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Until the bad debt is flushed and the system is cleared there will be no job creation. This is what Recessions and Depressions do; they are a necessary part of an economic cycle. You also need a refresher on the Federal Reserve Act. No one held a gun to Bank of America's, Citibank, Well's Fargo's heads and demanded they loan money to unqualified home buyers then turn around and parcel out those mortgages as CDS to make even more money. These banks leveraged themselves into the ground and then came looking for tax payer money when everything blew up. Fannie and Freddie are getting hit again as we speak; the next foreclosure spike is on it's way. We're not close to being out of this mess; its just beginning.
Can Ben and Tim print us out of this mess? I don't think so, but they're going to try their damnedest based on a flaw Economic philosophy.
The point is (which I've always said) is that there's enough blame to pass around to everyone. Govco was at fault big time (remember greenspan and his ARM comments?), the banks were at fault, homeowners who overleveraged themselves were at fault, realtors (NAR)/appraisers were at fault....
It was a perfect storm that created this. Not one single entity did. I agree w/you on spending your way out of the recession is a bad thing....
I also don't need a refresher on anything. I predicted things would be awful here in charlotte over 2 years ago when 99% of the people were cheerleading and saying "its local" and "charlotte will be immune to the downturn". Go back to my posts and you'll see....
I agree with you on Cuomo's actions.* I think Lewis should be held accountable for the actions of this bank.* However he wasn't the only one in the boat making these kinds of decisions but the difference with him and the rest of this cabal is he isn't a NY banker.** Where are the probes of Goldman Sacs, Citigroup, and so forth?*** Will never happen for this reason.** When they brought Steele down here to run Wachovia, I told someone that it wouldn't be a year until he either moved the HQ to NYC or took the bank down so much it would be acquired.* This happened and Steele appears to have returned to NY, job completed.
Lewis should be held accountable, I agree.* After hearing all sides, my take is that Paulson forced him to do the deal and forced him to take TARP. If he didn't he and the BOD would be fired.....Lewis wanted to reveal how troubled ML was but he was in a huge bind....that's just my .02....
But the actions of Cuomo NOW to me don't pass the sniff test.....I heard on the radio this morning that IF/WHEN Cuomo gets elected governor of NY, he will assume responsibility 100% for this case and most likely he's going to drop it....
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