First  Prev  1  2  3  Next  Last
Bailout failure | World headed for another Great Depression?
Posted 10/3/08

azera wrote:

Great Thread! *thumbs up* Hope you edit and add any latest infos.

This is the time that America need to take this matter seriously. I fear depression, i hope they come out with another plan instead of the current rejection of bailout plan.




Do you seriously know what the fuck you are talking about?
Scientist Moderator
digs 
48142 cr points
Send Message: Send PM GB Post
26 / M
Offline
Posted 10/3/08
My country of America is simply amazing, We solved a debt crisis by going deeper into more debt Seriously people! We need to address the source, which is political corruption (*cough* Democrats own tons of stock and refused to fix this in the past) People made "politically correct loans." They gave loans to people who couldn't afford to pay them back (and they KNEW that) but it was "politically correct" and they had ties to the federal government (Democrats :/) We need to fix the source of the problem and establish laws concerning lending, not bailing out their mistakes by going into even more debt. This was a horrible decision.
46535 cr points
Send Message: Send PM GB Post
Offline
Posted 10/3/08 , edited 10/3/08

digs wrote:

My country of America is simply amazing, We solved a debt crisis by going deeper into more debt Seriously people! We need to address the source, which is political corruption (*cough* Democrats own tons of stock and refused to fix this in the past) People made "politically correct loans." They gave loans to people who couldn't afford to pay them back (and they KNEW that) but it was "politically correct" and they had ties to the federal government (Democrats :/) We need to fix the source of the problem and establish laws concerning lending, not bailing out their mistakes by going into even more debt. This was a horrible decision.


This issue is bigger than you think, so big, you cannot encase it to Democrats only. That's delusional.

http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html

Quote:

So who is to blame? There's plenty of blame to go around, and it doesn't fasten only on one party or even mainly on what Washington did or didn't do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility ... with hard-working homeowners and billionaire villains each playing a role." Here's a partial list of those alleged to be at fault:

* The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

* Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

* Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

* Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

* The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

* Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

* Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

* Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

* The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

* An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

* Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.
Posted 10/3/08
Hmm, to my mind, the only thing that pops up in my mind to solve this crisis is another war. Yes, ironically, war.
20924 cr points
Send Message: Send PM GB Post
23 / M / Singapore
Offline
Posted 10/3/08

blablabla9876 wrote:


azera wrote:

Great Thread! *thumbs up* Hope you edit and add any latest infos.

This is the time that America need to take this matter seriously. I fear depression, i hope they come out with another plan instead of the current rejection of bailout plan.




Do you seriously know what the fuck you are talking about?


LOL! I really had no idea what the fuck am i talking about. I post without thinking.
Posted 10/3/08
UPDATE ~
------------------------------------------------------------------------------------------------------

Bush signs $700 billion financial bailout bill
President promises quick but ‘deliberative’ action to rescue Wall Street

President Bush signs the Emergency Economic Stabilization Act of 2008 in the Oval Office after the House passed the financial bailout bill Friday.

By Alex Johnson
Reporter
MSNBC
updated 4:33 p.m. ET, Fri., Oct. 3, 2008

President Bush signed into law Friday a historic $700 billion bailout of the financial services industry, promising to move swiftly to use his sweeping new authority to unlock frozen credit markets to get the economy moving again.

“It’s complicated, and we’re going to make sure whatever we do is done in a deliberative fashion,” Bush told reporters after he signed the bill as soon as he got it from the House, which passed the measure after a topsy-turvy week of legislative victories, defeats and power plays.

But he promised to get the ball rolling quickly, because the authority is “essential to helping Ameica’s economy weather the financial crisis.”

Continued

Tom Costello, Mike Viqueira and John Yang of NBC News and the following NBC affiliates contributed to this report: KSBH of Kansas City, Mo.; WBIR of Knoxville, Tenn.; WKYC of Cleveland; WOAI of San Antonio, Texas; and WPSD of Paducah, Ky.
3599 cr points
Send Message: Send PM GB Post
28 / M / Queens, New York...
Offline
Posted 10/3/08
The House did what?! *puts hand on his forehead and shakes his wholeheartedly* We're fucked again with a tax increase, regardless of whether Obama or McCain is president after the election.
4053 cr points
Send Message: Send PM GB Post
M / Yo Mommas House
Offline
Posted 10/3/08 , edited 10/3/08
America along with congress is extremely weak and I am fed up with my weak countrymen. I am tired of us being led by fear thats all it is FEAR. Every single damn time the government wants something they scare us by saying IF WE DONT DO IT THIS WAY THEN THE MOST UNTHINKABLE DISASTER WILL STRIKE. THERE IS NO ALTERNATIVE WE MUST DO IT LIKE THIS. Rather it be wars being started or bailouts such as this we fall victim to our lieing ass government everytime. So the fear progaganda is ran on TV and once again Americans are scared shitless and go along with it. Congress scared shitless and goes along with it. Now we are about to add another trillion dollars to are debt thanks to weak congress and a weak America.
8306 cr points
Send Message: Send PM GB Post
26 / M / s'pore
Offline
Posted 10/9/08

drizza wrote:

^ The source about us having the biggest debt is in mainstream stream and other sources just google it. USA is the biggest debted nation in all nations. I heard our debt is larger then the world combined.


Quite true. USA has to pay 2 million dollars daily to pay off the debts to countries such as France and Britain. What ironcy.
20924 cr points
Send Message: Send PM GB Post
23 / M / Singapore
Offline
Posted 10/9/08
US stocks just dive to 5 yr low!

OMG!!! WE ARE DOOMED!
Posted 10/9/08
Lets hope for another world war.
20924 cr points
Send Message: Send PM GB Post
23 / M / Singapore
Offline
Posted 10/9/08
worst than world war 2
1678 cr points
Send Message: Send PM GB Post
Offline
Posted 10/10/08

KinkyHamster wrote:

Lets hope for another world war.

You made a funny.















































Stupid cunt.
485 cr points
Send Message: Send PM GB Post
Offline
Posted 10/10/08

KinkyHamster wrote:

Lets hope for another world war.


What's with all these side comments saying we need another World War? Do you have any idea the repercussions of such a war? We would lose a hell of a lot more from WW3 than we would gain. A nuclear war would literally blow up our entire world. The radiation would make areas completely unlivable. The death toll would be insane. War is not a solution, especially one in this day and age that would lead our world into utter ruin.
Posted 10/10/08 , edited 10/10/08
the point is that signs of a new economical failure were already present before the collapse, so, people who work in that business SHOULD have seen that one coming and take their stuff off of the market. but they don't give a fuck, especially the financial managers..because they don't have to pay for it, they get away with it, even though it was their fault for not having predicted/prevented it in time. bastards as they are, they selfishly ignored all of those negative signs, knowing that they will get away with it without any further complications.
First  Prev  1  2  3  Next  Last
You must be logged in to post.