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Oh come on. He's in the Obama administration.
If he went on his own they would have denied it.
And they haven't have they?
And he was in the Reagan admin as well
He was the one to tame inflation in the early 80's by raising short term interest rates to extreme levels
Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax "was not as toxic an idea" as it has been in the past and also said a carbon or other energy-related tax may become necessary.
Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. "If at the end of the day we need to raise taxes, we should raise taxes," he said.
But..... the hope and change Obama promised us no new taxes for anyone making under 250k :roll::roll:
How many lies are we up to now? I lost count when it hit triple figures.
Volcker: Taxes likely to rise eventually to tame deficit | Reuters
I was in the financial sector for ten years and in the housing industry for the last 25. I saw exactly what Bush and Greenspan were doing when they were doing it. That is the reason I pulled all my money out of equities right before the crash. Did you? Many people predicted the collapse of the housing sector. I was one of them.
I am dead on in my interpretation of what happened. I was part of it. Were you? Or do you get all your information from blogs?
How does that change anything? He's in this administration now and there is no way that he would propose something like that without consent and to believe he would and they wouldn't correct him if he didn't share their views is really naive.
I was in the financial sector for ten years and in the housing industry for the last 25. I saw exactly what Bush and Greenspan were doing when they were doing it. That is the reason I pulled all my money out of equities right before the crash. Did you? Many people predicted the collapse of the housing sector. I was one of them.
I am dead on in my interpretation of what happened. I was part of it. Were you? Or do you get all your information from blogs?
Nope, My brother is a principal in a major investment counsel and a summa cum laude from one of the top business schools in the nation. My late father was a director of three fortune 500 companies among several other companies he served on the boards of as well as the one he was CEO of. My brother predicted Enron was a house of cards three years before it collapsed and saw the housing and banking sectors as bad investments as well.
And yes most of our problems are built on a foundation of an over expansive government involved in way too many areas that it was never intended to be in. Your interpretation may be right but it does not encompass enough of the history leading up to it
What exactly were you part of, selling liar loans, selling overpriced houses to people you knew could not afford them but had some type of Fed guarantee, bank regulator, working under Barney Frank.
I wonder how it is that so many folks on this site had the crystal ball to pull our of equities when the dow reached 14K. With that sort of skill how did the financial sector ever let you go. I expect to next hear that you gave Paulson the idea to short Bear Sterns.
And yes most of our problems are built on a foundation of an over expansive government involved in way too many areas that it was never intended to be in. Your interpretation may be right but it does not encompass enough of the history leading up to it
What exactly were you part of, selling liar loans, selling overpriced houses to people you knew could not afford them but had some type of Fed guarantee, bank regulator, working under Barney Frank.
I wonder how it is that so many folks on this site had the crystal ball to pull our of equities when the dow reached 14K. With that sort of skill how did the financial sector ever let you go. I expect to next hear that you gave Paulson the idea to short Bear Sterns.
And Yes USA1 was predicting the housing bubble collapse as early as 2005 at the latest, along with a few other rational people
Maybe, but the housing bubble could have been stopped by Greenspan and Bush. Of course as long as it was bolstering the economy they were not about to stop it.
You blame the collapse of AIG on too much government regulation? Bear Stearns? Countrywide? All the Failed banks? These companies were gambling with peoples money and they lost. We all lost.
NOt too much regulation
too much involvement
Involvement with AIG. In what way? The only involvement I see was that Goldman Sachs would have lost billions had AIG not been bailed out and the Secretary of the treasury was the ex CEO of Goldman Sachs. The involvement was after the damage had been done.
you ever thought that the habit of the government bailing out poorly run companies might have been part of the problem all along?
you ever thought that the habit of the government bailing out poorly run companies might have been part of the problem all along?
Didn't the "habit" begin with the Bailout of AIG? So how could it have been the problem all along?
Greenspan did have a record despite his "Austrian" Ayn Rand roots of bailing out the financial industry typically with interest rates being kept lower then what they should have been or directly as in the LCTM issue
If I recall correctly there was a term called the " Greenspan Put" regarding his interest rate polices.
That said, the federal government has not made a habit of bailing out poorly run companies.
I can only recall 2 other such times in the recent US history, the S&L bailout and the LCTM crisis.
Chrysler was bailed out IIRC
You think it takes a crystal ball to realize that stocks were overvalued at 14k in the Dow? Historical P/E valuations would have told anyone with any rationale that
Or that housing prices increasing at 205+ a year was a bubble in the making required some sort of magic to understand?
Again, knowing that peoples incomes had to pay for any homes that would be sold would give a strong indication that housing prices were unsustainable at the prices anytime after 2005.
Heck Goldman was so good it sold the MBS, made a profit on that, then bet the MBS that they sold were going to go bust and made more money.
As for Barney Frank, we should nominate him for god hood. For a lowly Congressman to have the power to bring the US government under a repubican congress, senate and presidency to heel, along with the multi trillion dollar financial industry must mean he is some sort of god, the most powerfull creature in America
And Yes USA1 was predicting the housing bubble collapse as early as 2005 at the latest, along with a few other rational people
A lot of folks thought that the markets were hot. It is very hard to know when we the peak is hit. Even some of the hedge fund folkd that got things right were early by a couple of years but still made money when it all crashed.
So if you got out in 2005 you and USA1 got out in 2005 you missed the crash, but you also missed 4,000 dow points. The market is now higher than that level. So getting out was half the issue getting back in was the other.
I will leave the Barney stuff for others as it is not worth the silly back and forth of who had culpability for this mess.
I did not get out in 2005. I knew it could not last too much longer in 2005 and was predicting a future housing collapse at that time. We were building way too many houses. It was inevitable.
I was watching closely and got out of stocks at the first signs it was all about to come crashing down in the fall of 2007. The DOW was still around 14000 and just after it started dropping from it's all time high, I bailed.. Got back in when the DOW was at 7000 and it was obvious the government and the FED were going to manipulate the market upwards. I didn't miss anything. MY 401k and other investments never went down.
I do predict another crash and am getting ready to bailout again. The current economy is being propped up by zero percent interest rates, and government spending. Not to mention people are putting more and more into stocks because they can't get any kind of return on safer investments. Some event will trigger another panic selloff. Maybe a big jump in gas prices. Or maybe credit card companies in trouble.
We may not have seen the worst of the Bush recession, just yet. I am more afraid of losing my retirement than missing out on a surge in the market, so I have to be careful. I don't have time to make up for a major loss right now and I don't trust financial advisers.
I am in the same spot, just retired. Let us know when you pull the eject button!
Don't you have a feeling that things could go south really fast? The economy is still on life support, yet wild exuberance is pushing the market higher and higher. It's deja vu all over again. Sometimes there a benchmark in the DOW that triggers a selloff. I wonder if 11,000 might be it.
I agree. For me it is a bit scary. I am putting some money into realtively short term ( 2-4 years) bonds, and multi-nationals that get a lot of their earnings outside the U.S.
Don't you long for the days of Jimmy Carter when you could get 15% on a FDIC insured CD?
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