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Thread: US Financial Crisis

  1. #1

    Unhappy US Financial Crisis

    It does not look good for the US economy or for the various troubled financial institutions:

    http://www.canada.com/montrealgazett...4-db23f47e9ca5

    Washington Mutual just went down. Earlier this week Warren Buffett stepped up for GoldmanSachs:

    http://www.canada.com/montrealgazett...f-295092b7f95b

    Which financial institution is next?

    This financial crisis presents an interesting dilemma for the voters in the upcoming presidential election and the various other elections being held in the USA at the same time.

    Does the voter side with those who contributed to the mess or does the voter cast their lot with those who may not have the experience to resolve the mess?

    Interesting.
    LISA'S FRIEND

  2. #2
    Quote Originally Posted by eastender
    It does not look good for the US economy or for the various troubled financial institutions:

    http://www.canada.com/montrealgazett...4-db23f47e9ca5

    Washington Mutual just went down. Earlier this week Warren Buffett stepped up for GoldmanSachs:

    http://www.canada.com/montrealgazett...f-295092b7f95b

    Which financial institution is next?

    This financial crisis presents an interesting dilemma for the voters in the upcoming presidential election and the various other elections being held in the USA at the same time.

    Does the voter side with those who contributed to the mess or does the voter cast their lot with those who may not have the experience to resolve the mess?

    Interesting.
    Not much thought is needed... Can you trust the judgement of someone that would pick Palin as a running mate. I would go as far as to say it is insulting to the American people
    Good God Palin thinks that being able to see Russia from Alaska gives her forgein affairs experience. How much more out of touch can you be

  3. #3
    Lets talk about the root cause. This kind of crisis has been brewing for 30 years. It all started with community organizers like BO. Of course, Wall Street greed cannot be overlooked. The Clinton machine ratcheted up this mess along with Barney Frank. Those two worked harder than anyone else to make sure banks gave loans to those that could not afford them. How many on the right were for those kind of loans? This is the chickens coming home to roost for liberal stupidity.

  4. #4
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    Quote Originally Posted by beautydigger
    The Clinton machine ratcheted up this mess along with Barney Frank. Those two worked harder than anyone else to make sure banks gave loans to those that could not afford them.
    I love it when the rednecks on the right constantly blame Clinton for everything when things start going south. Wouldn't surprise me if they're also blaming Clinton for the hostilities between the Sunnis & Shiites. It never ends....

  5. #5
    Quote Originally Posted by beautydigger
    Lets talk about the root cause. This kind of crisis has been brewing for 30 years. It all started with community organizers like BO.
    This ranks up there as one of the most ridiculous statements ever uttered. It's so divorced from reality that it's almost funny.

    Since when have community organizers controlled America's economic policy?

    Do you really believe the garbage you write, or are you just trying to get a rise from people?

    If what you say is true, and Clinton "ratcheted up this mess" then please point out ONE SINGLE thing that George W Bush did to improve the situation. It's not like he inherited a financial meltdown (like Obama will). When he came in, it was on the heels of several years of record growth and budget surpluses. He had TWO TERMS to do anything to avoid this. What did he do? Other than make the rest of the world hate america, drive jobs overseas, devalue the dollar, and line his own pockets...

    Beautydigger --- Can I hear you say you love George W Bush. Please just say it... You love him and wish he would stay another 8 years. Which would probably be enough time for him to bring the USA back to the stone age.

    BD

  6. #6
    Quote Originally Posted by Ben Dover
    This ranks up there as one of the most ridiculous statements ever uttered. It's so divorced from reality that it's almost funny
    Your lack of awareness is what is funny.
    You may want to ignore the facts, but there is evidence of ol’ marble-mouth himself(Every time I see Barney Frank I can’t help but wonder what was the last thing he had in his mouth) telling Alan Greenspan that he was full of it when he warned of dire financial consequences if Fannie Mae and Freddie Mac were not reined in. Throw in numerous appeals by President Bush and John McCain to fix the system, lest we have a mortgage meltdown, and when the smoke from this week’s Wall Street rescue mission clears, we can look back and point directly at Barney Frank and his Senate counterpart, Chris Dodd, as the culprits in this mess.

  7. #7
    I am me, too!
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    BD, loans are not usually for 30 years. Even then, for a house, the house value should go UP, not down so, the $40,000 loan 20 years ago on a $60,000 house should now be on a $100,000 house. That should allow banks to make a profit by repossessing the house but, since the market value didn't increase, or even went down, banks are now loosing money. Peoples have been layed-off because of the ruined economy and can't their mortgage and banks are stuck with worthless properties. That's where the problem is, not with peoples who couldn't afford these houses in the first place.

    Now how did the economy got ruined? Could it be by the astronomical amount of money spent on stupid wars? Could it be because of the ridiculously high salaries the big shots of these now-falling banks were giving themself? Could it be because some high political instances are doing all they can so their friends and business associates make as much money as possible? Did anybody said legalized corruption?

  8. #8
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    Bad Business Decisions and Fraud

    I am dealing with fallout from the subprime lending crisis on an everyday basis at work. I can't even begin to tell you how many foreclosure cases I have seen where a loan was given to a homeowner who defaulted from day one and never should have been lent the money. The reasons why these loans were made is pure and simple, greed and fraud. The loans end up being made a a result of a network of mortgage brokers and attorneys who make money doing closings. In Connecticut, our Attorney General has responded by going after some of the major culprits with lawsuits and fines. Criminal charges may also be pending. I have seen a number of loans where the homeowner's assets or income were grossly overstated, with knowledge of the attorneys and mortgage brokers involved. The lenders are private businesses and nobody is telling them who they should or should not lend to, but they are and have been guilty of gross negligence in extending credit and now they are paying the price.

    I don't think there is much of a political component to the subprime lending crisis except it can be argued that there is lack of regulation in the lending industry, which is undoubtedly going to change as a result of this mess.

    BD, quite frankly, as an independent, I would hold Republicans more responsible than Democrats for this mess due to the lack of critical regulation in the lending industry, although I believe the lenders themselves, and the "greed network" of mortgage brokers and attorneys collecting commissions and fees on closings that should not have happened, are most to blame. I also hold some of the borrowers responsible as a lot of these people, if they could balance a checkbook, could and should have seen that they were not going to be able to pay their mortgage. But we have an attitude in this country that everyone can live like a King, even while working at Burger King, and it does not work that way.

  9. #9
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    Quote Originally Posted by mass1965
    Can you trust the judgement of someone that would pick Palin as a running mate. I would go as far as to say it is insulting to the American people.
    Like everyone the 1st day or so, I thought the VP pick of Palin was "interesting". After learning about her, I was shocked. I would pee myself laughing at this choice if it weren't so serious. My decision was 90% Obama,10% McCain at the time, so it wasn't likely McCain was going to get my vote, but Jeezus this is ridiculous.

    On a related note showing the economy is definitely slowing, it looks like the brothels in Nevada are starting to lower prices. One place is advertising 2 hours for $450.00. Although thats a sale price, and its at a brothel out in the middle of nowhere. But its a start.
    Last edited by zeero; 09-26-2008 at 12:05 PM.

  10. #10
    Quote Originally Posted by EagerBeaver
    I don't think there is much of a political component to the subprime lending crisis except it can be argued that there is lack of regulation in the lending industry, which is undoubtedly going to change as a result of this mess.
    O.K. We’ll see if the banks are still going to be forced to give loans to single moms, minorities, and illegals after the bailout.

  11. #11
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    Quote Originally Posted by beautydigger
    O.K. We’ll see if the banks are still going to be forced to give loans to single moms, minorities, and illegals after the bailout.
    What you just posted sounds very sexist & racist. What exactly is wrong with being a single mother? Why shouldn't minorities be allowed to be loaned money?

  12. #12
    Quote Originally Posted by Doc Holliday
    What you just posted sounds very sexist & racist. What exactly is wrong with being a single mother? Why shouldn't minorities be allowed to be loaned money?
    The problem will never be solved with PC minds like yours, which got us into this mess in the first place.

    And c'on Doc, weren't you just recently accused of being a racist. Is this an attempt to right yourself.
    Last edited by beautydigger; 09-26-2008 at 12:22 PM.

  13. #13

    Angry

    Quote Originally Posted by beautydigger
    O.K. We’ll see if the banks are still going to be forced to give loans to single moms, minorities, and illegals after the bailout.
    Ouch that is an horrible comment.

    Single moms : Uh sorry... Not every single mothers out there are on welfare and unable to pay their loans!

    Minorities : I know Indians, Chinese people and Blacks who are Doctors, Lawyers, Pharmacists.

    Illegals : ?? With all the background check each bank does before they land money, do you really believe they will land money to illegals?
    "It's a God-given talent. It was meant to be shared with the public." (Moustache, Irma La Douce, 1963)

    www.lillyofmontreal.com

  14. #14
    Quote Originally Posted by Lilly Lombard
    Single moms : Uh sorry... Not every single mothers out there are on welfare and unable to pay their loans!
    I know, if only more of them could be SP's.

  15. #15
    Quote Originally Posted by Ben Dover
    If what you say is true, and Clinton "ratcheted up this mess" then please point out ONE SINGLE thing that George W Bush did to improve the situation.
    The democraps control congress, and Bush is in favor of this bailout- WHY DO THEY NEED REPUBLICANS? For years they have been complaining about how McCain votes with Bush- Now THEY ARE VOTING WITH BUSH.

    You see I answer your questions even when you will not answer mine.

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