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Posted by: Radiofreeeuropa 1 year ago
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Radiofreeeuropa1 year ago
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FTA- "Capitalism’s only way out of the crisis is by lowering labor costs (wage-cutting) and the massive devaluation of capital, as businesses are destroyed and surviving capitalists swallow up the weaker businesses on the cheap."
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Remarkably this is exactly what the financial sector recipients did with over a trillion dollars pumped their way. Allegedly this was to prevent them from making credit scarce, they were supposed to loan the money out. Did they? NO.
What did they do with the bailout money? Mostly they did exactly what this article accuses them of doing- Bought up smaller companies on the cheap. Then they rewarded their management with perks and bonuses.
It is insulting that the cretins whose greed and awful judgment brought down these companies to begin with, are rewarded for their gross incompetence courtesy of taxpayers. Believing letting these guys will behave honorably in a market with no rules or oversight (remember that's what happened in '29. How this failed approach could be repacked and resold again always confused me. Could people really be this stupid?) is like believing a bunch of toddlers left on their own in a candy star won't eat all the candy, wreck the store, then get a bellyache and throw up on your shoes.-
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Endoscopy1 year ago
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What a bunch of malarkey. The problem is similar to the 2000 - 2001 recession. We are nowhere near a depression. But the left wing just loves gloom and doom even when they cause it and blame it on someone else. Well in a couple of years this will be the Obama recession and we conservatives then call it the Obama depression since he did not immediately fix it. We will have fun with that. It's all Obama's fault. He trained ACORN represented them against Citicorp to try and ford them to make more bad loans. When Fannie and Freddy refused to take loans without a minimum of 10% down they went and lobbied congress and in 1992 their dream came true and CRA and other banking laws were modified. Taking effect in 1995. Housing boom with all the new possible home owners. No down, low starting ARM, no principle for a few years, etc. Uproar in congress because Republicans wanted to fix Fannie and Freddy. Housing bubble bust in 2006. mortgaged property dropped over 30%. Papers issued for the mortgages were suddenly worth that much less. Oops the money disappeared out of the financial market.
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All Obama's fault. He trained and helped ACORN. Just look at the resulting financial mess. Thank you Obama. Shall we keep up the list of Obama's failures and how he is ruining the country? This is going to be fun.-
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Endoscopy1 year ago
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You check the numbers. People laid off and market down. My 401K lost 1/6 value each of those years. I remember that quite well. The liberals were blaming Bush but it started the last year of Clinton. Can't remember blaming that all on Bush can you. Poor libs. Can't keep their story straight.
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Here is a link to a story about the NASDAQ from 2000 to 2003. LOL
http://www.lowrisk.com/nasdaq-1929.htm
They compare it to the crash of 1929. Just like you yoyos are now.-
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Beau78901 year ago
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If your investments lost 16% in each of two years, that was nothing like what we're now seeing. The markets are down over 40% in nine months across the board. And some have lost over half.
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You're in denial about the current situation. And if you're going to tell me you're doing better than the market averages, congratulations. But that doesn't mean our current situation is the same as it was at the beginning of Bush's term.
By the way, we'd all appreciate it if you'd look at some real information and realize that the subprime mortgage debacle is just a tiny portion of our economic crisis. Our entire economy depends on lending of all kinds, and no one's doing it. We haven't seen the fed drop rates to 0.3% to try to encourage lending in many decades, and it still isn't working. And the basic cause of all of the markets plunging was complete deregulation, allowing idiots running banks and hedge funds who don't know what they're buying to lap up all the bad financial instruments (not simply bundled subprimes) on borrowed money, with less to back their risks. All ACORN did was try to allow poor people to own homes rather than rent. The mortgages those people took were already prevalent in the market.
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beavith11 year ago
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greedy speculators? wow. let's pass a law legislating morality. then we can pass another one legislating human nature.
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sheesh.
say. how're those speculators doing now? especially the bastids that bid the price of gas up to 4 and 5$ a gallon?
markets correct. most of the time you don't even know it.-
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Beau78901 year ago
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All we have to do is pass laws to prevent consumers and little guys trying to invest, who do not have the backing of teams of lawyers, from being swindled. And especially, to enforce them. In my book, that's a far cry from legislating morality.
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Again, deregulation allowed bad investment instruments and their resulting bubbles to be created. (Remember junk bonds? Did anyone learn?) That'd be fine if only the buyers of those instruments suffered. But because our economy is dependent on lending, everyone ends up paying, especially the poor.
I'd guess that while some of those who bid the price of oil up took a beating, most got out with hefty profits--and sold high to those aforementioned little guys. -
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Radiofreeeuropa1 year ago
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"how're those speculators doing now?"
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They are passing their gambling debts on to you and me.
They are doing just fine.
That, it seems, is a big part of the problem.
"Free market! Free Market!!"
...until the grotesque greed catches up then it's
"Government save my a$$, Government save my a$$".
It's no more advisable to let the wall street thugs loose on the market with no supervision than to let a gang of toddlers loose in the candy store with no supervision.
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mark-stevens1 year ago
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It's all a matter of opinion... Everett, Washington, the real home for Boeing, at that time a poulation of 47,000 was hit hard in the 70's when the Boeing plant of 20,000 plus, all but closed.
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It seemed that one of every three houses were for sale. I had a guy offer a split level on a lake with a "take over payments" offer.
He found no takers, and lost the house through the bank.
Everett survived and so will America-
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Radiofreeeuropa1 year ago
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America will survive. Yes. But will it be sold? Has it already been sold?
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http://www.iht.com/articles/2008/07/09/business/ch...
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