Post by Pax on Jan 27, 2009 10:17:17 GMT -5
I happened to catch this on Fox and Friends this morning. They had a guest -- I think he's a commentator from a different time slot on the channel, but I don't know his name, but from what I can tell he's a Hannity type who specializes in financial topics. Anyway, he said it was clear what is to blame for the financial meltdown. It's not the banks, per se. He said, you know why they're all failing? You know what they all have in common? The federal reserve bank.
Ah. Entirely aside from the fact that it's not "all" banks that are failing, not by a longshot. It's a nice package: Not only was it not greedy individual investors manipulating instruments they had no way of really understanding, not only was it not the absolute lack of regulation that made the whole thing possible, it was -- tada! -- all the federal government's fault (through the Fed).
Sweet.
Ah. Entirely aside from the fact that it's not "all" banks that are failing, not by a longshot. It's a nice package: Not only was it not greedy individual investors manipulating instruments they had no way of really understanding, not only was it not the absolute lack of regulation that made the whole thing possible, it was -- tada! -- all the federal government's fault (through the Fed).
Sweet.
