Many people now believe that the financial crisis was not an accident. They think that the Bush administration and the Fed knew what Wall Street was up to and provided their support. This isn't as far fetched as it sounds. As we will show, it's clear that Bush, Greenspan and many other high-ranking officials understood the problem with subprime mortgages and knew that a huge asset bubble was emerging that threatened the economy. But while the housing bubble was more than just an innocent mistake, it doesn't rise to the level of "conspiracy" which Webster defines as "a secret agreement between two or more people to perform an unlawful act." It's actually worse than that, because bubblemaking is the dominant policy, and it's used to overcome the structural problems in capitalism itself, mainly stagnation.
Originally from The Market Oracle
Tags: Blow, Economy, Plan, The, The Market Oracle, There, Up, Was
Video and Transcript - Dylan Ratigan Show - MSNBC
In America today we are getting closer to fully exposing the greatest con and cover-up in this history, it involves our banks, the federal reserve, our congress, and, of course, you and me.
Originally from The Market Oracle
Tags: bank, Con, Federal, Great, Is, job, Money, No, reserve, The, The Market Oracle, There
For some nine years I have been predicting that the economy is going to a recession morphing into a depression, using a purely theoretical argument. The essence of my argument is that the open market operations of the Fed cause a protracted decline in interest rates which is responsible for the hard-to-detect capital destruction affecting the financial sector no less than the productive sector. The immediate cause of the depression is the destruction of capital. The ultimate cause is the monetary policy of open market operations. The chain of causation is as follows.
Originally from The Market Oracle
Tags: Bond, Business, Fed, Front, Like, market, No, Running, The Market Oracle, There, Treasury
For some nine years I have been predicting that the economy is going to a recession morphing into a depression, using a purely theoretical argument. The essence of my argument is that the open market operations of the Fed cause a protracted decline in interest rates which is responsible for the hard-to-detect capital destruction affecting the financial sector no less than the productive sector. The immediate cause of the depression is the destruction of capital. The ultimate cause is the monetary policy of open market operations. The chain of causation is as follows.
Originally from The Market Oracle
Tags: Bond, Business, Fed, Front, Like, market, No, Running, The Market Oracle, There, Treasury
