Member Comments

• Posted By: DOUGHMAIN @ 10/22/2008 9:18:38 PM

  Comment: Banks make capital gains. banks are exempt from taxes with
  the owens-glass bill
  . I WANT BANKS TAXED
  REPEAL AND NEW LEGISLATION NEEDED.
  LET THE ROBBER BARONS PAY..

• Posted By: GoTime @ 10/11/2008 9:55:11 AM

  Comment: It seems to me that two significant events coming together created this massive problem. The Community Reinvestment Act (CRA) of 1977 passed under Carter (and modified under Clinton) which forced banks to make loans that they wouldn't ordinarily make, and the invention of Credit Default Swaps (an unregulated quasi insurance). When these two ideas met, it gave the green light to sell subprime mortages without regard to risk, so greed and opprotunity grew exponentially. So why didn't some politician on either side shut down the CRA? We'll thats the problem with our system. No politician is going to take the lollipop out of the babies mouth once its in there. Whether it's a bad program for wellfare, immigration, bank loans or healthcare, or any of the hundreds of government sponsored programs that are obsolete yet continue to thrive, because they are all too afraid to take something away for fear of loosing votes. This falls into the category of "Be careful what you ask for, you just might get it". The question I have is "What branch of the government should have been over seeing and regulating the credit swaps?" One last thing....the best way for us citizens to fix this problem is to vote out every member of congress regardless of party affiliation and start over again. That includes mine, yours, the state next door, everyone. Then put in term limits and line item veto and get these "representatives" back to the job of looking out for our interests!

• Posted By: cani77 @ 10/11/2008 9:35:17 AM

  Comment: In a few weeks we will make a choice that will decide our future.
  I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
  Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
  is terrifying.He thinks it will be worse then the great depression.
  The banks in the U.S. are going under one after the other. Countrywide ,Bear Stearns, Lehman Brothers and Merrill Lynch , Fanny and Freddy Mae ,AIG
  The government took them over because they are essentially bankrupt. Even with the goverment nationalizing hundreds of billions of dollars in debt the stock market is crashing
  the credit markets are frozen and all of us may suffer beyond anything in the last 80 years.
  McCain just like Bush " doesn't understand the economy".
  That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
  It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
  Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
  Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
  Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
  No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He didnt realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime. Check out this link to the truth http://my.barackobama.com/keatingvideo
  It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
  even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a crashing economy and a 11,600,000,000,000 (trillion) dollars deficit. Most of it Bush created and it will take decades to pay it back.
  If you do what you have always done then you will get what you have always got.
  When it comes to policy Bush and McCain are the same 90 percent of the time.
  So why are the polls even close then ?
  Mccains team just said they no longer want to talk about the economy.Instead they would like to spend time talking about obama
  which means running the biggest smear campaign in history.
  They think they can just tell you lies and you wont be smart enough to see through it
  Let's teach him we are smarter than that .
  Elect Obama Biden 2008
  
  
  Check out this video of sarah palins interview and ask your self if she understands what she is talking about.
  http://www.youtube.com/watch?v=r36Xc0GG4iQ