#collaps

The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government’s market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were ‘really just as good as the Treasury’ and were in any case ‘too big to [be let] fail’: which, as it happens, was untrue. Similarly, this moronic mantra of ‘too big to fail’ was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk. ↗

— G.M.W. Wemyss

#economics #global-economic-crisis #money

Initially charged with assaulting a police officer and resisting arrest I was held for 36 hours, was beaten by cops and made to stand spread eagled against the cell wall for 12 hours with no food or water, until I collapsed. Everyone was strip searched on the way in. ↗

— John Blair

#arrest #assaulting #beaten #cell #charged

The studio system collapsed only when Elizabeth Taylor charged $1 million for Cleopatra. ↗

— Leslie Caron

#cleopatra #collapsed #elizabeth #elizabeth taylor #million

He was the only person caught in the collapse, and afterward, most of his work was recovered too, and it is still spoken of, when it is noted, with high regard, though seldom played. ↗

— William Gaddis

#collapse #high #his #most #noted

What you have now is a Hollywood that is pure poison. Hollywood was a central place in the history of art in the 20th century: it was human idealism preserved. And then, like any great place, it collapsed, and it collapsed into the most awful machinery in the world. ↗

— Emir Kusturica

#any #art #awful #central #century

We expected that people were just waiting for the collapse of the Soviet Union, or at least for its retreat, and they were going to be full of initiative in all areas of life - in culture, in economy and in politics. ↗

— Andrzej Wajda

#collapse #culture #economy #expected #full

It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011. ↗

— Arthur Laffer

#amazed #collapse #cuts #deferred #economy

A matter that seems to be very clear in terms of the alternative view, is what do you expect to happen in Africa with regard to immune systems, where people are poor, subject to repeat infections and all of that. Surely you would expect their immune systems to collapse. ↗

— Thabo Mbeki

#alternative #clear #collapse #expect #happen

It's an old ploy of the bourgeoisie. They keep a standing 'art' to defend their collapsing culture. ↗

— George Grosz

#bourgeoisie #collapsing #culture #defend #keep

First of all, I think the Saudis are deeply concerned about the collapse of negotiations between the Israelis and the Palestinians and the resumption of conflict. ↗

— Brent Scowcroft

#between #collapse #concerned #conflict #deeply