Why I Blame Bush For The Current Financial Mess

[Balloon guy 158]

George W. Bush is to blame for the mess we are in.As republicans we should have the high moral ground to stand up and say no to tax increasess, to wasteful spending, to increasing the size of government.But W. did all these things, tearing the foundation out from underneath of us that would allow us to have the voice to properly protest against the clear cut liberal take over of our government and it's future.While the Obama administration is taken action after action that is setting us up for a complete failure of our public freedoms, the growth of government beyond a sustainable level, the destruction of our capitalist underpinnings that have made this country great, and the take over of our banking, healthcare and major manufacturing businesses by a government filled with people who have never produced anything before.Spending with no purpose other than to spend, increasing our money supply with no regards to the stability of the dollar on the world currency exchange, and talking down entire industries to justify actions that are unconstitutional, are all actions that should be fought. But having W. with a record of acting like a drunken sailor when it comes to spending, and his last month being the one shouting "Tthe sky is falling. We have to give money to the banks because they pissed all their money away..."Obama is acting like a radical liberal, which is what we all knew he was. You don't yell at a kid for acting like a kid. And you don't act surprised when a socially liberal junior senator from the corrupt city of Chicago, who's friends are terrorist, and who's pastor hates America, acts exactly like anyone with these credentials acts.But Bush ran as a conservative, so he is the one to go against who he was, or at least claimed to be.Bush set up the current economic climate by starting the huge increase in spending to be liked by the democrats. Then he ignored the warnings about the banking industry practises of making bad loans. He didn't push to get a raise in interest rates that would have shored up the dollar globally, while cooling off the overheated housing market, then spent a trillion to 'save the banks' with no conditions, so that they are now just using the money to buy better run banks to increase their market share.And we can't really stop Obama now because Bush set the stage for him to do the damage he is doing.History will show that Bush is to blame for creating the environment that allowed the current administration to screw up this country as bad as it is.

[hblask 1]

I think this is mostly true, although you can keep going back to FDR to find the real roots. But yeah, Bush was a pivotal president, and when push came to shove, he failed badly. If he had stood up in fall of last year and said "Government spending will worsen this economic downturn, and it will not happen in the few months I have remaining", he at least could've drawn the lines. Instead, all we can do now is say "These Democrats are acting like Bush."I wish the mortgage thing had crashed a year earlier, this all could've played out differently.

[akoff 0]

George W. Bush is to blame for the mess we are in.As republicans we should have the high moral ground to stand up and say no to tax increasess, to wasteful spending, to increasing the size of government.But W. did all these things, tearing the foundation out from underneath of us that would allow us to have the voice to properly protest against the clear cut liberal take over of our government and it's future.While the Obama administration is taken action after action that is setting us up for a complete failure of our public freedoms, the growth of government beyond a sustainable level, the destruction of our capitalist underpinnings that have made this country great, and the take over of our banking, healthcare and major manufacturing businesses by a government filled with people who have never produced anything before.Spending with no purpose other than to spend, increasing our money supply with no regards to the stability of the dollar on the world currency exchange, and talking down entire industries to justify actions that are unconstitutional, are all actions that should be fought. But having W. with a record of acting like a drunken sailor when it comes to spending, and his last month being the one shouting "Tthe sky is falling. We have to give money to the banks because they pissed all their money away..."Obama is acting like a radical liberal, which is what we all knew he was. You don't yell at a kid for acting like a kid. And you don't act surprised when a socially liberal junior senator from the corrupt city of Chicago, who's friends are terrorist, and who's pastor hates America, acts exactly like anyone with these credentials acts.But Bush ran as a conservative, so he is the one to go against who he was, or at least claimed to be.Bush set up the current economic climate by starting the huge increase in spending to be liked by the democrats. Then he ignored the warnings about the banking industry practises of making bad loans. He didn't push to get a raise in interest rates that would have shored up the dollar globally, while cooling off the overheated housing market, then spent a trillion to 'save the banks' with no conditions, so that they are now just using the money to buy better run banks to increase their market share.And we can't really stop Obama now because Bush set the stage for him to do the damage he is doing.History will show that Bush is to blame for creating the environment that allowed the current administration to screw up this country as bad as it is.

QTFThe real question is how did you end up in the Balloon business? Don't get me wrong, making money in any business is good with me. If you have an idea and set of balls knock yourself out and good luck to you but Balloons...You obviously have a quick mind, do you get bored while working?

[Balloon guy 158]

QTFThe real question is how did you end up in the Balloon business? Don't get me wrong, making money in any business is good with me. If you have an idea and set of balls knock yourself out and good luck to you but Balloons...You obviously have a quick mind, do you get bored while working?

I put in my app to run the world but so far no follow up interview...And no, I do not get bored at work. I have 12,100+ posts don't I?

[Wiz Adult 0]

Some good, well thought out points here. However, there are many glaring errors which detract from both the purpose and coherence of your points. I suggest you meticulously review your essay prior to submitting so as to avoid such discrepancies. Despite the anomalies, an enjoyable read. C-

[Balloon guy 158]

Some good, well thought out points here. However, there are many glaring errors which detract from both the purpose and coherence of your points. I suggest you meticulously review your essay prior to submitting so as to avoid such discrepancies. Despite the anomalies, an enjoyable read. C-

Two things:1st:I can't remember what it was like to actually have to care about what anyone thought of what I wrote.I guess when you are the top dog, it's easy to forget how you little people live.Must suck really, to have your value be based on someone's opinion who has never run a business or performed a task that they were rewarded financially for based on it's merit.How much do you pay for this torture per year?Or I mean how much do your parents pay...?2nd:I would bet money you have no clue what I said in the OP, why I said it, or what it means.

[LongLiveYorke 38]

I blame Franklin Pierce.

[Loismustdie 0]

I blame Franklin Pierce.

The Black kid from the Peanuts cartoons?

[Sal Paradise 57]

Two things:1st:I can't remember what it was like to actually have to care about what anyone thought of what I wrote.I guess when you are the top dog, it's easy to forget how you little people live.Must suck really, to have your value be based on someone's opinion who has never run a business or performed a task that they were rewarded financially for based on it's merit.How much do you pay for this torture per year?Or I mean how much do your parents pay...?2nd:I would bet money you have no clue what I said in the OP, why I said it, or what it means.

stop it.

[slink 1]

The Black kid from the Peanuts cartoons?

Alan Alda

[Balloon guy 158]

stop it.

sorry

[Balloon guy 158]

I blame Franklin Pierce.

Do NOT get me started

[Potomophobia 17]

Hey BG,While I would like to blame Bush for all our problems, he is not the only guilty party. He certainly didn't help matters, but there is plenty of blame to go around.The Clinton administration started the ball rolling with their deregulation of derivatives. It was all downhill from there. The rich got richer and the greedy got greedier. What deregulation did was open the floodgates to every swinging dick who wasn't connected to the normal power brokers. Anyone and everyone was allowed to bet as much as they wanted on anything. People made money on "deals". Close the deal, make your percentage and pass it on. As long as you weren't holding the hot potato when the music stopped, who cares?As we are all experiencing....... total chaos ensued. We will recover as a country. But, as usual....... the little guy will bear the brunt of the suffering. Again...... there is plenty of blame to go around. What pisses me off is that many of the people who were responsible for this mess are still in positions of power.Take Care.

[Balloon guy 158]

Hey BG,While I would like to blame Bush for all our problems, he is not the only guilty party. He certainly didn't help matters, but there is plenty of blame to go around.The Clinton administration started the ball rolling with their deregulation of derivatives. It was all downhill from there. The rich got richer and the greedy got greedier. What deregulation did was open the floodgates to every swinging dick who wasn't connected to the normal power brokers. Anyone and everyone was allowed to bet as much as they wanted on anything. People made money on "deals". Close the deal, make your percentage and pass it on. As long as you weren't holding the hot potato when the music stopped, who cares?As we are all experiencing....... total chaos ensued. We will recover as a country. But, as usual....... the little guy will bear the brunt of the suffering. Again...... there is plenty of blame to go around. What pisses me off is that many of the people who were responsible for this mess are still in positions of power.Take Care.

I'm not very versed in deregulation of derivatives, but I blame Bush because he ran as a conservative republican, and as such he damaged the conservative movement in a manner that prevents their voice from having any weight to speak against the current direction the country is going.I don't blame democrat for acting like democrats as much as I blame republicans who don't act like republicans.I do agree we will recover because our country is greater than either political party.

[strategy 4]

taleb wrote this for FT.com. I think it's neat readin' anyway.1. What is fragile should break early while it is still small. Nothing should ever become too big to fail. Evolution in economic life helps those with the maximum amount of hidden risks – and hence the most fragile – become the biggest.2. No socialisation of losses and privatisation of gains. Whatever may need to be bailed out should be nationalised; whatever does not need a bail-out should be free, small and risk-bearing. We have managed to combine the worst of capitalism and socialism. In France in the 1980s, the socialists took over the banks. In the US in the 2000s, the banks took over the government. This is surreal.3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus. The economics establishment (universities, regulators, central bankers, government officials, various organisations staffed with economists) lost its legitimacy with the failure of the system. It is irresponsible and foolish to put our trust in the ability of such experts to get us out of this mess. Instead, find the smart people whose hands are clean.4. Do not let someone making an “incentive” bonus manage a nuclear plant – or your financial risks. Odds are he would cut every corner on safety to show “profits” while claiming to be “conservative”. Bonuses do not accommodate the hidden risks of blow-ups. It is the asymmetry of the bonus system that got us here. No incentives without disincentives: capitalism is about rewards and punishments, not just rewards.5. Counter-balance complexity with simplicity. Complexity from globalisation and highly networked economic life needs to be countered by simplicity in financial products. The complex economy is already a form of leverage: the leverage of efficiency. Such systems survive thanks to slack and redundancy; adding debt produces wild and dangerous gyrations and leaves no room for error. Capitalism cannot avoid fads and bubbles: equity bubbles (as in 2000) have proved to be mild; debt bubbles are vicious.6. Do not give children sticks of dynamite, even if they come with a warning . Complex derivatives need to be banned because nobody understands them and few are rational enough to know it. Citizens must be protected from themselves, from bankers selling them “hedging” products, and from gullible regulators who listen to economic theorists.7. Only Ponzi schemes should depend on confidence.Governments should never need to “restore confidence”. Cascading rumours are a product of complex systems. Governments cannot stop the rumours. Simply, we need to be in a position to shrug off rumours, be robust in the face of them.8. Do not give an addict more drugs if he has withdrawal pains. Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.9. Citizens should not depend on financial assets or fallible “expert” advice for their retirement. Economic life should be definancialised. We should learn not to use markets as storehouses of value: they do not harbour the certainties that normal citizens require. Citizens should experience anxiety about their own businesses (which they control), not their investments (which they do not control).10. Make an omelette with the broken eggs. Finally, this crisis cannot be fixed with makeshift repairs, no more than a boat with a rotten hull can be fixed with ad-hoc patches. We need to rebuild the hull with new (stronger) materials; we will have to remake the system before it does so itself. Let us move voluntarily into Capitalism 2.0 by helping what needs to be broken break on its own, converting debt into equity, marginalising the economics and business school establishments, shutting down the “Nobel” in economics, banning leveraged buyouts, putting bankers where they belong, clawing back the bonuses of those who got us here, and teaching people to navigate a world with fewer certainties.Then we will see an economic life closer to our biological environment: smaller companies, richer ecology, no leverage. A world in which entrepreneurs, not bankers, take the risks and companies are born and die every day without making the news.In other words, a place more resistant to black swans.

[Balloon guy 158]

I could support a person who espoused this ^^^^^As long as he wasn't no no-good democrat of course

[ahosang 0]

taleb wrote this for FT.com. I think it's neat readin' anyway.1. What is fragile should break early while it is still small. Nothing should ever become too big to fail. Evolution in economic life helps those with the maximum amount of hidden risks – and hence the most fragile – become the biggest.2. No socialisation of losses and privatisation of gains. Whatever may need to be bailed out should be nationalised; whatever does not need a bail-out should be free, small and risk-bearing. We have managed to combine the worst of capitalism and socialism. In France in the 1980s, the socialists took over the banks. In the US in the 2000s, the banks took over the government. This is surreal.3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus. The economics establishment (universities, regulators, central bankers, government officials, various organisations staffed with economists) lost its legitimacy with the failure of the system. It is irresponsible and foolish to put our trust in the ability of such experts to get us out of this mess. Instead, find the smart people whose hands are clean.4. Do not let someone making an “incentive” bonus manage a nuclear plant – or your financial risks. Odds are he would cut every corner on safety to show “profits” while claiming to be “conservative”. Bonuses do not accommodate the hidden risks of blow-ups. It is the asymmetry of the bonus system that got us here. No incentives without disincentives: capitalism is about rewards and punishments, not just rewards.5. Counter-balance complexity with simplicity. Complexity from globalisation and highly networked economic life needs to be countered by simplicity in financial products. The complex economy is already a form of leverage: the leverage of efficiency. Such systems survive thanks to slack and redundancy; adding debt produces wild and dangerous gyrations and leaves no room for error. Capitalism cannot avoid fads and bubbles: equity bubbles (as in 2000) have proved to be mild; debt bubbles are vicious.6. Do not give children sticks of dynamite, even if they come with a warning . Complex derivatives need to be banned because nobody understands them and few are rational enough to know it. Citizens must be protected from themselves, from bankers selling them “hedging” products, and from gullible regulators who listen to economic theorists.7. Only Ponzi schemes should depend on confidence.Governments should never need to “restore confidence”. Cascading rumours are a product of complex systems. Governments cannot stop the rumours. Simply, we need to be in a position to shrug off rumours, be robust in the face of them.8. Do not give an addict more drugs if he has withdrawal pains. Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.9. Citizens should not depend on financial assets or fallible “expert” advice for their retirement. Economic life should be definancialised. We should learn not to use markets as storehouses of value: they do not harbour the certainties that normal citizens require. Citizens should experience anxiety about their own businesses (which they control), not their investments (which they do not control).10. Make an omelette with the broken eggs. Finally, this crisis cannot be fixed with makeshift repairs, no more than a boat with a rotten hull can be fixed with ad-hoc patches. We need to rebuild the hull with new (stronger) materials; we will have to remake the system before it does so itself. Let us move voluntarily into Capitalism 2.0 by helping what needs to be broken break on its own, converting debt into equity, marginalising the economics and business school establishments, shutting down the “Nobel” in economics, banning leveraged buyouts, putting bankers where they belong, clawing back the bonuses of those who got us here, and teaching people to navigate a world with fewer certainties.Then we will see an economic life closer to our biological environment: smaller companies, richer ecology, no leverage. A world in which entrepreneurs, not bankers, take the risks and companies are born and die every day without making the news.In other words, a place more resistant to black swans.

Agree strongly with this...

[CaneBrain 95]

I blame Franklin Pierce.

Our worst president and ironically an ancestor of GWB. (Barbara Bush is Franklin Pierce's daughter)ok, great grand-daughter or something.

[Sal Paradise 57]

Our worst president and ironically an ancestor of GWB. (Barbara Bush is Franklin Pierce's daughter)ok, great grand-daughter or something.

I really sat on that first line without reading the second line for like 15 seconds going "huuueeaahhhh??" until I read down.

[strategy 4]

I really sat on that first line without reading the second line for like 15 seconds going "huuueeaahhhh??" until I read down.

hahaha sal pulling out the tim allen refsI read taleb's fooled by randomness years ago and it seemed good. I don't know enough to speak intelligently about his stuff because, well, he was a profitable trader and I'm just some kid. as far as socializing losses and privatizing gains, it's just a situation where I wonder how many people would be in jail (like has been said) right now if the public were better informed about how it happened. at least SOME of this can be blamed on the retarded partisanship we have in this country, as I have personally witnessed while attempting to refute some of the BS my parents have picked up.

[Potomophobia 17]

taleb wrote this for FT.com. I think it's neat readin' anyway.1. What is fragile should break early while it is still small. Nothing should ever become too big to fail. Evolution in economic life helps those with the maximum amount of hidden risks – and hence the most fragile – become the biggest.If it's too big to fail, it's too big.2. No socialisation of losses and privatisation of gains. Whatever may need to be bailed out should be nationalised; whatever does not need a bail-out should be free, small and risk-bearing. We have managed to combine the worst of capitalism and socialism. In France in the 1980s, the socialists took over the banks. In the US in the 2000s, the banks took over the government. This is surreal.The banks took over our government in the 90's, not the 2000s.3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus. The economics establishment (universities, regulators, central bankers, government officials, various organisations staffed with economists) lost its legitimacy with the failure of the system. It is irresponsible and foolish to put our trust in the ability of such experts to get us out of this mess. Instead, find the smart people whose hands are clean.And yet, many of the "experts" are still at the wheel and driving us off a cliff. We will never be able to put people with "clean hands" in charge until our political system is shaken from the top down.4. Do not let someone making an “incentive” bonus manage a nuclear plant – or your financial risks. Odds are he would cut every corner on safety to show “profits” while claiming to be “conservative”. Bonuses do not accommodate the hidden risks of blow-ups. It is the asymmetry of the bonus system that got us here. No incentives without disincentives: capitalism is about rewards and punishments, not just rewards.See above...... the richest are still making the rules and decisions.5. Counter-balance complexity with simplicity. Complexity from globalisation and highly networked economic life needs to be countered by simplicity in financial products. The complex economy is already a form of leverage: the leverage of efficiency. Such systems survive thanks to slack and redundancy; adding debt produces wild and dangerous gyrations and leaves no room for error. Capitalism cannot avoid fads and bubbles: equity bubbles (as in 2000) have proved to be mild; debt bubbles are vicious.6. Do not give children sticks of dynamite, even if they come with a warning . Complex derivatives need to be banned because nobody understands them and few are rational enough to know it. Citizens must be protected from themselves, from bankers selling them “hedging” products, and from gullible regulators who listen to economic theorists.As Warren Buffet said:" Beware of geeks bearing formulas."7. Only Ponzi schemes should depend on confidence.Governments should never need to “restore confidence”. Cascading rumours are a product of complex systems. Governments cannot stop the rumours. Simply, we need to be in a position to shrug off rumours, be robust in the face of them.8. Do not give an addict more drugs if he has withdrawal pains. Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.9. Citizens should not depend on financial assets or fallible “expert” advice for their retirement. Economic life should be definancialised. We should learn not to use markets as storehouses of value: they do not harbour the certainties that normal citizens require. Citizens should experience anxiety about their own businesses (which they control), not their investments (which they do not control).I've always laughed at economists. In no other field could you be wrong on such a consistent basis and still have a job, let alone be considered an "expert".10. Make an omelette with the broken eggs. Finally, this crisis cannot be fixed with makeshift repairs, no more than a boat with a rotten hull can be fixed with ad-hoc patches. We need to rebuild the hull with new (stronger) materials; we will have to remake the system before it does so itself. Let us move voluntarily into Capitalism 2.0 by helping what needs to be broken break on its own, converting debt into equity, marginalising the economics and business school establishments, shutting down the “Nobel” in economics, banning leveraged buyouts, putting bankers where they belong, clawing back the bonuses of those who got us here, and teaching people to navigate a world with fewer certainties.Then we will see an economic life closer to our biological environment: smaller companies, richer ecology, no leverage. A world in which entrepreneurs, not bankers, take the risks and companies are born and die every day without making the news.In other words, a place more resistant to black swans.

I like this guy.

[Potomophobia 17]

Speaking of economists,Here's a joke:An engineer, a physicist and an economist are stranded on a desert island with nothing but a can of beans. They try to decide how to open the can.The engineer says: Let's just hit it with a big rock and we can smash it open.The physicist says: Let's build a fire, put the can in it, and the pressure will build up and burst the can.The economist says: Let's imagine we have a can opener.