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Old 03-12-2010, 11:10 AM
355 posts, read 1,307,116 times
Reputation: 344


Originally Posted by DennyCrane View Post
Your problem is that you think all Americans are the same and like most Republicans, you're also stunningly out of touch with the real world. Not all of us are trying to live in a big house, drive a fancy car, or own the latest and greatest electronics gear. Many of us are perfectly content living a modest life with few possessions. But if you think a 300K home is a luxury home, then you obviously haven't been to cities like New York, San Francisco, L.A., DC, or Boston. The median home price may be 200K, but that's because middle-of-nowhere cities pull down the average. And if you think businesses can grow and thrive without borrowing, then you really have been living in a cave. Look at any multinational corporations. Do you think they got to where they are without having to borrow? Good grief.
Wow, way to judge - it's all black and white to you, isn't it? Anyone who disagrees with you is an "out of touch Republican living in a cave". Laughable.

Guess what, I LIVE IN LA. Beverly Hills, 9021 mother ****ing 0, actually. So trust me, I know what the cost of a basic ****box is in some of the most expensive real estate in the world, much more than you no doubt.

Of course businesses can grow without borrowing. But you want to change the parameters of the argument once again. First it was "businesses" and now it's "multinational corporations". the bulk of the economy is made up by small businesses. Since they don't conform with the joke that is passing for your "argument", they don't qualify as "businesses", rather now only multinational corporations do. What is the criteria now? 10 billion a year in sales? 100 billion?

And again, even with major financial firms failing, there would be other, healthier financial firms that would pick up the slack. Money and credit would not disappear completely.

However I see my words are wasted on someone so pathetically myopic, who can't see that both parties are just the flip side of the same coin...both feeding from opposite sides/ends of the same trough.

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Old 03-12-2010, 07:10 PM
Location: Lowcountry
764 posts, read 1,439,540 times
Reputation: 416
Originally Posted by DennyCrane View Post
First of all, I don't know why you're raising the issue of government interference when the issue during the last 10 years is that the government wasn't involved enough. But since you bring up The Community Reinvestment Act, let's talk about that. The CRA was enacted to reduce redlining, the practice of discriminating against people who live in poor neighborhoods. Whether you receive a loan should be based on your ability to repay the loan, not on where you live. It's no surprise that conservatives have seized on the CRA. They want the public to blame the collapse of the housing market on poor minorities who got loans they didn't deserve. And enough conservatives buy into it because they're already biased to think "brown people" are irresponsible and just looking for government handouts. Now, if you truly believe in free markets, then you'll probably say that the government has no business telling banks who they should lend money to. The only problem with that is the bank's deposits are insured by the federal government. You can't have it both ways, telling the government to get lost while simultaneously benefiting from its assistance.

Because if you let the banks go under, the entire economy goes with it. Businesses would have no one to borrow from. That means if they want to hire more people, invest in factories, equipment, etc., they can't. Same thing with individuals. If they can't borrow, then no one would ever be able to buy a house or a car or go to college. A healthy financial sector is vital to the overall economy. The problem I have with the bailout is there were no conditions attached. What both Bush and Obama should've said to the banks was, "we'll save you guys, but things have to change. You can't gamble with your customers' deposits, you can't create financial instruments like credit default swaps and sell them off-market where no one can properly assess their value, and none of you can remain too big to fail. If a bank gets to the point where its failure would post systemic risk to the financial system, then it's too big." I'm not surprised that Hank Paulson didn't say this since he's a Goldman Sachs guy. And I guess I shouldn't be surprised that Tim Geithner didn't either given his pro-Wall Street leanings.
Those who understand capitalism would take substantial issue with this statement. There are many, many local banks that are thriving because they didn't 'gamble' away their deposits.

The 'too big to fail' banks made out during and after the bubble compliments of the hapless taxpayer - all of us.

And there is no light at the end of this tunnel.

Unfortunately, the light that some think we are seeimg is really the second wave of financial distress barrelling down on the taxpayer. It's going to be much uglier this time around.
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Old 03-17-2010, 05:25 AM
4,399 posts, read 9,055,244 times
Reputation: 2352
Originally Posted by lifelongMOgal View Post
Makes me want to re-fi the home I've paid off just to profit from a short sale. Idiots run the country. The USA has become the country that rewards the irresponsible.
I think thats a great idea!! I'm sure this brilliant plan of yours will be very sucessful.
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