dmarc117 Posted September 26, 2008 Share Posted September 26, 2008 That is just awesome. socialism is acoming Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted September 26, 2008 Share Posted September 26, 2008 It's good to be rich, huh? This will be a great time for the rich to get even richer since cash is king right now. Maybe we could tax Buffett more than his secretary? I've heard the numbers come out to $3,500 for every citizen of the U.S. Let's just give everyone that and to hell with these companies and the economy. You know how much spam and torches $3,500 will buy? Bleh. I guess if you artificially control the economy through policies like the community reinvestment act to the Fed playing with interest every other week, you need to artificially bailout these same people from time-to-time. It's a sad state of affairs and yes, we are one step closer to socialism. Why does everyone bring up the CRA....the CRA is the LEAST of the problems. The CRA was created to address red-lining...which if you are in banking for 20 years...you know it was going on and still does. Know...the CRA never required banks lend money to borrowers who could not afford the payment. The problem, as I see it, was that banks, like First American, would sell mortgages and immediately repackage and sell them to become a CDO and put into hedge fund portfolios...all of this was backed by Freddie and Fannie. Since the banks were selling these mortgages, they were not on the hook if there was a default...so the brokers and bank employees took more risk to get higher commissions. I am sick and tired of the CRA argument....it is old and stupid in my opinion. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted September 26, 2008 Share Posted September 26, 2008 socialism is acoming And you elected the president who brought it about. Congrats! You'll notice that wasn't President Gore or Kerry on TV begging America to support a 700 billion dollar socialist program to save the economy he screwed up so royally for 7 years. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 26, 2008 Share Posted September 26, 2008 And you elected the president who brought it about. Congrats! You'll notice that wasn't President Gore or Kerry on TV begging America to support a 700 billion dollar socialist program to save the economy he screwed up so royally for 7 years. people that bought things they coouldnt afford are the cause of this. get your head out of the sand, ostrich. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted September 26, 2008 Share Posted September 26, 2008 people that bought things they coouldnt afford are the cause of this. get your head out of the sand, ostrich. 10% correct but that's it. These mortgages were sold on and sold on again and NO-ONE in the buying firms did due diligence. Again, this is a failure of commercial management oversight, period. How could these companies buy all this stuff and not know what they were buying, as demonstrated by the fact no-one now knows what's toxic and what's not? It's the same as me going in to the grocers and buying stuff in a bag without knowing what's in it. That, my friend, is a management failure. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 26, 2008 Share Posted September 26, 2008 10% correct but that's it. These mortgages were sold on and sold on again and NO-ONE in the buying firms did due diligence. Again, this is a failure of commercial management oversight, period. How could these companies buy all this stuff and not know what they were buying, as demonstrated by the fact no-one now knows what's toxic and what's not? It's the same as me going in to the grocers and buying stuff in a bag without knowing what's in it. That, my friend, is a management failure. greedy people caused this. greedy consumers and greedy bankers. Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted September 26, 2008 Share Posted September 26, 2008 greedy people caused this. greedy consumers and greedy bankers. Greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. Quote Link to comment Share on other sites More sharing options...
Grits and Shins Posted September 26, 2008 Share Posted September 26, 2008 Let me see, legislation was passed that encouraged lenders to lower their credit standards allowing people with bad credit to get mortgages (I can't count the number of times I have heard advertisements on television and radio exclaiming you too can get a mortgage loan even if you have bad credit). Passed by Clinton's administration by the way. And nobody considered that people with bad credit would have a higher propensity to default on their loans. That looks like typical short term democrat thinking to me. Now I have to pony up the cash (with my taxes) because, surprise surpise all these people with bad credit getting morgages are defaulting on their loans - something anybody with half a brain could have predicted. This whole thing pisses me off ... and as I sat their the other night and listened to the President I just got madder and madder. How did the last buy out (savings and loan fiasco) work out? Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted September 26, 2008 Share Posted September 26, 2008 people that bought things they coouldnt afford are the cause of this. get your head out of the sand, ostrich. Oh, I wish I lived in your world where I could throw money out my car window at crackheads and then rely on the government to save me when I didn't get it back... because damn those crackheads! I did nothing wrong! They shouldn't have taken the money if they weren't going to give it back! Waaaaa!!!!!! I'm a big bank! Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 26, 2008 Share Posted September 26, 2008 Oh, I wish I lived in your world where I could throw money out my car window at crackheads and then rely on the government to save me when I didn't get it back... because damn those crackheads! I did nothing wrong! They shouldn't have taken the money if they weren't going to give it back! Waaaaa!!!!!! I'm a big bank! and i want to live in yours where people who are lazy, stupid, and greedy get bailed out everyday. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted September 26, 2008 Share Posted September 26, 2008 Let me see, legislation was passed that encouraged lenders to lower their credit standards allowing people with bad credit to get mortgages (I can't count the number of times I have heard advertisements on television and radio exclaiming you too can get a mortgage loan even if you have bad credit). Passed by Clinton's administration by the way. And nobody considered that people with bad credit would have a higher propensity to default on their loans. That looks like typical short term democrat thinking to me. Even if this were true (it's not... Clinton doesn't actually pass laws, and there was a republican congress), did you fall asleep for the 6 years that Republicans controlled ALL of government? You may remember it was that long period of time between when everything was fine, and everything fell to sh:t. Think hard. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted September 26, 2008 Share Posted September 26, 2008 and i want to live in yours where people who are lazy, stupid, and greedy get bailed out everyday. That's your world, man. I just pay my taxes. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted September 26, 2008 Share Posted September 26, 2008 (edited) That's your world, man. I just pay my taxes. in your world, you just want to crucify one of the parties at fault. in mine, i say let em all burn. the consumers and the bankers. both are at fault. Edited September 26, 2008 by dmarc117 Quote Link to comment Share on other sites More sharing options...
budlitebrad Posted September 26, 2008 Share Posted September 26, 2008 Pretty funny slideshow. Quote Link to comment Share on other sites More sharing options...
wiegie Posted September 26, 2008 Share Posted September 26, 2008 How did the last buy out (savings and loan fiasco) work out? As of December 31, 1999, the thrift crisis had cost taxpayers approximately $124 billion and thethrift industry another $29 billion, for an estimated total loss of approximately $153 billion. http://www.fdic.gov/bank/analytical/bankin...c/brv13n2_2.pdf Quote Link to comment Share on other sites More sharing options...
wiegie Posted September 26, 2008 Share Posted September 26, 2008 Pretty funny slideshow. Az posted that here back in May and it actually does a really good job of explaining what happened. (in fact, I showed it to my money and banking classes a few weeks ago) Quote Link to comment Share on other sites More sharing options...
Grits and Shins Posted September 26, 2008 Share Posted September 26, 2008 Even if this were true (it's not... Clinton doesn't actually pass laws, and there was a republican congress), did you fall asleep for the 6 years that Republicans controlled ALL of government? You may remember it was that long period of time between when everything was fine, and everything fell to sh:t. Think hard. Please note I did not say 'Clinton passed' ... I said 'Clinton administration'. Now your turn to think ... when you lose a penny does it bother you? Probably not. When you lose the 2nd penny does it bother you? Probably not. When it the penny you lose becomes a penny a day ... do you feel it ... probably not. When it becomes 100 pennies a day you might begin to take notice. See if you can extrapolate my meaning. Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted September 27, 2008 Share Posted September 27, 2008 Please note I did not say 'Clinton passed' ... I said 'Clinton administration'. Now your turn to think ... when you lose a penny does it bother you? Probably not. When you lose the 2nd penny does it bother you? Probably not. When it the penny you lose becomes a penny a day ... do you feel it ... probably not. When it becomes 100 pennies a day you might begin to take notice. See if you can extrapolate my meaning. I extrapolate meaning from all your posts, Blitz. Quote Link to comment Share on other sites More sharing options...
Sugar Magnolia Posted September 27, 2008 Share Posted September 27, 2008 (edited) socialism is acoming When capitalism has been taken to the extreme with few regulations maybe it takes some socialistic measures to right the ship. Edited September 27, 2008 by Sugar Magnolia Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted September 27, 2008 Share Posted September 27, 2008 I hope the House republicans hold their ground and force additional debate for alternative solutions. If Bush, Pelosi, Reid and the Senate GOPers are all in favor of this - it should give us all reason to pause. There are economists on both sides of this argument. All we've heard is that "we need to spend $700 billion right now!" I'm sorry, but screw that. We have exactly zero assurances that this will work. The Fed has already floated $400 billion to banks in recent months and that has not freed up lending (supposedly). The vast majority of Americans doubt what they are hearing from Washington and New York and with good reason. Stop being afraid and ask questions. :offsoapbox: Quote Link to comment Share on other sites More sharing options...
Retrograde assault Posted September 27, 2008 Share Posted September 27, 2008 No bailout needed, you conduct bad bidness, you probably need to go outta bidness. Quote Link to comment Share on other sites More sharing options...
muck Posted September 27, 2008 Share Posted September 27, 2008 ...We have exactly zero assurances that this will work. NOTE: We have zero assurances that anything will work. Ever. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted September 27, 2008 Share Posted September 27, 2008 NOTE: We have zero assurances that anything will work. Ever. We should at least have an assurance of the balance of probabilities. I'd like to hear from the firms who will receive this largesse on how they will do their part going forward. Right now all we have is the donor's POV - what about the recipients? What will they do when toxic debt is no longer on the books? Do they have the same amount of clue that they had when buying this crap in the first place or are they totally incompetent and we should just pull the plug on them and lend directly from government? Quote Link to comment Share on other sites More sharing options...
H8tank Posted September 27, 2008 Share Posted September 27, 2008 The dems want to hand them cash. The House Repubs want to sell them insurance to cover the bad debt. Which do you think is better? Quote Link to comment Share on other sites More sharing options...
H8tank Posted September 27, 2008 Share Posted September 27, 2008 Everyone interested in this should watch this video. Quote Link to comment Share on other sites More sharing options...
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