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Thread: When the free market is not free

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    When the free market is not free

    So, is this another lost GOP platform?

    stepping in to save the day.

    Actions this week by federal regulators open a new phase in America's banking crisis with the government stepping toward its most interventionist financial-market role in nearly 15 years.

    The latest moves are intended to restore confidence in Fannie Mae and Freddie Mac, enterprises that play a central role in the home-loan market. Also, the faltering bank IndyMac reopened Monday with a new owner, the Federal Deposit Insurance Corp.

    Since the subprime lending problem emerged in earnest a year ago, financial institutions and regulators have scrambled to contain the damage. They have made some progress, but this new phase signals that the private sector probably is not capable of resolving the crisis on its own.

    Among the reasons: Some banks are having trouble raising new capital from investors, a key step to maintaining solvency when loan losses are rising. Also, a weak economy is adding to loan defaults that were already high because of imprudent mortgage lending during the housing boom.

    "There's no question in my mind that this crisis will be much worse than the S&L [savings and loan] crisis" of the late 1980s in its cost to government, says Kenneth Thomas, a finance expert at the University of Pennsylvania's Wharton School in Philadelphia. Government "will have to play a bigger role."....

    What remains to be seen, he says, is how fast government regulators will ramp up their role.

    One role of bank regulators now, given high levels of fear and uncertainty in the financial markets, is to compel better disclosure of where problem assets lie, says Mr. Mason.

    "It's a matter of choosing your poison," he says. "Revealing those exposures will have to result in a substantial hit to many banks."....

    The Bear Stearns case has raised the question of whether US regulators now consider the largest investment banks firms that originate securities such as stocks and bonds to be "too big to fail." That is, the government will bail them out rather than risk a collapse that would ripple through the entire financial system...

    Taxpayer dollars may or may not be needed before the crisis is over. The Fed has been loaning banks money with the expectation of repayment, taking collateral as a backstop. The FDIC's costs are typically covered by deposit-insurance fees paid in effect by depositors themselves.
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    Re: When the free market is not free

    Seems to be that Dubya sounds more like FDR every day, doesn't it.
    "The people should have as little to do as may be about the government. They lack information and are constantly liable to be misled."

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    Re: When the free market is not free

    As long as we keep bailing these banks out, this will keep happening.

    Yes, the aftermath would be rough. But it would be short term.
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    Re: When the free market is not free

    I'm against the bailout although it's good for our business.

    IMO the recent changes the banking industry have made to restrict lending and take care of in-house clean-up would have fixed the problems and made the industry stronger. The bank's boards and shareholders are the ones that should be holding the industry accountable and not left to our gov't.
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    Re: When the free market is not free

    Quote Originally Posted by SkyAntoine View Post
    I'm against the bailout although it's good for our business.

    IMO the recent changes the banking industry have made to restrict lending and take care of in-house clean-up would have fixed the problems and made the industry stronger. The bank's boards and shareholders are the ones that should be holding the industry accountable and not left to our gov't.
    How can you be against the bailout? You are going to let kids live in broken homes? Kick children out onto the street? I guess morals only matter when it doesn't inconvenience you personally. It must be easy to shake your finger and say bad people while benefiting from the bailout.

    Do you see what I mean when anyone (liberal, conservative, or otherwise) starts imposing moral agendas on others? It leaves them open for this type of abuse.

    The lament of the GOP is that they lost sight of what truly distinguished them from the Dems.
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  6. #6
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    Re: When the free market is not free

    The government can simply print more paper money. What's the problem?

    I have expressed my opinion on this type of government intervention before.

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    Re: When the free market is not free

    Quote Originally Posted by deterp View Post
    Seems to be that Dubya sounds more like FDR every day, doesn't it.
    He has the wasteful big government spending programs of FDR, but lacks the popular appeal to the common citizens that FDR had.

  8. #8
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    Re: When the free market is not free

    And FDR didn't wait for a long time before taking action.

    Face it. When FDR started all the "rescue" from the financial mess of the late 20s, he was vastly unpopular with Congress and business interests. The "common man" wasn't always that enthused either. But unlike the more "modern" presidents when dealing with major financial difficulties (this includes Carter along with Dubya), FDR told Congress to "shove it" and went ahead with his programs. It took time and much anguish in certain quarters before results were seen as positive. In fact, it took until 1942. Dubya doesn't have that kind of time, so whomever becomes our next president will be the one to have to say "Uf da" and plunge on ahead.
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    Re: When the free market is not free

    Quote Originally Posted by deterp View Post
    And FDR didn't wait for a long time before taking action.

    Face it. When FDR started all the "rescue" from the financial mess of the late 20s, he was vastly unpopular with Congress and business interests. The "common man" wasn't always that enthused either. But unlike the more "modern" presidents when dealing with major financial difficulties (this includes Carter along with Dubya), FDR told Congress to "shove it" and went ahead with his programs. It took time and much anguish in certain quarters before results were seen as positive. In fact, it took until 1942. Dubya doesn't have that kind of time, so whomever becomes our next president will be the one to have to say "Uf da" and plunge on ahead.
    In his worst days FDR was still more popular than "Dubya."

  10. #10
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    Re: When the free market is not free

    Quote Originally Posted by Elvis View Post
    How can you be against the bailout? You are going to let kids live in broken homes? Kick children out onto the street? I guess morals only matter when it doesn't inconvenience you personally. It must be easy to shake your finger and say bad people while benefiting from the bailout.
    The majority of the people facing foreclosure made terrible decisions. Who suffers when you make a stupid decision? Does the gov't bail you out?

    Our President is partially to blame, too, for pushing the dream of owning a home on everyone in America. Not everyone needs a home. When you add insurance, maintenance, mortgage, utilities, etc. on top of the basic rent of the square footage itself, there is a ton of people that are better off renting or living at home with their parents.

    Quote Originally Posted by Elvis View Post
    Do you see what I mean when anyone (liberal, conservative, or otherwise) starts imposing moral agendas on others? It leaves them open for this type of abuse.

    The lament of the GOP is that they lost sight of what truly distinguished them from the Dems.
    I personally feel like I'm out of character with the GOP.
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