMilf
http://ifthebuckstopshereshootit.com/
http://concernedmilf.blogspot.com/

ConcernedMilf of CA 12:08PM October 14, 2008

To bash Bush for this is simply too simplistic. There's plenty of blame to go around. Politicians (mostly Dem's, Obama among them) wanted to make it a "right" to own a home and pushed Freddie and Fanny, and other institutions into making loans to unqualified borrowers - Borrowers who lied and/or knew that they couldn't continue to make the payments unless property values escalated eternally. Real estate agents and pundits pushed news stories about the "new" real estate market that would go up forever.
This idea of a "never ending up cycle" in real estate made the idea of a down payment and financial qualifications quaintly passe'. Politicians, borrowers, and lenders all bought into the Ponzi scheme of and all fell into the same trap.
So Bonnie, but your partisan knives away. There's blame enough for all.

R.L. Schaefer of CA 12:01PM October 14, 2008