Actually, you are just a cut and paste clown, like ElCubano said. Quit wasting people's time and put up something objective and believable.
From David Rosenberg & http://research.stlouisfed.org/fred2/categories/32351 Any relevant input on said data?
"They werent putting a gun to anyones head, they weren't making death threats or (for the most part) doing illegal activities" The first part is true. No-one put a gun to my head or that of anyone that I know. They ONLY told us that the world was going to end, specifically that there was going to be a financial armageddon if we didn't do what they said. So far as the illegality of what was taking place -it's still an unanswered question whether the majority of the foreclosures in the US were illegal. Also we have only just scratched the surface of the criminality that took place. Matt Tiabbi's latest piece in the Rolling Stone highlights God's banker himself committed perjury and a few more major crimes that his underlings were guilty of. One final thing. Economics and the Economic establishment are a joke -can anyone else who has studied Economics seriously pretend it is anything other than an infant science? So to side with some of the clowns who have advised us into this mess, and handsomely profited from doing so -to side with them shows, to put it politely, an abstract character, but not one I'm going to take seriously. I enjoyed watching " The Inside Job" -I think it's long overdue that clowns like Mishkin were made fun of. A person with just an inkling of common sense is worth ten people who just rely on a Masters in Economics.
I think that you got it right. The Wall Street boys and girlies are being paid inflation adjustment+risk free FED SPONSORED ALPHA, while Six Pack Joe is being "deflationized". Somebody has to pay for the excesses at Wall Street, isn´t it? On the other hand, no Wall Street - no Wall Street movies, huh?
You're right about one thing..You are in agreement with alot of other economists who have precisely "half a brain". FWIW, Sarah Palin and Michelle Bachman don't have an original thought between the two of them. Of course, you could have mentioned the likes of Jim Rogers, Marc Faber, Nassim Taleb, Jim Grant and many others who ALSO don't agree with Bernanke, but you're too busy finding more shill articles to post.
btw, in case anyone ever doubted the fact that the Fed completely orchestrated the housing bubble as an "out" after the dot.com bubble blowout. Check out the latest sickening NAR commercial: http://www.youtube.com/watch?v=GaHS_YXct9E Does it get any more desperately blatant than that? Now, people are supposed to buy homes "to create jobs". Since nothing else has worked, it's time for everybody to just go out and buy overpriced, overtaxed real estate so we can, hopefully, create another housing bubble to employ the millions of unemployed.
I never mentioned the foclosures or how that was handled. My points were referring to the starting mortgage process. The foclosures were happening en mass because of panic, once that was set, it was all downhill and anyone holding the bag was trying to pass it off to someone else to save their own ass. At that point I do agree that things were done wrong, people got crazy and did whatever they had to regardless of laws. But what I was talking about was that no one put a gun to anyones head to GET the mortgage. And I won't speculate on what may or may not have happened IF we didn't do what we did. I'd rather concentrate on what is and what can be done going forward than to speculate and argue on hindsight.
the first part of your text was so foolhardy it wasn't worth the time to respond. but you call me a liberal, and that's hilarious. i'm a republican, and a fiscal conservative. and stop saying i'm blaming wall street. i've said it 5 times now in this thread. i blame the fed, that's all. darwinism, is it? only the strong survive? perhaps you can explain all those companies that were bailed out. or maybe darwinism has a special clause in it for TBTF? you miss the point of everything i've said (and everything that has happened). i WANT darwinism. the problem is that the Fed hasn't allowed darwinism. just the opposite. haha...