Lehman Ripple Effect
Steve Verdon
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Monday, September 15, 2008
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12 comments
It appears that the news of Lehman Brothers bankruptcy has also had an impact on the pirce of oil. Oil is down almost $4 to just over $93/barrel. This is good news for the economy, I don’t know if it is enough to offset the bad news of an old and stalwart of Wall Street firm going under like Lehman.
About Steve Verdon
Steve has a B.A. in Economics from the University of California, Los Angeles and attended graduate school at The George Washington University, leaving school shortly before staring work on his dissertation when his first child was born. He works in the energy industry and prior to that worked at the Bureau of Labor Statistics in the Division of Price Index and Number Research. He joined the staff at OTB in November 2004.
First, I said the oil bubble would break by midsummer, and we’d see $70-$75/BBL oil by years end. The first part already came true. With the price continuing to fall just now, does anyone doubt the seoond prediction?
That said, to the main topic;
These failures are the direct result of the government ‘encouraging’ lenders to lend to underqualified applicants in the name of ‘racial fairness’.
Next time, what say we keep the government out of the home-loan industry, huh?
Oh, wow… cool echo….
(bloody proxy server)
Hmmm, you seem to have overlooked McCain’s good friend Phil Graham and his Commodity Futures Modernization Act’s role in this train wreck.
Course Graham has done very well lobbying for Swiss banking interests, so he will probably come up smelling like a rose.
As anyone with balanced viewpoint can see, both over and under regulation can have nasty consequences….
As is your wont, you neglect the liberals constantly pushing on the idea of how certain groups were not getting home ownership… and that graham, and everyone else was signing onto taht pile of slude so as not to be seen as ‘against the poor’, ‘racist’ or whatever the mantra is that’s being chanted at the moment.
We now see the result of that intervention, that attempt at wealth redistribution by the hand of government. However, and as has been asked in other threads… will the Democrats pay the price for doing this to us? No, of course not. It’s all the private industry’s fault, particularly it’s boards and CEO’s, say you.
Bit, what are you raving about? The Commodity Futures Modernization Act had nothing to do with “fairness in lending”. It was in fact, an effort at deregulation.
Bit i have been hearing that Democrats are responsible for the Cassiopeia A Supernova. Can you confirm?
Hmm, ever notice when something bad happens, it’s always the “libruls” fault? And isn’t it funny how conservatives always have an excuse why they shouldn’t be blamed–because they were just going along with the “libruls” (i.e., it’s the “libruls” fault)?
Hey, Bit, FYI: If it weren’t for “liberalism,” America wouldn’t even exist. Or will you now try to argue that the American Revolution was *conservative” by nature? CAREFUL here, Bit, it’s a trick question…
It was the two situations combined which proved deadly, Anjin. I should have thought that obvious.
Pretty much, yes.
“Liberal’ is a contextual word, and The terms liberal and conservative are relative to the existing power structure.
This country was founded on freedom, and individualism. Those were liberal values for the time. That is what the conservative strives for, today. That’s what they’re trying to conserve. The Liberal on the other hand, in today’s context, seeks to change that… to move AWAY from freedom… the liberal of today strives for government. Government of a depth and level that would have Jefferson rolling over in his grave. It amazes me, that they still use Jefferson as an icon for the Democratic party.
Indeed, watch closely, gang, and you’ll find that the Democrats feel government to be the answer for everything. What better time to demonstrate this, than in a presidential election cycle, when the biggest part of the party platform will be what government GIVES you at someone else’s expense?
No. They’re not nearly so bright.
Right. If only that Bill Clinton dude was as smart as GW…
Sorry Charlie, thats not what you said. You said “and that graham, and everyone else was signing onto taht pile of slude so as not to be seen as ‘against the poor’, ‘racist’ or whatever the mantra is that’s being chanted at the moment.” Which has zero to do with Graham tearing down firewalls which were put in place to prevent exactly what happened today. Are you confused, drunk, or just sort of full of it? And what the heck is “slude”?
I’ve noted this before, about you. The only time you get exact and literal, is when you’re on your butt, trying to argue your way back up.
It didn’t work this time, either.
So your incoherent rant is my fault? I must be using my liberal mind control rays…
Grow up.