Orm
Posts: 22154
Joined: 5/3/2008 From: Sweden Status: offline
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quote:
ORIGINAL: warspite1 quote:
ORIGINAL: Jim D Burns quote:
ORIGINAL: Vincenzo Beretta Whereas Bear Stearns, Freddie Mse & Fannie Mac, AIG, Lehman Brothers and all those "100% Capitalist!" companies who striped the young Americans of their future (and sometimes were saved by the taxpayers money - you know, that kind of approach that is deemed "Socialist!" when proposed to cure people, but not when AIG faces the dire consequence of their mismanagement) are a symptom of... what? Really, I'm not being political here. I'm simply amazed by people who scream pre-cooked "values" while being screwed behind their back over, and over, and over, and over, and over on the very same values. I hate to pop your bubble, but the whole housing mess that caused all the trouble we are living through today is the fault of the progressive politicians who forced through bills mandating loans be given to folks unable to pay back or secure those same loans with any collateral, not Wall Street. Wall Street is guilty of greed sure, they piled on in a rush to make their billions, but the core cause of the disaster did not grow out of capitalism, it was due to a socialist agenda and the ideology of social justice at any price. It was probably too late when the Bush administration finally made an effort to regulate things at Fannie and Freddie, but by then Frank and Dodd were in total control and they blocked all attempts to fix the problem. Everything that happened after that is a symptom of their failed social justice agenda. The fact Wall Street used their massive political influence for bailouts and basically looted the coffers of the American public is a crime sure, I too want people in jail. But their power and influence is so vast and the political system here so corrupt, it would take someone of considerable fortitude to ever do anything about it. And I haven’t seen a political leader like that in decades, so don’t hold your breath. Jim Warspite1 Jim D Burns, imo it is a little more complicated than that. If you are a politician its easy to bash the bankers if your a banker its easy to blame the politicians. Fact is, we were ALL to blame - and while there were loads of individual reasons (and a lot of good people got burned), greed was chief amongst them. Regardless of what what the politicians decided to do, it still took a long chain of events to get where we got to: - the homowner (or prospective homeowner) deciding to take out a mortgage/re-mortgage they knew they couldn't afford - the broker, knowing the client couldn't afford it but wanted his commission, so turned a blind eye - the valuer knowing he only gets to stay on the mortgage company's books if he provides "friendly" valuations - the mortgage company that needs to increase volume massively because competition is squeezing his margins to the bone - the bankers allowing looser terms to the mortgage companies so they get the chance to securitise the company's product - the rating agencies getting paid by the client so not wanting to rock the boat - the investors placing too much reliance on the agencies rather than actually doing their own diligence - the hedge funds buying ever more sub investment grade bonds and taking more risk because margins were being squeezed - the regulators having no idea what the hell was going on, and not having the balls and/or the inclination to dig too deep - the government not wanting to rock the boat because there is an election coming up Ywp, we are all to blame. Yes, but some profit from this and others do not. I do however miss what this have to do with flag burning. I find it disrespectful to burn the flag. It may be that in allowing the flag to be burned US shows its greatness. But I do know that I do not listen to people who burn flags. In Sweden it is considered disorderly conduct to burn the flag.
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Have a bit more patience with newbies. Of course some of them act dumb -- they're often students, for heaven's sake. - Terry Pratchett
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