RoR: Forum

Ed:

Although not the best, this series is a great introduction to what capitalism actually is, in contrast to the current corporatism.

Thanks for the post.

Tyson

Post 1

Thursday, September 18, 2008 - 6:37am

Thanks, Tyson.

You mention that there might be better vids out there. I chose this string of vids for the two obvious reasons that Y. Brook is doing the talking and that the talking includes Fannie and Freddie (in order to be relevant to the recession).

Would you point me to better vids though (better in general, instead of specifically) if you have any of those in mind?

Ed

Post 2

Thursday, September 18, 2008 - 8:28am

A layman's summary timeline of who it is that it is proper to blame for our housing crisis:

(1) Franklin Delano Roosevelt, 1938 -- approved Fannie Mae, which gave gov't-guaranteed loans to folks -- eventually leading to mortgage brokers such as Bear Stearns buying (securitizing) good and/or bad mortgages from banks

(2) Richard Nixon, 1970 -- approved Freddie Mac, to "compete" with Fannie Mae, compounding the problem

(3) Jimmy Carter, 1977 -- approved the Community Reinvestment Act (CRA), which forced banks to partially invest in low-income (read: bad credit) neighborhoods

(4) Bill Clinton, 1995 -- put extra "teeth" in the CRA, making it more likely to create our current housing situation

(5) Alan Greenspan and John William Snow, 2002-2004 -- wrongheadedly approved a Federal Funds (interest) Rate below the inflation rate, for three full years running -- with rates at or below 2.5% from Oct, 2001 to Feb, 2005 (providing a market-independent incentive for banks to borrow at rates below interest and eventually lend what was borrowed)

Summary list of who we should blame (most recent should get more blame, because they should've known better due to improved information sets):

(1) FDR
(2) Nixon
(3) Carter
(4) Clinton
(5) Greenspan and Snow

If we don't improve political accountability (by penalizing those who did wrong while in power), then history will repeat itself and our lives will be less enjoyable.

In my opinion, there should be personal fines for politicians who cause economic loss. Starting with Jimmy Carter paying $10 million, and having the fines double for each successive misuse (Clinton owing $20 million, Greenspan and Snow splitting a bill for $40 million at $20 million a piece). If they can't pay the fines, then they should be incarcerated and put on a work detail making license plates.

One man's opinion about how we can all succeed from here on out.

Ed

(Edited by Ed Thompson on 9/18, 8:30am)

Post 3

Thursday, September 18, 2008 - 2:28pm

Ed:

I may be splitting my own hairs, but I think THIS video lecture by YB has much better content and is a much better introduction to capitalism.

http://www.youtube.com/watch?v=CYU8KZz91OA

Tyson

Support Project RESET
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Post 4

Thursday, September 18, 2008 - 5:38pm

Thanks, Tyson.

Ed

Friday, September 19, 2008 - 4:34am

I posted these on MSK's Objectivist Living.

18-part series, The Wealth of Nations, by a YouTuber named Aynrandism.
The Wealth of Nations
Part 1
http://www.youtube.com/watch?v=fnyImG1DI20
Part 12
http://www.youtube.com/watch?v=XUrgllzsoQQ

COMMANDING HEIGHTS
http://www.youtube.com/watch?v=nB6NW6ynfsw
This was a series -- you can buy the set -- and many You Tube excerpts are online. Search for the title (Commanding Heights) and follow the links.

James J. Hill: Empire Builder
http://www.youtube.com/watch?v=Eg3Srbncpds
"... you had to get the best steel you could find... he didn't have the money, no one did, but they trusted him ..."

John Stossel at the University of Wisconsin, Madison:
John Stossel in Madison Part 1
http://www.youtube.com/watch?v=KolnSX_AMlY
John Stossel in Madison Part 2
http://www.youtube.com/watch?v=wKUFkR5RGTU
John Stossel in Madison Part 3
http://www.youtube.com/watch?v=CSe0vKoDRZ0
John Stossel in Madison Part 4
http://www.youtube.com/watch?v=W86drwOadrk

Money and Capitalism
http://www.youtube.com/watch?v=TQZOhV-oUIo

Post 6

Friday, September 19, 2008 - 7:19am