A Nation in Crisis (Pick One)
It is a nation that seems perilously close to the abyss. Political leaders, the men and women that the nation depend on to resolve the crisis seem completely unable to reach agreement. A high-level summit meeting involving the President and key leaders of the opposition advances nowhere. There are reports of heated arguments between them as they meet behind closed doors. With no clear resolution in sight a new round of negotiations is set for the weekend. The eyes of the world media rest on the conflict.The above statement is about:
a. Bolivia
b. the United States.
c. All of the above
For answer see below.
When one sees the word "crisis" in the morning headlines this week you have to take a minute to sort out which country we're talking about – Bolivia or the U.S. Pick your national meltdown.
In Bolivia the crisis involves a President with strong popular support facing an opposition that burned down public buildings and gunned down campesinos in the name of pressing its agenda.
In the U.S. the crisis involves a President whose support has now dropped below 25% and is abysmal even in his own party. He faces an opposition that controls a majority of Congress yet seems quite willing to go along with the basic agenda of the President, to saddle our children and grandchildren with a $700 billion debt to bail out very well-dressed loan sharks. Really, they are well dressed, no?
Bolivia, a poor nation with a President who didn't finish high school is sitting on $7 billion in cash reserves and not spending it.
The U.S., a wealthy nation with a President who holds an MBA from Harvard, is about to go further in debt, overnight, by $2,000 per man, woman, and child.
I am not making this up. Sorry.
In Bolivia foreign observers have flown into to see if they can nudge the process toward some kind of an agreement.
For the U.S. foreigners are observing from afar, watching the U.S. on the precipice of a self-inflicted economic 9/11.
For Bolivia, the U.S. government has issued a new travel warning encouraging U.S. citizens to travel there, and encouraging those who stay to call their relatives in the U.S. to stay in contact. American Airlines has suspended its flights. But most of the foreigners I know will be spending the weekend at the Tiquipya Flower Fair, a fearless bunch, no?
For the U.S. the Bolivian government might want to issue a warning to its citizens there to pull all their money out of U.S. banks and put it somewhere safer, like under a mattress in Tiquipya. There are also possibilities that even the cash in their pockets might disappear, as if beamed up to the Starship Enterprise. Aerosur might want to consider canceling its flights as well, given the risk that the entire country might gets its lights shut off for not paying the bill, stranding its aircraft and crews in Miami.
One of my super-smart young co-workers observed wisely that this is a Naomi Klein, "Shock Doctrine" moment in the U.S. In her brilliant book by that title, our Canadian friend sketches out a powerful analysis of how right-wing forces around the word have taken up the practice of either taking advantage of, or outright manufacturing, crises in order to scare us into accepting big changes to their liking that we would never swallow otherwise.
September 11 and its aftermath was not only a national tragedy, but for the likes of George Bush and Dick Cheney and opportunity to win huge backwards steps in civil liberties that U.S. citizens would never have swallowed otherwise.
Hurricane Katrina was taken by similar political forces as an opportunity to sweep privatizations through the New Orleans public school system.
So, what does it take to cow a nation into handing over $700 billion with 48 hours of reflection?
My fellow Americans. In the name of trying to make ever increasing pots of money off of housing here in our country, big banks and financial institutions – led by people paying themselves more money in a year than you would make if you lived for a thousand years – messed up and got their companies into deep debt. Here in the federal government we weren't really watching to close. Sorry, but we had that whole Iraq thing to worry about and we trust the CEOs. They're the ones who put is here. And in graduate school they told me the market worked better without the government involved.
Anyway, if we don't each cough up $2,000 by Friday to bail them out all your pension funds might disappear. Now we know you are already close to losing your own house, but to be honest, if you lose your house the rest of us can deal. But those big banks…. You get it.
But hey, look on the bright side my fellow Americans. I am gone from this Oval Office in less than four months and our country has nowhere to go but up.
And this just in – citing its concerns that the Bolivian government is not advancing adequately in the U.S. War on Drugs (no, this has nothing whatsoever to do with Bolivia sending back the U.S. Ambassador) the Bush Administration would like to end the U.S. trade benefits for Bolivian-made textiles and other products. Yes, it's those weavers up in El Alto who are the problem. Let's get them. Brilliant.
Who is it in Washington exactly that still thinks the U.S. is in a position to be giving other nations advice on how to run their countries?
Answer to Quiz: C

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38 Comments:
The BIG difference is that Bush is holding people hostage with fannthom threats that if we don't agree, there will be a financial catastrophe.
Evo, on the other hand, is using very real armed thugs that will beat the crap out of you if you dare question their illegally approved CPE.
The ultimate responsability on the financial crisis rests on the people who took mortgages that they couldn't afford and the socialist ideal that everyone deserves a home of their own.
Sometimes Jim I think you in favor of a Republic where 99% of the population can't tell the other 1% what to do and where to go. Maybe Evo is like that as well. Fortunately or Unfortunately we seem to we have Democracy in most of the world were it is possible for 51% of the people can tell the other 49% what to do and where to go.
Bolivia may well travel down a middle path with a few wobbles along the way of course.
I'm not sure where the 7 billion comes from ... assuming it's all there a fantastic way of keeping it and using it would be to buy silver and reintroduce into the money supply by way of silver coins. The world is currently in short supply of stable monetary systems.
Anon @ 6:02 pm.
Like most myopic republicans, you insist on looking at governance from an inverted perspective. The responsibility for running the economy does not like with individuals: All they get to do is vote every so often. This responsibility is squarely on the shoulders of those elected to high office. That means your hero, George W. Bush, and the rest of the corrupt crew currently in Congress.
By refusing to enact regulatory laws, a speculative bubble was INTENTIONALLY created. Those that lobbied intensely against any sort of controls on irresponsible lending practices have made off like bandits. Left with the bill are 'We, the People' who will see our national debt balloon, and perhaps lose our Social Security nest egg.
It is high time that people purged their brains of this stupid 'conservative mindset' that has brought nothing but war, disaster, and bankruptcy to our republic.
FYI anon 6:32.
I guess you didn't read the paper that day. Evo's mandate was contnued Aug. 10 by a 67% vote.
What part of majority rule don't you understand?
Bush is mearly a puppet with the hands of the Fed (Central Back) governors deep in his puppet cabinet. This was all very well orchestrated. The Fed regulates the Note Rate for loans and they clearly have been manipulating the US financial machine since the abolishment of Free Banking System. Doesn't anybody pay attention to what is going on? The Fed is the organization that prints American Currency. They make money on every dollar that they print for Mr. Bushe's War. When a Country like Bolivia rebels against their economic model, they stand to loose money. Doesn't any one see a conflict of interest here. I feel like I'm taking crazy pills. We are all slaves! We pay the a Federal Tax that is unconstitutional so the US government, Red or Blue (desn't matter), can go to war all over the world, in order for these Banker to make more money. Wake up people. Start educating your selves do your own research instaed of trusting the very expensive educations that you most likely got yourselves in a bunch of debt and paying these same bankers for it. Can't you see that they also regulate what you are learning in those very expensive schools your going to. We in the US live in Dysneyland. They keep us amused with money and toys and when were riding "it's a small world" we turn around and we end up having a chain around our neck. It does not matter if you are a Camba or Colla, White, Black, Terrorist or not, they don't care. All they care about is making slaves out of us. The time of Pachacuti has begun and all you ignorant wealthy capitalist will now have to return to the basics "Pachamama". The clock is ticking.
This is partly due to the governments push to have every american own a home. Like the poster above said, only a socialist would believe that every American deserves his/her own home.
I love how some people had 2 or 3 houses at a time and when they went into bankruptcy they cried foul. They screamed they were taken advantage of and are now on the street. DIDN'T YOU READ YOUR CONTRACT? DON"T YOU KNOW WHAT AN ARM IS?
Predatory lending? WTF? how about predatory borrowing. I have no sympathy for many of those folks.
If those idiots in DC ever agree on Paulsens plan then we'll be ok. Bolivia on the other hand is pretty much screwed.
Whilst activists from the MAS and social movements have sometimes been drawn into fights with Camba gangs, if you ask any Bolivian except a paid up autonomista who it is who goes around smashing people's heads in in the street, or breaking into their offices on camera and threatening them with death (see Lucio Vedia), I refer you to the opposition UJC in Santa Cruz.
Unitel, which has often invented stories it parades as news, was attacked in Cochabamba, I remember.If a TV pretends to be a news channel and invents stories it can no longer be called unpartisan.It has taken very clear sides but is participating fully in events.It has also cheer-led a fair bit of the anti-indigenous violence in Santa Cruz.I know this because I used to watch it.None of the other channels were attacked
despite most being rightwing, however their journalism does fall within the parameters you would expect of professional journalists as opposed to suited insurrectionists and coup-mongers.
So the idea a baying mob of savages are terrorising and closing down the innocent white man in Bolivia is just a lie.I used to walk round the barrios all times of the day or night.I only ever got mild grief in camba barrios, never indigenous.How do you explain that?Jim said it best: his mates are off to the flower festival.My partner is carrying on her business plan with money she partly got from the communist Evo Morales to start a small business.The fucking communist, eh!Small business plan!Whatever next.
Secondly, the constituyente isn't illegally approved, as I recall.
There was a 2/3 campaign in congress against the overall majority the MAS claimed it needed, and when asked to clarify affairs, Garcia Linera went on television to explain the legitimacy of the constituyente within the existing constitutional framework of Bolivia.Turned out nothing was extrajudicial, despite opposition protests.They also protested against anti-corruption measures Morales was trying to introduce (check it out) so maybe that's another debased facet of those evil liberals and socialists.
I saw 2 face to face defences of the constituyente whilst in Bolivia.The first was when Saul Avalos, Morales' envoy to the assembly (Morales is not allowed to set foot there in person) argued face to face with Costas on Unitel's El Mananero breakfast show.They accused the MAS of violating the constitution.Avalos countered by quoting the part of the original Bolivian constitution that they were currently following to the letter.
What did Costas do, do you think?
Did he become enraged and shout that this was totalitarianism as he has wont to do?
Point out that Avalos had wilfully misquoted the Bolivian constitution?
No.He ripped his mic off (he was at what was obviously a pre-staged outside broadcast desopite being a 4 minute taxi ride from the studio) and walked across the road to the huge statue of the Cristo Redentor where a choir of fearsome old Camba ladies awaited. He then joined them in singing Cruceno hymns.He never answered the question because he doesn't have one.He never did.The dos tercios (2/3) movement that sidetracked the debate for the best part of a year was a propaganda exercise.One you obviously enjoyed.
The second face off was between Morales and Costas in La Paz (also around this time).Morales had had enough and held a televised meeting at the palace.It went out live and the whole of Santa Cruz, from what I could see, seemed to be watching.
Morales, the uppity indian, sat at the head of the table and lectured his foes on the constitutional invalidity of their arguments.He had a copy of the constitution in front of him and frequently held it up to show them from where the government was claiming it's authority.
At the end, one opposition congressman stood up to tell him they thought was he was doing was wrong regarding land reform, etc, but no legal argument followed concerning the constituyente as I recall.That was the only exchange.
Coastas didn't say a single word.Instead he got on a plane and flew back to Santa Cruz where his media puppies were waiting to greet him at the airport.He then continued banging on about 'democracy' this and 'abuse of power' that once the cameras were rolling.
So that's your rubbish about the constituyente and the red terror cleared up.
As for the crack about everyone having houses, OK.
Tell me where you live and me and some mates will come and take it.If you complain we'll use force.We'll see how long you can take it for.I reckon you'll be in tears with a runny nose within 24 hours.
The good news is that capitalism is in a state of real crisis....The troubles in the US confirm the value of the path of Morales, Chavez etc...NOW the only obstacle are the white oligarchs who want to wage a war against the people of Bolivia, and look to the US to fund their war.
anon 9:02:
'Evo, on the other hand, is using very real armed thugs that will beat the crap out of you if you dare question their illegally approved CPE.'
Wrong...Morales is not using armed thugs. You are thinking of the white oligarchs, whose thugs are machine gunning native bolivians.
Brian
anon 9:02:
'Evo, on the other hand, is using very real armed thugs that will beat the crap out of you if you dare question their illegally approved CPE.'
Wrong...Morales is not using armed thugs. You are thinking of the white oligarchs, whose thugs are machine gunning native bolivians.
Let me get this right. The white oligarchs are beating the crap out of those who dare question their illegally approved CPE?
Hmmm!
Buffy :)
president Morales speaks:
http://boliviarising.blogspot.com/2008/09/bolivias-president-on-his-countrys.html
Note the white oligarchs are using terrorism to destabilise the country. We have seen US supporting terrorism in Bolivia. Thats why the bolivian govt had US ambasador thrown out. A wise move.
Brian
'Press statement: Evo Morales at UN General Assembly
EVO MORALES, President of Bolivia, said the General Assembly was meeting at a time of rebellion -– against misery, poverty and against the effects of climate change and privatization policies -- throughout the world. It was those privatization policies that had caused the current financial crisis. In Bolivia, there had been uprisings of indigenous peoples and farmers questioning economic systems, such as those of the World Bank and the International Monetary Fund (IMF), which had privatized basic resources. Nationalizing oil and gas had profoundly changed Bolivia’s economy for the better and drastically increased profits from the industry. Those profits had allowed the national economy to improve and natural resources to be recovered, which had also led to democratic changes.
Although the changes in Bolivia had made him popular, with 60 per cent of Bolivians pledging their support to his presidency in an August referendum, he said some conservative parties in favour of imperialism intended to weaken the country and bring down his presidency. In fact, after 15 August, small conservative groups had begun to organize civil and municipal coups against the Government. However, thanks to the Conference of the Bolivian People, that civil coup was being defeated. Because the United States had not condemned those right wing groups, who were setting fire to oil and gas pipelines, he had expelled the United States Ambassador to his country, who he called “a lynchpin” in those activities, from Bolivia.
Noting that, in 2005, Bolivia had begun to dismantle its military forces, he said the United States still consistently tried to control certain members of the Bolivian military. Although the United States had created, in some countries, a special force to fight terrorism, in many cases, those forces were created to put an end to leaders opposed to capitalism. “When you work for equality and social justice, you are persecuted and conspired against by certain groups, not concerned about equality,” he said. That was nothing new for Bolivians.
That was the historical fight of Bolivians –- the fight between rich and poor, and socialism and capitalism. There were uprisings against a capitalist economic model around the world and if no one understood that capitalism was destroying the planet, then major problems would go unresolved. “So much is being said about climate change and if we continue the way we were, we will all be responsible for destroying the planet, and therefore, humanity,” he said, adding that it was not enough to raise problems with addressing solutions.
Although historic fights between people had been for territory, which was being repeated in Bolivia, he said indigenous peoples realized how they could live in harmony with Mother Earth. He declared water and energy as human rights, which should be treated as public services. Foreign investors should be business partners, not owners of local resources. Social movements were mobilizing themselves to search for peace, and were asking for new standards to be adopted to bring about equality for all Bolivians. Only the conscience of his peoples would defeat imperialism and create peace.
http://boliviarising.blogspot.com/2008/09/press-statement-evo-morales-at-un.html
Brian
Hilariously, of course, the uppermost echelons of the US banking system are on the verge of becoming subject to far more socialism than Morales and the MAS have ever dreamed of for Bolivia.
Of course Bush's plan is justifiable because it bails out a load of wealthy 'merchant bankers' (that's what we call cockney rhyming slang.So is 'berks', which is what Bush is) as opposed to normal people, who we all know are scum.
Incidentally, if anyone connected to the McCain campaign accesses this thread (that means you, NSA) here's an idea: there's an episode of the UK sitcom Fawlty Towers in which the star, Basil Fawlty, digs himself into a conversational hole from which he will never escape.In desperation he grabs his leg and, apropos nothing, begins to scream 'KOREA!'.
I believe the next time during one of the debates that McCain is asked to do something beyond his abilities like pronounce the name Ahmadinejad or make some kind of coherent sense on foreign policy, it might be an idea to try it.Simply substitute Korea with, well, have a wild guess....
In the US: There is a resident who used cocaine and admitted to being a former alcoholic.
In Bolivia: The is a pedophile president who likes pre-adolescent cholitas (one who just got arrested), was a coke dealer and user...and still hits it
In the US: The president was accused of stealing an election with his brother's help in Florida.
In Bolivia: The president's 67% was padded with Minister Quintana's double ID card issuing Venezuelan friends... BTW Morales had to be medicated when he found out.
In the US: The president is acused of invading Iraq on false pretenses.
In Bolivia: The president allows Venezuelan special forces troops into Pando, 6 die, tries to cover it up ... and does not allow independant press or media into Cobija
So apparently Bush is going to let the Atpdea die and rightfully so, the way Morales has been acting. In essence it will close off the US as a viable market for Bolivian businesses.
So what's the result of Morales genius foreign policy? Well how about roughly 400 millionUS in lost exports and thousand and thousands of possible jobs lost.
Here is the kicker, the majority of those jobs that will more than likely be lost are in La Paz, El Alto and Cochabamba. So in essence where his most fervant supporters reside. I want to hear how he spins this, it should be good.
Buaaaahahahhaaaa, talk about a footbullet, ole W just pulled rank PWNED!
The other side is getting desperate. These would be nasty State Department employees tasked to invade public forums, in order to 'set the tone.'
Christ, how PREDICTABLE is all this? Do any of you actually expect people to believe any of you?
Anon 4:45
Yes that's exactly right Anon, it's state department employees filling this forum with propaganda to 'set the tone', yeah that's it I think you've got it.
Hey Jim what happened to the site this morning, didn't pay your bills?
Let send Costas to Wall Street, he will do just fine among the crooks around there.
Let's send Marinkovick to Choncocoro, he should putreact his ass there.
Let's build a library for George III and Palin will order all books to be sold on ebay.
Let's send Tuto to disneyland, they are missing replaBement goofies.
Bolivia will be ONE republic and independent once the Croats go home.
Do you really want to see what happened in Pando? This is the video the Bolivian Army and Evo Morales did not want you to see. The video footage had to be smuggled out of Pando by international reporters.
http://www.youtube.com/watch?v=WkLPdfeBc5A
Read Goldberg's interview with La Razon...
http://www.la-razon.com/versiones/20080919_006400/nota_283_673792.htm
Social groups are an arm of the Government... and it uses them as much
The primary reasons why ATPDEA was was pulled:
1. Coca production grew
2. The bolivian Gov does not want US "Impirialists" here nor cooperation with the US...DEA and USAID were harrassed, threatened and kicked out of the Chapare by cocaleros and actually directed by the Bolivian Gov
3. Looks like expulsion was just the last straw
Anothr article has the Bolivian government asking the US to reverse its unfair decision... yet another article has Morales saying other countries will pick up the slack... Iran and India amoung others... what a joke.
Trade preferences`are a benefit of captialism... Evo wants to get rid of neoliberalism... here you... The Us is getting rid of it for you... Ironic that the worse hit place will be in El Alto.
Anon @ 3:27
There is nothing wrong with the DEA & USAID getting harassed & kicked out of the Chapare region. In fact, the whole premise on which their presence is justified is a bad one.
Why would a given sovereign nation accept foreign intelligence agencies on its own territory? There presence in Cochabamba, and elsewhere, is insulting.
anon 3:27
The crap you spew is just that unproven crap. How about Venezuelan and Cuban intellegence that are here to spy for the Morales Regime on Bolivians themselves.
DEA is a law enforcement agency and ALL of the USAID workers I've met are genuinely here to help.
The point is the the Evo regime does not want relations with the US... Uses social groups and cocaleros in a covert way jus like the farse in Pando. that is fine. The US is leaving this shithole that really does not mean squat to the US except for trying to limit the drug trade.
Let Venezuela, Cuba and Iran take our place and lets see how much better it gets for the average Bolivian... not much
anon 4:27
USAID built soccer fileds in Chapare for $30.000 dollars wich would it cost about only $10.000dollars, Bolivia don't swallow the $1.000 dollars trays or the 300 pencil story. If you want to fool somebody don't try it in Bolivia.
YOU ASKED WHAT THE USA WANT FROM THE SHIT HOLE FROM BOLIVIA
Mountain Mutún largest iron ore deposit of the world.
Salar de Uyuni is estimated to contain 10 billion tons of salt,and half of Lithium reserve of the world
An infinite of natural resources
Do you want for Bolivians the same luck as the Nigerians
and I forgot about the second reserve of natural gas.
Pat Robertson the founder of The 700 Club Christian Broadcasting Network,flew planes to Africa with 1/3 with carities and the other 2/3 with michenery to mine diamonds.
People from USA WAKE UP; your country has been sold to the devil. when once The USA stood for ideals, now it stands for corruption,envy,distruction.
The biggest joke is that these rabid anti-yanquee types are saying that China and India will pick up the slack. They should first learn how the Chinese work in Africa and their own hinterland, and then we shall see who's the real evil empire.
so what if they spent $30K instead of $10K on a field? That's gov't efficiency at work, besides it's the US taxpayer's money and not your money. Now, if you want to talk corruption, can you please tell me whatever happened to that $20MM chinese drill?
The US has no business in Bolivia, the people that are after our natural resources are the Chinese and European. The US has far more valuable resources and don't need nothing from Bolivia other than cocaine: Oil, gas, etc. they have far more than our measly resources. Lithium? Please, that is still pie in the sky, and in the Southwest they have more potential in solar.
You can say whatever you want about the US, but I can tell you that Evo stands only for one thing: HATE
According to you China is the reponsible for the Africa misfortune, and not the Europeans colonies; If China is in Africa now you have to thank to The UN; do you know what country is in charge of the Panamenian Canal
, China correct, and who is the president of Chinese Imports in Panama's Canal....Mr George Bush family member.Please open your maind just a little bit and u could see the real truth. American companies go to China to find for the lower bidder to produce their products. Do you know what this mean; I guess not..people working for .05 cents per hour 20 hours a day. I a Yankee hater: I Am not that naive to hate a whole nation just to people that get rich from exploiding Mother Earth and those who get advantage of other. sure a car or your Ipod battery aere running in solar power. McCain met with Mr. Uribe FBI' NUMBER 82 DRUG TRAFFIKER AND THE MEXICAN PRESIDENT CALDERON, WHO DECLARED WAR TO THE MEXICAN CARTEL OF SINALOA AND THE OTHER 2 BIG CARTER MEXICAN ARE DOING BUSINESS AS USUAL; THE MEXICAN PEOPLE ARE QUESTIONnIG IF the drug war is a genuine war.
yes you are naive:
http://www.dailymail.co.uk/news/worldnews/article-1063198/PETER-HITCHENS-How-China-created-new-slave-empire-Africa.html
we are not talking about the days of Joseph Conrad, but today. You can see that locals would rather work with the Chinese who don't worry about silly things such as human rights....but yes, let's forget that and just follow our blind hate of the US and blame them for all the ills in the world and hold everyone else as angels.
the past is part of the present; what human rigth are you claming now for the Africans now;if for 350 years they lose their culture and their selfedentidy as a great civilization. oh heay if the dominant is not an European or American influnce a country; it is evil and cruel. Slavery is wrong if THE USA does it or Europe even Bolivia. Shell oil Company organized violence in Ogoniland, Nigeria led to the deaths of thousands of civilians and razing of dozens of villages, with arms and ammunition supplied by Shell to the Nigerian police.
the evil is capitalism
AND NOT THE PEOPLE FROM uSA
A quote from evo "me gusta hacer las mujeres llorar"
HI BUFFY...
:)
With our economy falling behind, the war on terror, pork barreling legislation, corruption, and criminal activity on the rise, payday loans should be the last thing on politicians’ minds. Yet, for some reason, high profile politicians like Obama are focusing on this issue. Some states have banned them, such as Georgia and North Carolina, and more are in the process. Instead of fixing the important issues, they are trying to take out the payday loan industry for personal and political gain. Payday loans are simply for short-term financial assistance for the all-American family to cover some cost that wasn’t budgeted or an emergency that they couldn’t pay for at that moment. They provide help to citizens during these financially troubling times with loans that the government otherwise couldn’t provide themselves. Stop the potential loss of thousands of jobs and the loss of a viable financial option by voicing your opinion to the legislature, before a nationwide ban becomes in effect.
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Schadenfraude (joy for another's misfortune) about the US financial troubles is way high around the world, including the ultraleft kooks in this blog, who are as nuts as atrocious with their grammar.
The US has been ridiculed and condescendingly scolded by the rest of the world by not practicing what they preach (fiscal conservatism, financial transparency, open markets) to the rest of the world. And in this case, the US deserves all the ridicule and scolding it can get, and more. It deserves a rude wake up call on its economic and regulatory policies, and a massive bailout won't help.
However, the sad part is how all these schadenfraude-drunk lefties (yes, Jim included) know little to nothing basic economics. They gleefully call this financial crisis as the failure of capitalism and markets, that more government is needed. In fact, it's completely the oppositel. Markets haven't failed, government has.
By forcing artificial interest rates (cheap credit) and regulations to allow low income and minorities to own homes who wouldn't otherwise, government created the incentives (hence the illusion) that everybody could have access to cheap credit. With the GSE's (Fannie Mae and Freddie Mac) backing most mortgages, lending institutions had little incentives to be more prudent with their lending. FDIC, which protects deposits up to $100K with taxpayer money, provides little incentive to offer risky loans that wouldn't be offered in a free market. After all, why be prudent if you know you have somebody who will bail you out?
Again, this meltdown isn't proof that the market failed. In fact,it's the market that exposed this decades-long government boondoggle.
Sorry, Jimbo and lefties with bad grammar, government involvement continues to be the problem. And with this bailout, they're making it even worse.
;-)
The Croats are Morales' Jews
Beni is Morales Katrina
I like the pairing of the two comments above. They both make the same sense and I suspect were both posted by the same person.
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