Comments on: Casino Capitalism

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By: webstigma

webstigma — Sun, 27 Jul 2008 05:56:12 +0000

Mccain does not know the east cost from the west cost

By: vidyohs

vidyohs — Thu, 24 Jul 2008 07:31:38 +0000

I can remember the time when lending institutions did often lend to people who had no potential for repayment, that time was up to the late 60s. Also, commerce avoided building and opening outlets in certain areas because of the increased potential of crime in burglarization of the facilities themselve and theft and abuse to poteltial customers.

Then we had the great equalization movement of the late 60s and early 70s, and government responded to special interests groups and put real hard pressure on lenders to not only loan to risky people but to build and operate outlets in high crime districts. Government did the same with retail businesses as well as Real Estate brokers.

No discrimination in lending practices is tolerated.

And lo! It happened across the land.

To this countryboy I can only see it happening if there were backroom deals made so that when the lending institutions, retail outlets, and real estate brokers suffered the inevitable losses government would step in and bail them out......but the upfront equality would be maintained regardless of the cost to the taxpayer of the backend loss.

What I see now is simply the results of the deals made decades ago, and of course the government has to bail out Fannie Mae and Freddie Mac, the government was the force that created the inevitability of the collapse.

Banks were making risky loans and exposing themselves to loss, now whoda thunk a wise banker would do such a thing without a safety net spread wide beneath him?

By: Martin Brock

Martin Brock — Wed, 23 Jul 2008 16:04:08 +0000

Latter day "capitalism" goes something like this. I put a dollar in a vending machine today, and when I return a year later, the machine returns $1.05; otherwise, statesmen protect my "rights" by collecting my $1.05 from random passersby at gunpoint. What happens in the meantime isn't really my problem. That's what the government is for.

Of course, that's not free market capitalism at all, but we're so far down this road now that it's hard to imagine the real thing anymore.

By: Tim

Tim — Wed, 23 Jul 2008 11:46:34 +0000

Seems to me this "casino capitalism" is similar to what happened in 1980 when Congress gave us the Depository Institution Deregulation and Monetary Control Act (DIDMCA) while raising deposit insurance to $100,000 per account (which I believe was above the account balance of over 90% of U.S. depositors).

Essentially, the combination of Deregulation and increased depositor insurance told the flaggin S&L industry to take the keys to the casino and try to save themselves with junk bonds. With their depositors losses covered and firms that were already losing money by buckets, they were given the OK to take on high-risk investments.

If they "won" and saved the institution, they were heroes. If they lost - well the depositors were covered and you can't get blood from a stone.