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+--- Thread: Financial Shakeup this weekend (/showthread.php?tid=1090)
- ccm911 - 04-02-2008
We really need to let this play out with no government intervention. I'll take the ride, good or bad. aybe a nice depression is what we need to clean up all the waste on Wall Street. Have they learned nothing? Every time the Fed releases more funds the Stock Market rises. Where is it written that the market must always rise? What ever happened to market corrections?
As for the Bear Sterns bailout(remember, that is what started this thread), why is the CEO going to walk away with 61 million in his pocket.
I guess the scumbags on Wall Street get paid, win or lose!
Nice work if you can find it.
- nplenzick - 04-02-2008
emayer wrote:
Quote:nplenzick wrote:Quote:emayer wrote:Quote:Please consider my comments carefully, none of what I propose is that extreme. I don't think we need a Depression to get our country back on track either. I suggested only that we allow the forces of capitalism (on which this country is founded) a chance to play out the mortgage fiasco on its own. No more government handouts or additional tax burdens on all of us to mitigate against those who made poor financial choices in purchasing those McMansions you criticize and the banks that funded them. What is the issue with that? How are we as a nation going to alter our consumptive ways if the hard lessons aren't dealt?
Your quote "Allow free market forces to play this out. A harsh and and costly lesson on the scale of the Great Depression".
The problem is if we didn't bail out Bear Sterns no one could predict what would happen. Many banks could have failed leading to a domino effect which could have effected the average Joe who has been living well with in his means. The Fed did the right thing. I'm I glad they had to do it? Hell No! Nobody's going to bail my ass out, and believe me my ass is on the line right now with this business.
I suspect that we'll see some new legislation on the books and guidelines in the next year or so. Most of the experts agree, if we dodged the bullet they wouldn't want to go through this again.
You can teach a child two ways to not touch a hot stove, you can put his hand on it until their skin sizzles or you can educate them about what could happen. Both ways will work. But which one makes the most sense?
The "free market" with the current administration is an illusion my friend. Controlled by very large special interest groups.
You are correct we will have some sacrifices to make and if GW would have begun that process the days and weeks after 911 we would have big head start by now!
To think the issues we are discussing are purely the result of the current administration is delusional. The problems we face today are the result of poor governance decades ago.
You think these banks will avoid risk to make a quick buck in the future ESPECIALLY if the Fed is going to bail them out each time? Remember the S&L crisis? That was no more than 20 years ago.
If children listened to all the lessons given life would be easy. Occasionally punishment is in order to get the point across. Better yet children sometimes have to be left to their own devices to learn things on their own.
Other than replacing GW, I'm still waiting for your input as to what this country could do to alleviate the present situation and regain our declining status within the global economy.
Your correct in that this started decades ago. Actually it started during the Regan administration and Regannomics.
No one said it would be easy to teach anyone. But wait lets not buckle up when we drive lets just get thrown through the windshield a time or two and then we'll use our seat belts! Oh please!
Myself and many others have posted what they thought it would take to get this country headed in the right direction by reinvesting in infrastructure, science, education, tax breaks for the middle class, ending the Iraq war , etc. Certainly you would agree that Oil company's who have made 120+ billion dollars in profit don't need 19 billion in tax relief. Or do you?
Now as others have mentioned earlier name a few positive legitimate things our great leader GW has done for this country.
We're listening.
- ccm911 - 04-02-2008
Nick, you hit the nail right on the head!!! On the day that Reagan was elected, we lost America. From "trickle down economics" to the curtailment of school lunches(while Nancy was out buying expensive new China dinnerware for the White House), this evil monster started our great country on a complete and utter course of destruction. They were more interested in erradicating the "Pot Problem" than they were in running the country.
I just hope that Nancy suffered greatly as she watched that piece of dirt dying from Alzheimers.
Harsh words? Yes. But well worth it when spewed at someone that took away so much from us.
- nplenzick - 04-02-2008
ccm911 wrote:
Quote:We really need to let this play out with no government intervention. I'll take the ride, good or bad. aybe a nice depression is what we need to clean up all the waste on Wall Street. Have they learned nothing? Every time the Fed releases more funds the Stock Market rises. Where is it written that the market must always rise? What ever happened to market corrections?
As for the Bear Sterns bailout(remember, that is what started this thread), why is the CEO going to walk away with 61 million in his pocket.
I guess the scumbags on Wall Street get paid, win or lose!
Nice work if you can find it.
Would you be prepared to lose your home Chris? Working for peanuts?( if there's any work at all). Dreaming about the days when you owned a Porsche? Trying to figure out how you'll stay warm next winter? Standing in line for food? Just like there are no nice wars there are no nice depressions. Most people haven't a clue of what it would be like and how long it would last. I'm I glad the CEO walked with 61 million in his pocket, HELL NO. But lets elect someone who's not tied to special interest groups who can appoint our brightest economists to investigate as to what went wrong and then pass legislation to prevent it from happening again.
Just remember if that depression does happen, it's not that CEO who'll be hurting, it'll be you, your friends, and family.
- emayer - 04-02-2008
ccm911 wrote:
Quote:We really need to let this play out with no government intervention. I'll take the ride, good or bad. aybe a nice depression is what we need to clean up all the waste on Wall Street. Have they learned nothing? Every time the Fed releases more funds the Stock Market rises. Where is it written that the market must always rise? What ever happened to market corrections?
As for the Bear Sterns bailout(remember, that is what started this thread), why is the CEO going to walk away with 61 million in his pocket.
I guess the scumbags on Wall Street get paid, win or lose!
Nice work if you can find it.
+1
Meanwhile the taxpayers continue to bail these guys out. ...
As for defending GW, I can't! Unlike some who blindly tow the democratic line, I find both parties equally responsible for these problems which is why I keep hoping for additional representation and have posted a few ideas on how to approach things differently. Not that these are the correct answers, but it's time to get this dialogue going!
- AMoore - 04-02-2008
Wellardmac wrote:
Quote:Why SHOULD anyone swear on anything they don't believe in. I'm atheist, I would find it offensive to have to swear on a bible.
Oh damn, I've let the cat out of the bag - here I am admitting to not having a religion - I guess that makes me TOTALLY unqualified to be president because I have no moral compass to guide all of my decisions. I MUST be a bad person.
I shall not let you bear the brunt of scorn alone. I too am an athiest, not an agnostice, an athiest.
I do however respect religion, (love Christmas, even Christmas music) and belive it to be a terrific tool to keep people in line. Unfortunately, some people take it too far and forget the "Golden Rule," which serves a purpose outside the scope of religion.
This is great, we move from economics to politics to religion. I would have been kicked out of my local bar for this.
- catchacab - 04-02-2008
The CEO of Bear Stearns should walk away with only the shirt on his back. Any income he received from BS that he currently has should be returned to the company. Most CEO's of large and many middle sized companies are overpaid. The money they, and upper and middle mgt. are draining from these companies should be retained by the companies for investment and future downturns.
Reaganomics wasn't as bad as Carter's. Remember 18% inflation.
Do you forget, that we had a democrat, as president for 8 years in the 90's?
- AMoore - 04-02-2008
Quote:dmano wrote:
Quote:Actually, I believe that you don't have to swear on a bible anymore, you just have to swear to tell the truth.
My logic is that, sure you could get me to swear on a bible, but it wouldn't mean any more than if I did it on a copy of Alice in Wonderland.
You don't have to swear to tell the truth, you can affirm to tell the truth. The bottom line is we don't use the Bible to compel truth (mere pageantry), we use prison.
I for one am not secure engough in mankind's intellect, or physical brain power, to conclude that in the last 3000 years, (Planet is 5 Billion years old)we have uncovered the truth about our existence by way of organized religion / montheism.
- ccm911 - 04-02-2008
Best eight years I have ever seen.
What was it you didn't like? The prosperity, or the Peace?
- catchacab - 04-02-2008
ccm911 wrote:
Quote:Best eight years I have ever seen.If the problems started with Reagan, why didn't Clinton correct them?
What was it you didn't like? The prosperity, or the Peace?