Saturday, September 12, 2009
Alan Greenspan Will Not Take Responsibility For Finanical Crisis
The world will suffer another financial crisis, former Federal Reserve Chief Alan Greenspan told BBC. The crisis will happen again but it will be different, he told BBC Two's The Love Of Money Series. He added that he had predicted the crash would come as a reaction to a long period of prosperity. but while it may take time and be a difficult process the global economy will eventually "Get Through It", Mr. Greenspan added. "They financial crisis are all different but they have one fundamental source,"he said. That is the unquenchable capability of human beings when confronted with long periods of prosperity to presume that it will continue. Speaking a year after the collapse of Lehman Brothers, which was followed by a worldwide financial crisis and global recession, Mr. Greenspan describe the behavior as human nature. He said the current crisis was triggered by the sub-prime mortgages-home loans given to people with bad credit histories-but added that any factor could have been the catalyst. If it were not a problem of these toxic debts "something sooner or later would emerge," Mr. Greenspan said. Mr Greenspan who ran the Federal Reserve was hailed as a man who could move markets, also warned that the worlds financial institutions should have seen the looming crisis. "The bankers knew that they were involved in an under-pricing risk and at some point a correction would be made, "He said. "I fear that too many of them thought that they would be able to spot the actual trigger point of the crisis in time to get out. He also, warned that England, with it globally-focused economy, would be harder hit than the United States by the current recession and the collapse in world trade. It is going a long while, for England to work it's way through this."In order to prevent the situation from arising again, financiers and governments should look to clamp down on fraud and increase capital requirements for banks, the former central banker said. Regulations targeting latter would mean banks would be forced to hold enough to cover there normal operations an honor withdrawals. The most recent endeavour to re-regulate is a reaction to this crisis. The extraordinary impact of these global markets is making a lot of financial people feeling they have lost control. "The problem is you can not have free global trade with highly restrictive, regulated domestic markets." Finally, Alan Greenspan said that the current economic crisis was a "Once in a century type of event" and one he did not expect to witness. Mr. Greenspan denied any responsibility for the problems gripping the global economy. Mr. Greenspan blamed it on human nature but it was his job as Federal Reserve Chairman to warn the average American about this upcoming financial crisis.
Wednesday, September 9, 2009
Sen. Snowe And Sen. Collins Will "Trigger" A Republican Sellout On Health Care
Sen. Olympia Snowe and Sen. Susan Collins of Maine can't be trusted when it comes to writing a bi-partisan Health Care Bill. Sen. Snowe and Sen. Collins are supportive of a so-called "Trigger" concept that will be implemented if the insurance companies fail to fix the current system. The "Trigger" concept falls right in the hands of the supporters of the Public Option, because this will give President Obama and Democrats a chance set up a system where the insurance industry will fail to fix the insurance system. Speaker Nancy Pelosi says, that she might be for a "Trigger" concept if the final result is a strong "Robust" Public Option. Speaker Pelosi and Majority Leader Reid will write rules and regulations that will cause the Trigger Concept to come into effect in the next five years. Sen. Snowe and Sen. Collins are willing to break the filibuster proof 61 votes if there concept of a Trigger is in the final Health Care Bill. This is a victory for the Obama Administration and Unions because, they can just wait a couple of years and "Trigger" for a Single Payer System that Democrats have envisioned last 50 years will come into effect. During tonight Joint Address to Congress expect President Obama to mention Sen. Olympia Snowe and Sen. Susan Collins to try and convince the average American that he, is working on a bi-partisan Health Care Bill that all Americans can support. President Obama will use Sen. Snowe and Sen. Collins "Trigger" concept to gain support among "Blue Dog Democrats" and give them cover in there Conservative Districts in the 2010 Congressional Elections. The President will use this Trigger option to inch the American people closer to a single payer system. Finally, when the history books are written Sen. Snowe and Sen. Collins will be held responsible for destroying the best health care system in World. The Democrats will lose the battle but they will win the war. I am sorry to tell my fellow Conservatives that there will be a Single Payer System in America. This is what happens when you have "Sellout " Republicans in your party.
Tuesday, September 8, 2009
Afghanistan "Back To The Good War"
The New York times and several other news outlets found some military experts who think we can fight a long-range war remote control war against AL-Qaedea from re-establishing itself in Afghanistan, but most think we need more troops on the ground. Anne Appelbaum of the Washington Post say "the outcome in Afghanistan will make or break (Obama's) foreign policy. Obama delivered a lot of fierce Rhetoric about Afghanistan during the campaign, maybe because he believed it or more probably to avoid depicting himself as a McGovernite. But back, in his famous 2002 speech opposing the Iraq war specifically and "dumb wars" generally, Obama declared his support for the Civil War A Tough Call, World War Two after Pearl Harbor (another profile in courage) and had this to say about Afghanistan. After September 11 after witnessing the carnage and destruction, dust and tears, I supported this administration pledge to hunt down and and root out those who would slaughter innocents in the name of intolerance, and I would willingly take up arms myself to prevent such a tragedy from happening again. That is a much more limited than the current nation building exercise on offer. As Obama attempts to rally domestic and international support for this war he will need to start convincing people he actually supports. As Ms. Appelbaum says, "He has said many times that he supports the Afghan War in principal. Now we will see if he supports it in practice.
Monday, September 7, 2009
Obama: Rebuilding Alliances?
As a Presidential Candidate and as President-Elect Barack Obama promised to "rebuild alliance" in Europe and "restore America's standing in the world." The President is having serious rebuilding a alliance with 10 Downing Street. 10 Downing Street has hit back at President Obama and Hillary Clinton for attacking the decision to release the Lockerbie Bomber. President Obama and Secretary Of State Hillary Clinton fuelled a fierce American backlash against Britain, claiming abdelbast Al Megrahi should have been forced to serve out his jail sentence in Scotland- but a senior Whithall aide said the reaction was "disingenuous". British Officials say the American spoke out because they were taken aback by the anger over Megrahi release, not because they did not know what was about to happen. The U.S. was kept fully in touch about every thing that was going on with regard to Britain's discussions with Libya in recent years and about Megrahi, said the Whitehall Aide. "They Knew about our prisoner transfer agreement with Libya and they knew that the Scots were considering Megrahi case." First Obama sent the Uighars to Bermuda with minimal notice to the UK, and now this. If he is not careful, President Obama isn't going to have a alliance to rebuild. Thanks to (DRJ) at Patterico's Pontifications.
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