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Wierd... tell me if I can spin like a Democrat frisbee.
Can you believe that the American education system produced a generation whose math skills are so pathetic that there are millions incapable of calculating a budget. They don't even know if they can make a mortgage payment... so they pretend and they lie because they just want that house so bad.
You know what is also wierd is that there is a whole generation who believes that mortgages are never paid off. Remember this? In my generation we used to have mortgage burning parties. Now the belief is that you just borrow as much as you can get. Full speed ahead Smedley! If you die with a huge debt all the better. pay off your mortgage so you can retire? Unheard of.
I'll just make the mortgage payments out of my equity. Stupidity that defies the imagination.
Think about how this insanity might affect the price of housing.
The Value of the American Promise.
So we got all of these mortgage defaults... people who were either too stupid to count money or too dishonest...
Mortgage brokers misrepresented the quality of those mortgages and sold them to investors. That house of cards came tumbling down.
So now who in the world is going to trust the American Promise.
We are going to see the dollar collapse and no foriegn investor is going to consider the Promise represented by American capital as particularly valuable.
The stock market recovery is a long, long, ways away.
Funny part is the assertion that all of this is a result of deregulation of mortgages.
Weasels ignored regulation wherever there were some. They even ignored common sense.
Skag, deregulation played a big part in this debacle. Greed played a part, top to bottom.
Worst part of this is, the Bush Economy was based on the sham. The economy needed the housing market to save off recession. Refinancing gave us the only growth, considering real wage fell for most of Bush‘s term. We know the Bush tax cuts had a negative effect on it all. The war also added to our national debt. The coordinated plan by the Feds to devalue the dollar had an effect. So many errors.
We have learned during the last 28 years that Republican/Conservatives are not to be trusted to manage our economy
Every time I hear some REP bitching about entitlements to regular working folks paying into the system, I am going to bring up this corporate bail-out.
I wonder if the executive officers at Bear Sterns were counting change for their kid's lunch money this morning. That's what I was doing. SOBs.
This CORPORATE WELFARE is really making me sick. Get rid of the FED.
30 billion taxpayers dollars to pay for Bear Sterns BAD decisions based on pure short term GREED.
The Fed cut interest rates again (2.5%) and they are not passed on to the consumer. Those prime rates are for the greedy bastards at the economic top. In the mean-time, credit card rates are going up on a whim and equity loans are at 8%.
Nothing is being done to bail out the folks working regular jobs forced to buy housing at outrageous prices. You say folks should have done the math when our predatory greedy and exploitive system has made over-extension the NORM.
If you don't believe me do the math of outrageous hopelessness of saving enough to retire or covering a major illness or injury. Understand the evermore over-extension required to obtain an education in this country. ALL the numbers are hopelessly ridiculous. Our economic system of greed is unsustainable and will lead this country into third world status and instability.
I don't believe you.
We needed the housing market, not to stave off recession... we needed it because we became a service economy.
We became a service economy because Clinton et. al. sent all of the free world's manufacturing jobs to China in '98 with the MFN designation for China. Of course the latest fashion amoungst the dishonest is to suppose that the mass exodus of manufacturing jobs was Bush's doing. Not so. Comrade Clinton got off with snickering behind his hand because there was a delay between that cause and effect while China tooled up.
But hey, those aren't the kind of jobs Americans want to do. Americans such as yourself despise the coorporation or the manufacturing plant. You guys only want and only qualify for government jobs.
The coordinated plan by the Fed to devalue the dollar. That is somehow hate and bigotry that represents a wierd sickness in the Communists playbook.
The dollar is a promissary note. I think that psychologically it is coupled to the value of the American promise. A real estate contract is a promise. A marriage is a promise. A mortgage contract is a promise.
An argument that I can't buy a house without running a wierd mortgage kiting scam is dishonest.
There was a guy in my workplace, borrowed money so he could get 20% down so he wouldn't have to pay mortgage insurance. The mortgage broker told him it was ok not to disclose that loan. That is an example of mortgage fraud. That was the rule rather than the exception.
The outrageous pricing of houses was due to the enabling of scams by brokers and the poor character of the borrowers. I do not believe there was change in regulation. I believe regualtion was disregarded by fellows that could say liberty out one side of their mouths and whine the necessity of regulation out the other.
Interest rates... if you don't like them, don't give you cause to break a promise. Eyes wide open when we go into a casino. Eyes wide shut when we make a promise?
Regular working folks... I am always amused by guys claiming to be regular working folks right after claimn that a tax break wouldn't do them any good. I spent my tax rebate on an American made bicycle. I do believe that the guys that made that bicycle got a couple of days wages out of the deal. I think guys that dsparage tax cuts or rebates are really someone pretending to be a regulat working guy. Or someone who pretends to understand the plight of regular Joe... All the while scamming votes and filling tax collectors pockets.
I used to be a Democrat... till it all started looking like blame and betrayal. yeah, you know... 911 was an inside job...
For all that, I agree that Bear Stearns should not have been bailed out.
Skag, your a little obsessed with the idea that only government employees comment, or think there are problems with the way republicans do business. Check out bush's approval ratings. You should also check out the polls that show that Americans trust Democrats more than Republicans when it comes to handling the economy. While you are at it you should also see how many more trade agreements have occured during bush's term.
How did you already get the current tax rebate, skag?
Henry Paulson, the current Treasury Secretary blamed deregulation for this crisis. I will take the word of the former Goldman Sachs CEO over a guy named skag.
Uh, yeah sure Fred. Current tax rebate ... I am talking about what I did with the tax rebate before last. Seems like there's been a rebate or two gone by. Rich guys like me lose track I guess.
Bush approval ratings... I don't know how much loyalty to Bush is appropriate, but I think the amount of hate and slander leveled at that guy has got to be something like a historical record.
So you'll take the word of one of those nasty corporate CEOs, dang!
Out of one side of your collective mouths those nasty CEOs are the source of all wreck and ruin. But you'll take their word if it conveniently protects you from looking in any mirrors.
'Course this is the internet no telling what is true or false...
It ain't like tv news or anything where there is no telling what is true or false.
Let me know how your plans work out.
Skag
PS you wanna be my boyfriend?
oops... I forgot... FORMER corporate CEO. Now Paulson is reformed. He works for the government.
Wait a minute. How does that work. Government employees only tell the truth. Unless it is blame and betrayal... then it is a lie... oh, wait a minute. I got it backwards.
Skab, Bush has weakened the Constitution and wrecked havok on the economy. The only good thing he has done is destroy the Republican party and end the conservative movement.
Maybe you should read up on Economics if you want a real debate. Supply side economics doesn't work. Deregulation is a bust. Market forces will have not solve the healthcare crisis. The list of consevative failures goes on and.
Boyfriend? Your lack of knowledge has already made you my b!tch.
heh! lack of knowledge... coming from you that is kind of funny. So eh, you know how to turn on a tv do you?
Maybe it was Karl Marx that wrote all your favorite economic books.
Deregulation, I just don't see it. All I get is hearing it on tv and various demogogues. It is a buzz word in the vocabulary of blame and betrayal.
Supply side economics doesn't work... you'll never hear government employee complaining about that when he's doing all of the supplying (and trickling for that matter.)
I think this argument has come to an impass sweetie. Neither of us are really debating. You claim to be speaking from the domain of knowledge, but it is just opinion. And hey, just cuz you know how to turn on a tv don't give you a credible interest in honesty.
I don't know what Bush done so bad to the constitution. There was some hysteria going around about peeking in phone bills or something. I think it was the same fellows that out one side of their mouths was saying Bush didn't do enough to prevent 911. Now out the other side it is back to we shouldn't have any abilty to pre-empt anything. Or we should just depend on lawyers to protect us. Course that's just opinion...
600 some odd gitmo prisoners. Some hysteria going around that they should all have lawyers. Yep, there are probably 600 lawyers that figure they can make a million off of each of those guys.
Hey that would be cool. Then those lawyers could pretend like they are all masters of what ... demand side economics.
Gotta go... I think I hear my mom calling.
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