Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economic --

Discussion in 'Current Events' started by island1fox, Jun 15, 2011.

  1. island1fox

    island1fox Well-Known Member

    This book is a must read for all that are interested in Current events ---Book is loaded with facts and events that can easily be verified.
    My only question after reading this book is why has there not been a public and complete investigation with all guilty parties both in government and business given the punishment they deserve ?
    Some big and familiar names in this book --if the average American truly knew what caused this economic disaster there would be a revolt !!!!:sick:
     
  2. moreluck

    moreluck golden ticket member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    --if the average American truly knew what caused this economic disaster there would be a revolt !!!!:sick:

    So, clue us in because we probably aren't going to read the book.........
     
  3. wkmac

    wkmac Well-Known Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    NY Times piece on the book.

    I'm not a fan of Micheal Savage and before they dumped his program off our local 50k watt mega radio at night, I did hear him one evening talking about the entire economic episode and Savage in his Savage way was screaming for investigations and for heads to roll but unlike most of "rightwing" (I don't totally place all of Savage in that corner) radio he felt the heads of Wall Street should roll as well. And I agree with that perspective. I do believe this was crony or state capitalism at it's absolute worst and a gross corrupting of the old physiocrat Laissez Faire free market model that with all it's faults built small and independent town eg community model of America. A model that has now been all but destroyed not because of true competitive ideas coming into the market to take it's place but by the manipulations and interventions of power to achieve a profitable outcome for the well connected few. The communist model of State in the old USSR system really was no different other than we've illusioned ourselves to believe otherwise.

    This book seems to me to just make another case of the rotten stinch that exists at the top.
     
  4. wkmac

    wkmac Well-Known Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    Like the little red hen, if you do no labor, why should we share our profits of knowledge. Whose the welfare leech now, begger?
     
  5. moreluck

    moreluck golden ticket member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    Hey, I've got 20 or so books at my chairside table all waiting to be read......there doesn't seem to be enough time in the day !!
     
  6. Jones

    Jones fILE A GRIEVE! Staff Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    In the same vein we watched Inside Job recently, worthwhile documentary.
     
  7. klein

    klein Für Meno :)

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    But isn't that what free market is all about ?
    No or less regulations, and let the market play itself out.

    A short reminder : Canadian Banks remained solid and have the best world reputation. (Due to government regulations).
    keep on privatizing everything and keep on the "free market" attitude. I'm sure it will ruin even more.
     
  8. moreluck

    moreluck golden ticket member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    Another short reminder.....where's the cup??
     
  9. Baba gounj

    Baba gounj pensioner

  10. wkmac

    wkmac Well-Known Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    [​IMG]

    OpESR

    Engage!
     
  11. island1fox

    island1fox Well-Known Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    Moreluck,

    Simply stated, the greed of a very few crony capitalists --Fanny's CEO'S --Johnson and Raines along with the countrywide CEO Manzillo
    The blind quest of social engineering programs by the Government(Clinton gets loads of Blame)
    The arrogance and dishonesty of elected officials mainly Chris Dodd and Barney Frank and his boyfriend ---they should be in jail.
    Allowed themselves to be bought and pushed legislation to have insurance companies and private banks covered by FDIC or taxpayer bailout.
     
  12. island1fox

    island1fox Well-Known Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi


    Klein,
    The free market without Government interference would be fine. The government became involved in major social engineering-- a home and car for all --afford it or not ---passing legislation that forced risky loans backed up by the Taxpayers.
    Free market is FREE market let it succed or fail on its own ---no political favors or bailouts.

    Obama has not learned ----fanny and freddie continue on ----will need more bailouts ????
     
  13. klein

    klein Für Meno :)

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    And here I am, and always thought that the US real estate funds sold world-wide so much, that the private fund management firms needed more estate to sell more funds, and they did that buy selling homes to people that couldn't really afford them, no questions asked.

    Then the bubble bursted, as most of those homes were sold with under prime mortgage rates for 5? years, and people could no longer afford their higher mortgage.
    And, still under Bush, as most financial institutions were involved in funding those mortgages, people were lined up at the banks to remove their cash deposits.

    But, ofcourse, due to very little government involvement in how banks deal with people's money, US banks don't/didn't even have 50% of deposits available.
    Therefor, most of them would have went belly up, with everyone demanding their cash.
    That's where the government (under Bush) came up with the Tarp program - to save the Banks (and the publics money).

    Please tell me I'm wrong, and the whole housing bubble and lending is to blame on Bush and the government, not the private banks or wall street !
     
  14. cachsux

    cachsux Wah

  15. wkmac

    wkmac Well-Known Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    Island,

    Democracy Now had Gretchen Morganson and Joshua Rosner, authors of Reckless Endangerment, on to discuss their book. Here is part 1 of that multi part interview.

    [video=youtube;KP046AOqR1E]http://www.youtube.com/watch?v=KP046AOqR1E[/video]
     
  16. wkmac

    wkmac Well-Known Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    [video=youtube;VUeyeXH52CU]http://www.youtube.com/watch?v=VUeyeXH52CU[/video]

    OpESR!
     
  17. Baba gounj

    Baba gounj pensioner

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    [​IMG]
     
  18. bbsam

    bbsam Moderator Staff Member

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    Oh my God! Obama's continuing on with more Bush/Cheney policy!
     
  19. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Re: Reckless Endangerment: How Outsized Ambition,Greed, and Corruption led to Economi

    What is the significance of the use of the year 2012 on both the magazine cover and ratification date?