Barack Obama

[randolph]

Originally Posted by TheAngryPostman

Haha! Good luck believing that!

http://mises.org/story/2963

http://www.wnd.com/index.php?fa=PAGE.view&pageId=94031

It is the mission of the Mises Institute to place human choice at the center of economic theory, to encourage a revival of critical historical research, and to advance the Misesian tradition of thought through the defense of the market economy, private property, sound money, and peaceful international relations, while opposing government intervention as economically and socially destructive.

Looks like they have a biased adjenda. The meltdown demonstrates conclusively that government intervention is necessary to regulate capitalism.

Who's Behind WorldNetDaily?
WND's board of directors has been mostly comprised of California conservatives -- plus a man on the lam for tax evasion.

By Terry Krepel
Posted 3/1/2007
Updated 3/2/2007, 7/12/2008

WorldNetDaily has been notoriously close-lipped about who its backers are. Back in 2002, ConWebWatch asked WND founder and editor Joseph Farah who owns his company and who put up the $4.5 million in startup money for it; he answered the first question (he and the Western Journalism Center he co-founded own a majority of it) but not the second.

In the face of Farah and WND refusing to offer a straight answer, we set off to find one. A ConWebWatch investigation of Delaware corporate records (WND is registered as a Delaware corporation) shows that the members of WND's board of directors -- many of whom have presumably kicked in money for the operation -- are, in contrast to Richard Mellon Scaife's backing of NewsMax, not household names; they are mostly California-based activists who quietly support conservative causes.
Related articles on ConWebWatch:
The 'O' Word
Update: Black Vox
NewsMax By the Numbers
The Masters of WorldNetDaily


The exception to those quiet, California-based traits is Robert Beale, a Minnesota-based technology firm owner who sat on the WND board of directors from 2000 to 2002. As ConWebWatch has noted, the only mentions of Beale by WND came in an April 2002 column by Farah thanking him (and many others) by name as Farah prepared to move from Oregon to the Washington area "to become more visible," and in a June 2003 article by Art Moore detailing Beale's complaint that Minnesota officials seized his $3 million, 30-room house for back taxes. Beale insisted he was not a Minnesota resident at the time and doesn't owe the taxes, but he refused to fight the seizure in state tax court because he denies its legitimacy. The end of the article states: "By way of disclosure, Robert Beale is a board member and stockholder in WorldNetDaily.com."

Beale, at one point, had a website (now defunct) that promoted Beale's case, designed by his son, Theodore Beale, who's better known to WND readers as columnist Vox Day.

Robert Beale's tax problems came to a head in August 2006, when he failed to appear for his trial on federal tax-evasion charges. He hasn't been heard from since.

So does this outfit have more credibility than Businessweek?

[The Conquistador]

Originally Posted by randolph

The meltdown demonstrates conclusively that government intervention is necessary to regulate capitalism.

The meltdown was a result of government intervention, not capitalism. Using beauracracy to fix the mistakes brought on by the exact same bureaucracy is a losing strategy.


http://article.nationalreview.com/pr...zYwNzkzYjc1NDI

http://townhall.com/columnists/Thoma...down_economics

[The Conquistador]

If you're a lender you risk losing FDIC and other government services if you don't lend in a way "serves the convenience and needs" of the broke-ass, low income people in "the community that you're chartered to do business."

Clinton's big change was that he opened the gates for Fannie and Freddie to buy mortgage backed securities. Originate the loan and sell it to a private investor or if the MBS is too shitty, Fannie or Freddie would have bought it. Read up:

http://en.wikipedia.org/wiki/Governm..._in_the_crisis

Can you really blame the banks for doing something that was profitable and given a gold stamp of approval by Uncle Sam? It became like a game of musical chairs, you knew it was going to all come crashing down at some point, but you always hoped it would be someone else who took the fall.

SEC. 802. (a) The Congress finds that--
(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
(b) It is the purpose of this title to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.

Are the banks blameless?...Hell no, but the government holds more blame than any bank. Where did all of this start? Fannie and Freddie, the two most fucked "banks" there have ever been.

[The Conquistador]

Oh yeah. Pageflip!