Who caused the current US economic crisis and how?

[gLing]

[youtube]LY5xRTEIudg[youtube]

 

[Tim]

This video has a shitload of inaccuracies in it... I would love to see something put together where it gives good information and not partisan bullshit as this one does.

 

[IntruderLS1]

My Word: 9/19 on Fox News <--Link To Video

 

[BadBoy@TheWheel]

It's a myriad of problems, middle class over-leveraging themselves, banks allowing it, hell it brings the whole way the system operates into question.

Essentially the entire system we live under is based on the banks ability to recieve and hand out money, take that away and the system deteriorates a little at a time.

Just whirling out a check for 700 billion isn't going to make it just go away either, I think we are going to have to take a serious look at the way we do business.

What I don't want is the government given free reign over that amount of money, fisrt I want to see Dubya push the FDIC to raise the protection limit to more than 100,000.

That should at least give some confidence to banks, maybe there's a better solution(s) than just throwing money at it.

 

[Tim]

My Word: 9/19 on Fox News <--Link To Video

And I repeat myself... I wish there was good information on this whole mess... If it's the Dems, so be it. But these partisan bullcrap videos really don't get down to the nitty gritty, they just play the blame game. And I for one don't want to hear it from either side right now.
This video lost all credibility when they felt the need to throw in the "Raines" connection once again when it was easily fact checked away when it was first brought up. It's more of the same old repeat the lies until the idiots believe.

Facts, that's all I want. Not Democratic or Republican bullshit.

 

[Wookiegirl]

i can't watch the video because my work firewall blocks it but i was discussing this with mr. wookie last night.

i remember reading a few years ago, maybe 2 or 3, where banks where giving homeowners these 'interest only' loans. basically the buyer would pay the interest only on the loan for a period of time. then the loan would 'balloon' when the principal was added after that initial period. the selling point was that it allowed people to get more house than they could really afford or get into a house period. so we have people out there with hundreds of thousands of dollars in loans and NO equity. nice.

but it's everyone's fault. big banking for creating stupid loans like this and having no regulations on who they qualified. our government for letting our dollar become as valuable as a roll of toilet paper. consumers for getting themselves in over their head and allowing these industries to talk us into extending ourselves beyond our means.

i'm just sayin

:willy_nilly:

 

[BadBoy@TheWheel]

i can't watch the video because my work firewall blocks it but i was discussing this with mr. wookie last night.

i remember reading a few years ago, maybe 2 or 3, where banks where giving homeowners these 'interest only' loans. basically the buyer would pay the interest only on the loan for a period of time. then the loan would 'balloon' when the principal was added after that initial period. the selling point was that it allowed people to get more house than they could really afford or get into a house period. so we have people out there with hundreds of thousands of dollars in loans and NO equity. nice.

but it's everyone's fault. big banking for creating stupid loans like this and having no regulations on who they qualified. our government for letting our dollar become as valuable as a roll of toilet paper. consumers for getting themselves in over their head and allowing these industries to talk us into extending ourselves beyond our means.

i'm just sayin

:willy_nilly:

It's really like your house being on fire, I guess you can point fingers, or put water on it.

There's a lot of issues, and there appears to be many that just want to make it partisan politics, both in washington and main st.

It's frustrating, because we're not talking about a couple of businesses shutting down, this can have long lasting implications, far beyond what anyone can imagine, in the last couple of days I have heard some well educated economists in my own company say this is far more complicated, and far more serious than anything ever recorded, and is not going to be a linear solution.

 

[Wookiegirl]

It's really like your house being on fire, I guess you can point fingers, or put water on it.

There's a lot of issues, and there appears to be many that just want to make it partisan politics, both in washington and main st.

It's frustrating, because we're not talking about a couple of businesses shutting down, this can have long lasting implications, far beyond what anyone can imagine, in the last couple of days I have heard some well educated economists in my own company say this is far more complicated, and far more serious than anything ever recorded, and is not going to be a linear solution.

if i ruled the world
i'd take that 700 billion bail out and divide it by 50
give it to the states
to rebuild their infrastructure and create new business

but i don't so i will rule my own day

 

[BadBoy@TheWheel]

if i ruled the world
i'd take that 700 billion bail out and divide it by 50
give it to the states
to rebuild their infrastructure and create new business

but i don't so i will rule my own day

To hell with that, take money from taxpayers, and give it to the states?

Why the hell should I be concerned with Arizona? California? that's the issue that pisses me off, you're going to take more money from my great grandchildrens pocket, to pay for irresponsibility of some folks.

And give control of that money to government of any kind, is no longer free trade or capitalism, it becomes a socialist economy:thumbdown


Next

 

[333halfabeast]

Imagine the stimulus in the economy if they were to divide that money and give it every citizen in the country that has a social security number.

 

[BadBoy@TheWheel]

Imagine the stimulus in the economy if they were to divide that money and give it every citizen in the country that has a social security number.

The people who essentially have the problem we are talking about would spend it on Coach bags and big screens and be broke in a week.

I say you live by the sword, you die by it, power and greed is what sank this ship, let 'em all drown and whoever comes out the other side still alive, gets help.

Fuck the rest of them. It sounds cold and callous, but you cannot have an economy like ours, and give any part of government control over the money you have, borrow or lend.

e.g. There was an addendum 109a in that "rescue bill" which would allow the government to alter the principle on your mortgage, or alter your FIXED MORTGAGE INTEREST RATE to recoup monies from the expense of the bill, essentially you would be paying more money for a home you can afford hopefully to cover the bets of someone who probably didn't deserve the home they have.:thumbdown

That's why you cannot give that control over to Washington

 

[Wookiegirl]

To hell with that, take money from taxpayers, and give it to the states?

Why the hell should I be concerned with Arizona? California? that's the issue that pisses me off, you're going to take more money from my great grandchildrens pocket, to pay for irresponsibility of some folks.

And give control of that money to government of any kind, is no longer free trade or capitalism, it becomes a socialist economy:thumbdown


Next

you're right
but i'd rather see that than see taxpayer money go to the very businesses that put us here
i'm all for not having taxpayers pay for this
i just don't know what that answer is.

Imagine the stimulus in the economy if they were to divide that money and give it every citizen in the country that has a social security number.

that wouldn't fly either though cuz tons of illegals have social security numbers

both of these scenarios, would make us a socialist nation

 

[333halfabeast]

Well, that is why I am not in politics, I am too much of a liberal hippie, I'd want to give as much as possible to the poor.

 

[Wookiegirl]

Well, that is why I am not in politics, I am too much of a liberal hippie, I'd want to give as much as possible to the poor.

freakin liberals

i'm all about taking care of our own
but what ever happened to the real american dream of working hard and being rewarded for it?
i shouldn't have to work hard so someone else can benefit from it.

 

[Tim]

... fisrt I want to see Dubya push the FDIC to raise the protection limit to more than 100,000.

That should at least give some confidence to banks, maybe there's a better solution(s) than just throwing money at it.

“The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government."

“While that guarantee is more than adequate for most families, it is insufficient for many small businesses that maintain bank accounts to meet their payroll, buy their supplies, and invest in expanding and creating jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation."

“That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package – a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system."

“I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan,” said Barack Obama.

He's already on it. This was yesterday

 

[333halfabeast]

freakin liberals

i'm all about taking care of our own
but what ever happened to the real american dream of working hard and being rewarded for it?
i shouldn't have to work hard so someone else can benefit from it.

I can understand your viewpoint, but I think that I am more of the opinion that I work hard to get further than someone that isn't as fortunate and it is my civic duty to help them through their tough times. I believe that charity is good for the soul and while some abuse that charity, others (probably more) truly appreciate it.

 

[Wookiegirl]

I can understand your viewpoint, but I think that I am more of the opinion that I work hard to get further than someone that isn't as fortunate and it is my civic duty to help them through their tough times. I believe that charity is good for the soul and while some abuse that charity, others (probably more) truly appreciate it.

i agree with that to a point. i think at least half the people receiving welfar don't appreciate it. my mom was on welfare for a few years after my parents divorced. but she got off of it within 5 years and we were fine and never went back. i'm not for serial welfare cases. that's not what it's designed for and not what it should be used for.

 

[BlackCherry]

It was me, actually...sorry...I really shit the bed on that one. :surrender

:sarcasm

 

[333halfabeast]

i agree with that to a point. i think at least half the people receiving welfar don't appreciate it. my mom was on welfare for a few years after my parents divorced. but she got off of it within 5 years and we were fine and never went back. i'm not for serial welfare cases. that's not what it's designed for and not what it should be used for.

I agree, we need welfare reform, but I really support the very idea of how it helps so many people in need.

 

[Tim]

[vbtube]C4egXbhSOhk[/vbtube]