Current financial crisis

XSDAD · Full Member Joined: Sep 03, 2008 Posts: 176

I think we can all agree Nafta was rediculous. But it's not responsible, at least not the worst contributor, to the sub-prime mortgage crisis. Predatory lending to people who couldn't afford housing is what's caused it, and that's due to deregulation of the financial industry. In my opinion.

yamaman · Posted: September 30, 2008, 11:39 am Post subject: Re: Current financial crisis

So Clintons ditherings, as well as his cigar habit, 16/18 years ago caused all these fat cat companys to become so huge they ate themselves?

Just because a law says you can do something, doesn't mean you have to!
These greedy companies put themselves in the firing line, now someones pulling the trigger and they are crying foul! Pussies!!!!
I bet all the directors ect in these massive companies will survive it all with their billions intact, so long as the people least able to afford it keep paying for the grubs it will all be ok!

Retiredgentleman · Posted: September 30, 2008, 11:42 am Post subject: Re: Current financial crisis

A case of regulators not doing their job, asleep at the switch. Bank CEO's that have their stock options tied to how much money the bank lends out. Greed, and then more greed!

xsjohn · Last edited by xsjohn on September 30, 2008, 11:56 am; edited 1 time in total

The problems are endless .........and more to come around the next corner I bet..............but socialism is not the answer......then we will forever be in their grip......if not real close already .......when they can de-value granny's money and mine too at the drop of a hat or at their whim or mistake we are already screwed.......

It was probably the rich taking their money out of the market prior to the crash that probably exacerbated the first depression.......what's different this time is they want to take money dirrectly out of our pockets.....smart bunch aren't they...

xsjohn

kenb · Posted: September 30, 2008, 11:55 am Post subject: Re: Current financial crisis

Repectfully, it's a bit of a stretch to blame an administration that's been out of power for 8 years for this current crisis. The Republicans have controlled both the house and the senate for 12 of the last 14 years, so the Democrats haven't been calling the shots on much of anything since GWB took power in 2000. Whatever's been going on in the meantime to allow this crisis to evolve has been just fine and dandy with the current administration.
It looks like it's gonna be a long haul to get over this, I hope it doesn't turn out as bad as some are predicting.

XSDAD · Full Member Joined: Sep 03, 2008 Posts: 176

And giving money to the top of the companies will only make it worst. It's the tricle down theory that doesn't work. McCain beleives in the tricle down, Obama in the bottom-up. Personally, I think bottom-up is right. Give the money to the "peasants" and they will spend it, upwards. Give it to the big wigs, and they will keep it.

xsjohn · Posted: September 30, 2008, 12:00 pm Post subject: Re: Current financial crisis

""""can see Russia from my back yard"""" I can see socialism from my front yard.........

You mentioned the big wigs......they are already rich and I would bet their fortunes are stored in Swiss banks........no trail either.....thats where Hitler stored his and the Swiss were left alone for the most part.............

xsjohn

weekendrider · Posted: September 30, 2008, 12:05 pm Post subject: Re: Current financial crisis

Clinton also pushed for the revisions to the Community Reinvestment Act which required banks to make loans to people who couldn't afford them or pay penalties to the goverment. Obama as a lawyer sued banks who didn't want to make these loans. The bail out is for Fannie Mae and Freddie Mac.
Not the banks. Who is going to own these properties in the end? The banks? No the government through Fannie Mae and Freddie Mac. I'd like to see the law (CRA) repealed as part of the bailout.
I'd also like to see affirmative action and fair housing act repealed though. If your going to make a wish might as well make a big one.
I see part of the problem as being, we can't be discretionary.
Adjective: discretionary (1)Having or using the ability to act or decide according to your own discretion or judgment.
Noun: discretion (1) Freedom to act or judge on one's own (4) The power of making free choices unconstrained by external agencies. The synonym of #4 is Free Will.

yamaman · Posted: September 30, 2008, 12:13 pm Post subject: Re: Current financial crisis

Might be better off red than dead!
If the US economy heads on down where its pointing and the Chinese keeps heading North it wont be long till GMC means General Motors China,
Wal Mart becomes Wong Mart, Microsoft becomes My Chop Shop ect ect

xsjohn · Posted: September 30, 2008, 12:17 pm Post subject: Re: Current financial crisis

Exactly........and can you imagine when all the poor bastards including myself demand a free MRI at tax payers expense........

xsjohn

XSDAD · Full Member Joined: Sep 03, 2008 Posts: 176

xsjohn, I don't think we're disagreeing on too many points, other than best candidate. Obviously socialism is a bad word in your books, in mine, it has it's merrits in some cases... like healthcare. Though socialism can be defined, and vilified, in many ways. I'd like to hear what your personal definition, and objection, to socialism would be.

I think it's just the new buzz work, like Communism was in the 50's, to turn people against their own.

weekendrider · Posted: September 30, 2008, 12:28 pm Post subject: Re: Current financial crisis

The US economy drives the worlds. China is only where they are at because we choose to purchase their CHEAPER products. We are the ones that funded the growth in China and India to create a middleclass that competes for the world's energy supply that raises prices for the gas at your local outlet. The problem is in my mirror.

Obama wants us ALL on the bottom believing we need to rely in the governments benevolence to save us.

Again the banks won't own the properties the government will.

weekendrider · Posted: September 30, 2008, 12:32 pm Post subject: Re: Current financial crisis

XSDAD if you care to see a case of socialised health institution visit your local nursing home. It's a real time experience in how government funded health care works.

xsjohn · Posted: September 30, 2008, 12:35 pm Post subject: Re: Current financial crisis

I am not real happy with the choices either and anyone can vote for OBAMA that wants too.....go ahead......just remember......you have been warned.........more gov't will truly suck....and the next financial crisus if we are given that chance may not be repairable when everyone is sucking off the same tit..........like a bunch of blind ass puppies..............

xsjohn

XSDAD · Full Member Joined: Sep 03, 2008 Posts: 176

weekendrider, I'm a Canadian, with a strong interest in US politics. I don't vote in US elections. But being in Canada I see first hand what universal healthcare is, and can be. Not perfect by any means... but I prefer it to pay-per-use. Keep i mind, neither candidate in your election is supporting national healthcare, I was using healthcare as an example of an aspect to socialism that is, in my books, good... if you want to consider it socialism.

yamaman · Posted: September 30, 2008, 12:49 pm Post subject: Re: Current financial crisis

weekendrider wrote:

The US economy drives the worlds. China is only where they are at because we choose to purchase their CHEAPER products.

Now your hooked on it, you cant afford not to choose it!
In Aus, a tube of Chinese toothpaste is around $3.50, Aussie stuff is $8.50.
A Sony TV is $2500, a Soooony TV is closer to $250.
The more Chinese stuff we buy, the dearer everything else becomes; till there's no local stuff left! The less Chinese stuff we buy, the less items we get in our baskets!

xsjohn · Posted: September 30, 2008, 12:58 pm Post subject: Re: Current financial crisis

Chinese are building auto plants in Mexico as we speak......and plan to use nafta as the highway to here......they will be cheap and possibly even decent........not to fear though we can always bail out Detroit.......or maybe we can just help them pay to move the rest of their plants to Mexico.......

xsjohn

kenb · Posted: September 30, 2008, 1:01 pm Post subject: Re: Current financial crisis

yamaman wrote:

In Aus, a tube of Chinese toothpaste is around $3.50, Aussie stuff is $8.50.

Heh, it's pretty tough to compete with a country that gets away with adding melamine and antifreeze to it's products! No western country would tolerate that from it's producers for a second, but China gets excused again and again because they will work for nothing.

Ken

XSDAD · Full Member Joined: Sep 03, 2008 Posts: 176

I know I lost my last job due to the company sending it's plants to India... paying their workers 2$/hr. At most. Until everyone commits to buying local as much as possible, it's gonna keep going that way until WE are the cheap labour.

xsjohn · Posted: September 30, 2008, 1:08 pm Post subject: Re: Current financial crisis

Not easy to forget that every gallon we buy and every Chinese thing we buy just buys them another bullet or missle they plan to shove up our tails.......and maybe for sure our childrens...........

xsjohn

weekendrider · Posted: September 30, 2008, 1:11 pm Post subject: Re: Current financial crisis

XSDAD why would you care about our politics or policies?

weekendrider · Posted: September 30, 2008, 1:14 pm Post subject: Re: Current financial crisis

yamaman wrote:

weekendrider wrote:

The US economy drives the worlds. China is only where they are at because we choose to purchase their CHEAPER products.

A tube of Chinese toothpaste is around $3.50,

Is this the stuff with melomine. You know the kind that kills you?

weekendrider · Posted: September 30, 2008, 1:20 pm Post subject: Re: Current financial crisis

kenb, Isn't the truth. An American company would have been bankrupt over the pet food thing. You can't sue the Chinese. And if you could would you get paid? You can't trust them to give you what you pay for now.

XSDAD your in good company. Laid off Mar. 13. No hope for a recall as there have been two more layoffs since.

kenb · Posted: September 30, 2008, 1:22 pm Post subject: Re: Current financial crisis

weekendrider wrote:

Is this the stuff with melomine. You know the kind that kills you?

No, it was an antifreeze ingredient in the toothpaste, the melamine was added to the milk they were feeding to their kids, and it was lead in the paint on the toys they sell us to give to our kids.
It's pretty sick when we have to clarify which contaminant is in which product they are sending over here isn't it!

Ken

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