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Just things I wonder about ... and some people are nice enough to answer. You are welcome to answer, too ... just click on "Comments" and off you go! IF you don't want to be Anonymous, use the Name/URL option and just put in your name ... no URL required .... Starting Jan 28th, 2009, I am using questions from "Table Topics: Right or Wrong?"
8 comments:
Not only NO, but HELL NO!
We live in a capitalist country, not a socialist one.
The solution to the problem may need to follow the example of Chile in 1982-1983. They solved an even worse problem (in relative terms) without nationalizing the banking system - which is what the current bail out plan is really all about. If you want to read a good synopsis of what Chile did, check this article out:
Tom
Not only NO, but HELL NO!
We live in a capitalist country, not a socialist one.
The solution to the problem may need to follow the example of Chile in 1982-1983. They solved an even worse problem (in relative terms) without nationalizing the banking system - which is what the current bail out plan is really all about. If you want to read a good synopsis of what Chile did, check this article out:
http://online.wsj.com/article/SB122265260912184329.html"
Tom
I don't pretend to know enough to judge.. However.. I think nobody does.
The finger pointing is absurd since there were all kinds of people involved, from the poorest to the richest.
How can anyone know?
Personally, I don't know if I would have been one of those sub prime people if I wasn't with Allen. I was poor.
He knows what he's doing when it comes to signing and understanding documents.
There were plenty of rich people using the law to get these loans to buy flips .. some of them got caught with 5 or more houses on their hands.. I just cannot blame the poor people for this.
I would like to see everyone change their attitude and move into some kind off mode of THANK GOD THEY ARE THERE..THE DECIDERS. I sure can't decide. La
Yes - due to lack of government oversight and laxing or eliminating the rules that placed safeguards in place regarding home mortages. The Governement allowed this mess.
What is legal is not necessarily moral. The Governemnt is responsible for allowing schiesters to give mortages to those that can't afford them, or are not American Citizens.
Then the fly-by-night mortage companies sold their very high risk mortages to the big banks, and the big banks sold them as investment instruments. I read where these institutions bought say 40 Billion dollors worth of credit swap default (CSD) insurance for 2 Million dollars, yeah right, try to call in that policy. The assets were not there to back up the CSD insurance. Just like 10% on the dollar back in 1929, but worse. Very much like the Michael Milken Junk bond scheme.
You see, the Government NEVER learns their lesson. This time they should bail our economy out and finally learn their lesson.
Then to eliminate this from ever happening again, go find the perpetrators, and where the facts are incontrivertible, prosecute and then execute the perps against a wall on live TV not in prime-time.
You'll be amazed how many people the next day will conduct themselves in not only a legal manner, but a moral manner at that.
That's what is missing in America -True justice. Justice is lacking. You can't tell me that people aren't in dire straights as a result of this. This is the issue that pushed them over the edge. It's not like we get that suicide note from the deceased that says, "well I was doing good until the stock market/credit crunch". Yet we know in our heart of hearts there are people out there contemplating killing themselves because that is an easier alternative than what they perceive as the future collapse of the world economy. The perps just as well should have placed a loaded gun in their hand. And that's where America Sucks, people who perpetrate billions of dollars worth of scandals upon the public and get a slap on the hand and a country club stay. And if you don't believe me, look up Michael Milken and Kenneth Lay.
whoo hoo! purge!
La
I do not want government control of the banking system. I do not think it is warranted. In fact I think it is dangerous or worse yet criminal. It is at the urging of our Congress during the last 20-25 years (so for those of you counting that includes Democrats & Republican contolled houses), that the financial institutions were pressed to extend lending to a greater and greater number of Americans. If there is one thing politicians love to have us believe in, its the American Dream - owning our own home and all that entails. It was our government that created this boom and bust, do you really want them coming up with the plan to fix it?
Where is the oversight of the Congress that created this crisis? Do we really need more regulation of the financial institutions and industry.
After all Fannie & Freddie were created by Congress and for many years they worked very responsibly, until when? Until Congress began using them as political pawns to gain more control.
Be careful what you wish for, you may get it. Be weary of those crying for support to fix things so ardently and quickly.
Working in the financial services industry, we're certainly feeling the brunt of all of this garbage going down lately!
While I'm not necessarily in support of the bailout, I can't see another way out. If the government doesn't bail everyone out, we'll be in an even bigger mess with regard to mortgages and schiesters!
The heart of me says let the losing companies suffer. Does the government bailout the small business owner that can't make it? Nope. Then why would they bail out big business? Well, to keep America running, of course, but it still seems wrong. I shouldn't have to pay for a greedy corporation's mistakes.
Okay, I have had very little time to read what the plan is to be honest. But I did see 2 points in an article last night that I will address.
1) Raising the FDIC limit from 100K to 250K. I'm all for this. Hey, I don't have 100K in a bank, but I feel sorry for Mr Buffett and Mr Gates. What if the banks do fail, they will be poor! All kidding aside, I do support this.
2)I do think the tax reduction for middle income wage earners is a good thing. More money in the hands of people who fuel the economy is a good thing. Also, this is the group that is suffering from all the foreclosures too. Maybe they can make their house payments if they pay less in taxes.
But I do agree with most of the comments here, the govenment should not run our economy.
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