Eric Cantor Defends The Derivatives That Crashed The Economy
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House Minority Whip Eric Cantor (R-Va.) must have known he was opening himself up for some abuse when he penned an Investors Business Daily op-ed praising the reviled derivatives industry for playing an ‘very important role in solidifying the competitiveness of American businesses.’
12 Responses to “Eric Cantor Defends The Derivatives That Crashed The Economy”
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© 2000-2011 Oliver Willis
And WTF are the democrats doing about it? Jack shit is what. They’ve had more than 2 years to fix this shit and haven’t lifted a g-damned finger. Not to mention Obama & Co. loan billions of taxpayer dollars to Goldman Sachs at zero percent interest so that they can further game the system and pay themselves hundreds of millions in bonuses.
Obama is even appointing some 29 year old Goldman Sachs flunkie to be in charge of SEC enforcement. WTF?
And your worried about what Cantor SAYS? What about what the president and democrats are DOING?
Such comments are made all the more ridiculous in light of last night’s excellent FRONTLINE, “The Warning“. I agree with you there will; why Paul Krugman isn’t the Secretatry of the Treasury and Brooksley Born not head of the SEC is a profound mystery to me.
Of couse, there are many mysteries in modern American life. Among these are why Phil Gramm isn’t hanging from a gibbet, why Robert Rubin isn’t on fire, and why Alan Greenspan’s small intestine is still on the inside.
I have that recorded and am watching to tonight, Rheinhard.
I heard Ayn Rand was painted in the most glowing colors, either. Nor was Clinton.
Interesting the timing of that piece and the passage of the House Agricultural bill on derivatives today.
Cantor’s op-ed, once translated into English, would be something like “Hey, hedge fund people! Can we have some of that money you’ve been donating to Democrats? Pretty please?”
Silly Oliver, don’t you know the economy crashed because too many black people bought houses? Doy!
Among these are why Phil Gramm isn’t hanging from a gibbet, why Robert Rubin isn’t on fire, and why Alan Greenspan’s small intestine is still on the inside.
This is who they are.
Farris, I’m sorry to have given you the vapors, but the fact is that these men, in destroying any and all checks on the financial sector and propping up the ridiculous stock bubble, have done more damage to the lives of ordinary Americans and to the wealth of this nation than Hitlers-of-the-moment Hugo Chavez, Mahmoud Ahmedinijad and Kim Jong-Il could ever dream. If any other nation had done so much harm to the wealth of this nation, we would be bombing the next day. It is the shame of this nation that our people have been so cowed into submissiveness that they’re not rising up and reining in the very financial system which has destroyed their retirement savings and credit. Worse, they’ve allowed themselves to be told the old lie, that it’s all the fault of those poor, shiftless minorities (as Zython observed). If we were a sane country, these men and the Wall Street “John Galts” wouldn’t get away with what they’ve done to us.
Also considering Greenspan’s devotion to Ayn Rand, I am kinda disappointed that “Atlas Shrugged” isn’t listed in the “10 Books That Screwed Up the World”. Of course considering its author is just sucking on the wingnut welfare teat, that’s not much surprise.
Zython,
Are you referring perhaps to the Community Reinvestment Act? Where lending institutions were forced to lower credit standards for properties in targeted areas?
And as if on cue, here comes Amusing Observer to repeat the despicable lie. Never mind that the CRA explicitly states that loans are NOT to be made to credit unworthy people (instead it’s to protect against the old hidden discrimination by the bankster who says “Mr. Black, you have great credit and have sound business. We’d like to lend to you, but unfortunately, you seem to be a nigger.”) Nope, Hannity and Limbaugh have set forth the “Big Lie” and it is for the drones to repeat it ad nauseam until it becomes “truth”.
Where lending institutions were forced to lower credit standards…
False! Stop right there.
Seeing as how Ayn Rand wasn’t involved in politics, Rheinhard, how would you rate Mao’s Little Red Book? Would be more likely to be in that list, or your “10 Books That Saved the World” list?
And why did Bill Clinton defer to Greenspan for so much economic policy, including deregulation?
Or even why their relationship was hailed for so long?
Behind the Boom, by Bob Woodward, in the Washington Post, dated Nov.12, 2000.
“A Republican Fed chairman and a Democratic president might have seemed strange bedfellows. But Alan Greenspan and Bill Clinton became the best of partners and the economy soared”
Greenspan expressed his sorrows and mistakes and apologized. Bill Clinton, not so much.
You, you blame a book from the 50′s as if Greenspan quoted it chapter and verse in every Fed minutes explaining what was happening and what their policies were.
“Greenspan, you see, was a close friend of Ayn Rand — until he did the very thing she most despised. That is to say, until he became a central economic planner. Truly an offense that was antithetical to the very core of Rand’s views on economics. At such a point as Greenspan had become an agent of government intervention into the economy; the supremely uncompromising Ayn Rand summarily booted him from her little club (known ironically as The Collective). Whatever influence Rand had on Greenspan as a younger man, he rejected her views on economics over 40 years ago.”
“But the truly astounding part is that people…currently trying so desperately to blame the “free market” for this crisis, perhaps owing to the echo-chambers that seem to generate most “news” these days, talk out of both sides of their mouths. They know we don’t have a free market. How could they not, when they’re also trying to blame Summers, Rubin, and especially Greenspan — the very planners of the current economy?”
http://mises.org/story/3404