Quote:
Originally Posted by The Demon
This isn't a shock. When you constantly have the fed playing around with low interest rates and runaway spending, as well as a moron for a fed chairman, this is bound to happen. I definitely enjoy the morons who blame it on the private sector.
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Of course government and monetary policy makers have culpability. Whether its Glass Steagall or pushing Fannie Mae to get involved in more and more questionable mortgage loans or keeping the monetary gas pedal down along the way or embarking on deficit spending. All very arguable points for mistakes.
Of course, this goes back decades and involved both political parties and prior monetary leaders.
But I don?t see how you can call Bernanke a moron. I realize you don?t agree with Fed policy or perhaps even its? existence, but without his [FED] action we would have had a total collapse. If you listen to him, he didn?t even like what he felt the FED had to do, but it was the lesser of two evils in his opinion.
I think you recognize that we were on the verge of a global economic deflation / depression and I can only assume you would have been okay with allowing that outcome.
But finally, the private sector has to shoulder its part of the responsibility. No one made people ?keep up with the Jones?? by leveraging themselves into oblivion. I didn?t do it. The private sector deserves its share of the blame (although I'm not sure who in this thread is solely blaming them).