Re: [MLUG - DISCUSSION] why our economy is a mess

[Mike Miller <EMAIL:PROTECTED>]

On Mon, 3 Dec 2007, Brent Deterding wrote:

> A financial whiz I am not - but I've done more reading than the average 
> joe. What you say doesn't jive with my understanding of this recent 
> crisis.
>
> It is my understanding that greed and bad decisions are at the root 
> cause of this current situation - and I don't think either party 
> controls the greed on Wall St. or in the boardrooms of the investment 
> houses or of the mortgage brokers.

The government does not control greed (in the sense of preventing it), but 
it does control regulations.  The Republican attitude is that government 
regulation is bad and must be eliminated -- the free market can take care 
of itself.  Why not blame Democrats?  Well, when all this happened, the 
Republicans were in control of House, Senate and Executive, and this fits 
their M.O.!

Greed is omnipresent and continually challenging.  We need regulations and 
enforcement to prevent greedy powerful people from destroying us.


> Some place blame at the feet of Alan Greenspan for allowing the market 
> to make poor decisions for too long by leaving the interest rate low; 
> that argument has some merit but Alan Greenspan served through several 
> presidents; I do not think it is fair to tie him to one party or 
> another.

He is a Republican.  Ask him.  He'll tell you.  He is a loyal Republican 
who always votes for Republican presidents and he has always been a 
Republican.  Did you see him on "60 Minutes"?:

http://www.cbsnews.com/stories/2007/09/13/60minutes/printable3257567.shtml


> This NY Times piece you linked is light on facts as references. I liked this: 
> http://articles.moneycentral.msn.com/Investing/CompanyFocus/WhosToBlameForTheMortgageMess.aspx

That looks interesting.

Mike

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