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Current financial crisis
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XSDAD
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PostPosted: September 30, 2008, 1:30 pm    Post subject: Re: Current financial crisis

weekendrider wrote:
XSDAD why would you care about our politics or policies?

Well, every policy you enact affects Canada directly, especially with our Conservative (republican) government. That and the fact that, lets be honnest, we're all in this together.

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weekendrider
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PostPosted: September 30, 2008, 1:31 pm    Post subject: Re: Current financial crisis

Maybe we will decide to do without. Or at least drastically cut back.
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kenb
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PostPosted: September 30, 2008, 1:36 pm    Post subject: Re: Current financial crisis

XSDAD wrote:
weekendrider wrote:
XSDAD why would you care about our politics or policies?

Well, every policy you enact affects Canada directly, especially with our Conservative (republican) government. That and the fact that, lets be honnest, we're all in this together.

To add to that, most business in commodity markets worldwide (oil for example) is conducted in US dollars, although there is growing sentiment for a shift to the Euro in the future. Simply put, American policies will have an effect globally for quite some time, as shown by the current financial crisis on Wall Street.

Ken

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weekendrider
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PostPosted: September 30, 2008, 1:36 pm    Post subject: Re: Current financial crisis

XSDAD wrote:
weekendrider wrote:
XSDAD why would you care about our politics or policies?

Well, every policy you enact affects Canada directly, especially with our Conservative (republican) government. That and the fact that, lets be honnest, we're all in this together.

Exactly the US economy drives the world. Best of luck in your new position.
Are they hiring? Got a spare cot Wink

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xsjohn
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PostPosted: September 30, 2008, 1:37 pm    Post subject: Re: Current financial crisis

"""May have to do without or less"""""

ay have no choice there...........

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XSDAD
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PostPosted: September 30, 2008, 1:46 pm    Post subject: Re: Current financial crisis

Actually, they put a freeze on hiring right after I got in, and this job may well go to China soon too for all I know. Thankfully in Canada our mortgage/housing market is much more regulated so I don't have to worry, as much, about loosing my house... yet. So yeah, cot's availible.
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xsjohn
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PostPosted: September 30, 2008, 1:51 pm    Post subject: Re: Current financial crisis

Regulated.......who pays for the house if you get in a position where you can't.................

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XSDAD
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PostPosted: September 30, 2008, 1:59 pm    Post subject: Re: Current financial crisis

That's why I say not "as much". If both my wife and I lose our jobs, we'll loose the house for sure. But that's part of the market gamble. Same reason I don't think the bailout should happen, it's a risk.

If the interest rates jump, I'll still be able to afford the house at this time because (with this job) because the banks wouldn't let me buy a house I could barely afford. I bought a 590 sq ft house and in time put two additions on it so it's over 1000 now. But affordable.

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xsjohn
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PostPosted: September 30, 2008, 2:23 pm    Post subject: Re: Current financial crisis

Well you are smart and didn't get in over your head.......wish there were more like you here.....

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kenb
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PostPosted: September 30, 2008, 2:24 pm    Post subject: Re: Current financial crisis

xsjohn wrote:
Regulated.......who pays for the house if you get in a position where you can't.................
xsjohn

Under a regulated structure the defaulting owner takes the first financial beating at forclosure, followed by the lender who absorbs any remaining shortfall at a loss, which the firm then then writes off as a business loss resulting in a tax break for the firm for that business year.

The key difference though, is that there are a lot less forclosures in a regulated atmosphere, since unqualified borrowers are denied the mortgage in the first place.

In the present unregulated structure, predatory lenders provided a mortgage to anybody who asked for one, and then booted them out on the street when they defaulted just like they knew they would. Since real estate was climbing at the time, it was no sweat for the lender to flog off the house to another sub-prime borrower and pull off the same scam again, making a fortune in the process.

Then real estate values crashed, leaving the wolves themselves holding the bag instead (ooops!). Under this unregulated framework, the American taxpayer is being asked to pay for the house (millions of them actually), while the CEO's run off with the profits and golden parachutes.

Ken

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xsjohn
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PostPosted: September 30, 2008, 2:38 pm    Post subject: Re: Current financial crisis

Good explaination........."was" a good time to be a CEO......so now the gov't will tellyou if you can buy a house or car..........Hummmmm......are the good times really over for good.......Merle haggard.......snowball headed to hell.............

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XSDAD
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PostPosted: September 30, 2008, 2:40 pm    Post subject: Re: Current financial crisis

xsjohn wrote:
wish there were more like you here.....

xsjohn

No you don't, I'm kind-of a dick.
just kidding.

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xsjohn
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PostPosted: September 30, 2008, 2:41 pm    Post subject: Re: Current financial crisis

The term most frequently for me is "prick"......guess we have something in common.....xsjohn
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weekendrider
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PostPosted: September 30, 2008, 2:50 pm    Post subject: Re: Current financial crisis

xsjohn wrote:
wish there were more like you here.....
xsjohn

XSDAD wrote:

No you don't, I'm kind-of a dick.
just kidding.

Laughing Laughing LMAO.
Most people that give a rip are.

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weekendrider
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PostPosted: September 30, 2008, 3:01 pm    Post subject: Re: Current financial crisis

kenb did you watch the video?
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xsjohn
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PostPosted: September 30, 2008, 3:27 pm    Post subject: Re: Current financial crisis

Maybe in the perfect capitolist-socialist system a person could only have just so much money and not horde over a certian amount.......then there would be more to go around..........

We could call the new amendment.........the Lipstick law....

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XSDAD
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PostPosted: September 30, 2008, 3:40 pm    Post subject: Re: Current financial crisis

The lipstick law... lol
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xackley
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PostPosted: September 30, 2008, 4:06 pm    Post subject: Re: Current financial crisis

The video is pretty funny, now back to reality.
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Barbara
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PostPosted: September 30, 2008, 4:18 pm    Post subject: Re: Current financial crisis

Hi Guys,

Couple of things: no one at any meaningful level of power gives a rip what we think, either way. They will do what they want to do, and I mean both D's and R's.

Secondly, why not (if we could) go whole-hog and just nationalize everything? South American countries do it....why not us? I love the free market, but if we are going to go socialist, let's do it all the way. Nationalize the remaining industry we have and make it stay here, cancel the national debt and immediately end ALL foreign aid.

OK, so it can't happen. That means we will limp along and watch the American dream vanish by degrees over the next few decades. We Americans are great about finding solutions that almost work, when it is way too late.

Personally, I'm a Libertarian, card-carrying. I don't feel that I was born with a right to universal health care. I don't feel that my kids should have to go to government-fed schools and be taught the Party Line by NEA teachers. I believe that if I don't have the money, I don't automatically deserve a new car, or my own home. I bought my home with money I earned through a business I started.

But----having said that, I still kinda like the idea of nationalizing things. Ford. GM. Chrysler. The big banks. The Railroads and airlines. Then telling the Chinese investors to shove their now-worthless stock and options up their corporate (umm....) "South end"! And if they don't like it, we still have the world's biggest supply of nukes.....that should get their attention.

Now I'm really on a rant, so I'll stop. God, but I love my Country! God, but I fear her government!

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PostPosted: September 30, 2008, 4:51 pm    Post subject: Re: Current financial crisis

xackley wrote:
The video is pretty funny, now back to reality.
What part wasn't reality? CRA and it's revision that forces banks to make these loans? The part about Obama suing banks that didn't?
The part where he is first on the lists for campaign contributions from Fannie Mae? By the by poo-poo on Roy Blunt for being third in line.


Barb rant on. But I'd rather go backwards where we are responsible for ourselves. Sure would thin the gene pool. A hard days work makes for a good nights sleep.

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XSDAD
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PostPosted: September 30, 2008, 5:04 pm    Post subject: Re: Current financial crisis

Thing is, as far as having the most nukes go, it doesn't really matter after the first one goes off. The nukes that are out there now are so much more powerful than the ones used in Japan... it's not the amount that counts, it's the insanity of being willing to use it.
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PostPosted: September 30, 2008, 5:28 pm    Post subject: Re: Current financial crisis

weekendrider wrote:
kenb did you watch the video?

I saw the first half until the telephone rang, and realized that somebody was attempting to tug my chain so I never bothered to go back to catch the second reel. Was the second half any better than the first? Many of the comments posted by others suggest that it wasn't.

What I did see was the first half of a well done propaganda film that attempts to lay the blame for the current crisis on an administration that left power 8 years ago. As I mentioned previously, both the House and the Senate have been under Republican control for 12 of the last 14 years and GWB has been the President for the last 8 of them, so I'm not about to accept the notion that the Republicans are innocent bystanders in all of this. If they really had a beef with the mayhem going on in the sub-prime market (which they obviously didn't), they would have put an end to it years ago.

I'll gladly stand corrected if the second half of the video was different from the first half and I missed something important. Did I miss something important? Anyone?

Ken

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PostPosted: September 30, 2008, 6:52 pm    Post subject: Re: Current financial crisis

Barb rant on. But I'd rather go backwards where we are responsible for ourselves. Sure would thin the gene pool. A hard days work makes for a good nights sleep.[/quote]
----------------------------------
Totally agree. I believe in that quaint old thing called the Constitution, but just for fun....can you imagine the look on the faces of so-called World Leaders if we announced tomorrow morning that we had nationalized all foreign firms and investment vehicles, and they were now the property of the United States?

Oh man, just the look of disbelief and shock would be worth it.

But in the real world, we aren't going to throw nukes, and we aren't going to level the playing field, so our jobs will continue to disappear into the gaping maw that is India, and our money will continue to disappear into the gaping bank account that is China.

And the Demopublicans can't fix it. I joined the Libertarian Party years ago when a candidate said he'd "like to take a meat ax to the Fed!"---I stand by that.

eanwhile, in times of stress, I've found that an hour on the bike is better than 100 hours of therapy! Very Happy

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PostPosted: September 30, 2008, 11:03 pm    Post subject: Re: Current financial crisis

The video is a step by step explaination of what occured. As far as "who struck John and when" is moot considering the implications of this abomination. To watch ANY of the culprits pointing fingers and trying to soft soap US into relinquishing TOTAL control of the financial institutions to the federal government is the biggest crime to liberty since FDR.
The video is propaganda if you don't believe it......and what vested interest do other countries have in our liberty, or loss of, to argue the validity? Does misery love company? Straighten out your own back yard before you start complaining of ours.
Remember,"those that would give up their liberty for security deserve neither."
NO BAILOUT!!For wallstreet or the complicit politicos.
ps
eat axe to the federal reserve sounds good.


Sorry for the rant.
After sleeping on it, it comes down to immoral lawyers.

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