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View Diary: A Tea Partier Just Called Me "Communist." Watch My SLAM DUNK Response (205 comments)

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  •  The high interest rates we put in place by (3+ / 0-)
    Recommended by:
    Dragon5616, Dave925, sethtriggs

    Paul Volker at the end of the Carter adminstration. Though the rate peaked early in Ronnie's first term they can't rightly be blamed on him. The S&L failure was all Reagan though.

    "What profit a man, if he gain the world, but has to pay taxes on it?" Paul 8:36

    From the Gospel of St. Ron Paul in the Teachings and Misunderstandings of the Words of Adam Smith

    by ontheleftcoast on Thu Apr 12, 2012 at 04:43:28 PM PDT

    [ Parent ]

    •  I thought they were fueled (3+ / 0-)

      by the S&L bubble, all those unregulated institutions fighting for deposit dollars, so they could turn around and make risky investments, so they could turn around and pay themselves big bonuses.  I still remember seeing or hearing about a sailboat named "First Draw."  As in, the first draw from the construction loan went straight into this guy's pocket.

      •  There was a long inflationary build up in the (3+ / 0-)
        Recommended by:
        Dragon5616, Dave925, bluestatedem84

        70's started with the oil crisis. Eventually inflation was deemed "out of control" and Carter asked Fed Chairman Volker how to stop it. The story goes Volker told him he could jack up interest rates to 15 percent or more to slow down the economy but it would cost Carter the election and Carter said "Do it". Rates hit 19% before the election and 21% by summer of '81. Some blame it for the Reagan recession. But regardless that happened long before the bank deregulation (you knew that was coming, didn't you?) of '86 which set up the S&L bubble of the following years. Oh, and don't forget the "Keating 5" the Senators in the tank for the banking industry. One of their members was John McCain. The rest, as they say, is history.

        "What profit a man, if he gain the world, but has to pay taxes on it?" Paul 8:36

        From the Gospel of St. Ron Paul in the Teachings and Misunderstandings of the Words of Adam Smith

        by ontheleftcoast on Thu Apr 12, 2012 at 06:12:07 PM PDT

        [ Parent ]

        •  At least many of those S&L thieves went to (0+ / 0-)

          jail. Same can't be said of the ones who crashed the economy in 2008. Still hard to believe it's been four years and no one has been held accountable.

          •  There are a few, two or three, IIRC that have (2+ / 0-)
            Recommended by:
            The Nose, wishingwell

            been sent to jail. But no where near the numbers that we want. Unfortunately it may never happen because this time they were more careful in their efforts to rewrite the laws before the crimes were committed. Starting with the repeal of Glass-Steigel thru the early Bush years they were given the legal means to plunder.

            All my sig lines are hand-crafted by demented elves living in my skull.

            by ontheleftcoast on Fri Apr 13, 2012 at 10:13:24 AM PDT

            [ Parent ]

          •  It's hard to jail people that didn't break laws (2+ / 0-)
            Recommended by:
            The Nose, wishingwell

            Immoral isn't the same as illegal, and the deregulation of the financial sector for the previous 20 years set the stage for everything that happened in 2008, and allowed those involved to mostly skate away with their golden parachutes in tow.

    •  Btw (3+ / 0-)
      Recommended by:
      ontheleftcoast, Dragon5616, Matt Z

      Genius sig line.  Genius

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