The Warring States of NPF - Great Depression 2.0

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Great Depression 2.0

You know the best way to not have a Great Depression? Don't take away the safeguards that helped regulate the first one.

Link

Quote:

From the 1970s until recently, Congress allowed and encouraged a great deal of financial market deregulation -- allowing big banks to become larger, to expand their scope, and to take on more risks. This legislative agenda was largely bipartisan, up to and including the effective repeal of the Glass-Steagall Act at the end of the 1990s. After due legislative consideration, the way was cleared for megabanks to combine commercial and investment banking on a complex global scale. The scene was set for the 2008 financial crisis -- and the awful recession from which we are only now beginning to emerge.

So in my early naivete, I thought that the government was responsible for the downfall of society with their reckless bills that can destroy American society. Then I heard about how lobbying since the 70s has lead to financial deregulations. You have the SEC's Mary Shapiro fight the little guys while the big guys are left unnoticed to destroy the system within.

But then you see a really big problem coming in that is going to bring about American Armaggedon for those not insulated from it.

Quote:

With the so-called JOBS bill, on which the Senate is due to vote Tuesday, Congress is about to make the same kind of mistake again -- this time abandoning much of the 1930s-era securities legislation that both served investors well and helped make the US one of the best places in the world to raise capital. We find ourselves again on a bipartisan route to disaster.

So large banks can speculate with cash that isn't their own nor can they be stopped by regulations taken away that helped to raise capital and keep the marketplace stable.

The reason that we've had a strong American economy is because we have a number of people that could invest in the stock market with a decent expectation of their returns. Now those protections are removed.

How much more does Congress want to show that they're bought fools?

Buying my plane tickets now, I'm off to Canada. Sayounara suckers!

Unfortunately, Ecks, Everything that happens in the US has a reverb up here. Our markets are tied together too tightly; What I can tell you from my understanding of the market (which fuckin' PALES compared to what... I think it was Zeth or SS that was full-on Economics study?) is that if the US goes down, we'll have a series of microcrashes and false climbs in retaliation up here.

Because apparently that's what Friend-Countries do. Suicide pacts.

Frankly American consumerism is the engine the drives the global economy in that we are essentially the largest market for just about everything. When the US economy tanks it pretty much takes the global economy with it. The only people that are relatively insulated are third world countries with no real exports.

Quote:

Originally Posted by Ecks (Post 1189444)

Buying my plane tickets now, I'm off to Canada. Sayounara suckers!

That's Japan.

Yes but multilingual ways to say goodbye have been in common use in America for some time rpg.

Also thanks for the warning Nik, I guess maybe I should just stay the fuck put since there is no escape.

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Originally Posted by Ecks (Post 1189463)

Yes but multilingual ways to say goodbye have been in common use in America for some time rpg.

Still not Canada.

In which Amake nerds it up over linguistics

Some cultures barely have any words for the concept of a person leaving another. Japanese on the other hand has a word specifically for when you're leaving and never coming back or even sending a post card; for when you essentially cease to exist to each other. Of course other languages are going to steal it.

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Originally Posted by Amake (Post 1189470)

Of course other languages are going to steal it.

Considering how languages are blending it really isn't a surprise.

Also Yeah my economy teacher did a head desk when someone spoke about this. She said It should never get off the ground because it would hurt everyone too much.

Everyone except the rich. So you know, completely ok in that case. Because they earned it with their hard work of paying somebody else to lobby for them.