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Obama is lying again!

How about the fact that about half of the kids in the public school systems of our big cities fail to graduate high school? And most of those school systems are democrat run. :)

Wrong. The statistics you are referring to discuss the graduation rate after four years in high school. Drop outs were not even taken into account. Sorry, but disabled students and English Language Learners often need more than four years to complete high school. Libertarians and free market folks can't stand those who don't fit into their pre-conceived dream of everyone taking care of themselves.

And the largest school system in the United States....run by a Republican.
 
How can you liquidate assets if you have no assets ... if they are "all gone" as was claimed by meadmaker? Obviously, it is meadmaker and you who have no clue. And by the way, there are several types of bankruptcy.

Obviously there are assets. However, when these assets are exceeded by liabilities, there is no capital left to create new loans. Zombie banks.

And we aren't just talking about banks declaring bankruptcy ... but also the folks who took out those bad mortgages.

Actually, we were just talking about banks. And you have not responded yet as to your plan to recapitalize them.

So your solution is to bail out these highly leveraged banks by STEALING money from me and those who didn't make unsound decisions? Perhaps they deserve to go under instead? And none of the real assets (like property, houses, businesses, etc) are going to disappear. Just the banks profits and those half million dollar salaries that Obama promised their CEOs.

Actually, my solution is to nationalize the banks, as Nouriel Rubini and Martin Wolf are recommending. I predict it will happen in a year, when conditions deteriorate sufficiently that it becomes politically tolerable.

In fact, guess who should own the properties in question when the borrower defaults? Surely you don't think those properties have no value? If they didn't have value, ACORN wouldn't be so insistent about not allowing banks to foreclose on them. Right?

Of course they have value. The value right now, however, is in many cases less than the value of the remaining mortgage. When a property is forclosed upon it loses even more of its value as it tends to fall into disrepair. At the same time, it drives down the values of the remaining properties in the neighborhood. Thus foreclosure is often the most costly solution for the bank. And if this leads to the bank failing, then who picks up the pieces? The stockholders? Citigroup and Bank of America stocks have already lost over 90% of their value. Let them go into bankruptcy. Wipe out the remaining stockholder equity, sell off the assets, pay off the creditors at cents on the dollar, and the free market has done its job. Of course, there is still no one making loans because you have not solved the problem of recapitalizing the banking system.

Then what happens? Well, a bunch of businesses that are solvent but illiquid go belly up because they cannot secure credit to continue operations. More people lose jobs, government revenues fall, consumer confidence takes an additional hit and people spend even less...the spiral continues.

So I've asked before, BAC. what is YOUR plan for recapitalizing the banking system?
 
Wrong. The statistics you are referring to discuss the graduation rate after four years in high school. Drop outs were not even taken into account. Sorry, but disabled students and English Language Learners often need more than four years to complete high school. Libertarians and free market folks can't stand those who don't fit into their pre-conceived dream of everyone taking care of themselves.

And the largest school system in the United States....run by a Republican.

You give BAC too much credit. I would like to point out that his original claim was that public schools were failing half the students, whereas now his claim is that public schools in the largest cities are failing half the students. :rolleyes:

Medium and small cities? Suburbs? Rural public schools?
 
Originally Posted by BeAChooser
How about the fact that about half of the kids in the public school systems of our big cities fail to graduate high school? ... snip ...

Wrong. The statistics you are referring to discuss the graduation rate after four years in high school.

You mean that the public school system can't do what the private schools somehow manage to do ... graduate students on time? :D

The truth is that you can't actually tell us what percentage of students stick around to get diplomas in public schools systems after their first 4 years of high school ... because they apparently haven't been gathering that data ... at least according to this source: http://www.centerforpubliceducation...ght_story_on_high_school_graduation_rates.htm . It isn't likely to be a very large percentage. I did find data for one city, Seattle. I read (http://seattlepi.nwsource.com/local/190687_grads14.html ) that in Seattle in 2002, 6.6 percent of students were still in school after 4 years but had not yet earned a diploma. In 2003, that number jumped to 10 percent. Officials were apparently unable to say how many of the continuing students would eventually earn a diploma. You can be sure that not everyone did. In fact, according to http://www.ajc.com/traffic/content/metro/atlanta/stories/2008/04/01/graduation_0401.html "nationwide, the study showed, just 52 percent of the students in urban school systems ever graduate from high school." Ever.

Now there are estimates of the percent who get a GED, mostly after leaving high school ... and that number is around 15 to 20% of the total often quoted as the average number with a high school (or equivalent) degree in the US (around 70-80%). But there is a problem calling those 15-20% of students success stories because GEDs simply do not give one the same economic benefits that a 4 (or 5) year high school diploma offers. In fact, according to numerous sources, GEDs offer little benefit to most who get one.

http://www.nber.org/reporter/2008number1/heckman.html

As others have shown, and we confirm, the most significant source of bias in estimating graduation rates comes from including GED recipients as high school graduates. GEDs are high school dropouts who certify as the equivalents of ordinary graduates by passing an exam. Currently 15-20 percent of all new high school credentials issued each year are GEDs. In recent years, inclusion of GEDs as high school graduates has biased graduation rates by upwards of 7-8 percentage points. A substantial body of scholarship summarized in our 2008 book shows that the GED program does not benefit most participants, and that GEDs perform at the level of dropouts in the U.S. labor market. The GED program conceals major problems in American society.

So in a real sense, those students have been failed by the system, too ... and I think we should blame the high school system for most of that failure.

Here's another source (quoting a major study) that agrees with the above ...

http://vdare.com/sailer/080101_dropout.htm

In an important paper with the bland title of The American High School Graduation Rate: Trends and Levels, (BAC - see http://www.nber.org/reporter/2008number1/heckman.html ) Heckman of the U. of Chicago and co-author Paul A. LaFontaine of the American Bar Association report:

"The true high school graduation rate is substantially lower than the official rate issued by the National Center for Educational Statistics."

.. snip ...

But in fact Heckman and LaFontaine's exhaustive study of the widest array of data sources consulted to date finds that the high school dropout rate isn't 12 percent, but about twice that. And the racial gaps have been steady since the early 1970s.

Moreover, although the high school dropout rate improved steadily through the middle of the 20th Century, falling from 75 percent in the early 1920s to 20 percent in the late 1960s, it has worsened, by up to one-fourth, since then.

This was not expected, to say the least. The high school graduation rate should still be going up—because dropping out is ever more of a personal disaster. H&L point out:

"The U.S. high school graduation rate has declined at a time when the returns to completing high school have greatly increased."

... snip ...

Why is the federal government’s favored measure of high school graduation (BAC - referring to the 70-80% numbers often quoted by defenders of the public school system) as the American Average misleading? It’s biased in large part by counting as graduates those dropouts who subsequently pass the GED test (the "General Educational Development" exam, often referred to, incorrectly, as the "Graduation Equivalency Degree".) Heckman's earlier research shows, however, that the GED counts for less in the eyes of potential employers than does a genuine high school degree:

"Although GED recipients have the same measured academic ability as high school graduates who do not attend college, they have the economic and social outcomes of otherwise similar dropouts without certification."

Now maybe you don't see it, but something is seriously wrong with our education system ... and it's NOT a lack of funding as Obama and democrats claim. Nor is it the value of a high school diploma since that has been steadily increasing in value over the past 25 years.

No, the problem is the way our kids are taught and what they are taught. And like it or not, that is mostly controlled by the liberals who have long dominated the public education system. Plus, it's the lack of value put on education by certain groups in our society ... groups that I observe mostly vote democrat. That's a correlation that we ignore at the risk of our nation's future.

And by the way, the graduation rate is MUCH worse than 50% in many large cities. For example ...

http://www.msnbc.msn.com/id/23889321/

In Detroit’s public schools, 24.9 percent of the students graduated from high school, while 30.5 percent graduated in Indianapolis Public Schools and 34.1 percent received diplomas in the Cleveland Municipal City School District.

Each of those districts has been controlled by democrats for a long, long time and there is simply no rational way you can call those public education results success stories.

Even Chicago's school system, which Obama's new Secretary of Education ran for many years, graduates only about 51%. Now I will agree our new Secretary of State actually improved the graduation rate somewhat during his tenure in Chicago ... but 51% is still nothing to brag about. And most of that improvement wasn't the result of just throwing more money at the school system. It involved changing the way they did things. And one more thing ... high school graduation rates tell only half the story. The percent of students in Chicago schools who go on and successfully complete college is simply dismal, especially in math and sciences. So although they may have received a high school diploma, they apparently weren't sufficiently prepared to actually compete in college. So they fail. Again, a problem with what is taught and how it's taught in public schools.

Now how do private high school graduation rates compare?

Consider South Carolina. Public high school graduation rates are about 49%. In comparison, the on-time (so we are talking apples and apples here) graduation rate for South Carolina's private high schools is between 85 and 95 percent ... nearly double.

And South Carolina is typical. In fact, the National Center for Education Statistics in it's 2003-2004 Private School Universe survey (http://nces.ed.gov/pubs2006/2006319.pdf ) found that well over 90 percent of private high school students graduate on time. In other words, private school graduation rates FAR exceed those in public schools.

And it's hard to argue that's just because private schools get the best and the brightest. According to http://thevoiceforschoolchoice.wordpress.com/tag/graduation-rate/ with respect to the South Carolina results, "this massive disparity cannot be explained by differences in student composition. South Carolina’s 370 private schools serve a huge range of student types, from low-income African American students in urban Catholic schools to rural white students attending small evangelical Christian schools. A wide range of secular and independent schools such as Montessori and single-gender schools exist too."

In fact, 82 percent of private school students attend religiously-affiliated schools (http://www.capenet.org/facts.html ). Those type of schools don't usually discriminate on the basis of socioeconomic status. In fact, that link states "In December 2006, the U.S. Census Bureau released data on the social and economic characteristics of students enrolled in the nation’s schools in October 2005. It turns out that of the eight million youngsters in grades K-12 who come from families with annual incomes of $100,000 or more, 80 percent (6.4 million) attend public schools and 20 percent (1.6 million) attend private schools." Since there are 6.1 million kids in private schools, the vast majority do not come from high income families.

There is another way of gauging which school system is successful. Despite the fact that private schools cost only a fraction of what public schools cost, on average, parents of kids in private schools are far happier with the quality of the education they provide than parents in public schools. Surveys show that a full 55 percent of parents with children in public schools would send them to private schools if they had the opportunity ... because in category after category, the private schools are doing a superior job. Yet Obama and the democrats are against any effort to give parents that choice.

So as far I'm concerned, you really don't have a leg to stand on in defending the public education system from criticism. It deserves criticism and the liberals who have dominated the running of that system for decades deserve criticism, too.

Sorry, but disabled students and English Language Learners often need more than four years to complete high school.

But the percentage of those students is relatively small ... no where near half the population. Surely you aren't going to try and blame this on a few disabled kids and ESL students? Are you that shameless? You really need to own up to the problem that democrats by and large have created in the school system and not try to blame it on the kids. They are the real victims here. :D

Also, you continue to simply miss the point. Utah's PUBLIC school system spends a third of what Washington DC's system spends. Yet they do better on SATs and other tests. Lack of money is not the problem. Obama is WRONG.

Libertarians and free market folks can't stand those who don't fit into their pre-conceived dream of everyone taking care of themselves.

And by the way, perhaps you don't know that conservatives are provably just as caring and charitable as liberals. In fact, the statistics indicate that conservatives are far more charitable (with their own money) than liberals. From http://www.realclearpolitics.com/articles/2008/03/conservatives_more_liberal_giv.html , we learn that although liberal family incomes average 6 percent higher than those of conservative families, conservative households give, on average, 30 percent more to charity than the average liberal household. Bush carried 24 of the 25 states where charitable giving was above average. People who reject the idea that "government has a responsibility to reduce income inequality" give an average of four times more than people who accept that proposition. Now wipe the egg off your face. :D

And the largest school system in the United States....run by a Republican.

ROTFLOL! Now you are simply being dishonest. The largest public school system in the US is New York City's ... with more than one million students in 1,200 separate schools. You must be delusional to think it is run by republicans. First of all, the Board of Education of NYC consists of 7 members. Two are appointed by the mayor (Bloomberg, and if you think he's a conservative then you are truly are delusional) and the others are appointed (1 each) by Borough Presidents (who generally are liberals as well). And since 2002, the mayor also gets to appoint the chancellor of the system and has more direct control over many aspects of it. Again, control by a liberal. And note that democrats were against mayoral control of the Board of Education during Guilianni's term as mayor. Guilianni, you see, was a real conservative. So during Guilianni's term, the Board of Education was again controlled by democrats.

As for other cities and components of the education system:

http://www.usatoday.com/news/education/2007-03-20-cover-mayors-schools_N.htm

More mayors move to take over schools

Updated 3/22/2007

... snip ...

CITIES WITH MAYOR IN CONTROL

• Boston: Mayor Thomas Menino, a Democrat appoints a seven-member school committee, which then names a superintendent. ... snip ...

• Chicago: The nation's third-largest school system has been under mayoral control since Democrat Richard Daley took it over in 1995 ... snip ... State law allows the mayor to appoint seven people to the Chicago Board of Education without the city council's approval. ... snip ...

• Cleveland: The current structure took effect in 1998. The board of education is made up of nine voting members appointed by the mayor (BAC - a democrat). ... snip ...

• Los Angeles: The California Legislature gave Democratic Mayor Antonio Villaraigosa partial control of the nation's second-largest school district. ... snip ...

• Baltimore: Since 1997, the mayor and the governor have jointly appointed school board members. (BAC - both democrat) ... snip ...

• Harrisburg, Pa.: The 10,000-student school district has been under mayoral control since 2000. A five-member board of control, appointed by the mayor, acts as the governing body of the district. (BAC - the mayor is a democrat) ... snip ...

• Jackson, Miss.: The mayor appoints the school board, and the city council confirms the board. This system, in place since the 1950s, predates the current trend toward mayoral control. (BAC - the mayor is a democrat) ... snip ...

• Philadelphia: ... snip ... A five-member commission was created to replace the city's former school board, with two members appointed by the mayor and three named by the governor. (BAC - both the mayor and governor are democrats) ... snip ...

• Providence, R.I.: Since 2003, the mayor appoints a nine-member school board with the approval of the city council. (BAC - a democrat) ... snip ...

... snip ...

In Washington (DC), Mayor Adrian Fenty is poised to gain control of the troubled school system next month. Under his plan, which most members of the city council have said they approve, the mayor would oversee the school superintendent and the system's management and budget. (BAC - Fenty is a democrat)

... snip ...

In Hartford, Conn., where the mayor appoints five of nine school board members, Mayor Eddie Perez named himself to the school board in December 2005, three years after the troubled school district emerged from state supervision. Perez is now its chairman. (BAC - Perez is a democrat)

http://www.eagleforum.org/psr/2003/aug03/psraug03.shtml

Who Controls Education Policies?

... snip ...

NEA Gears Up to Elect Democrats*

Tropical Storm Bill roared into New Orleans this summer carrying in its tailwind 10,000 convention delegates who purport to represent 2.7 million members of the National Education Association. They call themselves "the world's largest democratic, deliberative body," but the NEA's version of democracy is: majority rules, and the minority have no rights. The NEA accords no rights to the 30% of NEA members who are Republicans. Since 1976 when the NEA became a big player in national politics by supporting Jimmy Carter, the NEA has endorsed a Democrat for President in every election.

http://www.washingtonpost.com/wp-dyn/articles/A8427-2005Mar28.html

College Faculties A Most Liberal Lot, Study Finds

... snip ...

March 29, 2005

... snip ...

By their own description, 72 percent of those teaching at American universities and colleges are liberal and 15 percent are conservative, says the study being published this week. The imbalance is almost as striking in partisan terms, with 50 percent of the faculty members surveyed identifying themselves as Democrats and 11 percent as Republicans.

The disparity is even more pronounced at the most elite schools, where, according to the study, 87 percent of faculty are liberal and 13 percent are conservative.

Sorry, but any reasonable person will come to the conclusion that our education system is controlled by liberals. And failing in its responsibilities. And will understand that lack of money is NOT the problem. So Obama is again either lying or stuck on stupid. :D
 
You give BAC too much credit. I would like to point out that his original claim was that public schools were failing half the students, whereas now his claim is that public schools in the largest cities are failing half the students.

Go back to my post #111 ... the first one that mentions graduation rates on this thread. I stated "During which time democrat run school systems in city after city have fallen apart such that now half the students in some cities don't even graduate."

So my original claim was NOT that public schools were failing half of all students. I did inadvertently state something to that effect in a later post but soon after made another post (#150) where I stated "Half of the kids in the public school systems of our big cities fail to graduate high school".

Now you can play petty parsing games like Clinton did if you like, gdnp, and THINK you are winning this debate, but I think most people on this thread knew exactly what I was claiming to be fact. And I see you don't really want to talk about those facts. :D
 
Here are some facts that would tend to suggest you (and the study you got that from) are mistaken:

http://www.time.com/time/nation/article/0,8599,1670063,00.html



:D

http://www.jewishworldreview.com/cols/will083100.asp



But democrats are opposed to vouchers.

And by the way, if private schools spent as much as public schools do ... i.e., they doubled their spending ... I wonder how well the comparison between the education one receives in each environment (dollar for dollar) would be then? ;)

But the best proof of all that there is a real difference quality between public and private education is that virtually all politicians send their kids to private schools. If there wasn't a difference then they'd have no problem sending them to public schools and saving a few dollars. Right? :D

Sheesh, going back to that SAT standby that has been debunked for ages now?

And tossing in one voucher study is highly misleading. There have been numerous studies and just as many different conclusions.
 
Go back to my post #111 ... the first one that mentions graduation rates on this thread. I stated "During which time democrat run school systems in city after city have fallen apart such that now half the students in some cities don't even graduate."

So my original claim was NOT that public schools were failing half of all students. I did inadvertently state something to that effect in a later post but soon after made another post (#150) where I stated "Half of the kids in the public school systems of our big cities fail to graduate high school".
Well, forgive me for mixing up your mistakes with your half-truths.
Now you can play petty parsing games like Clinton did if you like, gdnp, and THINK you are winning this debate, but I think most people on this thread knew exactly what I was claiming to be fact. And I see you don't really want to talk about those facts.
LOL. You just can't bear to go a day without bringing one of the Clintons in, can you? But once again, you are half right: I don't want to discuss education right now. It is not the topic of this thread. Perhaps you should re-read your opening post. Have you already given up defending your claim that this is not the worst financial crisis since the great depression? Have you come up with a way to recapitalize the banks without government intervention yet? Or is this just another BAC fail and derailtm thread? :D
 
You continue to display a lack of understanding about the key elements of a Ponzi scheme.

In a Ponzi scheme, the first group of investors is paid a return based not on income generated from their investments but on new principal paid in by the second group of investors who are lured in by the apparent high returns of the first group. The second group of investors is paid off by the investments of the third, etc.

If this is a Ponzi scheme, who are the first group of investors? I guess it would have to be the taxpayers. Are they promised a return? Well, no, so that is the first fail. Is a second group of investors duped into joining the club by the bogus gains of the first group? No, since there never were any bogus promised gains, so once again the analogy fails.

Love or hate the bailout, it is no way a Ponzi scheme.

Actually we are promised a return. Both in the first bails outs and this stimulus bill we are promised we will get a return either in our investment of the business we saved or in jobs. So I am right. And again we were duped into a second bail out(stimulus package). Its all a Ponzi Scheme gdnp. It is so obvious it is sickening.
 
What is wrong? Truth hurts? When you have a entity(whether individual or institution) taking one persons money and misusing it for someone else or themselves, that is a Ponzi scheme. And this is the biggest one yet and it is being used by OUR government.
And all you have to say is is that last sentence? What a joke.

"a swindle in which a quick return, made up of money from new investors, on an initial investment lures the victim into much bigger risks." http://dictionary.reference.com/browse/Ponzi scheme
Right from a online dictionary. Go have a look at one.

For those(Molinaro and DA)to see again that my quote and the link that shows the dictionary are exactly the same.

And my explaining of what a Ponzi scheme is to the dictionary definition is spot on. Of course this will not stop you guys from distracting the rest of the debate between us with this definition issue. I was hoping we would of got past that by now, but I have to continually point this out since you keep pointing it out.

By the way how is this bill going to stimulate the economy again? i have yet to see anyone point this out yet.
 
Actually we are promised a return. Both in the first bails outs and this stimulus bill we are promised we will get a return either in our investment of the business we saved or in jobs. So I am right. And again we were duped into a second bail out(stimulus package). Its all a Ponzi Scheme gdnp. It is so obvious it is sickening.
If your brother in law asks you for $500 and you give it to him, and the next month he asks you for another $500, this is not a ponzi scheme. This is money down a rat hole. A credible case could be made that the stimulus plan is money down a rat hole.

Now, if your BIL borrows $500, and then pays you off with $600 that he borrowed from your sister, and then pays her off with $700 that he borrowed from his father, and then tries to borrow $800 from his uncle, while all the while claiming that he was paying people off with money that he was earning, then it is a Ponzi scheme.

The key element in a Ponzi scheme is that the investors think that they are being paid off with investment earnings, when in fact there are no investment earnings and they are being paid off with money from new investors.

The bailout does not have this form. Sorry.

By the way how is this bill going to stimulate the economy again? i have yet to see anyone point this out yet.

The government spends $50 billion building bridges. They pay this money to contractors, who would otherwise be unemployed. The contractors buy cement, steel, and construction equipment, keeping people employed in those industries. They also hire construction workers who would otherwise be unemployed and pay them wages. The construction workers use those wages to buy food, clothing, and automobiles, providing more income and jobs in the farming, retail, and automotive sectors. All of these people pay taxes, which thus increases state tax revenues.

This is all pretty basic stuff. Have you ever had an economics course?
 
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Odd. You seem to be defending it tooth and nail on this thread. :)

I want to expand on this briefly, because it goes to the heart of why I called you "mindless".

I haven't said anything on this thread that could in any way be construed as a defense of the stimulus bill, yet you think I am defending it "tooth and nail". You should examine the preconceived notions in your head that led you to make such a mistake.

In general, you don't seem very intent on examining your preconceived notions and determining whether the reality of the situation confronting you actually fits with those preconceived notions. Hence, the accusations of mindlessness.
 
For those(Molinaro and DA)to see again that my quote and the link that shows the dictionary are exactly the same.

And my explaining of what a Ponzi scheme is to the dictionary definition is spot on.
Your statements are barely grammatical, but you appear to be still trying to pretend that the definition that you gave and the definition that you quoted mean the same thing.

Whom do you hope to deceive?

By the way how is this bill going to stimulate the economy again? i have yet to see anyone point this out yet.
Then you must have kept your eyes closed and your fingers in your ears for the past few weeks. Or your brain switched off.
 
I haven't said anything on this thread that could in any way be construed as a defense of the stimulus bill,

Let's see ...

You stepped in to defend Obama's claim that economic conditions were "the worst since" the Great Depression. Which is the reason Obama gave for needing the bill passed.

You zinged and applauded when someone sarcastically said "we should just do nothing. I'm sure the market will fix itself." Suggesting you do think only government can fix this.

You indicated that one thing that makes this recession different ("very very bad") is that the Secretary of the Treasury went to Congress and said he needed 700 billion dollars next week, or the whole darned economy will fall off a cliff. Suggesting you might agree with that call for spending.

And you wrote "The thing about leadership is that if balls are rolling willy nilly, you look to the leaders to do something about them. I want the guy in charge to stand up and say, "We've got balls rolling out of control. It's time to put a stop to this!" Again suggesting that you agree with Obama's plan.

Sorry, but I think I read you right.
 
Sorry, but I think I read you right.

You are incorrect. Now, please examine your preconceptions to see how you could make such a mistake.

I want to make sure, though, that you understand the places where you have been correct.

I do think this is the worst economic crisis since the Great Depression.

My applause over the "free market" line was less about the actual free market, and more about the empty rhetoric spouted by politicians who normally say such things. While spouting such rhetoric, they followed policies which created this crisis.

I do think that Paulson's request for 700 billion dollars is an indication that this problem was indeed very, very, bad.

I do expect those with power to use it effectively to prevent economic collapse. The Republicans, who had uncontested power for six years, and quite a bit of power for two more, failed miserably in that task. I think it is pathetic that they would blame things that happened a decade earlier in an attempt to avoid responsibility. Even if those policies did ultimately lead to the crisis, it built up over a time when the GOP ran the show. They had the power to stop the problem, and not only did they not stop it, they fanned the flames.


Everything else you said in your last post is wrong.
 
What the heck does he know? If BAC says things aren't so bad and that TARP is making them worse, that's good enough for me.
 
And look who got totally brainwashed...

Notice what Greenspan said in your link?

The stock market, meanwhile, is being suppressed by "a degree of fear not experienced since the early 20th century," Greenspan said. ... snip ... A recovery in the equity market driven by lessening fear could be "a seminal turning point of the current crisis," he said.

Where do you think that fear came from? What if Obama hadn't been calling this the worst crisis since the Great Depression and saying that the only solution was government and trillion(s) in new spending at taxpayers expense? What if government hadn't intervened and delayed action on the normal means by which a free market handles bad debts? Do you suppose the markets and job growth would already have turned around ... like they did in 1981-82 by this time in the recession cycle?

And by the way, do you know what Greenspan was saying back in 2004? He was saying the housing sector was in good shape and advising homeowners to switch to adjustable rate loans and save the difference. Some of us were smart enough not to take his advise. Were you?
 
Notice what Greenspan said in your link?



Where do you think that fear came from? What if Obama hadn't been calling this the worst crisis since the Great Depression and saying that the only solution was government and trillion(s) in new spending at taxpayers expense? What if government hadn't intervened and delayed action on the normal means by which a free market handles bad debts? Do you suppose the markets and job growth would already have turned around ... like they did in 1981-82 by this time in the recession cycle?

And by the way, do you know what Greenspan was saying back in 2004? He was saying the housing sector was in good shape and advising homeowners to switch to adjustable rate loans and save the difference. Some of us were smart enough not to take his advise. Were you?

Looks like the fear came from Rupert Murdoch...

http://online.wsj.com/article/SB122169431617549947.html

You seem to leave out a few details. During the 81-82 recession, the gloom and doom were not quite like recent events.

Market forces crushed the part of the banking system back in the 80s as well. It was also due to poor regulation and greed. Reagan had to nationalize various S&Ls. The free market was abandoned then and cost a bunch too.

http://en.wikipedia.org/wiki/Savings_and_loan_crisis

As far as what I was doing during the Bush Jr. years, well, not much as I don't believe in variable interest loans. I also knew the huge deficits/conservative style stimulus were a house of cards and stayed away from the investment community.

http://www.youtube.com/watch?v=ZVdTzPEYvH4

glenn
 

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