BF2S Forums It all goes back to the current administration.

Turquoise wrote:

Spearhead wrote:

Turquoise wrote:

Ah...  check it out then...  Some of it will likely be a rehash for you, but it's so well put together.

Thanks man.  I'm watching it now.

Its on youtube btw.  All of it.  To anyon who wants to watch it.

No prob...  it's one of my alltime faves...  The Corporation should be required viewing for all intro economics classes in college.

But its got Michael Moore in it, so it all must be total bullshit (YES!  I finally get to used the rolleyes thing!)

Stingray, that is a good point.  Besides, expecting politicians to hold businesses accountable for their actions isn't exactly a Republican virtue.

By the same token, the Fed's choice to bail out Bear Stearns is also bullshit, as is the idea of bailing out people who took these mortgages.

If we want to move forward from this situation and salvage our economy, we need to hold businesses accountable for their actions, end all bailouts, and also hold individuals accountable for their actions.

Of course, that doesn't win the most votes, so it doesn't happen....

Last edited by Turquoise (2008-03-27 16:07:34)

ATG wrote:

Lotta_Drool wrote:

You keep posting like that and you and CameronPoe won't have anything to argue about.

Not sure we do anymore, tbh. It all goes back to the current administration. Lying bastards. The lied about everything and the republican party deserves to suffer for it.
I don't listen to the right wing talking heads when they say Barracks policies will bankrupt America because the right wing policies are doing it anyway AND they are getting thousands of good Americans killed in the process.
Shameless failures.

There should be no such thing as allegiance for allegiance's sake. When a party proves themselves to be at fault or inconsistent in meeting it's promises look elsewhere for your vote. Blind allegiance is for the sheep, I admire you for being objective enough to recognise and state such a thing. It's not about being a 'lefty librul' or 'hard-line conservative' it's about wanting the best for your country and yourself.

Stingray24 wrote:

ATG wrote:

Who was at the helm while shady mortgage deals were being brokered? Under whose watch did credit card interest rates go to 29.99%? Enron?

I'll grant you Bush has been no where near conservative in his spending.  But blaming the president and the congress for idiots taking mortgages they can't afford from unscrupulous lenders??  And blaming the president and congress for credit card companies jacking people up with huge rates?? Come on.

You understand lenders can't lend what they don't have right? Then why isn't there an uproar about the Fed allowing too much easy credit for too long? Oh because when the economy is booming from an asset bubble based on credit spending (tech bubble, housing bubble, possible commodities bubble?) everyone is happy and everyone shuts up except a few astute people here and there who can see the asset bubble. By lowering interest rates, we can artificially stimulate the economy, but the people won't blame the root cause, because we are too busy being happy.

Turquoise I agree, and to be honest, I think a lot of people on Wall Street should be hanged right now. The great thing about capitalism is that you can make great fortunes, but also become bankrupt without the government bailing you out. But the Fed is a private bank, with the major banks being the major share holders. Is it not to anyone's surprise that the Fed would not let one of their share holders go under, and risk a systematic bank failure? I guess that was a stupid question because most people would be surprised to know the Federal Reserve is just as federal as FedEx.

You can't apply the cure until you know the problem. Until then, the sheeple won't bother to do something rather than being wishy-washy.

ATG is right about the ridiculous bonuses though. Wall Street bonuses up 6% to $38 billion while valuation drops $74 billion. These companies hire a CEO, and if in one year they see great returns, they get handed huge bonuses. Most success in the derivatives market was based on luck, not good risk managment. Bear Stearns managed to make quite a bit of money from subprime backed CDO's, but then the loses came and yet their CEOs were the most lavishly paid on Wall Street. And now, they are insolvent. GG.

Last edited by Phrozenbot (2008-03-27 17:54:44)