Comments on: Deregulation and the Financial Crisis http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/ a radical newsletter in the struggle for peace and social justice Sun, 07 Sep 2008 06:39:12 +0000 http://wordpress.org/?v=2.6.1 By: Mulga Mumblebrain http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13926 Mulga Mumblebrain Sun, 03 Feb 2008 00:14:56 +0000 http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13926 Although I have some sympathy with History Repeats thesis, that this was simply a gigantic scam all along, carefully crafted by the parasite class to further entrench their dominance, I think it may have run beyond their control. 'Events, dear boy, events' may have turned out differently from their calculations. Perhaps they really did imagine that by now Iraq and Iran would have been conquered and their hydro-carbon resources flowing at $20 a barrel. Thank God for the Iraqi resistance, unless it is itself part of a deeper, even more mephitic, plan. I am merely an amateur eschatologist, which along with scatology I find quite useful in studying the lunatics of the 'Clash of Civilisations' mob,but believe the danger that elements of the neo-con, Judeofascist ascendancy are actively seeking a generalised war throught Eurasia is not beyond the realms of loony speculation. Whether out of religious fanaticism or neo-Imperialist ambition, or elements of both, there are aspects of recent US policy that defy ordinary, human, logic. Whatever the truth, I reject Mr Weissman's search for solutions to this crisis. You see, I believe our one slim chance of survival can only come from a complete collapse of capitalism, and its cancerous doctrine of endless growth. Solving these current crises, inherent as they are in the very nature of capitalist parasitism and the psychopathology of unlimited avarice so essential in the capitalist mentality, merely ensures a deadlier, final, reckoning, with Nature, one that cannot be averted no matter how many millions are spent on Denialist propaganda. Mr Weissman would be better served, in my opinion, working on plans for negative growth, income redistribution, renewable energy, local organic food production, and radical population decline, but certainly not through the Malthusian methods are leaders are so plainly preparing to inflict on the poor world. Although I have some sympathy with History Repeats thesis, that this was simply a gigantic scam all along, carefully crafted by the parasite class to further entrench their dominance, I think it may have run beyond their control. ‘Events, dear boy, events’ may have turned out differently from their calculations. Perhaps they really did imagine that by now Iraq and Iran would have been conquered and their hydro-carbon resources flowing at $20 a barrel. Thank God for the Iraqi resistance, unless it is itself part of a deeper, even more mephitic, plan. I am merely an amateur eschatologist, which along with scatology I find quite useful in studying the lunatics of the ‘Clash of Civilisations’ mob,but believe the danger that elements of the neo-con, Judeofascist ascendancy are actively seeking a generalised war throught Eurasia is not beyond the realms of loony speculation. Whether out of religious fanaticism or neo-Imperialist ambition, or elements of both, there are aspects of recent US policy that defy ordinary, human, logic.
Whatever the truth, I reject Mr Weissman’s search for solutions to this crisis. You see, I believe our one slim chance of survival can only come from a complete collapse of capitalism, and its cancerous doctrine of endless growth. Solving these current crises, inherent as they are in the very nature of capitalist parasitism and the psychopathology of unlimited avarice so essential in the capitalist mentality, merely ensures a deadlier, final, reckoning, with Nature, one that cannot be averted no matter how many millions are spent on Denialist propaganda. Mr Weissman would be better served, in my opinion, working on plans for negative growth, income redistribution, renewable energy, local organic food production, and radical population decline, but certainly not through the Malthusian methods are leaders are so plainly preparing to inflict on the poor world.

]]> By: John Wilkinson http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13917 John Wilkinson Sat, 02 Feb 2008 20:51:40 +0000 http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13917 Not only seize the assets, but HANG the bastards. From the TALLEST tree, for all to see. And put THEIR families into penury, never to be allowed to OWN anything EVER, because their debt to society and decency will NEVER be repaid no matter what. I know, they "aren't responsible". Really, that wasn't a motivation to comit these crimes, no matter what the consequences to these criminals personally, so they can provide for theirs forever? Are the millions of children who go hungry to bed, and more millions to come, are THEY responsible? Not only seize the assets, but HANG the bastards. From the TALLEST tree, for all to see. And put THEIR families into penury, never to be allowed to OWN anything EVER, because their debt to society and decency will NEVER be repaid no matter what. I know, they “aren’t responsible”. Really, that wasn’t a motivation to comit these crimes, no matter what the consequences to these criminals personally, so they can provide for theirs forever? Are the millions of children who go hungry to bed, and more millions to come, are THEY responsible?

]]> By: History Repeats http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13866 History Repeats Sat, 02 Feb 2008 02:39:46 +0000 http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13866 Was this really a regulatory failure, or was it a brilliant success for predatory capitalists such as Bush and the Wall Street bankers? The result of the entire housing bubble was to make the US economy appear strong during Bush's pwesidency, following the dot-com burst. This was a larger replay of the first President Bush's Savings and Loan Crisis of the late 1980's and early 1990's, during which criminal sibling Neil Bush helped bilk taxpayers out of $1.6 billion alone. To write this off as a mere regulatory failure is to deny that hundreds of Wall Street's white collar criminals have bilked taxpayers of billions of dollars by design, and are laughing all the way to the bank at the gullibility of the working class in letting the same crime repeat on a bigger scale. Rather than taxpayers bailing out criminal bankers through a "government stimulus plan," it is time to seize the assets of the criminal bankers who profited from this fraud, such as the CEOs of Morgan Stanley, Citigroup, Moody's, Goldman-Sachs, Standard and Poor, and even Greenspan himself, and put these funds towards making the mortgage industry solvent again. Was this really a regulatory failure, or was it a brilliant success for predatory capitalists such as Bush and the Wall Street bankers? The result of the entire housing bubble was to make the US economy appear strong during Bush’s pwesidency, following the dot-com burst. This was a larger replay of the first President Bush’s Savings and Loan Crisis of the late 1980’s and early 1990’s, during which criminal sibling Neil Bush helped bilk taxpayers out of $1.6 billion alone. To write this off as a mere regulatory failure is to deny that hundreds of Wall Street’s white collar criminals have bilked taxpayers of billions of dollars by design, and are laughing all the way to the bank at the gullibility of the working class in letting the same crime repeat on a bigger scale.

Rather than taxpayers bailing out criminal bankers through a “government stimulus plan,” it is time to seize the assets of the criminal bankers who profited from this fraud, such as the CEOs of Morgan Stanley, Citigroup, Moody’s, Goldman-Sachs, Standard and Poor, and even Greenspan himself, and put these funds towards making the mortgage industry solvent again.

]]> By: SCH http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13852 SCH Fri, 01 Feb 2008 22:40:15 +0000 http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13852 I don't see the homebuilding industry as a victim at all. They got right in on predatory lending and even fraud, by opening in-house lenders. Beazer is being investigated, HUD has already fined KB and other builders millions, and many more are doing it that are not being investigated or fined. Fines don't even work; builders treat them as a cost of doing business. Sometimes the greedy, the stupid, and the law breakers, must be allowed to pay the price for what they did wrong, whether they are home buyers who ignored common sense, flippers who put on blinders when they thought they saw money, or anyone in the industry who has NEVER had any good excuse for what they did. The industry insiders created the bubble and drove up housing to the point where no one could legitimately afford a house, then pushed "The Dream of Homeownership" as if you were defective if you didn't buy into it. Our own govt was complicit in all this. If the govt or law enforcement would've called it "mortgage fraud" and acted on it years ago when consumers were complaining, this could've been averted. But instead, it was not considered "fraud" or acted upon, until banks and investors got burned. Now it's simply too late to undo the damage and all the stupid bailout plans in the world won't do anything to help those who are deserving of any help. All of us will now pay for the greed and foolishness of everyone from uneducated consumers on up to the industries who chose to put personal get rich quick schemes ahead of long term economic sense. Investors should've done AT LEAST the amount of "homework" any home buyer is expected to do: get on Google and see what's going on with that builder, lender or whatever, BEFORE signing on the dotted line. Had they done this, they'd have seen consumers were already complaining loudly about builders, etc, committing predatory lending, shoddy construction, breach of warranty, etc. They easily could've seen these loans were garbage. What NUT would invest in THAT??? Why are consumers held to a higher standard than "professionals," of ability to do research before buying, and of financial knowledge? Why aren't the "professionals," who all should've known better, not being held ACCOUNTABLE for their knowing acts? Industry people are NOT victims...they're perps! I don’t see the homebuilding industry as a victim at all. They got right in on predatory lending and even fraud, by opening in-house lenders. Beazer is being investigated, HUD has already fined KB and other builders millions, and many more are doing it that are not being investigated or fined. Fines don’t even work; builders treat them as a cost of doing business.

Sometimes the greedy, the stupid, and the law breakers, must be allowed to pay the price for what they did wrong, whether they are home buyers who ignored common sense, flippers who put on blinders when they thought they saw money, or anyone in the industry who has NEVER had any good excuse for what they did. The industry insiders created the bubble and drove up housing to the point where no one could legitimately afford a house, then pushed “The Dream of Homeownership” as if you were defective if you didn’t buy into it.

Our own govt was complicit in all this. If the govt or law enforcement would’ve called it “mortgage fraud” and acted on it years ago when consumers were complaining, this could’ve been averted. But instead, it was not considered “fraud” or acted upon, until banks and investors got burned. Now it’s simply too late to undo the damage and all the stupid bailout plans in the world won’t do anything to help those who are deserving of any help.

All of us will now pay for the greed and foolishness of everyone from uneducated consumers on up to the industries who chose to put personal get rich quick schemes ahead of long term economic sense.

Investors should’ve done AT LEAST the amount of “homework” any home buyer is expected to do: get on Google and see what’s going on with that builder, lender or whatever, BEFORE signing on the dotted line. Had they done this, they’d have seen consumers were already complaining loudly about builders, etc, committing predatory lending, shoddy construction, breach of warranty, etc. They easily could’ve seen these loans were garbage. What NUT would invest in THAT???

Why are consumers held to a higher standard than “professionals,” of ability to do research before buying, and of financial knowledge? Why aren’t the “professionals,” who all should’ve known better, not being held ACCOUNTABLE for their knowing acts? Industry people are NOT victims…they’re perps!

]]> By: Irving http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13837 Irving Fri, 01 Feb 2008 19:45:19 +0000 http://www.dissidentvoice.org/2008/02/deregulation-and-the-financial-crisis/#comment-13837 I totally agree. Home prices rose far above their true values, as mortgage money was given out in huge amounts to people who did not have the ability to repay. Middlemen were making huge commissions based on the number of transactions, so the game was to qualify as many borrowers as possible. The whole thing was just a smokey illusion, so now we are all left to deal with the reality of what is left after the smoke clears. I totally agree. Home prices rose far above their true values, as mortgage money was given out in huge amounts to people who did not have the ability to repay. Middlemen were making huge commissions based on the number of transactions, so the game was to qualify as many borrowers as possible. The whole thing was just a smokey illusion, so now we are all left to deal with the reality of what is left after the smoke clears.

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