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301 Comments
- inactive, on 09/15/2008, -22/+127And this ladies and gentleman, is the reason why we cannot afford 4 more years of the same disastrous financial policies.
4 Major financial institutions that have collectively been around for over 350 years, fail in a span of 8 days. Good times are not in store for us. - rftbunny, on 09/15/2008, -13/+109alot of people like to say no one saw this coming ... in fact thats not true ... Ron Paul has been warning us about this for the last several years and has been talking about something like this since the 1970s
- SheilaNoya, on 09/15/2008, -20/+68Republicans have been telling for the last 8 years that we need to reduce business regulations so the "Free Market" can do whatever it wants. They claim business regulations just eat into corporate profits and stifle competition in our Global Economy.
Well... we tried this "Free Market" approach under George H. W. Bush and we saw the same results we're seeing now - record foreclosures, record bankruptcies, bank failures, and a market meltdown. The first two years of Clinton's administration tightened banking regulations and stabilized the financial markets. However, the Republicans have worked feverishly during the last several years to water down these regulations and deregulate the banking industry again. The result - another financial meltdown.
How many times are we going to repeat the same mistake? If you want accounatbility and stability, you need strict business regulations. The "Free Market" approach preached by the Republicans is a failed experiment that we can't keep repeating.
Has anyone gone to jail over any of this? Nope. Trillions of dollars are at stake and the Republicans say nothing illegal was done. WHY? Because there were no regulations in place to prevent this crap from happening, therefore no rules were broken.
Stop voting for Republicans if you want accountability and stability in our financial markets. Otherwise, we'll just keep repeating this same failed experiment over and over again. - redrock34, on 09/15/2008, -2/+49This started after 9/11 when the economy was in a recession because of the fear of terrorists. To try to counterbalance this recession, the President urged all Americans to shop till you drop. On top of that, the Federal Reserve then lowered their interest rate drastically so banks can loan out money easier. This combination of easy cash (debt) and consumerism made the economy abnormally grow.
Companies began seeing record profits and times were great.
Until the bill came. - nypix, on 09/15/2008, -4/+38"George Bush doesn't like finances in the black"
- future15tbd, on 09/15/2008, -1/+34Look! Up in the sky – golden parachutes are raining down in Manhatten.
- altgeeky1, on 09/15/2008, -6/+34I would not call deliberate errors to be a "fail", really.
The GOP knew what it was doing when they de-regulated and racked up huge debts.
The reason Republicans wear flag pins is because they feel they NEED TO. Flag pins, bumper stickers, and freedom fries helps assuage their guilt for what they have DONE to the American middle class. - unclecaveman, on 09/15/2008, -4/+29I think I would trust the scholar over the war prisoner when it comes to economics, how 'bout you?
- binky79, on 09/15/2008, -6/+31The fed will bail out the banks so they can continue to kick people out of the homes they tricked them into thinking they could afford.
- rpi22, on 09/15/2008, -2/+26He used the words ¨free-market¨ to sell it, but it was entirely inaccurate. What he should have said is ¨Deregulation¨ which allows corporatist politicians to help out insider corporations.
- flavioribeiro, on 09/15/2008, -1/+21Here's what the latest Fed statement said:
"The collateral for the Term Securities Lending Facility (TSLF) also has been expanded; eligible collateral for Schedule 2 auctions will now include all investment-grade debt securities. Previously, only Treasury securities, agency securities, and AAA-rated mortgage-backed and asset-backed securities could be pledged."
The Fed is tying all kinds of private debt to treasuries. This means that whenever the market tanks, it will take the value of the US treasury with it. TREASURIES ARE NO LONGER SAFE.
The problem with investing in treasuries used to be inflation (which currently well exceeds the interest that the government pays). However, there was inherent safety with treasuries because the US government wouldn't default on its debt.
Now the value of the dollar isn't just tied to the money supply (i.e., inflation). Private sector defaults will correspond to loss of value in treasuries!!!
This is it, guys. Diversify out of the dollar or be prepared to lose your savings. Buys Swiss Francs, gold, silver, I don't care. Just get out of the dollar. - cadmiumpaint, on 09/15/2008, -1/+20and McCain still thinks our economy is strong.....
- richmomz, on 09/15/2008, -5/+24So where are all the "chicken-little" name-callers now?
- bsmeteronhigh2, on 09/15/2008, -14/+33Remember when Bush was gung ho to privatize social security?
Under Bush’s proposal, taxpayers would be allowed to invest a small part of their Social Security payroll taxes in the stock or bond markets. Bush’s aides argue that such a plan would help taxpayers take advantage of the stock market’s historic growth.
Yep, brilliant plan. I say we need at least four more years of this sort of insightful republican leadership. - CarStan, on 09/15/2008, -1/+20BUT... BUT Sean Hannity says the economy is doing excellent!
http://www.youtube.com/watch?v=h8bsIjGcZyI
Its all LIES from the liberal media, to make people believe they are in trouble while they are doing perfectly fine. LIES!!!!!1111 - Tess101, on 09/15/2008, -7/+25You have that right rftbunny.....Ron Paul has been warning everyone that would listen of this collapse.
- cadmiumpaint, on 09/15/2008, -2/+18worked when we tried Bill Clinton
- inactive, on 09/15/2008, -8/+21BUSH BANKRUPTED EVERY COMPANY HE OWNED!!
GW Bush Jr has already bankrupted - Arbusto Energy Corp.
GW Bush Jr has already bankrupted - Spectrum 7 Corp.
GW Bush Jr has already bankrupted - Bush Exploration Company
GW Bush Jr has already bankrupted - Harken Energy Corp.
Consider the above pattern to complete the following sentence:
GW Bush Jr has __________ the United States of America.
With a track record like that, anyone that would re-elect Bush would have to be a complete retard! Who in bazzaro land would re-elect this nutcase?!!
And now we have McBush?!!
I'm sure all you Neo-the-Candyass-Clown-Os can thank FOX "news" for making you the stupidest motherfukers on the planet!!
http://cronus.com/bushresume/ - peaceninja, on 09/15/2008, -0/+13i can't believe the news today
- metapop, on 09/15/2008, -8/+21actually, that was probably the best idea that he had, and i was really hoping it would go through. i for one (if i have to enroll in SS, i'd rather get out of it entirely) would rather have the funds i'm putting in have the potential to multiply rather than be slowly eaten away by inflation, which is what is happening to it right now. this, however would be the lesser of 2 evils, i would much rather not pay SS at all.
- PeppermintPig, on 09/15/2008, -1/+13I don't agree with the way you phrase that, but effectively, yes, they're going to side-step the ramifications of their stupidity and let the people take the hit economically. The problem lies at the very top. Federal Reserve, and Congress.
- broh, on 09/15/2008, -1/+13Do you actually think presidents analyze the facts and make the decisions alone? Having the right president means they pick the right support staff who are well educated in their field. At the very least, a good president would not let paulson run around bailing out his wall st buddies.
- bushisadumbass, on 09/15/2008, -4/+16What the hell do you expect?
This is what happens when you have greedy Americans (I'm an American, by the way) wanting to buy things they can't afford on credit cards. My neighbor has a big ass SUV, I have to get one. They have three Plasma/flat screen tv's, we have to have the same.
This is not ***** good at all. - pintomp3, on 09/15/2008, -4/+16everyone saw this coming, especially the financial sector that has lobbied for the very deregulation that caused this mess. let's stop pretending some doctor who doesn't even believe in evolution is suddenly some kind of prophet.
- andyb747, on 09/15/2008, -0/+12oh, I cant close my eyes and make it go away...
- Striker101, on 09/15/2008, -2/+14Yes, and so have I and so have many others, but there is no way of overcoming this by voting. Maybe in two generations we can unbrainwash enough people about individual liberty.
- inactive, on 09/15/2008, -1/+12wunksta:
The McDonalds workers were wrong in buying houses they couldn't afford just like the pharmacists and doctors were wrong buying houses that they couldn't afford. It has nothing to do with how much money you make or what you do for a living, it has everything to do with how much of a mortgage that you can afford. The bottom line is that the borrowers were too greedy/stupid in getting the loans and the lenders were too greedy/stupid in giving the loans. Welcome to reality where your financial decisions have repercussions. Unfortunately for those of us that were not greedy/stupid, we now get to bail out those that were greedy/stupid. Nothing new really, anyone that lives in the US is used to paying for poor life decisions made by others. - whorunbartertwn, on 09/15/2008, -2/+13Yeah great advice sell dollar low and buy gold high.
- Richandler, on 09/15/2008, -2/+13I would like to have confidence in the market that will let this fail and it's assets eventually will get auctioned off. However it seems the government wants to step again, just like in '29.
- wunksta, on 09/15/2008, -5/+15strawman
you know that wasnt the case. a lot of people with stable good paying jobs got ***** over by all of this. it caused a massive domino effect. as soon as one persons house failed, it brought down the entire neighborhoods houses down, skyrocketing the rates, forcing further foreclosures.
im talking about pharmacists and doctors having to go through foreclosures, so dont think this is just some lowerclass issue. - southeastbeast, on 09/15/2008, -2/+12I can see Russia from my backyard!
- inactive, on 09/15/2008, -3/+13Companies don't last forever. Eventually all companies are swallowed up or split into pieces and thrown about. Thank God the government decided not to bail these ones out. The taxpayer can't afford the bill. Maybe the new management will make these companies better. Sort of like breaking up with a girl. It isn't the END. Other fish in the sea. Who knows maybe it will be better in bed?
- thelif, on 09/15/2008, -3/+12I think you have us mistaken with a civilization that learns lessons.
- rmxz, on 09/15/2008, -0/+9For the elite, sometimes I think bankruptcy is a deliberate strategy rather than a safety net. Seems some of these guys get in charge of a company - pay themselves and their friends all the value in the company - and then declare bankruptcy to avoid consequences.
- AnarkeIncarnate, on 09/15/2008, -1/+10Do you think the bull feels bad that the cow gets sore?
- PeppermintPig, on 09/15/2008, -2/+11Perhaps I should vote for the one which is more likely to bring a hard collapse and invite mobs with torches and pitchforks?
But which one is it?
At this point I'm not sure it matters.. maybe Obama since he seems more aggressive about reform... but both want to push national service, which eat away at the only reliable industry we have, not counting the thieves guil.. I mean, political parties. - MrFurious2k, on 09/15/2008, -1/+9It's about damned time we stop bailing out these guys. Sounds like Lehman brothers are on their own.
- pintomp3, on 09/15/2008, -11/+19well, obama won't be a drastic change. half of his campaign is made up of lobbyists, many from the financial sector. i guess it's still better than mccain campaign which is almost entire lobbyists. we need to change our election process so that it isn't about buying candidates. most public officials are in constant fundraising mode now, some even letting the lobbyists write the laws. until this changes, nothing else will.
- failedpimp, on 09/15/2008, -1/+9Don't blame the Republicans or the Democrats for this, blame me. I started investing in the stock market in January for the first time and it has just collapsed. I have no luck with money.
- carltonsmith, on 09/15/2008, -9/+17Yes, you're right. Picking a democrat for the white house will certainly reverse over 90 years of bad monetary policy.
- inactive, on 09/15/2008, -0/+8There's no guilt on their part!
Are you kidding me? - muckemuck, on 09/15/2008, -4/+12 You're absolutely right. Don't vote "lesser of two evils" again this year. Vote third party.
- whorunbartertwn, on 09/15/2008, -2/+9How is a pharmacist going through foreclosure anyone's fault than their own? They have a good income in a field with a huge demand and should (in theory) be intelligent and thorough enough to be able to read documents they sign.
If they bought a house they couldn't afford or used a financing technique that would only be future viable if the house they bought continued to rise in value then it's their own decision that caused a foreclosure. - QaSpel, on 09/15/2008, -1/+8And politicians who removed many of the regulations that were in place to prevent this.
- 1longtime, on 09/15/2008, -1/+890 years of bad monetary policy? Uh oh, here comes the Gold Standard Argument.
CantBeDoneBecauseOtherCountriesWillRapeOurGoldBasedEconomyWithTheirFluctuatingCurrencies.
There, I rebuked it in a single word. - trogdor282, on 09/15/2008, -3/+10You're absolutely right. The problem isn't that greedy corporations are going under due to their own stupidity. That's a very good thing actually. THESE PEOPLE DESERVE TO LOSE THEIR HOMES! The problem is that congress is bailing these retards out with our money. That and snapping up every penny of available credit to spend on pork and wars.
- inactive, on 09/15/2008, -2/+9SS privatization was Bush's single best policy intiative.
- Y0tsuya, on 09/15/2008, -1/+8A lot of well-educated people drank the real-estate kool-aid. I'm still seeing it here. These are doctors, stock brokers, professors. You tell them prices are too high and will go down, they don't believe you because they're buying in good neighborhoods that haven't gone down YET. When these people lose their life savings buying overpriced houses, they only have themselves to blame.
- flavioribeiro, on 09/15/2008, -1/+8Technically the US government hasn't defaulted on its debt because it is honoring the interest and the principal. The fact that it's borrowing to pay the existing debt doesn't characterize a default. The fact that it's printing cash to cover part of the debt is ugly, but still legal.
- inactive, on 09/15/2008, -1/+8Which was the Bush administration, and the Republican led Congress.
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