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Originally posted by Leto
Originally posted by Erasurehead
This is how it all started. So who is to blame for this mess?
[edit on 2/19/2009 by Erasurehead]
Who was President for the last 8 years? Bush. When did millions of Americans start losing their homes? During Bush's 8 years. How did Bill Clinton get into this conversation? Beats me, you Republicans are so weird.
Originally posted by jtma508
Once again people are blaming the subprime, Fannie Mae, CRA situation for the crisis. Although they are a part, they are a VERY small part. The problem orginated on Wall Street and the investment banks when they went hog wild selling severely over-leveraged, unregulated investment products based on mortgages. And no one was bothering to provide oversight. They were just letting Wall Street do whatever they wanted. And then, when Wall Street got over their heads the government came in and bailed them out. Over and over again.
Why didn't THEY live within their means? Johnny says consumers, on average, were over-spending by 25% (I find that dubious) but just the same, Wall Street was over-spending by hundreds-fold. They didn't have a fraction of what they needed to back the securities they were selling.
So this is the pot calling the kettle black.
Absolutely wrong. There is no scheme to make people poor. There is simply a growing base of unproductive individuals, who have not dedicated their lives to worthwhile pursuits (those which ultimately feed people or improve their quality of lives) and instead commit their time to watching the latest movies, adorning the latest trends and consuming and purchasing everything they see. This is simply an effect of a large population.
Originally posted by marg6043
reply to post by johnny2127
Just one question, does anybody have any clips of where was CNBC While the Bush administration and congress were robbing the tax payer to pay for the wealthy elite banking system/
Were is the outrage on that one, it seems that We the people were also very upset about a bill that didn't do a darn thing for US the people but the media including CNBC had their heads so up the butts of corporate America to even care.
They need to shut up and go to hell.
Originally posted by jtma508
Like phushion said. This isn't about bailing out people who bought houses they can't afford. The ENTIRE subprime mess (that some neanderthals believe is the cause of this whole mess) totals around $75B. That's it. Nothing to sneeze at to be sure but not even a pimple on the butt of the Wall Street bailout.
Lots of people who have owned their homes for a long while have been laid-off, their investments have shrunk to nothing, their home equity credit lines have been frozen and they are at-risk of losing their homes. This CNBC bloated buffoon wants to cry 'moral hazzard' because now these folks can't sell and will lose their homes? They should have 'known' 10yrs ago when they bought it that the entire economy would melt down? What a crock of dog soft-serve.
How about the government did nothing and Morgan Stanley, Goldman Sachs, Lehman, AIG and all the others just defaulted and went belly-up? Hundreds-of-billions in credit default swaps are just allowed to default. That video would be a solid black square. None of those a'holes would even be there to make their 'let-them-eat-cake' comments.
You have it wrong. There is not enough productive jobs because of technology and outsourcing. Increased efficency should have resulted in people making more money working less hours. Instead it has meant less jobs and an economy where a good majority of people are suppose to make it by selling things to people that do not need them. Unfortunately no one can afford those things anymore, so people lose more jobs and it just continues to snowball from there.
... "Therefore the kingdom of heaven may be compared to a king who wished to settle accounts with his servants.
When he began the reckoning, one was brought to him who owed him ten thousand talents;
and as he could not pay, his lord ordered him to be sold, with his wife and children and all that he had, and payment to be made.
So the servant fell on his knees, imploring him, 'Lord, have patience with me, and I will pay you everything.'
And out of pity for him the lord of that servant released him and forgave him the debt.
But that same servant, as he went out, came upon one of his fellow servants who owed him a hundred denarii; and seizing him by the throat he said, 'Pay what you owe.'
So his fellow servant fell down and besought him, 'Have patience with me, and I will pay you.'
He refused and went and put him in prison till he should pay the debt.
When his fellow servants saw what had taken place, they were greatly distressed, and they went and reported to their lord all that had taken place.
Then his lord summoned him and said to him, 'You wicked servant! I forgave you all that debt because you besought me;
and should not you have had mercy on your fellow servant, as I had mercy on you?'
And in anger his lord delivered him to the jailers, till he should pay all his debt.