Category: Think Tank

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2 Responses to “The Deeper Causes of the Financial Crisis – Mortgages Alone Cannot Explain It”

  1. denim says:

    Yes, there is a deeper cause. Another power grab by the royalists among us. As FDR put it:
    “And so it was to win freedom from the tyranny of political autocracy that the American Revolution was fought. That victory gave the business of governing into the hands of the average man, who won the right with his neighbors to make and order his own destiny through his own government. Political tyranny was wiped out at Philadelphia on July 4, 1776.

    Since that struggle, however, man’s inventive genius released new forces in our land which reordered the lives of our people. The age of machinery, of railroads; of steam and electricity; the telegraph and the radio; mass production, mass distribution – all of these combined to bring forward a new civilization and with it a new problem for those who sought to remain free.

    For out of this modern civilization economic royalists carved new dynasties. New kingdoms were built upon concentration of control over material things. Through new uses of corporations, banks and securities, new machinery of industry and agriculture, of labor and capital – all undreamed of by the Fathers – the whole structure of modern life was impressed into this royal service.

    There was no place among this royalty for our many thousands of small-businessmen and merchants who sought to make a worthy use of the American system of initiative and profit. They were no more free than the worker or the farmer. Even honest and progressive-minded men of wealth, aware of their obligation to their generation, could never know just where they fitted into this dynastic scheme of things.”
    http://www.austincc.edu/lpatrick/his2341/fdr36acceptancespeech.htm

  2. Greg0658 says:

    denim – saw a Columbus takedown piece on cbsSundayMorning10/7/12 – where FDR was pandering with a dayoff .. I’m in the camp of ExplorerDay

    my 3 wood ships on the shelf – good for them it takes a ladder on drunken fire-pit nites

    ~~

    ps – crosspost fixup .. Orange Jumpsuited “DrewPeterson in costume of theCowardlyLion”