TYT: Top Economists - Another Economic Disaster Coming?

[ihavenobias]

Run time: 08:23 https://www.youtube.com/watch?v=MYvUSw51QKg   Posted on YouTube: January 09, 2010 By YouTube Member: Views on YouTube: 0   Posted on DU: January 11, 2010 By DU Member: ihavenobias Views on DU: 2712

 
Summary: Cenk plays and breaks down video clips of respected economists Joseph Stiglitz and Simon Johnson arguing that we've done next to nothing in addressing the underlying issues that led to the recent economic collapse. In fact, the bubble is being reinflated and big banks are taking even more risks which is setting us up another crisis.

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[ThomCat]

1. People have been saying this all along.

The failure to implement regulations to prevent this from happening again, and the way our government ran the bailout, by shoveling vast amounts of money to the people who were responsible for the economic collapse to begin with, did nothing but make another collapse inevitable.

The big banks now know that they can take huge risks and they will NOT be held responsible. Instead, they will be bailed out by us, the taxpayers. We will pay for their losses. We will even pay for their bonuses so they can reward themselves for keeping their jobs. They will be grossly rewarded, and they will be in charge of determining what is done afterward to "reform" the economy, which means any changes will be purely symbolic at best, or will actually help them make more profit at our expense.

Why Wouldn't they take huge risks in that kind of an environment? That is their job, after all.

Hearing the experts say it just confirms when lots of non-experts have been saying all along. We are rewarding the people responsible for the problems, and doing nothing to prevent it from happening again, and in fact, doing everything to make it happen again.

Albert Einstein famously said "You can't solve a problem using the same thinking you used to create it."


Edit for spelling

[jgraz]

2. They aren't trying to solve the problem

From the POV of the Wall Street criminals and their pet politicians, there is no problem.

[ThomCat]

5. You are right. Wall Street likes things the way they are

and Washington does to because they get lots of money from wall street.

Washington will rattle their sabers to threaten change, just enough to make wall street run to their check books, but then once they get their payments they will give in and do what wall street wants. Which is nothing at all.

That leaves all of us with all the risks, and stuck paying all the bills. :(

[AlbertCat]

8. "Washington will rattle their sabers to threaten change,

just enough to make wall street run to their check books, but then once they get their payments they will give in and do what wall street wants. Which is nothing at all."


C'mon! We're not talking about health care reform here!

[ananda]

3. Totally agree.. and...

... it's a crying shame that the economists who
know what needs to be done are not the ones
Obama chose for his admin.

[vssmith]

16. And what conclusion do you draw from that?

[winyanstaz]

4. I have been saying it all over the www.....for a long time now..

As long as no one is held accountable for 9-11...as long as it is not independantly investigated and prosecuted the crooks all believe that they can do ANYTHING and nothing will be looked at and no one will be held accountable.
And so far...
They are correct.

[Goldstein1984]

6. I think they do see a problem, and they are trying to solve it.

But the problem isn't the suffering of the many as a result of the Economic Meltdown, the problem is maintaining control.

The political elite are bailing out the source of their power--the economic elite.

[Divine Discontent]

7. yes - they are bailing out their source of power. and with all these banks giving out 5 and 6

figure bonuses to many of their workers, they prove they are only, not so ironically, about money - they don't care if they're on the verge of ruin - they only care about big checks and living large. Most people I've met involved in finance are annoyingly selfish and all about what they have and are going to get. These people would destroy the country for a 20 room mansion in Tuscany.

[OhioChick]

9. K&R n/t

[ectoendomezo]

10. There is ONE way..sorry..just have to step UP!

No sooner had Ralph Nader..and a few other Heavy Hitters..mentioned.."Tax Protest" as a potential Reasonable reaction to the 'Bailout' and TARP as well as to the potential War With Iran..then..Ka-Boom! Hello Tea Baggers!

This, in my opinion..was done..specifically to divide and conquer..a Preemptive strike against ANY possibility that the "Left" or..in real political terms for GovCorp.."The Mandate"..would EVER pose any real "threat" or disruption to the Flow of Disposable Billions.."The Money Tree."

Look..I am a Liberal..a Progressive...a Constitutionalist. I also voted FOR Obama. I won't do that again.

So..yeah..I find the Tea Baggers to be..frankly..Disturbing..

However..the 'Tea Sippers' are almost their 'Equals' when it comes to 'Simply Ignoring All Evidence'.

However..all of that being said...the reality that..in some well lit windowless room..perhaps in Las Vegas..perhaps on the same floor as the Predator Drone Pilots...the plan to Astroturf "Tax Protest" by making it the SOLE domain of the Unhinged Right..was developed..an "18 Point Plan" for the U.S. Diabolically Brilliant...someone got a promotion..or got buried next to Hoffa..as the case may be...

Look...the fact is..that "Tax Protest"..is the ONE..real and Genuine "Power" we have LEFT! The Power Of The Purse..

I am perpetually AMAZED..by the weird..hypocrisy of my 'Fellows' regarding the Reality Of Money. The LEFT..if they pay Income Tax..is..UNEQUIVOCALLY..co-sponsoring: TORTURE, WAR FOR OIL, DRONE ATTACKS, PATRIOT ACT ABUSES, CORPORATE HAND-OUTS, TARP, DADT....GUANTANAMO..RENDITION...ALL OF IT!

Every Minute of every Hour of Every Day..that we spend in Afghanistan..is 'Financed'..by..YOU! Not me anymore..perhaps not YOU..but..well..PROBABLY You! Sorry...is this not true? Are you really able to deny or rationalize this simple FACT?

So...what would happen..I ask you..if say..10 Million Citizens...well..Jeez!..even a MILLION would be so huge a 'protest'...that it might actually bring our 'Representatives' back to....the 'Jobs' they were Elected to perform!..So..say a MILLION citizens conducted a 'Union Style' Tax Protest, with 'Demands'..or we 'Walk Out'..we will no longer 'Support the current decisions of the...management!'

Well? What do you think would happen? Okay..sure..you can answer with sarcasm..I do that as well..but if your answer is..'nothing'..or..'yeah right..' or some variation..then let me ask you THIS: What WOULD work? What is MORE 'Powerful' to THIS Government and its Corporate Clients..THAN MONEY? What? Protest in the Streets?

"Let Them March All They Want, As Long As They Continue To Pay Their taxes!"--Alexander Haig

"Tax Protest"..USED to be the realm of Ghandi/Gandhi, Henry David Thoreau, The Quakers, the ANTI-War Movement, Martin Luther King...our Founding Fathers.

The Tea Baggers have in fact...actually succeeded in Dirtying..actually..DESTROYING..one of the great moments in History..when a group of people actually Figured Out..that THEY..were in FACT..'Financing' their own Lack Of Liberty..that they were in fact being Coerced into Paying the Salleries..of the very soldiers pointing guns at them.

I say again...the Amusement that we all obtain at the expense of the rabid Right..is a 'Program'..we are SUPPOSED to want to do that..so that "Tax Protest" becomes 'Socially' unacceptable for the..uhhh...'TEA SIPPERS' to do even on their OWN!

This is really an amazing development..a brilliant divide and conquer by GovCorp...

What is it that the Government 'Does'..as their First Serious attempt to direct the policies of another Nation?

IMPOSE ECONOMIC SANCTIONS!

So..how is it that the "Left" is...unable to see that its JUST..about the MONEY..not the Sociocultural nonsense..in fact I bet Dollars to Doughnut Holes..that 99% of the 'Tea Baggers'..do in fact pay their Taxes..the average American is TERRIFIED of the IRS...Money is much more important to the majority than LIBERTY...this is KNOWN by those that rely upon the Federal Income Tax Coffers to provide their "Budgets"...from the CIA to BLACKWATER..from KBR to..now..CITI Bank..BoFA...AIG! You..pay for it ALL..all the DEATH..all the MISERY..all of it..

That my fellow Progressives would RATHER deny this than simply CEASE to play the game..is amazing..a stunning example of the depths of our greed and potential for Denial in the face of ANY real 'Sacrifice'!

Remember the words of Bush-II after the Event? '..Just Go Shopping..'

How is it that so many fail to understand what that REALLY meant?..It Meant: 'If you don't spend money..and fast..we are NOT gonna have what we require to conduct the War For Oil we already have planned...and how will we put in place a Surveillance State..thats expensive y'all...dontcha' see? So..take a trip..go't' Disney World..please..keep folks employed..keep em paying income tax..keep the machine running..THAT'S ALL we need from YOU!'

Sadly..this is lost in a sea of sarcastic and..i admit..enjoyable ridicule of the Tea Baggers..

So...you don't have to be a 'Tea Bagger' to NOT PAY..right? Or is it that simple? Since they are dumb..you have no choice but to continue to FINANCE the Global Robbery-Homicide known as the 'War On Terror'!

Money..is our ONLY weapon..it is the Other Edge of the Double Edge Sword of Capitalism...the Money...Comes..From...US! That is REAL.."POWER"..just ask Wall Street..THEY know how to use Money..too bad so few of you do.

Sorry..but it is the truth!

[DRex]

11. Who would predict anything other than a relapse?

The only question is how long do we have before it hits?

When the financial system is as fundamentally broken as it has been for so long, collapse is inevitable. The only solution anyone has come up with so far has been to throw money at the problem and even worse, to throw it right into the hands of the irresponsible gluttons that got us into this situation. What did we expect?

All they were trying to do was get banks to start loaning out more money that the bankrupted citizens would be unable to pay back, instead of putting people to work, and ensuring fair wages and viable living situations... We are doomed to repeat this cycle endlessly under this economic oligarchy. It's a constant upward motion of money, and it will lead to misery and depression all over the world as it always has done.

I don't want to play this game. It's sick.

[autorank]

12. k*r This is a given

The movement has to be on stopping this. It's unnecessary.

You can be sure that the "big boys" know this and plan to take even more in the wealth transfer
festival over the last 3 decades.

This will be their kill shot.

[libodem]

13. k&r

[icee]

14. With an almost unanimous doom agreement by economists, who are

rarely ever right (check for yourself), the markets are prolly safer than they have been in years.

[pleah]

15. K&R I'll say it again, we are screwed. n/t