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The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government’s market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were ‘really just as good as the Treasury’ and were in any case ‘too big to [be let] fail’: which, as it happens, was untrue. Similarly, this moronic mantra of ‘too big to fail’ was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk. ↗
If you put your politicians up for sale, as the US does (alone in this among industrialized democracies), then someone will buy them--and it won’t be you; you can’t afford them. ↗
Hang you, DeVere! She's a close friend, nothing more." He furrowed his brow once again. "Though I do fear of late that she entertains some...expectations." "You think the young widow may aspire to quite another surrogate role? They all do, ol' chap. Expectations and demands—titles, money, time, attention. The female half of the species are little better than vampires, sucking away one's very lifeblood. ↗
Speculation, speculation!' she [Caroline Hamelin] mechanically repeated, struggling with her doubts. 'Ah! the idea of it fills my heart with disturbing anguish. ↗
I tell you, money can't build your spire for you. Build it of gold and it would simply sink deeper. ↗
#impossibility #money #power #money
In love as as in speculation there is much filth; in love also, people think only of their own gratification; yet without love there would be no life, and the world would come to an end. ↗
#money #speculation #love
Get rid of the idea that to own money or to be associated with it is "dirty" or "greedy" or "non-spiritual. ↗
