Comments on: Did Rubin really say that? http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: ishmaeldaro http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/comment-page-1/#comment-12475 Sun, 07 Mar 2010 01:28:25 +0000 http://blogs.reuters.com/felix-salmon/?p=2820#comment-12475 Are the bullet points cut off at the right side for anyone else?

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By: jian1312 http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/comment-page-1/#comment-12446 Fri, 05 Mar 2010 06:26:07 +0000 http://blogs.reuters.com/felix-salmon/?p=2820#comment-12446 At least, Greenspan was honest enough to admit, before Congress too (!), that he made a mistake. (BTW, not “mistakes were made”.) One can hardly help but respect that honesty.

Rubin, in contrast, is everything but! Why isn’t he deep in soul-searching mode, for the catastrophe he and his cohort brought onto all of us?? In fact, why should someone like him, whose economic philosophy has been proven wrong beyond doubt, still have the podium? Why would anyone listen to HIM at this point is simply beyond me!

It’s exactly like the media keeps inviting those who cheered us into the Iraq nightmare back to comment on current affairs. What on earth happened to accountability? Or have we collectively become so short-attention spanned that we can’t remember those who just punked us, like, a minute ago, and we keep buying their b.s.?? God help us, coz we’re beyond other kind of help.

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By: Sensei http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/comment-page-1/#comment-12440 Fri, 05 Mar 2010 01:41:06 +0000 http://blogs.reuters.com/felix-salmon/?p=2820#comment-12440 There are many people and many specific policies we can blame for the recent and present crisis, but one huge factor is constantly overlooked: the Clinton surpluses. In fact, this contributing factor is now put forward by people like Rubin as the solution to our difficulties. Those surpluses are what kicked off the whole rotten affair.

When the government runs a surplus it destroys net financial assets. If the private sector desires to net save (invest) – and it almost always does – then the desired savings must be funded from some other source. In a nation with a current account deficit savings can only be funded through credit expansion or lower output. The Clinton surpluses gave us both: a recession in 2000-2001 and an explosion of private sector debt following – helped along of course by an absurd monetary policy (Greenspan) and an abdication of regulatory responsibility (Bush).

Anyone who advocates running a federal budget surplus or even a balanced federal budget in our present circumstances doesn’t know what they are talking about. The federal government should probably run a perpetual deficit as long as the private sector has a desire to net save.

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By: HBC http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/comment-page-1/#comment-12434 Thu, 04 Mar 2010 20:14:55 +0000 http://blogs.reuters.com/felix-salmon/?p=2820#comment-12434 It starts with Act One: the dimension of the crisis, estimated to be a 15-figure one. From there continues Act Two wherein nobody, Rubin included, wants to be the first one tossed off the gravy train. And so in Act Three begin allegations of finger-pointing being futile. But this tragedy’s by no means over yet, and it’s downhill all the way from here on in.

There’s absolutely no way to exonerate Bush, but neither is there a point in understating the impact which decades-long bipartisan financial industry-wide overlays of implausible deniability have had, behind which lurks venality so completely stinking corrupt, nobody even remotely connected with it (and who isn’t?) wants the inevitable task of slaying the whole damn wyvern, not even for the sake of mankind.

Nope. The chorus of accomplices would rather ply it with doggie treats and take bets on who gets eaten next.

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By: drewbie http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/comment-page-1/#comment-12425 Thu, 04 Mar 2010 16:22:14 +0000 http://blogs.reuters.com/felix-salmon/?p=2820#comment-12425 Maybe a more informative (and shorter?) list would be the people who don’t share blame…

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By: Greycap http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/comment-page-1/#comment-12423 Thu, 04 Mar 2010 14:57:11 +0000 http://blogs.reuters.com/felix-salmon/?p=2820#comment-12423 Problem: when everyone is at fault, nobody is. The situation with the credit crisis is really no different than the finding that 70% of all car accidents are caused by the other driver. Most people have enough mental flexibility to grasp the concept of partial liability as it applies to someone else, but less as it applies to themselves. The implied quest of your remarks – to get people to stop pointing fingers at other – is hopeless.

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By: silliness http://blogs.reuters.com/felix-salmon/2010/03/04/did-rubin-really-say-that/comment-page-1/#comment-12410 Thu, 04 Mar 2010 10:54:30 +0000 http://blogs.reuters.com/felix-salmon/?p=2820#comment-12410 What? No blame for consumers who spent beyond their means? Surely this is just an oversight. Personally, I think none of it would have happened if we, as individuals, acted responsibly with our personal finances. Don’t get me wrong, all the people Mr. Salmon names are predators, but we made it easy for them.

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