Wall Street 2
Here's something you don't know about me: I'm fascinated by economics. When I found out that Oliver Stone made a sequel to "Wall Street" I knew I had to see it.
Loved It!
A couple of memorable quotes:
"There is only one asset in life that is more valuable than money...Time."
"Bulls make money. Bears make money. Pigs get slaughtered."
The movie takes place during the market crash of '08 when the housing bubble burst, and the banking institutions went bankrupt. They portray a fictionalized version of what may have been said , and certainly what was understood, when these institutions were then bailed out. Had it not happened, there would have been a run on the banks, and the global economy would have collapsed absolutely. I agree with this point of view. However, the story portrays the situation as if the banker bail out saved the world, which I strongly disagree with. I believe that they merely delayed the inevitable, and that when and if a collapse comes (double dip recession, anyone?) it will be far more devastating and long lasting than it would have been had the correction been allowed to happen when it wanted to. Just my opinion, lets pray that I'm wrong.
All of this talk about the recession being over is bull shit, in my opinion. There is a very good reason why all of the president's economic advisers are resigning. Actions speak louder than words.
I believe that the recession will be over when the underlying debt (corporate, governmental, and individual) is repaid or wiped clean. That is the fundamental common denominator driving the current situation. Until that happens we can expect more and greater turbulence. I'm not a Bible scholar, but the book of Leviticus has it right. To maintain economic stability there needs to occur on a regular basis a jubilee in which all debts are forgiven.
Definition of Jubilee, according to ancient Hebrew law:
"A joyful shout or clamor of trumpets, the name of the great semi-centennial festival of the Hebrews. It lasted for a year. During this year the land was to be fallow, and the Israelites were only permitted to gather the spontaneous produce of the fields (Lev. 25:11, 12). All landed property during that year reverted to its original owner (13-34; 27:16-24), and all who were slaves were set free (25:39-54), and all debts were remitted. The return of the jubilee year was proclaimed by a blast of trumpets which sounded throughout the land. There is no record in Scripture of the actual observance of this festival, but there are numerous allusions (Isa. 5:7, 8, 9, 10; 61:1, 2; Ezek. 7:12, 13; Neh. 5:1-19; 2 Chr. 36:21) which place it beyond a doubt that it was observed. The advantages of this institution were manifold. "1. It would prevent the accumulation of land on the part of a few to the detriment of the community at large. 2. It would render it impossible for any one to be born to absolute poverty, since every one had his hereditary land. 3. It would preclude those inequalities which are produced by extremes of riches and poverty, and which make one man domineer over another. 4. It would utterly do away with slavery. 5. It would afford a fresh opportunity to those who were reduced by adverse circumstances to begin again their career of industry in the patrimony which they had temporarily forfeited. 6. It would periodically rectify the disorders which crept into the state in the course of time, preclude the division of the people into nobles and plebeians, and preserve the theocracy inviolate."
jubilee. (n.d.). Easton's 1897 Bible Dictionary. Retrieved September 28, 2010, from Dictionary.com website: http://dictionary.reference.com/browse/jubilee
Imagine how many of the injustices that plague modern society would be eradicated just by following this ancient law.
Loved It!
A couple of memorable quotes:
"There is only one asset in life that is more valuable than money...Time."
"Bulls make money. Bears make money. Pigs get slaughtered."
The movie takes place during the market crash of '08 when the housing bubble burst, and the banking institutions went bankrupt. They portray a fictionalized version of what may have been said , and certainly what was understood, when these institutions were then bailed out. Had it not happened, there would have been a run on the banks, and the global economy would have collapsed absolutely. I agree with this point of view. However, the story portrays the situation as if the banker bail out saved the world, which I strongly disagree with. I believe that they merely delayed the inevitable, and that when and if a collapse comes (double dip recession, anyone?) it will be far more devastating and long lasting than it would have been had the correction been allowed to happen when it wanted to. Just my opinion, lets pray that I'm wrong.
All of this talk about the recession being over is bull shit, in my opinion. There is a very good reason why all of the president's economic advisers are resigning. Actions speak louder than words.
I believe that the recession will be over when the underlying debt (corporate, governmental, and individual) is repaid or wiped clean. That is the fundamental common denominator driving the current situation. Until that happens we can expect more and greater turbulence. I'm not a Bible scholar, but the book of Leviticus has it right. To maintain economic stability there needs to occur on a regular basis a jubilee in which all debts are forgiven.
Definition of Jubilee, according to ancient Hebrew law:
"A joyful shout or clamor of trumpets, the name of the great semi-centennial festival of the Hebrews. It lasted for a year. During this year the land was to be fallow, and the Israelites were only permitted to gather the spontaneous produce of the fields (Lev. 25:11, 12). All landed property during that year reverted to its original owner (13-34; 27:16-24), and all who were slaves were set free (25:39-54), and all debts were remitted. The return of the jubilee year was proclaimed by a blast of trumpets which sounded throughout the land. There is no record in Scripture of the actual observance of this festival, but there are numerous allusions (Isa. 5:7, 8, 9, 10; 61:1, 2; Ezek. 7:12, 13; Neh. 5:1-19; 2 Chr. 36:21) which place it beyond a doubt that it was observed. The advantages of this institution were manifold. "1. It would prevent the accumulation of land on the part of a few to the detriment of the community at large. 2. It would render it impossible for any one to be born to absolute poverty, since every one had his hereditary land. 3. It would preclude those inequalities which are produced by extremes of riches and poverty, and which make one man domineer over another. 4. It would utterly do away with slavery. 5. It would afford a fresh opportunity to those who were reduced by adverse circumstances to begin again their career of industry in the patrimony which they had temporarily forfeited. 6. It would periodically rectify the disorders which crept into the state in the course of time, preclude the division of the people into nobles and plebeians, and preserve the theocracy inviolate."
jubilee. (n.d.). Easton's 1897 Bible Dictionary. Retrieved September 28, 2010, from Dictionary.com website: http://dictionary.reference.com/browse/jubilee
Imagine how many of the injustices that plague modern society would be eradicated just by following this ancient law.