VIDEO: Santelli on LIBOR outrage

- July 17th, 2012

We talked about LIBOR last night on the program last night with Tom Velk, economic prof at McGill.  Velk sees the LIBOR scandal as collusion between big banks and big government trying to keep the people calm during the 2008 economic crisis. Want more on what is happening? See here and here.

Or watch CNBC’s Rick Santelli below…

Categories: Politics

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1 comment

  1. Greg says:

    The fact is Bush presided over the 2008 crisis and the Republican party should be held responsible because they brought the world to its knees and close to a worldwide depression.

    The problem leading up to the crisis I believe has been the central banking system which needs to be gotten rid of. We need a system based off of gold or a precious metal.

    The only question is why do the taxpayers have to cover the losses of bankers, those at the top who manufactured the crisis in the first place, corporations, industries and so forth. I thought this was supposed to be a free market system. Instead, the USA is a corporatist economy and a corporatocracy. Many politicians have said even in Canada that we have a free market economy but we bailed out industries. You cannot use free market and corporatist interchangeably because free markets mean that you let businesses begin or end on their own. We did not do that in 2008-2009.

    Also, I feel that Canada still in some ways has a mixed economy because we still have some protections. Therefore, saying we have a free market economy could be wrong but we are outsourcing industries like the USA so that future may be here sooner than you think.

    An important matter people do not realize is that the American government allowed the practices leading up to the financial crisis in 2008. Why were those practices normal until the crisis but then deemed not normal? People should be asking themselves is this capitalism, corporatism or another system? In any case, it is the new capitalism but one that is different than before Reagan came in.

    Finally, people could call what happened in 2008 a profit for someone because someone profited from the crisis. The fact is crises are times when someone profits. Both the Democrats and Republicans are responsible and now the whole world is still feeling it and Europe started going down in 2010. The American economy helped accelerate the European debt crises.

    Now, the bankers and those expecting money will help to generate new parties and new crises and this sadly I feel could lead most likely to a WW3 scenario. Remember governments want wars while most citizens or people want peace.

    I feel that the distraction and diversion agendas may be coming. Governments around the Western world will probably want a war in either Syria or Iran or both because they need distractions. I have always said that we need a balanced foreign policy. It must be one that concentrates on diplomacy, peacekeeping, trying to make sure war does not occur and finally that long lasting relationships are made. We need to do this to build a world that works for us all. Also, I feel we need to concentrate on our agendas at home and these are some ways to help that cause.

    Lastly, regarding the article, I feel that this is just another attempt to bash rather than discuss who started the crisis in 2008 and find out ways to build an economy that works for everyone. That is what we need to ask…

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