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Old 10-24-2008, 08:27 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,490,779 times
Reputation: 6378

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This is a good, succint article about America, its economy and its caste structure. And it's from the UK, too. Those Brits with their dry wit and all.

American dream, American nightmareÂ*-Â*Investing | Investing commentary | Investing tips | Nick Louth - MSN Money UK (http://money.uk.msn.com/investing/articles/nicklouth/article.aspx?cp-documentid=10013779 - broken link)

It was in August 2005, in the aftermath of Hurricane Katrina, that TV viewers around the world first started to question whether America was truly a great nation anymore.

************************************************** ******
Anyone here ever seen Requiem for a Dream? 'cuz I'm seeing some correlation between that movie and the U.S. of A.

Don't click this link below if you're a prude. Lots of kinky sex and drugs.
Requiem for a Dream - Wikipedia, the free encyclopedia
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Old 10-24-2008, 08:49 AM
jco
 
Location: Austin
2,120 posts, read 6,102,062 times
Reputation: 1437
What makes me laugh is that the article implies the evil lenders gave loans to the poorest and most vulnerable of society. What Americans don't realize is that liberals running congress forced banks to lend to them for fairness and equality. Fannie and Freddie, in the pockets of high-profile democrats, promised to purchase these loans. This is what happens when the people of a country leave it up to a government to care for their hurting. Shame on us.
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Old 10-24-2008, 10:10 AM
 
Location: Londonderry, NH
41,478 posts, read 54,150,424 times
Reputation: 24729
There is no shame in helping people that were making deposits from their neighborhood getting loans into the same neighborhood. Most of these were not failed funny loans but were conventional loans that are being paid off. The problem was not in the inner city red line areas but in the speculation driven suburbs. It is not the poor working class that screwed this up but the well paid middle class looking for a killing in real estate.

We found our enemy and he is us. - Pogo
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Old 10-24-2008, 02:55 PM
 
Location: Fredericksburg, Va
5,343 posts, read 14,365,221 times
Reputation: 7760
Not wholly true--even if you're offered a loan, if you can't make the payments, then a responsible person doesn't TAKE the loan!
Anyone paying their mortgage has no fear of losing their home. It's the folks who bought beyond their means that are having the trouble, or the speculators who got "stuck" with an "investment property" that they can not sell who have defaulted on their loans. Banks should NEVER have loaned money to these folks in the 1st place!
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Old 10-24-2008, 03:26 PM
 
19,337 posts, read 16,932,211 times
Reputation: 7515
Quote:
Originally Posted by jco View Post
What makes me laugh is that the article implies the evil lenders gave loans to the poorest and most vulnerable of society. What Americans don't realize is that liberals running congress forced banks to lend to them for fairness and equality. Fannie and Freddie, in the pockets of high-profile democrats, promised to purchase these loans. This is what happens when the people of a country leave it up to a government to care for their hurting. Shame on us.
Hi jco,

Reminds me of the oil execs dragged into Congress. Lest say post Soviet economic warfare of the oil glut took $10 a barrel to $20. You don't think the Saudis were dumping oil for no reason? Asian demand for oil then takes us to about $40. Who did the rest? Congress.


1.First SUV tax credits:
smSmallBiz.com | Tax-Deductible Business Vehicles (http://www.smsmallbiz.com/Tax-Deductible_Business_Vehicles.html - broken link)

2. Then inflation from the bubble boom. Say that takes us to $80. Just compare to the Euro or Gold at that time.


3. Since everyone saw inflation they decided they needed an inflation hedge. They decide they liked oil. So instead of going into cars it was being hoarded. That took us to $120.

Now why did Congress haul in big oil when they were responsible for 2/3 of the oil spike?



.
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