America The Land of the Greed

[bobevenson]

I'm a prophet only in the spiritual, political and economic realm.

So was Obama

No, Obama doesn't have the balls he was born with. Just one simple example: He used to disparage politicians who wore an American flag lapel pin because it had become a substitute for "true patriotism" since the Sept. 11, 2001, terrorist attacks. Now he wears one all the time.

[a Shark]

No, Obama doesn't have the balls he was born with. Just one simple example: He used to disparage politicians who wore an American flag lapel pin because it had become a substitute for "true patriotism" since the Sept. 11, 2001, terrorist attacks. Now he wears one all the time.

Bit of a trivial concern for a Pres

Well getting back to the gold standard It has outlived its use.
But that was not the subject of the initial post. The subject was the
skewed distribution of wealth in the US and the dangers of unfettered free market ideology.

The sub prime market crash was interesting because it was caused by the banks hiking up the interest rate by 4% . It was also conditionally a matter of extending mortgages to those who could not afford such a hike.

Apparently the american dream is owning a home whereas in Europe most people rent
their homes. But it was a trap and a disaster waiting to happen and apparently the chairman of the fed did not see it coming because he said property had never lost value before and he had no reason to believe it would do so in the future.

The error he made was not to factor the extreme inflation of property prices
eventually collapsing. In other words his belief in the sustainability of the housing market was based on organic growth not seriously inflated growth.

The question is how could such a high powered financier make such a schoolboy error.

[bobevenson]

The Federal Reserve is a useless instituion that should have no power whatsoever over interest rates. Its only function should be to insure that the total amount of money does not exceed the total value of property certificates. Then let the chips fall where they may. Crony capitalism should be immediately abolished, and the government should treat everybody and all companies and organizations equally. Government at the federal, state, county and local level should own absolutely no property. In other words, there should be no public property of any kind. Furthermore, since the only source of government funding is a centralized single tax on property with no exemptions or deductions, there is no favoritism shown to any business, organization or individual since all property is taxed, and taxed at the same rate.