Comments on: How Beatniks, Pyromaniacs and Gangsters Caused the Global Financial Crisis

By: Willi Scherer

Willi Scherer — Sat, 18 Jul 2009 21:36:59 +0000

This is the end result of the mediocrity that so called checks and balances represents within the U.S. government. This hypocrisy is indicative of the double standard that exists within our borders. The electorate that put these preditory creatures in place are directly responsible for the mess we are all now in. When you have an elected system of representatives in place that is bought and payed for by lobbies and thier associated slease this is what you get, i.e .the government you truly deserve….We pay huge taxes to elect officials who's agendas are tailor made not to serve the public but themselves. These beatnik slease balls need to be identified and branded for what they really are which is, opportunists and social vandals…Acorn et al. Why are these slime balls on federal tick anyway. I didn't know that they were a part of any Federal appropriation…Eliminate this sleaze from the federal budget please…any one…We as a people need to vote out any and all incumbants to serve notice to these creeps that they can no longer make a career at the expense of the public purse. This could serve immediate notice to the lobbies and politicos that this could be very costly and in fact bankrupting to most of these parasites.

By: Why the U.S. Government Should be Cut Off Like a Subprime Borrower

Why the U.S. Government Should be Cut Off Like a Subprime Borrower — Wed, 18 Mar 2009 16:51:01 +0000

[...] Money Morning: How Beatniks, Pyromaniacs and Gangsters Caused the Global Financial Crisis. [...]

By: Aroleflin

Aroleflin — Fri, 20 Feb 2009 16:00:46 +0000

The truth is that government intervention has caused this debacle. Two years ago we had a thriving economy, not perfect, but humming along. Then people wanted change, change, change. We got stuck with a Democratic Party controlled congress. For nearly a centry, lending to home buyers has been very profitable to both lender and buyer. That is, until Jimmy Carter and his crony socialist mindset invented the Community Reinvestment Act. Do you people realize that this Act required banks to lend 12% to 28% of the loans that they packaged to people in the bottom 1/6th of wage earners!!!! Clinton just greased the Act more and Barnie Frank, Dodd and the rest of these incompetitants resisted any growing fears of what this represented and encourage more of the same disasterous ACORN inspired socialist ideaologic strategy. Unless we remove these people and the Kenyan president we have in office, things are going to get much worse.

By: Peter M. Olsen

Peter M. Olsen — Sun, 01 Feb 2009 22:23:54 +0000

I hope we can dig ourselves out of the mess that Wall Street has got us into but I sort of doubt it! We have let the FEW rule over us too long! There is no such thing as the "American Dream"! That was something long ago, when an individual, whether born here or elsewhere, wanted a roof over his head and food on the table. Now it is a world just for the 'Princes of Avarice'. They control and we lose! I don't believe any amount of praying will help either. Like Rome,Egypt, Greece and the others, we are headed the same way.

By: masiha.ahmed

masiha.ahmed — Sun, 01 Feb 2009 19:22:30 +0000

It is an eye opening article very lucid,qualitatively well balanced,thanks Martin.I am thinking it is a good message for third world countries to reconsider their ambitious plans and not to follow the big boss US.In the third world it is a fashion to give example of America,to praise their high standard of living,now this crisis has given a new dimension to reconsider and reshape our economic doctrines.

By: gainwinner

gainwinner — Fri, 30 Jan 2009 06:21:34 +0000

This is the most appropriate and honest article and criticism against the parties that created the financial losses and suffering that our whole world is bearing! Very nice to see people with guts and integrity to write something like this and share with us. Send your messages and comments to the world so that people around can learn how to change it to make it a better place to live in!

By: Milan

Milan — Fri, 30 Jan 2009 04:42:47 +0000

It looks like nobody anymore remembers what Capitalism means, and how it functions. The good old capitalism can function only in society with moral standards. You know the ones which built the Western civilization. Our present problem is all and I mean all multinational businesses are run by people without any standards – lefty liberal darwinist types – morons in other words. Their business models have absolutely nothing to do with capitalism, it is an economical model of Soviet union they subscribe to. Soviets were masters of "power and greed" model, government and business leaders/gangsters together. The Ultimate power. Total disregard for a real creation of wealth. That would be what the real Capitalists do. One has to remember that majority or rather all CEOs were indoctrinated by our lefty universities, they know that there is no ultimate truth, no moral standards, everything is relative. That is why we are in this mess, that is why we have Enrons, that is why our economy collapsed and entire Western civilization will follow in the short order. Not to wory, messiah Obambi will save you all.

By: michael

michael — Thu, 29 Jan 2009 23:48:19 +0000

altho bush was reluctantly complicit in this housing mess, if you don't recognize that the "community restoration" act was a democrat initiative originated by jimmy carter, activated by bill clinton and then perpetrated by b. frank, dodd and several others, i just wonder what planet you've been living on…..

By: Mike Shirk

Mike Shirk — Thu, 29 Jan 2009 16:24:41 +0000

The villian is really the FED and fiat money and it has lasted through many administrations. If government had to actually do something (dig it out of the ground) to create money we wouldn't be in this mess. People would act to conserve their resources and care about wise investing.

I don't see the Fascism or Socialism proposed by either the -R's or -D's ever solving anything. They are both problems…do we die to lions or parasites? Either way we are dead. Less government would = less area for lobbyists and special interest to try to carve out their piece of a pie at our expense.

I love this statement:
Muntefering’s solution – to increase government control and implement heavy taxes to remove the rewards from the richest bankers – is the wrong one. But his criticism of the 1995-2007 financial bubble is not entirely unfair.

If he isn't right, what is the proper course of action? I say take banking back to a time when a dollar would actually get you a finite amount of gold or silver.

By: Cee Howard

Cee Howard — Thu, 29 Jan 2009 14:43:23 +0000

poor jim (above comment)….who does he imagine was 'in charge' during the past eight years? from someone so ill-informed 'lib dem idiot' is high praise.

to Money Morning editors: thank you for your thoughtful, informative work. I do wonder about putting "sponsored content" as your lead article, both because it snares the unwary who then feel taken advantage of and because it is not necessary to gain readers or advertisers this way. I believe that is not the best financial journalism and that you will succeed on your merits. so far, I keep coming back. thanks for all you do.

By: Kevin Beck

Kevin Beck — Thu, 29 Jan 2009 14:42:07 +0000

I wonder how many gas tanks Mr. Skilling expected to fill with his paper? Or how many homes he expected to heat? It was not anything political that crushed Enron; it was the fact that it did not operate with a viable business plan. Enron's executives got what they deserved. The company's stockholders and bondholders got a horrible surprise they did not deserve. The world has to get back to where producers get rewarded and flim-flam artists get shafted. As far as I can tell, fraud is not legal in any country or language–yet this is what causes government to flourish (not the prosecution for fraud, but the continuation of fraudulent activity of no economic value).

By: Mannstein

Mannstein — Thu, 29 Jan 2009 14:30:47 +0000

We've had 8 years of Republicans and now these same numb skulls are trying to blame the new Administration for the financial mess they created. Give us all a break!

Republicans are forever blaming others for their short comings. Palin claims CBS anchor Katie Couric did her in because she, Couric asked some pointed questions during an interview. Who are the real morons?

By: jim

jim — Thu, 29 Jan 2009 14:04:08 +0000

The LIB DEM IDIOTS like ole barney, dodd, schumer, kerry, slick n hil, the obamination and their cronies are the REASON we are in this financial MESS!!! Let's tell it like it is!!! NOW thanks to the MORONS who voted for them, they are now in CHARGE!!

By: robertsgt40

robertsgt40 — Thu, 29 Jan 2009 13:56:02 +0000

Good story until you mention "digging ourselves out of the economic pit". That's not going to happen, and by design. The planet is bankrupt. There is not enough money in the orld to pay for the losses. This is how you transfer wealth of many into the hands of a few. It's no accident.

By: Richard Williams

Richard Williams — Thu, 29 Jan 2009 13:44:49 +0000

The point you seem to have taken very long to grasp is that deregulation, laissez-faire, free-market economics, etc. have never functioned. Free trade is a British hoax used to plunder its colonies. Adam Smith was recruited by Lord Shelburne to concoct the Wealth of Nations as a means of discrediting the American System, which has always been the adversary of the British System, the one that is now collapsing. Smith argued that individual selfishness and greed leads to the common good. In fact, national governments are the sole guarantors of the general welfare. Perhaps you ought to read Alexander Hamilton.

By: rod king

rod king — Thu, 29 Jan 2009 13:22:47 +0000

general electric capital falls into which of the above categories? mr. immelt has not been transparent regarding earnings.