can you guys explain how the 2008 financial crisis was caused by deregulation, in details?
pic (semi)-unrelated
Can you guys explain how the 2008 financial crisis was caused by deregulation, in details?
Henry Allen
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Evan Edwards
Pretty sure there are a bunch of marxist economists who could explain the reasons behind it far better than anonymous Holla Forumsacks.
Hunter Jenkins
The Glass-Steagall act was a regulation that limited securities, activities, and affiliations within commercial banks and securities firms. It was repealed by the Clinton administration. This allowed for, among other things, the rise in sub-prime mortgages that collapsed, bringing the financial institutions that dabbled in sub-prime mortgages (all of them) to their knees and set off the global financial meltdown in late 2007.
Christopher Howard
Pretty sure Wolff's entire career is built on it
And pretty sure Chomsky predicted this shit ages ago
Also, insert argument about how capitalism needs the state and thats why we saw bail-outs
Liam Flores
liberalism is still capitalism, it was caused by porky and the state
Blake Murphy
This is a thing?
Christian Ward
Is this b8 or do you not know anythin about Marxism?
Wyatt Long
There's this guy I guess.
Any others? Any others around today?
Ethan Ross
The repeal of glass steagall regulations allowed major banks to cash in on the real estate bubble. They knew they would be bailed out so they just went balls deep on a bubble that eventually burst.
Daniel Bennett
youtube.com
Greenspan, which was a follower of Ayn Rand ideology/cult, pretty much admitted to have been wrong about his policies of deregulation during the Clinton administration after he saw the consequences of the crisis.
watch this: vimeo.com
David Jones
Financial "innovations" that took place after deregulation allowed banks to hide risk from investors for one. Read the first chapter of mad money by Susan strange
Justin Hernandez
Technicallyit's reffered to as marxian economics
Easton Harris
Well, there's Yanis Varoufakis, though he calls himself an "erratic marxist". He seems pretty based, from what I've heard from his talks.
Henry Powell
Are there others aside this guy?>>852429
Genuinely curious. There's a few lefty-type economists (MMT proponents) but do many actually identify as Marxist?
Brandon Harris
Ayden Rodriguez
Deregulation itself is an effect of tsunami of capital flowing into US. youtu.be
Luke Kelly
Andrew Kaliman and David Kota are pretty well known. Of course there are still Marxist economists.
Robert Hill
Fuck autocorrect. That's: Andrew Kliman and David Kotz.
Jaxon Moore
Friendly reminder that David Harvey isn't an economist.
Caleb Hughes
My understanding is banks made bad property loans to people who couldn't pay them back, then stuffed the loans into financial products and sold these products to third parties who didn't know they would not get their money back.
There were supposed to be ratings agencies who gave quality ratings to the loans but the banks threatened to go to their competitors if they were given bad ratings.
Pic related explains it.
Also this.
Levi Reyes
Friendly reminder that David Harvey is Rosa Luxembourg.
Brandon Flores
Paul Sweezy and Paul Baran come to mind
Xavier Baker
A commie jew, you say?
David Scott
I.e. niggers and spics.
Joshua Perez
Banks are supposed to have a social responsibility to carefully calculate risks when it comes to loans, and those demographics tend to be poor, and the minimum wage has stagnated to the point of being a starvation wage, as opposed to allowing people to live comfortably in the middle class. They still get fed the American Dream™ bullshit though and told all they have to do is work hard to make it.
IIRC Glass-Steagall required that investment banking and savings banking be separate, so investment banks couldn't bet mom and pop's nest egg on risky ventures.
Gabriel Nelson
Jews have social responsibility for anyone besides themself?
Do you live on the moon?
Lincoln Brooks
Shit! Capitalism is gonna go in crisis again! Gotta do something.. hmmm .. let's make an experiment… Instal a dictator and make him privatize everything… Chile is a good place!
Ok.. We got it! Privatize everything and give everyone credit cards so that we don't need to raise wages
Time passed and everyone was happy. Even the USSR colapsed since it couldn't give everyone credit.
Ok, evetything is fine. We even have a war constantly going on and destroying production… Now.. How about we give everyone loans to buy houses? .. Wow! Look at that! The prices are rising cause everyone is buying houses! QUICK! MORE LOANS! MORE PROFIT!
Shit.. People cannot Bay Debd.. What are we going to do??? MY PROFITS! WHERE ARE MY PROFITS??
It's not like capitalism left on it's own is doomed or anything… It's not like it needs a state or anything..
Juan Rivera
You mean capitalists, right?
Connor Gutierrez
Pls share more if your wisdom, Holla Forumsyp.
Josiah Cooper
Yeah but how fucked is the world gonna get before capitalism collapses?
Mason Butler
hey comrade
Zachary Campbell
watch "the big short" it's not that hard ugh
Ian Cook
We can only hope that we don't go full technobarbarism.
But Cyberpunk is a certainty IMO.
Jordan Gomez
ooo, adam curtis
Justin Smith
Never seen Rand in motion. Was she actually autistic or something?