Apparently Moopheus wrote on Prof. P Krugman's blog:-
> Whose fault is it that the economy became dependent on consumers
> always running a deficit?  That's not sustainable. Those of
> us who actually live within our means aren't going to suddenly
> become recklessly profligate to make up for the shortfalls of
> others who are tapped out. The basis of the economy has to be
> productive work, and not gambling with borrowed money. That
> might actually mean a change in Americans' standard of living,
> as they've gotten used to instant gratification and buying
> luxury goods with their "equity." No amount of stimulus will
> help in the long run unless there's a real change in the way we
> value work. Credit should be expensive and difficult to obtain.
> People should save and pay cash for the things they buy.
> That's the way it was for many up until even thirty or forty
> years ago. And it was not a hardship.

Yes !  Although, a substantial [debt financed] stimulus is needed
NOW if the depression is to be reduced.  The potential lessons 
of the recent bad habits should not be lost by sweeping it
under the carpet.  Political correctness: one of the major
curses of modern anglo societies; where uncomfortable
truths are not mentionable, must be resisted.

To what extent did the US 'CRA' policy of social engineering 
[like affirmative action] of house ownership for those who
weren't qualified, create the economic crisis ?

Of course, once the unsustainable policy had been legislated
the 'other side' exploited it with their derivative schemes.

== Chris Glur.

AliBama@gmail wrote:
> Apparently Moopheus wrote on Prof. P Krugman's blog:-

>> Whose fault is it that the economy became
>> dependent on consumers always running a deficit?

Pure fantasy.

>> That's not sustainable.

Its pure fantasy.

>> Those of us who actually live within our means aren't going to suddenly become
>> recklessly profligate to make up for the shortfalls of others who are tapped out.

No one is tapped out, they choose not to spend because the economy has tanked.

>> The basis of the economy has to be productive
>> work, and not gambling with borrowed money.

The problem wasnt gambling with borrowed money.

>> That might actually mean a change in Americans' standard of living,

Nope. The economy tanking might produce a little bit of that.

>> as they've gotten used to instant gratification
>> and buying luxury goods with their "equity."

Another mindlessly silly fantasy.

>> No amount of stimulus will help in the long run
>> unless there's a real change in the way we value work.

Gets even sillier.

>> Credit should be expensive and difficult to obtain.

Wota terminal fuckwit. That would completely fuck business and house building.

>> People should save and pay cash for the things they buy.

Wota terminal fuckwit.

>> That's the way it was for many up until even thirty or forty years ago.

Pig ignorant lie.

>> And it was not a hardship.

Another pig ignorant lie.

> Yes !  Although, a substantial [debt financed] stimulus
> is needed NOW if the depression is to be reduced.

There is no depression.

> The potential lessons of the recent bad habits
> should not be lost by sweeping it under the carpet.

More mindless silly stuff when the majority pay off their cards in full every month.

> Political correctness: one of the major curses of modern anglo societies;
> where uncomfortable truths are not mentionable, must be resisted.

Then there's the real world...

> To what extent did the US 'CRA' policy of social engineering
> [like affirmative action] of house ownership for those who
> weren't qualified, create the economic crisis ?

It didnt. There were never enough of those loans to implode the entire world's financial system.

The most that they could have done is increase the costs for those who did not default on
their loans to cover the CRA loans that did default. Fuck all of them did in fact default anyway.

> Of course, once the unsustainable policy had been legislated
> the 'other side' exploited it with their derivative schemes.

Just another of your pathetic little pig ignorant fantasys.