Since the free market is self-correcting it is 100% impossible for it to have.....

[EdwardBaiamonte]

only one of the top 25 subprime lenders in 2006 was subject to affordable-housing laws

dear, the current housing recession that was caused mostly by regulation from Fed Fanny Freddy CRA FDIC FHA. No one said it was caused by just affordable housing laws.

See why we say a liberal will be slow, so very very slow??









Barney Frank didn?t cause the housing crisis - The Washington Post

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.

He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.

The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House.

But the Senate never voted on the measure, in part because President Bush was likely to veto it. "If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank.

In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."

Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53] Frank stated further that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."

[/QUOTE]

 

[Dugdale_Jukes]

well, it depends on how it is manipulated. If it is manipulated to insure no inflation or deflation then you have a free market.

Edmund, your statement above is among the finest representations of Greenspan-channeled-thru-Carroll bloviations of meaningless gibberish ever put in the public domain.

Carroll's Queen of Hearts couldn't touch Greenspan; after reading your explanation of how manipulation ensures free markets one wonders if you were doing Greenie's ghost writing?

if you find my statement in red above incorrect please say exactly why or admit before the entire world that as a typical liberal you lack the IQ to do so.

said statement in red: well, it depends on how it is manipulated. If it is manipulated to insure no inflation or deflation then you have a free market.

Okay - this one goes out for you, Edmund B:

1. In free markets prices are determined by unrestricted competition between privately owned businesses.

2. In free markets inflation (price increases) is most often the result of an imbalance in demand allowing sellers in some areas to charge more, which can lead to wider spread inflation.

3. Manipulation of the money supply including increasing money supply can cause across the board devaluation which has many of the same effects as inflation but is not the same phenomenon as inflation because it is evenly spread and rarely affects domestic pricing.
​

In sum manipulating currency value has no connection to the kind of market the currency is being manipulated in. Currency manipulation comes in many forms from Greenspanian bogusness to nutball hero George Soros's gutting of Asian currencies some years ago. In the Thai event, Timothy Geithner got his dick handed to him by Soros and ended up promoted to the NY Fed to get him out of Asia before someone killed him.

Is there some other nutball fantasy you want spiked before I go to bed, Edmund?

 

[EdwardBaiamonte]

Edmund, your statement above is among the finest representations of Greenspan-channeled-thru-Carroll bloviations of meaningless gibberish ever put in the public domain.

Carroll's Queen of Hearts couldn't touch Greenspan; after reading your explanation of how manipulation ensures free markets one wonders if you were doing Greenie's ghost writing?

if you find my statement in red above incorrect please say exactly why or admit before the entire world that as a typical liberal you lack the IQ to do so.

said statement in red: well, it depends on how it is manipulated. If it is manipulated to insure no inflation or deflation then you have a free market.

Okay - this one goes out for you, Edmund B:

1. In free markets prices are determined by unrestricted competition between privately owned businesses.

2. In free markets inflation (price increases) is most often the result of an imbalance in demand allowing sellers in some areas to charge more, which can lead to wider spread inflation.

3. Manipulation of the money supply including increasing money supply can cause across the board devaluation which has many of the same effects as inflation but is not the same phenomenon as inflation because it is evenly spread and rarely affects domestic pricing.
​

In sum manipulating currency value has no connection to the kind of market the currency is being manipulated in. Currency manipulation comes in many forms from Greenspanian bogusness to nutball hero George Soros's gutting of Asian currencies some years ago. In the Thai event, Timothy Geithner got his dick handed to him by Soros and ended up promoted to the NY Fed to get him out of Asia before someone killed him.

Is there some other nutball fantasy you want spiked before I go to bed, Edmund?

dear, the subject in red was about central bank manipulation of money supply to avoid inflation and deflation. You raised about 6 other subjects and had no idea that you were doing it. Care to try again.

You're accustomed to long unchallenged rants.
Any nut can convince himself that's he's right, and that apparently is what you have done for a long long time. You speak in long totally disorganized rants, perhaps mostly to a mirror??

 

[Dugdale_Jukes]

if you find my statement in red above incorrect please say exactly why or admit before the entire world that as a typical liberal you lack the IQ to do so.

said statement in red: well, it depends on how it is manipulated. If it is manipulated to insure no inflation or deflation then you have a free market.

Okay - this one goes out for you, Edmund B:

1. In free markets prices are determined by unrestricted competition between privately owned businesses.

2. In free markets inflation (price increases) is most often the result of an imbalance in demand allowing sellers in some areas to charge more, which can lead to wider spread inflation.

3. Manipulation of the money supply including increasing money supply can cause across the board devaluation which has many of the same effects as inflation but is not the same phenomenon as inflation because it is evenly spread and rarely affects domestic pricing.
​

In sum manipulating currency value has no connection to the kind of market the currency is being manipulated in. Currency manipulation comes in many forms from Greenspanian bogusness to nutball hero George Soros's gutting of Asian currencies some years ago. In the Thai event, Timothy Geithner got his dick handed to him by Soros and ended up promoted to the NY Fed to get him out of Asia before someone killed him.

Is there some other nutball fantasy you want spiked before I go to bed, Edmund?

dear, the subject in red was about central bank manipulation of money supply to avoid inflation and deflation. You raised about 6 other subjects and had no idea that you were doing it. Care to try again.

You're accustomed to long unchallenged rants.
Any nut can convince himself that's he's right, and that apparently is what you have done for a long long time. You speak in long totally disorganized rants, perhaps mostly to a mirror??

Thank you for illuminating our differences so clearly, Edmund. My muddying the waters with facts won't fool the elite conservative mind more focused on emotional fantasy, will it? To paraphrase you, one feels secure that the discerning reader has the IQ to separate thee from me in the, er... relevant, ways.

 

[Flopper]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

It's not the free market being blamed. It's those that manipulate that market, buy off congressman to get the laws they want, and construct laws to benefit special interest.

 

[EdwardBaiamonte]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

It's not the free market being blamed. It's those that manipulate that market, .

dear, Freddie Fanny Fed FHA FDIC CRA were all created by libturds to manipulate the market!! Liberalism is 100% opposed to the free market so tries to manipulate regulate control tax and take it over!

 

[Dugdale_Jukes]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

Referring to his free-market ideology, Mr. Greenspan added: “I have found a flaw. I don’t know how significant or permanent it is. But I have been very distressed by that fact.”

Mr. Waxman pressed the former Fed chair to clarify his words. “In other words, you found that your view of the world, your ideology, was not right, it was not working,” Mr. Waxman said.

“Absolutely, precisely,” Mr. Greenspan replied. “You know, that’s precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well.”

and

[youtube]bAH-o7oEiyY[/youtube]

One wonders how geniuses like our own Edmund and national treasure Alan missed correlations like debt to risk and deregulation with severity of crises?

It's a real puzzle given the high quality of media since Reagan's crowd began gaming markets.

 

[EdwardBaiamonte]

One wonders how geniuses like our own Edmund and national treasure Alan missed correlations like debt to risk and deregulation with severity of crises?

too stupid but 1000% liberal!! everyone missed it from all walks of life on both sides of the political fence!! How could you not know that??? IT really defies belief

 

[Avorysuds]

dear, we are in a huge recession caused by huge government interference with capitalism so it is not accurate to call it capitalism!!

Can you grasp that??

There was more regulation during the Clinton Presidency when we had 8 straight years of growth.

Care to explain that?

Well, it's quite simple really.... Mass amounts of money being injected into the system made possible by easy credit due to the Federal Reserve... Thus like under Bush you get a booming economy based on a bubble. Under Bush it was known as the housing bubble, there was also a mass building of the what we call now the College bubble...

Now, under Clinton there was the .com bubble and the major beginnings of the housing bubble as well as the start of the college bubble.

So that's how you get a amazing economy under Clinton.... Oh, guess what happens when that bubble based on easy credit pops? All that mal investment destroys the economy. OMFG I just remembered that Recession Clinton left Bush and then major recession Bush left OBAMA!!! HOLY FUCK, I BROKE THE CODE!!!!!

Oh, I almost forgot, Austrian economics broke that code and successfully predicted all this like a waaaaay long time ago, before I was born, hell before you or your parents were born.

 

[JakeStarkey]

There is no free market. Anyone telling you that is lying.

 

[Avorysuds]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

It's not the free market being blamed. It's those that manipulate that market, buy off congressman to get the laws they want, and construct laws to benefit special interest.

So what you're saying is too much Government power, possibly by overstepping it's constitutional bounds caused the problem? Am I reading this right?

 

[EdwardBaiamonte]

There was more regulation during the Clinton Presidency when we had 8 straight years of growth.
Care to explain that?

1) too stupid!!! regulation always grows so thats a lie

2) Clinton deregulated if anything with Grahm-Leach most obviously

3) Clinton inherited a boom from Bush 41'

4) Clinton inherited the First Republican Congress in 40 years. Newt made Clinton say the era of big liberal government is over- remember???

be careful, you're only one step above Deanie

 

[EdwardBaiamonte]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

It's not the free market being blamed. It's those that manipulate that market, buy off congressman to get the laws they want, and construct laws to benefit special interest.

So what you're saying is too much Government power, possibly by overstepping it's constitutional bounds caused the problem? Am I reading this right?

sounds like he's saying that pure capitalism would work just fine?

 

[oldfart]

1. In free markets prices are determined by unrestricted competition between privately owned businesses.

There is a difference between "free markets", "competitive markets", and "unregulated markets". Your statement is true for substantially competitive (as opposed to monopolistic or monopsonistic markets) appropriately regulated free markets.

2. In free markets inflation (price increases) is most often the result of an imbalance in demand allowing sellers in some areas to charge more, which can lead to wider spread inflation.

Inflation is generally defined as an increase in the general price level. I don't see how generalized inflation can result from spreading from a few sellers. A competitive market would tend to reduce the prices in the original higher price markets.

3. Manipulation of the money supply including increasing money supply can cause across the board devaluation which has many of the same effects as inflation but is not the same phenomenon as inflation because it is evenly spread and rarely affects domestic pricing.

You have lost me here. "Devaluation" is generally used to denote a fall in the price of a currency relative to other currencies. For example, right now the U S dollar and Canadian dollar are worth almost the same and exchange pretty close to 1--1. If the Canadians devalued their dollar, say to where $1.00 Canadian was worth only $0.80 US, prices of Canadian goods in the US would fall and prices of US goods in Canada would rise. In this sense, a Canadian devaluation relative to the US dollar would be perceived by Canadian consumers as a price increase for US goods. If US goods were a substantial part of Canadian consumption, this would appear to be the same as inflation.

You are correct that there is no direct effect on domestic prices for non-import items. But to the extent that imported materials are used in Canadian production, even the price of Canadian products and services could increase as a result of devaluation.

 

[JakeStarkey]

Austrian neo-economics is horseshit. Just saying. Mises is the asshole end of the economic horse.

 

[joewp]

There's no such thing as a 'free market' when the money supply is manipulated by the bankers.

well, it depends on how it is manipulated. If it is manipulated to insure no inflation or deflation then you have a free market.

It's manipulated for one thing: To ensure the big banks make money.

 

[OohPooPahDoo]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

You're a moron.

 

[JakeStarkey]

Spec Ed is a real moron.

 

[Truthmatters]

deregulation caused this mess

 

[EdwardBaiamonte]

There's no such thing as a 'free market' when the money supply is manipulated by the bankers.

well, it depends on how it is manipulated. If it is manipulated to insure no inflation or deflation then you have a free market.

It's manipulated for one thing: To ensure the big banks make money.

too stupid given that 1000's just went out of business in the current crisis!!