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View Full Version : I Agree With Paul Krugman



Franco
02-17-2012, 01:50 PM
I can't believe that he and I agree on a topic!
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The Nobel Prize-winning economist and New York Times columnist may not be center-fold material (or maybe you're into that middle-aged bearded wonky economist sort of thing? We're not judging), but he's using the iconic magazine to discuss his views (http://www.playboy.com/magazine/playboy-interview-paul-krugman) on the sexiest of topics, you guessed it: the financial crisis. (Read the full Playboy interview here, by the way.) (http://www.playboy.com/magazine/playboy-interview-paul-krugman)
"It's hard for me to believe there were no crimes," Krugman told Playboy (http://www.playboy.com/magazine/playboy-interview-paul-krugman). "Given the scale of [the financial crisis], given how many corners were being cut, some people must have violated laws. I think people should be in jail."
Krugman's sentiment echos other critics who say that those responsible for bringing the U.S. to the brink of financial collapse aren't being held accountable for the havoc they wreaked. Objectively speaking, federal prosecution of financial fraud fell to a 20-year low in 2011 (http://www.huffingtonpost.com/2011/11/15/financial-fraud-prosecution_n_1095933.html), according to a report released in November. The Occupy Wall Street movement, which Krugman said in the interview has "done a great service," has highlighted these concerns (http://www.huffingtonpost.com/news/occupy-wall-street/) and as public anger grows government agencies have taken some action.
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Anyone know if tax payers were ever paid back the 185 BILLION Insurance giant AIG bailout? Can't find anything on it.

Matt McKenzie
02-17-2012, 05:53 PM
The issue wasn't that people were breaking laws. They were following really bad laws that were enacted ostensibly with good intentions.

Franco
02-17-2012, 06:04 PM
"
Could the reckoning be upon us? The Securities and Exchange Commission may file a lawsuit against some of the nation's biggest banks (http://www.huffingtonpost.com/2012/02/09/sec-mortgage-backed-securities-lawsuit_n_1266218.html) over whether the banks knew that they were selling bonds backed by shoddy mortgage loans in the lead up to the financial crisis, according to a Wall Street Journal report earlier this month. "

From Krugman....

"It's hard for me to believe there were no crimes," Krugman told Playboy (http://www.playboy.com/magazine/playboy-interview-paul-krugman). "Given the scale of [the financial crisis], given how many corners were being cut.

Gerry Clinchy
02-17-2012, 09:01 PM
One of the few times I might agree with Krugman ... they had to know what they were doing. Nobody blew the whistle.

He almost had me until he got to giving credit to the OWS ... that is akin to the old saw that if you sat a monkey at a typewriter & gave him enough time he could produce all the great works of literature.

Buzz
02-18-2012, 09:49 AM
There are a few must read books for anyone wanting to get some idea of what was going on leading up to the crisis.

The Big Short by Michael Lewis.

The Quants by Scott Patterson.

Griftopia by Matt Taibbi.

I have not read the entire article yet, thanks for pointing me in that direction. I think you know that I enjoy reading Krugman. ;)

Franco
02-18-2012, 10:21 AM
The thing is, the big banks have been writing our financial laws for years allowing them to steal legally. I guess the temptation was just too much for them to make a mega-haul of cash and some stepped over the line.

I have no doubt that most knew exactly what they were doing.

Most of the thrivery was allowed by the Federal Reserve. Anytime we allow foreign banks to control our currency thus allowing Wall St bankers to pocket billions at the expense of the tax payer is a capital offense in my book.;-) Also, the fact that we allow the Fed head to bailout any bank, including foreign banks because of the banking fraternity, at zero percent interest has got to stop!

There is a reason the Fed Reserve doesn't want the people to know what they do because much of it is against the welfare of the tax payer and all citizens. If we are going to continue to have a Fed Reserve, then they have to be audited annually.

Franco
02-20-2012, 09:29 AM
Will Krugman work to expose Goldman Sachs?

I seriously doubt it!

For those not familiar with GS, they are a worldwide banking crime syndicate that gets to write not only our financial laws but around the world as well.

From Personal Liberty . com


The U.S. political system — indeed, that of the whole world — is dysfunctional because it is run by Goldman Sachs for Goldman Sachs. It is well-known that Goldman Sachs recommended stocks related to the housing mortgage mania at the same time that it shorted the stocks. Nobody goes to jail, and there are only hand slaps from the Securities and Exchange Commission.
Because of the heavy influence of Goldman Sachs in our government and in governments around the world, it operates above the law and takes every advantage for its own people. This is getting to be public knowledge, but the American people are paralyzed as far as any action by the lapdog U.S. Congress. There is nowhere for the people to turn in a nationwide system of organized crime under the aegis of private investment banks. The recent collapse and bankruptcy of MF Global is a huge factor in eroding public confidence. It appears that client funds (investors), even though segregated, were used to speculate for MF Global’s own account.
Jon Corzine, who ran MF Global into the ground, losing vast sums of investor funds, told a Congressional committee that he “didn’t know where the money went.”