Trump on Housing Crisis: "I Sort of Hope it Happens..."

[peach174]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

 

[georgephillip]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

 

[Toddsterpatriot]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

They didn't have government insured deposits either.

 

[peach174]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

In 2008 Bush tried to get GSE reform 17 times and congress was in denial not accepting there was a problem.
He started back in 2001 saying Fannie and Freddie were a potential problems.

 

[OnePercenter]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

In 2008 Bush tried to get GSE reform 17 times and congress was in denial not accepting there was a problem.
He started back in 2001 saying Fannie and Freddie were a potential problems.

Why did baby bush push away the recommendations of his (baby bush) appointee William Donaldson, SEC Chair way back in 2004 for stiffer regulations on mutual funds and hedge funds?

 

[OnePercenter]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

They didn't have government insured deposits either.

Are you saying that FDIC banking had no stake in shadow banking?

 

[peach174]

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

In 2008 Bush tried to get GSE reform 17 times and congress was in denial not accepting there was a problem.
He started back in 2001 saying Fannie and Freddie were a potential problems.

Why did baby bush push away the recommendations of his (baby bush) appointee William Donaldson, SEC Chair way back in 2004 for stiffer regulations on mutual funds and hedge funds?

He wanted to do it differently.
Presidents are allowed to disagree with recommendations.
Everyone isn't in lockstep like the Dems are.

 

[OnePercenter]

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

In 2008 Bush tried to get GSE reform 17 times and congress was in denial not accepting there was a problem.
He started back in 2001 saying Fannie and Freddie were a potential problems.

Why did baby bush push away the recommendations of his (baby bush) appointee William Donaldson, SEC Chair way back in 2004 for stiffer regulations on mutual funds and hedge funds?

He wanted to do it differently.
Presidents are allowed to disagree with recommendations.
Everyone isn't in lockstep like the Dems are.

Presidents are allowed to disagree with recommendations.

And that worked out, how?

Face facts, baby bush and Republicans were at fault as tRump and Republicans are at fault for the upcoming financial crisis.

 

[georgephillip]

Why would anyone pretend to be surprised when the most corrupt POUTUS in US history anticipated "earning" massive profits from an economic crash that cost 8 million Americans their homes?

https://www.amazon.com/Homewreckers...953&creativeASIN=0062869531&tag=ff0d01-20

"Two years before the housing market collapsed in 2008, Donald Trump looked forward to a crash: 'I sort of hope that happens because then people like me would go in and buy,' he said."

"KIRKUS REVIEW

"A tale of greed and corruption involving 'corporate landlords' who 'drove a generational transfer of wealth from hundreds of thousands of individual homeowners to a handful of well-heeled bankers and titans of private equity...'"

"The author spotlights a variety of contemporary robber barons, including Donald Trump before he was president; Trump’s father, Fred; Wilbur L. Ross Jr. before he was the Secretary of Commerce; and Steven T. Mnuchin before he became Secretary of the Treasury.

"Glantz’s impressive research leads him to portray each of the tycoons as morally bankrupt and utterly without compassion for homeowners who lost their property."

It's bad enough that vulture capitalists like Trump, Barrack, Schwarzman, Ross, and Mnuchin found ways to profit from the fraud the created the Great Recession; what's even worse is that they are now is positions to create new financial products that could make the wealth transfers of the biggest economic downturn since the Great Depression permanent.

Too Much Winning or Drain the Swamp?

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

In 2008 Bush tried to get GSE reform 17 times and congress was in denial not accepting there was a problem.
He started back in 2001 saying Fannie and Freddie were a potential problems.

In 2008 Bush tried to get GSE reform 17 times and congress was in denial not accepting there was a problem.
He started back in 2001 saying Fannie and Freddie were a potential problems.

He also overlooked a spike in subprime loans and the FBI warning of an epidemic of mortgage fraud connected to those loans in 2004.

Economic policy of the George W. Bush administration - Wikipedia

 

[peach174]

The Dems fought everything he wanted to do .
It's the Dems who wanted to do it themselves and when they won they did it.
Too little to late.

 

[whitehall]

Only the crazy left could turn a joke made by the future president in 2006 into a hysterical diatribe in 2019.

 

[Toddsterpatriot]

Trump had nothing to do with the collapse of the housing bubble in 2007

That was caused by do-gooder liberals who insisted that banks loan money to poor people who cpuld not make their house payments

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

They didn't have government insured deposits either.

Are you saying that FDIC banking had no stake in shadow banking?

Were the shadow banks insured by the FDIC?
Were they taking insured deposits?

 

[OnePercenter]

Continuing the lie. NOBODY was given a loan they couldn't initially pay. The illegal terms of some loans made it a time bomb and the baby bush administration did nothing to stop it.

Pay attention, it's happening again.

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

They didn't have government insured deposits either.

Are you saying that FDIC banking had no stake in shadow banking?

Were the shadow banks insured by the FDIC?
Were they taking insured deposits?

Answer the question! Are you saying that FDIC banking had no stake in shadow banking?

 

[Toddsterpatriot]

Bush tried 17 times to do something about, it but congress refused every single one of them.

Bush tried 17 times to do something about, it but congress refused every single one of them

Bush ignored the shadow banking system.

Economic policy of the George W. Bush administration - Wikipedia

"President Bush and his economic experts did not adequately address fundamental changes in the banking sector which had taken place over the two decades prior to the crisis.

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

"The essentially unregulated shadow banking system (e.g., investment banks, mortgage companies, money market mutual funds, etc.) had grown to rival the traditional, regulated depository banking system but without equivalent safeguards."

They didn't have government insured deposits either.

Are you saying that FDIC banking had no stake in shadow banking?

Were the shadow banks insured by the FDIC?
Were they taking insured deposits?

Answer the question! Are you saying that FDIC banking had no stake in shadow banking?

Are you saying that FDIC banking had no stake in shadow banking?

FDIC: What's Covered

 

[georgephillip]

The Dems fought everything he wanted to do .
It's the Dems who wanted to do it themselves and when they won they did it.
Too little to late.

What role did Phil Gramm (R/D) play in the housing crisis?

Who caused the great crash of 2008?

 

[sparky]

Our economy is purposely constructed for cyclical boom / busts , and further legislated for 'too big to fail' bailouts for the 1% , at the 99%'s expense.

~S~

 

[georgephillip]

Our economy is purposely constructed for cyclical boom / busts , and further legislated for 'too big to fail' bailouts for the 1% , at the 99%'s expense.

~S~

Hyman Minsky may have defined the problem in the wake of the Great Depression:

To Move Beyond Boom and Bust, We Need a New Theory of Capitalism

"Minsky’s genius was to show that financially complex capitalism is inherently unstable.

"Under conditions of stability, firms, banks and households will, over time, move from a position where their income pays off their debt, to one where it can only meet the interest payments on it.

"Finally, as instability rises, and central banks respond by expanding the supply of money, people end up borrowing just to pay back interest.

"The price of shares, homes and commodities rockets.

"Bust becomes inevitable."

 

[Toddsterpatriot]

The Dems fought everything he wanted to do .
It's the Dems who wanted to do it themselves and when they won they did it.
Too little to late.

What role did Phil Gramm (R/D) play in the housing crisis?

Who caused the great crash of 2008?

Practically zero.

 

[Toddsterpatriot]

Our economy is purposely constructed for cyclical boom / busts , and further legislated for 'too big to fail' bailouts for the 1% , at the 99%'s expense.

~S~

Hyman Minsky may have defined the problem in the wake of the Great Depression:

To Move Beyond Boom and Bust, We Need a New Theory of Capitalism

"Minsky’s genius was to show that financially complex capitalism is inherently unstable.

"Under conditions of stability, firms, banks and households will, over time, move from a position where their income pays off their debt, to one where it can only meet the interest payments on it.

"Finally, as instability rises, and central banks respond by expanding the supply of money, people end up borrowing just to pay back interest.

"The price of shares, homes and commodities rockets.

"Bust becomes inevitable."

Booms and busts have always happened.
With or without central banks.

 

[georgephillip]

Our economy is purposely constructed for cyclical boom / busts , and further legislated for 'too big to fail' bailouts for the 1% , at the 99%'s expense.

~S~

Hyman Minsky may have defined the problem in the wake of the Great Depression:

To Move Beyond Boom and Bust, We Need a New Theory of Capitalism

"Minsky’s genius was to show that financially complex capitalism is inherently unstable.

"Under conditions of stability, firms, banks and households will, over time, move from a position where their income pays off their debt, to one where it can only meet the interest payments on it.

"Finally, as instability rises, and central banks respond by expanding the supply of money, people end up borrowing just to pay back interest.

"The price of shares, homes and commodities rockets.

"Bust becomes inevitable."

Booms and busts have always happened.
With or without central banks.

Booms and busts have always happened.
With or without central banks.

Debt slaves also predate central banks