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An important history lesson for you TRUE Steelers fans!

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Old 05-13-2009, 12:17 PM   #1
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Default Munger: Blame Democrats, Sleazy Bankers for This Mess

http://moneynews.newsmax.com/finance...12/213429.html

Quote:
Buffett sidekick and Berkshire Vice Chairman Charlie Munger tells investors that a confluence of factors, what he calls a "lallopalooza effect," were behind the global financial market meltdown last year.


The causes include misguided government social policy, and reckless, nearly criminal behavior by some banks.


Munger spoke more freely to investors at the weekend during a meeting of shareholders in Wesco Financial, where he is chairman.

"Free from the overwhelming spotlight cast on Buffett, Munger spends a few hours every year sharing his thoughts and opinions," writes Morgan Housel on MotleyFool.com, the investment Web site.

Three factors led the economy to where it is now, Munger told Wesco attendees.


Overzealous social programs:


"Democrats wanted to give things to poor people, thinking it was pro-social activity. They urged Fannie Mae and Freddie Mac to make really dumb loans. Some of it was just ghastly," said Munger.


Dumb decisions by banking executives:


"Banks did things because their competitors were doing them and wanted to keep up. This is crazy," said Munger. "There are times when you should let your competition do things and not want to follow. A lot of consumer lending was venal. It was bad morality that led to a horrible mess in due cause."


Lack of ethics by some on Wall Street:


"Wall Street found every which way to make money short of robbery. A lot of it was a bunch of sleazy crooks, but if it worked, no one cares," said Munger.


"People really thought that giving a predatory class of people the ability to do whatever they wanted was free market enterprise. It wasn't. It was legalized armed robbery. And it was incredibly stupid."


When will the world see a significant economic upturn, and will President Obama's massive deficit spending ignite inflation, which will eat into economic growth and consumer spending power?


The lost decade of Japan is illustrative in answering this question, Munger says.


"Japan provides a very interesting and threatening example of this type [of] problem," said Munger.


"Japan cut interest rates to zero and pumped in all kinds of stimulus through deficit spending, and the result was stasis for 10 years. If that happened in America, it would be terrible. Whether it will happen or not, I don't know. It would be very awkward to go 10 years with zero economic growth."


The United States does risk a Japan-style lost decade if more is not done soon, economist Paul Krugman warns.


"We're doing half-measures that help the economy limp along without fully recovering, and we're having measures that help the banks survive without really thriving," Krugman said.


"We're doing what the Japanese did in the nineties," he told a small group of reporters during a visit to Beijing.
being that charlie munger's business is textbook macroeconomics, i gotta take his word over a few internet MB economic savants who myopically just wanna blame obama.
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Old 05-13-2009, 12:39 PM   #2
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

The mess was created before him...started in '93 with Clinton.

But Obama ain't helping. What he's proposing to is akin to trying to clean up a massive oil spill by lighting it on fire.

Also, the highlighted section, that's not saying what you think it is. He's not saying that free market enterprise is bad, he's saying letting people ABUSE the free market enterprise system is bad. There's a HUGE difference.
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Old 05-13-2009, 02:45 PM   #3
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

Quote:
Originally Posted by tony hipchest View Post
http://moneynews.newsmax.com/finance...12/213429.html

being that charlie munger's business is textbook macroeconomics, i gotta take his word over a few internet MB economic savants who myopically just wanna blame obama.
Who is myopically just blaming Obama for the meltdown?

Of course there are lots of causes in addition to the "misguided government social policy" he lists first.

Just because you appear to be extremely liberal, it's no reason to flame bait.
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Old 05-13-2009, 03:09 PM   #4
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

Quote:
Originally Posted by revefsreleets View Post

Also, the highlighted section, that's not saying what you think it is. He's not saying that free market enterprise is bad, he's saying letting people ABUSE the free market enterprise system is bad. There's a HUGE difference.

no shit, sherlock.

are you really interpreting articles for me? youre a real piece of work. i understood EXACTLY what he was saying... im the one who put it in freakling bold incase you forgot. you really lost it on this one.

lets try this again... what he was saying was "People [gbmelblount is a prime example] really thought that giving a predatory class of people the ability to do whatever they wanted was free market enterprise.
before you fall to far behind, let me explain that the sentence in bold surmises that, in addition to democratic social policies, the two other contributing factors to this market collapse was 1) Dumb decisions by banking executives that were not only "crazy" but showed "bad morality" and 2) Lack of ethics by some on Wall Street. it was a bunch of sleazy crooks who found every which way to make money, "short of robbery".

dumb decisions
banking executives
crazy
bad morality
lack of ethics
some on wall street
sleazy crooks

these are all either people or traits of people, yet you thought, that I THOUGHT munger was talking about the free market system?

Bravo!

word to the wise... dont listen to everything gbmel says. sometimes you get so caught up in defending someone elses crazy assertions to attack one of my own, that you get caught up in the absurdity.

this is a perfect example. you are so far out in left field it is almost not funny. just almost, though.
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Old 05-13-2009, 03:18 PM   #5
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

Quote:
Originally Posted by tony hipchest View Post
:

lets try this again... what he was saying was "People [gbmelblount is a prime example] really thought that giving a predatory class of people the ability to do whatever they wanted was free market enterprise.
I never said there should be no laws to protect people.

I feel terrible for you that you have to flame bait like this...but I understand.....you are being so badly beaten and embarrassed on the core issues of simple conservative beliefs vs. your more enlightened, complex and hard to explain..."liberal" values......

By the way, did you ever answer my question when I asked you if you were in favor of socialized health care in the U.S.?
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Old 05-13-2009, 03:20 PM   #6
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

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Originally Posted by revefsreleets View Post
The mess was created before him...started in '93 with Clinton.
Actually it was way before Clinton too. In 1977, Congress passed the Community Reinvestment Act, signed by President Carter, with the goal of extending home ownership to more Americans, and aggressive government requirements for fairness in lending weakened standards previously used for loan approval (forgetting the common sense rule that if you can't afford a mortgage and a down payment, you are a renter).

Next to blame would be the "Maestro," Alan Greenspan, who created the ensuing credit orgy and ocean of money printed out of thin air, and the bubbles were on.

Blaming Obama for all this mess is the same as blaming Bush for it. Neither one caused it, but both contributed/are contributing to it. Only time will tell how much.
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Old 05-13-2009, 03:34 PM   #7
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess



I see flame baiting...

mel, just cause you wind up getting burnt doesnt mean anybody is flaming.

this article is about as close to the truth as ive seen on this board.

its pertinent, although may lose some meaning when mixed in with all the lies.
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Old 05-13-2009, 03:44 PM   #8
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

Quote:
Originally Posted by tony hipchest View Post
no shit, sherlock.

are you really interpreting articles for me? youre a real piece of work. i understood EXACTLY what he was saying... im the one who put it in freakling bold incase you forgot. you really lost it on this one.

lets try this again... what he was saying was "People [gbmelblount is a prime example] really thought that giving a predatory class of people the ability to do whatever they wanted was free market enterprise.
before you fall to far behind, let me explain that the sentence in bold surmises that, in addition to democratic social policies, the two other contributing factors to this market collapse was 1) Dumb decisions by banking executives that were not only "crazy" but showed "bad morality" and 2) Lack of ethics by some on Wall Street. it was a bunch of sleazy crooks who found every which way to make money, "short of robbery".

dumb decisions
banking executives
crazy
bad morality
lack of ethics
some on wall street
sleazy crooks

these are all either people or traits of people, yet you thought, that I THOUGHT munger was talking about the free market system?

Bravo!

word to the wise... dont listen to everything gbmel says. sometimes you get so caught up in defending someone elses crazy assertions to attack one of my own, that you get caught up in the absurdity.

this is a perfect example. you are so far out in left field it is almost not funny. just almost, though.
Please. Your posts meander all over the place. There's little rhyme and hardly ever any reason. You keep touting how "logical" you are, then proceed to dish a smorgasbord of nonsensical cyclical garbage. You deflect and divert, and dance around central issues. When people shut you down, you just yell louder, as if holding your hands over your ears and yelling "Blah blah blah I'm right I'm right I'm right" actually changes the fact that you are often wrong, NEVER admit it, never back down, never change your view, and refuse to ever see the other side of an argument. It was a little better when Atlanta Dan was pumping info to you and propping you up, but it's horrifyingly awful to watch you flop around aimlessly trying to put up a defense for the indefensible when he leaves you to your own very modest devices.

What's funniest is that you highlighted the least relevant part of the article!

Krugman is also a fool. He actually espouses dumping MORE money on the problem. So we'd have Obama lighting the oil spill, and Krugman pouring gas on ithe blaze and you blindly cheering them on...

Here's the relevant part...right from your article:

"Japan cut interest rates to zero and pumped in all kinds of stimulus through deficit spending, and the result was stasis for 10 years. If that happened in America, it would be terrible. Whether it will happen or not, I don't know. It would be very awkward to go 10 years with zero economic growth."

He just outlined exactly what we are doing wrong, and it apparently whooshed right over your head, then you tried to lecture ME about it! Utterly ridiculous! Government intervention will not be our savior. Obama is NOT fixing our problems. The market needs to correct itself after we purge some of the toxicity.
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Old 05-13-2009, 03:51 PM   #9
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

youre meandering all over the place now revs. youre attempted deflection is pathetic as was your attempt to school me on what i thought i read.

this thread was sponsored by left wing blogs. atlanta dan approves this message.


Quote:
that's not saying what you think it is




Quote:
it apparently whooshed right over your head,
in case you forgot....

IM THE ONE WHO POSTED THE ARTICLE!

youre losing it, dude.
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Old 05-13-2009, 03:55 PM   #10
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Default Re: Munger: Blame Democrats, Sleazy Bankers for This Mess

It'd be best if, in the future, you actually read and understood what you were being fed to post here.

Utilitarian Hegemony? Are you KIDDING ME? In a thousand years you and the term Utilitarian Hegemony don't combine. That was WAY "above your paygrade".

As I said, Hey Dan!
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