What is Digg?372 Comments
- Wargalas, on 03/17/2008, -12/+185I say let the market correct itself.
That means if you overextended yourself, sorry, sell your home and move into an apartment.
If you loaned someone making $10 an hour $200,000, sorry, suck up the losses and move on. If you're out of business because of it, too bad.
No one wants to tell people what they need to hear. There are rules in place for a reason and when Hillary was talking about bailing people out with their mortgages, it made my blood boil. No one helped me make my mortgage payment, because I bought a home I could easily afford. If you didn't, tough *****. Chalk it up to a life lesson learned.
http://www.rightwinglunatic.com - AsusMobo, on 03/17/2008, -10/+81I don't think "I told you so" can really express how Ron Paul must be feeling now.
- bstory, on 03/17/2008, -4/+60And the rest of the World is along for the ride
- XanderDee, on 03/17/2008, -6/+56"I believe that banking institution are more dangerous than standing armies... If the American people ever allow private banks to control the issue of currency... the banks and corporations that will grow up around them will deprive the people of there property until their children wake up homeless on the continent their father conquered" Tomas Jefferson 1743-1826
Stop the Federal Reserve
(Write him in) vote Ron Paul 2008
To learn more Google "Money As Debt". - inactive, on 03/17/2008, -4/+50The Fed should NOT be bailing out speculators that own shares of investment banks. Ferchrissakes Bush's people are so unbelievable biased toward the top-incomed tier in this country. That 30 billion bailout is OUR money bailing out bettors, effectively.
- Joe_rigby, on 03/17/2008, -6/+33Simply hearing Hillary's voice is enough to make the blood of the common man boil.
- TimDigg, on 03/17/2008, -2/+28Sometimes I wish Banks would simply stop making loans to people who don't know any better......they suffer we all suffer
Wargalas, while I agree with you and many conservatives that mortgage companies that make bad loans should fail, and people who can't afford homes should rent
But here's the thing, how do you account for all the people WHO MADE RESPONSIBLE DECISIONS, who are now seeing problems because of SOMEONE ELSES stupidity.
For example the large banks laying off thousands of workers. The bottom tier workers didn't make any bad decisions? Or did they?
I personally was laid off from Citi, granted I got another job...but still there was a few week period of no work, keep in mind I had money saved up for a rainy day
but still I suffered nonetheless because of SOMEONE elses dumb decisions...not my own
Conservatives often forget that we tied together in the economy. Am I supposed to provide free financial advice in my spare to stop this from happening?
How do you respond to that? - ToastedZergling, on 03/17/2008, -2/+28Spend your money! Come on middle class, help bail out us Rich Fat Cats and corrupt politicians!
- brad3378, on 03/18/2008, -2/+26Here we go again with the same comment 5 times in a row:
http://digg.com/users/ColonelJessup - MrWhite7, on 03/17/2008, -1/+23For the love of god just let the bubble burst. All these delay tactics do is assure problems in the future.
- jeremycox, on 03/17/2008, -8/+30Im glad we look to an Australian news source to report on the status of the American economy.
- GregLoire, on 03/17/2008, -4/+25Part of the issue here is that you don't NEED to be an expert to see how things went so horribly wrong.
- rowlodge, on 03/17/2008, -2/+22they could start by lowering the price of the PS3.
- junkwheel, on 03/17/2008, -0/+20I blame Scientology's tax exemption status.
- lysdexia, on 03/17/2008, -4/+23A beautifully stage managed precursor to the Amero currency and quasi politico/economic union of the USA, Canada and Mexico.
To start with, of course. - ScottMitchell, on 03/18/2008, -0/+19It wouldn't be hard to do at all if the banks owned the loans. But many of these loans were packaged up into securities and sold to investors on Wall Street - hedge funds, pensions, etc. So if you have a particular loan whose terms should be reduced, but that loan is packaged into a mortgage-backed security (MBS) with 100 other loans at a specified rate and duration, how do you go about pulling out that single loan and altering the terms? Especially given that the loan may be co-owned by dozens if not hundreds of different investors?
This Google Presentation does a good job summarizing the genesis of this problem, and does so using stick figures (whee!)
http://docs.google.com/Present?docid=ddp4zq7n_0cdj ... - bradleyland, on 03/17/2008, -0/+18"Out of money, print more," is exactly the fiscal policy that has put us where we are. Our GDP was up 4.9% for 3Q 2007, and topped $13 trillion in 2006, yet we're on the brink of economic disaster.
Two words: poor management. - TimDigg, on 03/17/2008, -2/+19"Monetarists, including Milton Friedman and current Federal Reserve System chairman Ben Bernanke, argue that the Great Depression was caused by monetary contraction, which was the consequence of poor policy making by the American Federal Reserve System and continuous crisis in the banking system.[8] By not acting, the Federal Reserve allowed the money supply as measured by the M2 to shrink by one-third from 1929 to 1933. Friedman argued[9] the downward turn in the economy starting with the stock market crash would have been just another recession. The problem was that some large, public bank failures, particularly the Bank of the United States, produced panic and widespread runs on local banks, and that the Federal Reserve sat idly by while banks fell. He claimed if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of the banks would not have fallen after the large ones did and the money supply would not have fallen to the extent and at the speed that it did."
- Look4Truth, on 03/18/2008, -3/+19The Fed is causing the collapse on purpose, the only question is how slow or fast it will be.
- dralezero, on 03/17/2008, -6/+21Run out of funds? Lulz just print more monies yay!
- patch6, on 03/17/2008, -0/+15"US Federal Reserve may soon find itself short of the funds needed to continue propping up the nation's financial system."?
The Federal Reserve's "reserves" have been in the negatives since January 2008. http://www.federalreserve.gov/releases/h3/Current/
"Federal Reserve tries to explain NEGATIVE reserves of U.S. banks": http://www.stockhouse.com/blogs.asp?page=viewpost& ... - withincontext, on 03/18/2008, -0/+14Remember: socialize risk, privatize profits.
- Narrator, on 03/17/2008, -1/+15Never fear mortal! The anointed fed demigod Ben Bernanke controls all of worth that walks the earth with his magic money wand and money dropping helicopters. All ye ABS shall be made whole. The defaulted shall rise from their graves of insolvency and walk the earth once again with 800 FICO scores!
- nirav72, on 03/17/2008, -3/+16They're bound to run out of money sooner or later. 200 billion last week to the banks , plus the loan to JP Morgan to buy up Bear & Stearn on Friday and finally add cost of bailing out other banks that will soon go under. All that will add up. Only way out is to mortgage the country to outside investors at a fire sale prices. Which we have been doing to borrow money so far. The biggest worry that economist have is not the real recession, but when do we actually hit bottom? No sign of that so far.
- toasty168, on 03/17/2008, -2/+15i think it's more ron paul had the guts to tell the truth in a profession that usually punishes honesty.
- sanman, on 03/17/2008, -3/+16What's amazing here is that the Fed is prohibited by law from buying mortgage-backed securities, and yet they've done a blatant end-run around the law, by offering up tens of billions in loans and accepting those securities as collateral.
Uhh, excuse me, but that's "buying" by any other name! The taxpayer is owed a deep explanation.
Heads are going to have to roll over this. A lot of them. - arethuza, on 03/17/2008, -1/+13From GDP figures the US is at about $14 trillion out of a world total of about $53 trillion - nowhere near two thirds. Still a hell of a big proportion though. I got the figures from http://en.wikipedia.org/wiki/List_of_countries_by_ ...
- bradleyland, on 03/17/2008, -2/+14That's true, but government created fiscal policy prior to the great depression was also likely the cause. That's like saying I "let" the balloon burst after I over inflated it. You can't blame the market for erroneous interference from the government.
- gerbco, on 03/17/2008, -1/+13The lack of foreign buyers for gov't notes and bonds is basically a rejection of how the Bush administration has handled the affairs of our country. Iraq while not originally an economic concern can not be excluded from the deteriorations in the already WEAK financial markets, it is a war purchased on a Credit Card and unfortunately we have maxed it out and the bill collector is on the phone.. what will be the next move? The administration has backed the fed into a corner here the POTUS may not control monetary policy but he IS responsible for fiscal policy. Lets hope the Fed can do the right thing.. otherwise we are all SOL.
- Cryptocracy, on 08/17/2008, -0/+12I love my country and the constitution . I hate the Neocon Globalist Bankster Zionist traitors who have almost destroyed it.
- AntBing, on 03/17/2008, -4/+16The Second Amendment is also being brought before the Supreme Court soon. Exercise your rights now so you can defend yourselves later.
- slicerace, on 03/17/2008, -4/+15He didn't just predict the business cycle - I could predict that - but he predicted a housing collapse due to poor quality loans back in 2004. Also, it's "prophet," not "profit."
- TimDigg, on 03/18/2008, -0/+11The Debate Over The Recharter Of The Bank Bill, (1809)
- toasty168, on 03/17/2008, -2/+12don't think anybody's claiming to be an expert. they're just expressing their opinions. i think people can take everything with a grain of salt without your self-righteous sarcasm.
- mleh, on 03/18/2008, -1/+11Most people that read the government-required documentation did as well, as it clearly states the length and interest rate one is agreeing to by signing the papers.
Surely people read these papers carefully, right? Buying a home is perhaps the largest financial transaction one makes in their lifetime. Rushed by your lender? Rushed by your realtor? Rushed by the seller? There's a simple solution: walk away. If they want to sell it bad enough, they'll chase after you. - toasty168, on 03/17/2008, -0/+10i agree but it's not just hillary/left-wingers. plenty from both sides of the fence looking to score some votes with a bailout.
- Hangly, on 03/18/2008, -1/+11If by "creates" you mean "conjures out of thin air."
American wealth is just debt upon debt on top of debt. - Hangly, on 03/18/2008, -0/+9The source is Thomas Jefferson, smart guy.
- Cryptocracy, on 08/17/2008, -0/+9if its the right kind of intervention: Arrest the globalist banksters for FRAUD, Seize their assets and pay back the American people for damages.
- Hangly, on 03/18/2008, -0/+9Ordinarily I would say you were just being paranoid, but that bit of malarkey about the Fed running out of money has roused my suspicions.
- phybere, on 03/17/2008, -2/+11When the big banks collapse, you think your currency will still have any value?
- Hangly, on 03/18/2008, -0/+9The market will correct itself. It always does, eventually, in spite of all attempts to manipulate it. Unfortunately though I think it's going to be a pretty major ***** correction.
- doyoulikeworms, on 03/17/2008, -7/+16Wow. You truly have NO idea what caused the great depression.
- StingingNettle, on 03/17/2008, -4/+13I think I hear some helicopters.
- FlaNative, on 03/17/2008, -0/+9Yeah, go Bush; 4 more years!
Iraq then Iran; spend more tax dollars we don't have.
My grand kids can pay for it! - banmaster, on 03/17/2008, -1/+10To be honest, the Australian News media really does seem to know more, or at least isn't controlled to such a degree that they keep the truth from the public like the US press does.
- inactive, on 03/17/2008, -0/+9No, not quite, the private group of banks, known collectively as the Federal Reserve can print any amount of US dollars as they see fit.
This is shouldered by everyone worldwide holding US currency in the form of inflation.
As they have proven in the Bear Sterns case they are more then willing to do so to help powerful moneyed interests, as for bankrupt home owners, you are neither moneyed or powerful so get to the back of the line. - Poetheunclothed, on 03/18/2008, -0/+8Actually, were ***** either way.
- azimir, on 03/17/2008, -1/+9So we should only look at Iraqi news sources for events and coverage in Iraq?
- inactive, on 03/17/2008, -4/+12Time to pull some cash out. WAMU will probably be the first of the big banks to collapse.
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