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13 Comments
- angeladtao, on 02/26/2009, -1/+23We should pay really close attention to this article. I heard today on CNBC that Chinese businessmen were arriving in America to
purchase houses at fire sale prices. The sad thing is that the epicenter of this crisis (America) may get off lighter than the rest of the world whose economies we have blithely brought down. I read an interesting article tonight that said that the FBI was already investigating mortgage fraud schemes in 2004. The Bush administration had to be aware at some level of this problem. No, not Freddie Mac nor Fannie Mae, but unscrupulous brokers who sold no-doc loans and told their clients to lie on their applications or sold expensive ARMs to people who qualified for low rates on 30 year loans but were never told. 2004!!!! And Wall Street was too busy making money to care about the extreme risk they were bringing to the markets with their complex leveraged financial products!!!!! And where was our government when all this illicit activity was happening? It amounts to economic- though homegrown - terrorism! They had their eyes off the ball and failed miserably at keeping our country safe. There is no doubt that we are weaker now because of this debacle. I think that they should answer for their failure. There should be an investigation into what was happening in the branch of government that was supposed to be keeping our markets safe for us. There is more than one way to bring a country down.
http://www.huffingtonpost.com/william-k-black/the- ...
For an interesting look at the man who developed the equation that made these financial products possible and how they work in layman's terms, here is a good link.
http://www.wired.com/techbiz/it/magazine/17-03/wp_ ... - notoveryet, on 02/26/2009, -0/+16It has been coming on for a long time, but people have been in denial about it. Even now, the some of the Republicans don't recognize the seriousness of the situation enough to stop playing politics and start trying to cooperate long enough to work out a solution that will bring a swift halt to the swirling downturn down the toilet that our economy is in now. I thought that Obama was a little too upbeat in his speech to us about the seriousness of the state of the economy. It is much, much worse than what he implied. I'm sure he knows better. If he had been totally upfront with us, maybe even the Republican politicians would be on board now. He could have shown this graph that I saw on digg today which made our situation crystal clear.
http://dshort.com/charts/bears/four-bears-extended ...
However, we create our own reality every day. It is our fear (and especially that of those on Wall Street) that maintains wealth, and it is now their fear that has made it disappear. Until our confidence is restored, our illusion will not be restored. Reputable economists agree that $1 trillion would be better and the banks will be back for more taxpayer money. As sick as they make me, they are the foundation of our economy, and we must nationalize them long enough to clean them out, fix them, and then re-store them to the private market. I think that the largest banks that bought up smaller banks with their TARP money should be subject to monopoly laws and broken up. After all, if they were too large to fail once and are now even bigger, the future looks even worse for taxpayers. It's only fair. We reap what we sow. - scottknick, on 02/26/2009, -0/+15FTA: The epicentre is the United States, but the rest of the world, and particularly America's trading partners, will get hit harder than the U.S.
So much for the Digglodytes making the dim-witted argument that since this is a global financial crisis, Bush couldn't have caused it. - clvngodess, on 02/26/2009, -1/+15There will be blood? There has been blood. My brother in law's suicide for one... And every suicide as a direct result of this must be considered blood on their hands. Plus the blood of every one killed or maimed during social unrest as a direct result of citizen action against the states (there have been many outside of the US). And yes, what about Chimerica? This poses a very interesting question.
- SteffenfromEU, on 02/26/2009, -0/+12I was reading this topic end of last year already with result of US falling apart after civil war into most different parts like East cost, Texas, West cost, ... because some parts are too unhappy with bad situation Washington could not help out.
And because i am not from US i am looking too all time already for signs it would not come so hard. I am worrying about this since fall. But the most listened peoples were always trying to let people calm down in worrying about run on banks, because banks would not have money the got from people - first people are creditors of banks! And they, politics and some "big name writer", were so stupid in hoping for example China could be motor to come out of mess in not knowing the smallest thing like how China could be motor if export is breaking down and China has still not home market would be big enough.
So we can see it soon if credit card crisis will bring this bad, still used model to fall. I can only hope US will not fail now in using time we have still and Reps would give up with play like want see ship is going down like in old time only for own special interests.
Best wishes, Steffen
http://changeforbetterworld.blogspot.com/
http://digg.com/political_opinion/Mother_grassroot ... - notoveryet, on 02/26/2009, -0/+9@clvngodess I'm sorry for your loss - and for that of every other family that has or will lose a loved one due to this totally preventable crisis. I agree that the title is unfortunate, but us little people have to fall in huge numbers before those in the upper stratospheres of power bother to take notice. It is only when the foundations of their towers (us) start to shake that they start to wonder what might be going wrong with the peasants. If they had given a @#%@ , something would have been done when the FBI was investigating epidemic mortgage fraud in 2004. See the link in my post above.
- ianryerson, on 02/26/2009, -1/+4Really, civil war?
- inactive, on 02/26/2009, -0/+3FTA - “I do think they're wrong. I think the IMF has been consistently wrong in its projections year after year. Most projections are wrong, because they're based on models that don't really correspond to the real world. If anything good comes of crisis, I hope it will be to discredit these ridiculous models that people rely on, and a return to something more like a historical understanding about the way the world works.”
“I mean most of these models, including, I'm told, the one that policy makers here use, don't really have enough data to be illuminating … You're going to end up assuming that this recession is going to end up like other recessions, and the other recessions didn't last that long, so this one won't last so long. But of course this isn't a recession. This is something really quite different in character from anything we've experienced in the postwar era. That's why these projections give positive numbers for 2010. That's the default setting. And it just seems to me ostrich-like, to bury one's head in the sand and assume this has to end this year because, well, that's what recessions do. - angeladtao, on 02/26/2009, -1/+4Really. Resources are going to be scare. Learn a trade. Start your own business. Try to become as independent as you can. Take lessons from our greatgrandparents from the Great Depression.
- trolleyfan, on 02/26/2009, -1/+3You mean, get on a broken down Model T and drive to California?
The only lessions our grandparents learned from the Great Depression that is applicable now (what can I say, the world's changed in 70 years) is that ***** happens - and it'll probably happen to you.
True, but not very useful. - xCIone, on 04/15/2009, -0/+1Such a nice article.Dugg
- HarrySeldon, on 02/27/2009, -0/+0Nice article, I came here through digg because I have just posted an article titled "There will be war, or, how to prevent it". It might be of interest to readers of this article. http://harryseldon.thinkosphere.com/2009/02/27/the ...
- inactive, on 02/26/2009, -2/+2A very interesting article, especially his bit about Chimerica dancing in the death embrace. Each one afraid to let go and afraid to keep holding on.
China ought to liquidate their dollars for assets and use that money to look inward and develop its national market. Otherwise they will hold their dollars until the inevitable collapse of the greenback.
What is lacking in this economists analysis is the monetary part of the puzzle. Bubbles are caused by the excess generation of fiat money. They don't happen mysteriously
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