[coldtea]

Yes. Idahoans also didn't understand why they should pay me mucho dinero to continue protecting Idaho from dragons.

"But we don't have dragons in Idaho", they'd say.

To which of course I replied: "See how effective I have been?".

Plus, besides the disregard for the burden-of-proof in your argument, wasn't the economic crisis caused "as a result of the FED's actions" in the first place (deregulation etc)?

[dragonwriter]

> Plus, besides the disregard for the burden-of-proof in your argument, wasn't the economic crisis caused "as a result of the FED's actions" in the first place (deregulation etc)?

Deregulation was Congressional action, not action of the Federal Reserve (usually referred to by the shortened form, "the Fed").

[coldtea]

>Deregulation was Congressional action, not action of the Federal Reserve (usually referred to by the shortened form, "the Fed").

That's the "law passing" part. But the advisory part has Fed written on it:

"In Congressional testimony on October 23, 2008, Greenspan finally conceded error on regulation. The New York Times wrote, "a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending. ... Mr. Greenspan refused to accept blame for the crisis but acknowledged that his belief in deregulation had been shaken."

"By dialing rates to near zero, Mr. Greenspan made it cheap to lend. It was natural for the banks, a greedy lot to see that they could borrow money at low rates and lend it out to customers at higher rates."

"As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed's first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I've come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time."

[notdrunkatall]

People who speak about things which they know nothing about are the worst kind of fools.

[jessaustin]

Enjoy your hellban, oh self-referential one.