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This kind of news make me sick

http://www.yahoo.com/s/1037614 >:(

They had a big a$$ party not long ago after they got our tax $$. Of course our goverment has to give them some more for the 1st quarter 2009 executives's bonus.. ::)
 
Nationalize them and fire all of the CEO's, all of the upper management, with NO packages. Then start the prosecutions, they need to be locked up for usury.
 
I like Bill Maher's theory ;). Public execution of a couple of the executives to set an example for the rest of these crooks. The whole sacrificing a few to help the needs of the many theory.
 
Yeah, at first "Too big to fail" made sense to me, it no longer does. Too bad, they made some mistakes, let them fail. OK, sure their stock is held in many many many many mutual funds and other derivitive funds and we'll all take a beating on it, but that's the way it works.

I think the big mistake in the beginning was bailing these idiots out. I thoroughly enjoyed it when Lehman Brothers was "allowed" to fail and people were like "What? It's too big to fail!" and the gov't said "You knew you were failing for a year and did nothing...buh bye!"

Argh, I can't even discuss this without my blood pressure peaking...

V
 
Hehe.. dont even get me started on this stuff...

What happened to the transparency??? Most of the original Tarp funds are still unaccounted for! Out of all the recipients of those hundreds of billions, hardly any would disclose what they used it on. Oh yeah and why is it called Tarp when no Toxic Assets were recovered lol.

So has this trickle down affect ever worked? Trillions goto financial institutions that are to allow them to lend again, which in turn is supposed to help all the little people 'us', but none of it ever gets to us. So who suffers? And who benefits? And who started the mess to begin with? heh..ok blood boiling now!

On top of that, I feel that the media never fully expresses the views of top economists on how this all happened. Theres much more to this story then the US housing crisis collapsing the world economy...

Currency based on Debt couldnt last. The housing crisis and foreign policies/war spending just accelerated the 'bubble' making the inevitable burst occur sooner.

I found this article to be pretty representative of how I view this crisis.

http://www.guardian.co.uk/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid

and this article is fun since it shows who caused it =)

http://www.guardian.co.uk/business/2009/jan/26/road-ruin-recession-individuals-economy
 
I agree Daniel, why is it that the powers that be are so interested in getting the credit market flowing, that's what screwed us up in the first place. Give money to the banks, then they give it back to us with interest, no thanks. How about giving the money to us and if we feel nice we'll give it to the banks.

I'm sick of hearing "we need to get the credit markets going so small businesses can make payroll", WTF is that, since when have small businesses needed credit to make payroll? If you do, maybe you need to restructure your business. Why do we have to buy toxic derivatives? Why don't we get thrown a bone so the country can make a few bucks off of this mess?

Trickle down never worked, it only created a larger chasm between the middle and upper class pretty much destroyed the middle class, reckanomics has finally came home to roost, thanks Ronnie.
 
[quote author=Paradox link=topic=6642.msg85771#msg85771 date=1236026206]

I found this article to be pretty representative of how I view this crisis.

http://www.guardian.co.uk/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid

[/quote]

Paradox- good read and it explains as simple as possible the crisis. 99% of the population doesn't understand it and will just want to blame a couple people, which may make them feel better but is simply naive. The problem is severe, it will continue, and while there's a lot of blame going around, we all have to take our fair share of the blame with how much debt we accummulated and the politicians we voted for who have increased our debt to an unsustainable level- serious inflation is right around the corner.....
 
each of the people responsible for the crisis should be executed, China style. But of course those of us who took on debt that we couldn't afford AND housing speculators are most to blame. They made it easy for us to hang ourselves, but we did it to ourselves.

This is why everyhting that should fail...should fail. People getting foreclosed? Too bad, just foreclose. Banks failing? Too bad, fail. Losing your 401(k)? Sorry mate, you got screwed, but thems the breaks. That's the only ruthless way to reset the economy. We're just propping up a rotting whale with rotten sticks.

Of course that would be heartless and unfair because all of the people on the "25 people who started this mess" are already counting their millions of dollars and don't give a crap, while many of us unsuspecting suckers who gave them that money (most 401(k) contributors expect their money to be in good hands, not handed to Bernie Madoff and bizarre mortgage schemes) are taking second jobs or trying to regain primary jobs!

Argh ... blood pressure rising... must look at fishtank to relieve pressure .. ARGH! Fishtank is covered with algae!! AHHH!

V
 
When I first saw "Money as Debt" I had to sit in disbelief almost laughing at how we as a country allow banks to rule our lives. All of the crap that caused their collapse was known about... but oh it's ok, it's just how things work.
 
[quote author=Vincerama2 link=topic=6642.msg85790#msg85790 date=1236028654]
...
Argh ... blood pressure rising... must look at fishtank to relieve pressure .. ARGH! Fishtank is covered with algae!! AHHH!

V

[/quote]

LMAO... Take it easy V... ;D :D ;D
 
I dont think trickle down was ever meant to work..

It never has but they keep pushing it as a way to justify their actions. This has been the case since Reagan Times...Not that I was terrible politically conscious during that era =)

And industries should be allowed to fail! Isnt that what freee market capitalism is? Industries that do well succeed and others dont? When government controls the outcome of these industries, especially by shifting tax payers money around to save them, we are not in a free market, we are in socialism.

And then when you get to the point where the government not only is shifting tax payers money to these industries, but taking control of them, where does this bring us??? Sounds an awful lot like Communism if you ask me haha.. Just look at the Mortgage industry, banking industries, auto industry, airline, energy, food, drug.....

Oh well, Im just hoping to get my state tax return back and not an IOU =)
 
[quote author=Ibn link=topic=6642.msg85812#msg85812 date=1236032080]
Seriously...something needs to fail. It's capitalism; let it run its course.
[/quote]

The problem is this... Baby Boomer retirements are what's at risk... Politicians still can't have angry baby boomers.
Also ... Politicians and Extremely Wealthy People run in the same circles, they don't want their friends to stop giving them money so they can't stop giving their friends money.

I'm cynical. I hate whiny rich people.

V

PS> yes, I'm whiny, but I'm not rich.
 
Yeah, SoSo security which is a lovely pyramid scheme that got us out of one depression, came back to bite us in the ass some time later. Sucks big time for those who are of retiring age with all these plans that are going under, but I guess the allure of larger return on money got quite a few companies, as they say no such thing as no-risk!

This whole debt is going to bite us in the ass seriously hard one day, it's just a matter of which group/generation is the one who has to pay the price for our country's spending habits. You have two sides who think differently in that one side thinks giving money back to the people will make money, the other side says if we need to pump money into public programs because they need it, and both sides don't seem to care too much that we spend more money than we take in as a country, and then make flippant arguments about how it's ok as long as it doesn't exceed the GDP of the country whatever the hell the GDP really is I don't think ANYONE really knows.
 
WTF...AIG market cap is less then 1.5B and they lost 67B in 3 months. and of course, we have to bail them out else there won't be tomorrow.
 
[quote author=Paradox link=topic=6642.msg85808#msg85808 date=1236031522]


It never has but they keep pushing it as a way to justify their actions. This has been the case since Reagan Times...Not that I was terrible politically conscious during that era =)


And then when you get to the point where the government not only is shifting tax payers money to these industries, but taking control of them, where does this bring us??? Sounds an awful lot like Communism if you ask me haha..

[/quote]

Ahhh yes the hypocrisy, mmmmmmm tastes sooooo good, yum. Fearless leader Reagan nationalized the banks everyone said OK great, when BO does it we're all commies, the two party system has got to go.



Vince, what baby boomer retirement? The majority of those b*stards never saved properly for retirement and wanted to live like kings and blame the x-ers for being lazy :lol:. My peak earning years started in '08, am I going to be able to pay "their" SS, "their" medicaid, and still be able to afford to prop up the "great generations" lifestyle? Hell no, do I have the voting power to make an impression to try and salvage an entire generation? NO. 1972 was the lowest per capita birthrate going back into the great depression and I belong to that group, I'm pissed that I'm gonna have to work 'till I'm 100 YO. I'd love to retire too at some point, now I hope Jack Kevorkian gets his wish, I don't wanna help the useless generations kids.

I know your being somewhat sarcastic, and I know where your coming from. When I was in 6th grade (and I still have it as proof), I had a pin that featured a picture of Ray-Gun with the words "dribbling senile fool" written on it, I wore it with pride and still have it pinned on my bureau.
 
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