01-01-2019, 01:28 PM
(This post was last modified: 01-01-2019, 04:04 PM by John J. Xenakis.)
(01-01-2019, 11:43 AM)pbrower2a Wrote: > Obama did what was practically mandated: he backed the banks. The
> bank runs that caused further erosion of the American economy in
> 1931 and 1932 did not happen. Businesses did not see their
> balances going to zero, and workers did not see their paychecks
> bouncing. The banks that survived the year-and-a-half meltdown
> became profitable again, and business failures became
> scarce.
Lol! The reason that there weren't bank runs had nothing to do with
the sainted Obama (who I doubt has even the vaguest clue about the
underlying macroeconomics - this is a guy who admitted he doesn't
understand his daughter's 8th grade math). The reason that the bank
runs didn't occur is because the central banks in the US, UK, EU,
Japan, China, and elsewhere all flooded the world's banking systems
with "printed money" obtained mainly through quantitative easing.
That strategy is no longer viable, which is why the central banks have
"run out of bullets."
Obama did back the banks in the form of massive corruption -- by
accepting billions of dollars in contributions to his campaigns and to
his cronies' projects in return for not pursuing criminal charges
against the criminals who brought about the financial crisis through
massive fraud, knowingly selling trillions of dollars in fraudulent
sub-prime backed synthetic securities. The sainted Obama was the
biggest beneficiary of this criminal fraud. That would make Obama by
far the most corrupt politician in the country's history. But no one
cares because he's a Democrat, and every crime from corruption to
racism to rape to inciting violence is perfectly acceptable, and even
encouraged, as long as the criminal is a Democrat. That's because
when a Democrat does it, it's GOOD corruption and GOOD racisim and
GOOD rape and GOOD violence. That's the way the world works.
