Business News
By Chris Cermak Sep 19, 2008, 15:52 GMT
Bush promises 'unprecedented' action on financial crisis (4th Lead)
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Older Talkback
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The simple minds are at it again, it's all Bush's fault. Everything always is.
This crisis originated in the housing market and banks giving out loans to people who had no business getting them. Bush wanted to reform Freddie and Fannie but the democrats stopped him. That is just public record and can be proven. The democrats, especially Dodd, Obama and Barny Frank have been on the take from freddie and fanny (Obama even employs the failed CEO of Fanny as a financial adviser)... If you look at who stopped regulation of these out of control companies that lost the economy billions you can look to the democratic presidential nominee among others.
good time to announce a plan to stop taxing people who do not own their own homes.
Even Obama would never do this. Or I guess I should say, especially Obama because for all his talk about tax relief, when it comes right down to it, he wants us to pay more social security and income taxes even though we cannot afford real estate.
That is the central issue. Prices are insane. And now with this bailout, the bubble will continue.
And in the meantime, they will try to tax, and build, and tax, and build, and we will all die from global warming and pollution and the loss of our water supply.
It's all unsustainable.
Not to mention criminal - it should be a crime anyway. Poor Martha.
Obama-He is a very flashy man. But his policy of anti-globalization, protectionism, is going to be -- and card checks -- are going to do two or three things. It's going to give us a lot of inflation. They're going to ruin our relationships with the rest of the world. And they are going to slow down the rest of the world, too. And they're going to make people frightened to add to employment. You are going to find companies leaving this country if it's -- if you put a protectionist wall around it. You're going to get -- his policy is really very, very naive, old-fashioned, 1960s.'
You say: 'They're going to ruin our relationships with the rest of the world'
Here's a news flash for you: You don't have a relationship with the world that even a 10 cent hooker would advertise. Bush/Cheney and company have totally f*cked your reputation.
'You don't have a relationship with the world that even a 10 cent hooker would advertise. '
Here's a news flash for you: You don't speak for the rest of the world you pathetic loser. You just speak for your mommy's basement.
Here's another news flash: Even if you did, the rest of the world can kiss my American ass.
Pucker up, bit*h.
The times, they are a changin'...
The repugnicans made a winner out of one of their worse losers. Admittedly, there are a few respectable politicians on the repugnican side of the fence, but for some reason they had to make that little Bush moron president. Opportunism, I suppose.
Some people may not care whether the president is the world's laughingstock, and that's their right. Dubya's propelled himself right next to Nixon in the 'Repugnican presidents We'd Rather Forget' pantheon. His fading from the public eye will be an immense relief.
I don't mind McCain's age. Honest. He could be thirty five or even older than he is now. Same same, G.I.!
What I don't like about him is what he actively represents: the old school.
Old ideas framed with tired power words. Old and VERY tired tactics like turning the tables on his opponent and falsely declaring HIMSELF the maverick (yawn); pulling a Palin Bunny out of a hat for no good friggin' reason other than to influence the feminist lunatic fringe (oh hum); turning the tables on his opponent and creating a non event by declaring the black guy has used the race card (yecch), and my favorite : creating a fantasy where his opponent is a traitor because there's a picture of him NOT wearing a flag pin.
McCain seems to think we're all idiots by making this election some kind of kindergarten popularity contest. I beg to differ.
McCain has tried all along to coddle favor with a beast called 'The All American Retard'. The All American Retard is a drone that will predictably go all 'Sieg Heil!'ish whenever McCain screams 'AMERICA!'. McCain has positioned himself to be that moron's saviour in a country that is slowly but surely growing beyond literacy and getting smarter.
Patriotism is one thing. Manipulation is another. Manipulation that exploits patriotism cheapens and therefore erodes patriotism. From this proposition, draw your own conclusions as to WHOM is the traitor...
Stupidity has always been the repugnican's best weapon. It has become all the more potent lately because the stupids of America have grown desperate as they sense their numbers dwindling. Dubya' reign of intellectual decay may very well be the repugnican party's swan song, however. They'll just have to change if they want to survive.
Change is not their strong suit. The rhetorical equivalent of eating from their collective noses seems to be.
Obama does not present an alternative, he IS an alternative. He lived, he lives it.
First of all, the economy has to be saved by any means. THEN fail safe mechanisms have to be implemented so that this will never occur again. Buffet's time bomb is here, gentlemen.
Deal with it.
Spitfire
... and, by the way, someone should take out scientology.
Spitfire
I think spitfire speaks out what many americans desperately want,real change .Meanwhile the GOP Internet task force is doing it's worst to pin this crisis on the first victims of it :those that borrowed from the banks to buy a house.I've seen items on TV about people in the USa losing their livelihood and homes, once wealthy and now living in tents ,it only takes a freak accident like cancer or another serious disease to throw entire families into deep misery .I don't want to exaggerate the scale of those events,but to blame those people is an insult to intelligence.THe caues are of course much less trivial and are to be found in the past.More precisely in the Reagan era when te financial bubble started to inflate until it exploded now in everybody's face .Remember Reagan saying that the markets are magic ?Remember him saying that the worst words to be hear by american are:I'm from the government and I 'm coming to help you ?Do you.These were perhaps only vague slogans that sounded like music in the ears of many americans .But their true meaning was that financial markets had to be deregulated,all government control on them had to be banished and the whole sector had to be auto -regulated by the bankers themselves.Understanding that is the first step in understanding the current situation.Now let's go to the next event that lead to the current crisis in which the US taxpayer will have to pay for the broken system .I'm talking about the bubble of the real estate market .THat is a market which obeys the same rules all over the world :Real estate takes on value due to various economical circumstances over the years .They have been raising for decades nowin a spectacular manner .Every bank wanted to profit from that of course and so many americans where lured by the banks into this market with promises about quick money.A few mechanisms were to buy a house above your means;bankers proudly used the phrase ninja credits for these insane loans;no income,no job,no assets.The idea behind that was simple .If you cant pay the mortgage the banks sell the house and make a hefty profit .Yes,wahatever happens the banks always won in this scenario.Until of course the real estate bubble burst.Suddenly people that could not repay their loans became a real risk.Repossessing a house meant losing money for the banks .Now let's introduce another equation into this scenario that lead to the current crisis;investment bankers turning mortgage loans into investment merchandise .It looked like a simple and clever idea to spread the risks as the banks started trading outstanding mortgage contracts for cash money ,at least from the bankers perspective ,at least as long as thereal estate values continue to rise .But what happens when the real estate markts either stagnate or collapse ?Quite simply the whole mechanism meant to create investment opportunities based on selling the mortgage loans to investment banks collapses with it .And as these debts have been traded from bank to bank to bank and to yet other banks without anybody knowing where they are ,the investment banks were in real trouble .The CEO's of those banks had taken great risks and mad lots and lots of money from the deregulation that was mostly the work of Reagan and so their incomes combined culminated year after year until they went completely through the roof in 2007 when the CEO's of the investment banks has an income of 85 billions of dollars combined in salaries and bonus ,per year .So greed was the engine to the crisis.Greed from the investment bank that were allowed to operate anything for profit ,even turning debts into investment merchandise,a totally insane concept that doesn't happen in Europe .But as the debts have been traded allover the world the crisis spreads outside the USA .I just hope that no US pension funds have invested in that sector and thus lost the savings of their members .Te situation is already bas enough as it is .Every US citizen has more than 30.00 dollars in debt,thanks to the crisis,the war in Iraq and the overspending on weaponry by the army .30;000 dollars for every human being in the USA,for a family of four that means 120.000 dollars ,just to even out the budget .When Clinton was president there was a surplus .Now this ,no wonder the GOP focuses on smear rather than political issues for their electoral campaign.With some form of success even,it amazes me that there are still people voting for those that lead you in this crisis.And they even say to you they'll get you out without having to raise income taxes for the wealthy ?How then?Any clues ?
So where does Bush propose to find all these billions of to bail out all these bad investments ?
At the end of the day it will be the long suffering American taxpayer who has to pick up the bill and who at the end of the day will have to pay huge increased taxes.
Thank you G.W.Bush. MORON.
Every US citizen is now more than 30.00 dollars in debt,thanks to Bush.
You can easily confim this by looking up the
US NATIONAL DEBT CLOCK
www.brillig.com/debt_clock/
All the debts will be covered by loans, most of which will be from China, Russia and the Middle East. The interest then due on these loans will put the US in hock for decades as well as giving an overall control on the economy to overseas countries
The land of the free has turned into the land of the fee
I miss the days when the biggest problem America had was the sex life of the president. Can we just go back to that please?
..who, exactly, do you think sewwd the seeds of these messes?
The guy getting bobbed in the White House.
Mess in Iraq - left for nxt guy
Bin Laden - left for next guy
Mortgage mess - left for next guy
worthless N. Korea treaty - left for next guy
What did the last guy do?
White Water
FBI records scandal
Travel office scandal
money for trade deals with China
money for influence peddling
All this for salmon flavored cee gars.
Bush? He got a mop and bucket handed to him
America has always been a nice concept. It´s a great name, maybe the greatest ever. I would put Hong Kong in second, close, but Hong-Kong-ese is nowhere near as good as 'American'.
It's nice to wake up here in the Socialist United States, thanks republicans.
'..who, exactly, do you think sewwd the seeds of these messes?'
In a nutshell: SP4 and people like them. They ignore fraud, make excuses for fraud, try to pretend fraud does not exist. They are complicit in fraud through their purposeful ignorance, which makes them a criminal.
All con artists and people that commit fraud need to go to jail.
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