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Vicente
2013 Mar 15, 3:15am
Then you must be a neophyte or senile. The federal government went bankrupt with the shutting down of gold exchange in 1971. FannieMae was nearly bankrupt in the early 1970's. The term "stagflation" was coined in the 1970's to describe the economic calamity of low growth coupled with high inflation. Then the late 1980's saw the Savings&Loans debacle.
I am not senile, but thanks for worrying over my health.
The 1980's S&L is EXACTLY the deregulation problem I describe, in miniature. CEO types said hey let's try that AGAIN but let's do it with GLOBAL banks & trillions of dollars. KABLOOEY!
Stagflation as a "calamity". Please! Damp squib compared to either GD1.0 or 2.0. An ordinary recession. At the time we had a GROWNUP at the Fed who jacked up interest rates and we came out of that one fine.
CL
2013 Mar 15, 6:59am
The repeal of Glass-Stegall was an action taken by the government, reflecting the "new era" thinking of the people taking the baton from the Great Depression generation.
So, are you indicting the Government for repealing a law that the Government instituted?
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Remember all the moaning the other day about how flat spending at Walmart foretold economic doom? Maybe it's just fickle consumers shopping elsewhere:
http://www.huffingtonpost.com/2013/03/12/costco-profit_n_2859250.html