International

Shades of Schadenfreude

As the United States wallows in the worst financial crisis since the Great Depression, the world looks on with horror, fear and sometimes guilty pleasure.

Newsweek Web Exclusive

Sep 30, 2008 | Updated: 2:26 p.m. ET Sep 30, 2008

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Posted By: amy04790460 @ 11/05/2008 11:50:08 PM

Comment: The House is discussing another economic stimulus package right now!!!

Please email your congressman and tell them our economy depends on it.

Nancy Pelosi: http://speaker.house.gov/contact/

Hilary Clinton: http://www.hillaryclinton.com/help/contact/

John Shadegg: http://johnshadegg.house.gov/Contact/ContactForm.htm

I wrote John Shadegg complaining of bailout plan and he wrote me an email "assuring" me it was the right thing to do. Needs to get BIT*HED at more I guess.
Posted By: cani77 @ 10/13/2008 6:23:26 PM

Comment: THE GREAT BUSH DEPRESSION
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
He perfectly predicted the current meltdown and the picture he paints about what will happen next
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 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 seen in generations
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 how its been broken.
It is no surprise that he doesn't. The people that make up these securities use quantum 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 was the last to know somthing 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 budget 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
Stand up and hold them accountable
Bush isn't on the ballot this year but his policies are
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
Posted By: cani77 @ 10/13/2008 6:22:59 PM

Comment: THE GREAT BUSH DEPRESSION
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
He perfectly predicted the current meltdown and the picture he paints about what will happen next
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 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 seen in generations
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 how its been broken.
It is no surprise that he doesn't. The people that make up these securities use quantum 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 was the last to know somthing 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 budget 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
Stand up and hold them accountable
Bush isn't on the ballot this year but his policies are
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
Posted By: cani77 @ 10/13/2008 6:22:46 PM

Comment: THE GREAT BUSH DEPRESSION
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
He perfectly predicted the current meltdown and the picture he paints about what will happen next
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 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 seen in generations
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 how its been broken.
It is no surprise that he doesn't. The people that make up these securities use quantum 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 was the last to know somthing 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 budget 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
Stand up and hold them accountable
Bush isn't on the ballot this year but his policies are
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
Posted By: HDBill @ 10/10/2008 7:50:28 PM

Comment: This isn't an "American-made" crisis as the rest of the world wants to gloat. The high default rates that started all this are rooted in the outrageous, artificially inflated fuel prices which ran up on the constant flow of inflammatory rhetoric coming especially out of Iran and Venezuela as their leaders sought to increase their oil revenues on the backs of the expense of the US tax payors. They, along with other countries whose reckless avoidance of responsible economic cooperation (read that Russia and the European Union) have all suddenly discovered in the past week or two that they indeed are too part of, and can not insulate themselves from, the global economy.
Posted By: Matt from Texas @ 10/10/2008 12:32:52 PM

Comment: cani77, the name is actually Phil Gramm, not Graham, but he's every bit as bad as you state. And let's not forget his wife, Wendy Lee Gramm. She was head of the Commodity Futures Trading Commission in the early '90s. She is the person most responsible for deregulating these markets. That deregulation enabled the Enron debacle. Know where she landed after the CFTC? She parachuted into a cushy job on the BOD of, guess who? ENRON. At the time it failed, her position was...drumroll please...Chairperson of the Audit Committee. What a fraud. How this woman avoided doing jail time is a scandal of the first order.
Posted By: Matt from Texas @ 10/10/2008 12:31:28 PM

Comment: cani77, the name is actually Phil Gramm, not Graham, but he's every bit as bad as you state. And let's not forget his wife, Wendy Lee Gramm. She was head of the Commodity Futures Trading Commission in the early '90s. She is the person most responsible for deregulating these markets. This deregulation led to the Enron debacle. Know where she landed after the CFTC? She parachuted into a cushy job on the BOD of, guess who? ENRON. At the time it failed, her position? Chairperson of the audit committee. How this woman avoided doing jail time is a scandal of the first order.
Posted By: cani77 @ 10/10/2008 10:05:09 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
Posted By: cani77 @ 10/10/2008 10:04:59 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
Posted By: cani77 @ 10/10/2008 10:04:50 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
Posted By: Interested! @ 10/09/2008 7:54:02 PM

Comment: Let the high risk invesors take the dump. They knew the chance they were taking and yet they took it, expecting
big returns on their money. BTW, not all ppl who took these loans are responsible for defaulting.... try their job
going voerseas! Or the small company they were working for become unable to pay the tax the government has levied against them and had to close. NOT poor manage.... POOR economy!

Most are right here that unemployment is for those who try to get a job, AND there are those that abuse the system but most don't. It is degrading to draw government assistance regardless of how much one has paid into the system. And it is further depressing to look for work and be told they are over qualified, no work available, or come back AFTER THE FIRST OF THE YEAR!

My son works for the Sprinklers Union. The hang overhead sprinklers in public buildings. It is hard work by it paid a decent wage.... a living wage. He was laid off a month ago and there is NOTHING out there that he can do. It is depressing and It is demeaning. So, not everyone uses the unemployment benefits to live with enthusiasm. He would MUCH rather be working.....
Posted By: riddelup @ 10/08/2008 12:02:41 PM

Comment: I once read an account of the plague during the middle ages. It stated the aristocracy and royalty were not devastated by the plague as was the general population. The reason stated was the aristocracy would move to their country estates and use whatever was the government at the time to prevent access. They were not effected by whatever plague was afflicting the general public by removing themselves in time of stress with the aide of the government. Does this sound familiar to anyone?
Posted By: Krohn @ 10/01/2008 8:50:53 PM

Comment: A man of great wisdom:
http://www.atlah.org/broadcast/manningreport.html
Posted By: rationa1ty @ 10/01/2008 3:34:51 PM

Comment: loriw, you call Newsweek biased, but the facts suggest it is your personal bias that is leading you to that conclusion. How can you expect Newsweek to write anything about a connection between Obama and Raines/Johnson when independent fact checking organizations have concluded that this stuff was basically cooked up as a McCain campaign dirty trick? Even the Washington Post *itself* - which the McCain add uses as a source - refuses to support this accusation. Please check out these sources:

1. FactCheck.org says (see citation [1]):

In an ad titled "Advice," the McCain campaign makes the claim that "Obama has no background in economics." Then it asks the question, "Who advises him?" The answer, according to the ad: "THE POST SAYS it's Franklin Raines, for 'advice on mortgage and housing policy.'"

The "Post" refers to the Washington Post. But the POST ITSELF SAYS THE RELATIONSHIP BETWEEN THE OBAMA CAMPAIGN AND RAINES ISN'T CLEAR. And Raines says he isn't an Obama adviser.

ACCORDING TO THE POST'S Michael Dobbs, who writes "The Fact Checker" column, "THE MCCAIN CAMPAIGN IS CLEARLY EXAGGERATING WILDLY in attempting to depict Franklin Raines as a close adviser to Obama on 'housing and mortgage policy.' "

2. Also on PolitiFact.com (see citation [2]):

The New York Times looked at contributions from Fannie and Freddie's boards of directors and lobbyists, who are technically not employees. That analysis found Fannie and Freddie-related contributors gave $169,000 to John McCain and his related committees, compared with $16,000 to Obama and his related committees.

[Obama has received more money from EMPLOYEES, but it is a good bet most of these are just ordinary working people without political influence.]

Citations:

[1] http://wire.factcheck.org/2008/09/24/obamas-connection-to-raines/
[2] http://www.politifact.com/truth-o-meter/statements/727/
- Posted By: Pallisor @ 10/01/2008 7:53:24 PM
  
  Comment: Newsweek has 8 liberal writers to 3 conservative. No bias here!
- Posted By: nmbrldy69 @ 10/01/2008 4:25:54 PM
  
  Comment: McCain's ads tout experience and Obama's lack of it, as well as zingers (sound bites, if you will) toward Obama's perceived plans for fixing today's ills. However, Obama has a proposed plan of action to remedy today's problems; more of his ads talk about what he will do, versus attacks on McCain. The McCain/Palin camp returns no such things, it simply reiterates change. Yet his record of "Yes Man" to the current President's whims don't back up the claims of "maverick" and "change", rather, just more of the same. Stop all the attacks, and state, very simply and clearly, what the plan is to resolve the financial crisis, and to lead the country onward. Does he actually have a plan, or is he going to use the "seat of the pants" method?
Posted By: nmbrldy69 @ 10/01/2008 12:18:30 PM

Comment: With the freemdom to succeed comes the freedom to fail. If the latter part of the equation is taken away, the balance is one again thrown awry. One week, President Bush is decrying the economic warnings and fears; the next, he's doing the Chicken Little imitation, to the toon of $700M. I wonder if he got whiplash, along with John McCain, for the rapid position reversal.
Posted By: GoldFinger74 @ 10/01/2008 11:34:25 AM

Comment: There should be no bailout. Loans at inflationary interest rates only secured by asset collateral and stock options. The financial institutions knew what animal they were creating. They knew the loop holes that would be available to the myriad of opportunistic mortgage companies using tactics like the ninja loans. Couple that with personal bankruptcy laws where one can simple walk away from ownership of bad debt...

The financial industry deserves to pay heavily for this situation. Sure the economy is going to be terrible for a number of years, but this is what they created. The ENRONS and WorldComs and ever the Wall Street hedonists, need to understand that there are repercussions to actions in life. In fact every person is responsible for their actions, especially all of the people that claim bankruptcy to escape from 30K in credit card gluttony.

Gauging the governments past history of bailing out major industries in the past. They were banking on the government to bail them out of this crisis. Please make a statement to all future industry icons who want to make fortunes by raping the masses. Everyone has a sense of morality. Even though things may not be illegal, they can be immoral. Since it is obvious
Posted By: beledoux @ 10/01/2008 11:19:09 AM

Comment: Personally, I think that the USA should just demand back with interest all the LOANS and Aid from nearly every country on this earth. When weather wreacks havoc, death & destrucion globally its the big bad USA to the rescue,. typhoons, hurricane sunamis, and any other catastrophe on this planet. Where were our so called allies when hurricane Katrina devastated half of the State of Louisianna which just happens to be about the size of many countries? The United States of America has shed BLOOD to aid so many countries. Most of those countries were also bailed out with US rebuilding money. Most of you would be speaking Russian, German, or Japanese right now. So I'm not so proud so as not to ask for a little help Financially!!!! After all you folks didnt have a problem asking for the blood of our sons and daughters of your ally the USA.. Whats a few trillion pounds amongst friends. Its not like the life of your sons and daughters.
Posted By: jeff85 @ 10/01/2008 11:07:46 AM

Comment: I believe there is a typo :
It read "Seeing big American banks saved by privatizations, one almost wants to scream, 'Marx, come back, they've gone crazy!'," wrote Arnaud Lagardère, general partner and CEO of the Lagardère Group, in the financial daily Les Echos.It should be NATIONALISATION instead of PRIVATIZATION
Posted By: jeff85 @ 10/01/2008 11:06:36 AM

Comment: I belive there is a mistake in one of the paragraph :
it read "Seeing big American banks saved by privatizations, one almost wants to scream, 'Marx, come back, they've gone crazy!'," wrote Arnaud Lagardère, general partner and CEO of the Lagardère Group, in the financial daily. Itshouled be NATIONALISATION instead of PRIVATIZATION

Les Echos.
Posted By: hatty @ 10/01/2008 6:11:51 AM

Comment: Sophie Grove is an illiterate liar and the evidence is in the text She says a Brit says, |We've got a hurricane coming towards us and there's nothing to be done but hunker in." No way. That is American English. And, "it's going to effect us all". The word is affect. And no, we have the same attitude as Americans. We don't want to bail out the bankers. We want them penalized and we are willing to risk losing our jobs to see it, Nobody likes the Paulson plan. It's like using a wolfd to guard your sheep. Get yourselves a proper journalist in the UK, please.
Posted By: je_di76 @ 10/01/2008 3:42:03 AM

Comment: I agree that the financial empire needs to fall, but I am concerned about the citizens that will have to pay by loss of assets and retirement funds etcetera.
I do feel as though American citizens are being held hostage by a system that seems indifferent to the opinions and needs of the people. Government has gotten so big that it is no longer a government of the people by the people. It is a government for those who can provide funds via lobbyists the ever hovering special interest groups.
The financial systems, mortgage companies, investment companies et al, created the problem, they can pay it back. There is a price for manipulating the market and citizens for profit and greed, the purveyors of the problem should pay the consequences. Not the taxpayers. Your State Representitives have email accounts...tell them how you feel. Enough is enough!
Posted By: je_di76 @ 10/01/2008 3:38:41 AM

Comment: I agree that the financial empire needs to fall, but I am concerned about the citizens that will have to pay by loss of assets and retirement funds etcetera.
I do feel as though American citizens are being held hostage by a system that seems indifferent to the opinions and needs of the people. Government has gotten so big that it is no longer a government of the people by the people. It is a government for those who can provide funds via lobbyists the ever hovering special interest groups.
The financial systems, mortgage companies, investment companies et al, created the problem, they can pay it back. There is a price for manipulating the market and citizens for profit and greed, the purveyors of the problem should pay the consequences. Not the taxpayers.
Posted By: Glenno @ 10/01/2008 1:25:07 AM

Comment: The financial crisis will cause problems around the world, but if that is what is needed to bring down the American Empire, then maybe it will be worth it. The world needs to free itself from global American dictatorship. With 700 army bases in 130 countries the world needs to free itself from America before they start war with Russia, Pakistan and Iran as well.
Ron Paul for president!!!!!!
Posted By: yellowduc @ 10/01/2008 12:59:30 AM

Comment: Its not just these banks or polititians ever look at insurance companies,who's at fault now!
Posted By: phiomalibumalibu @ 09/30/2008 10:49:20 PM

Comment: I listened to the congress talks today,. It really is a shame they don't focus on the core of the problem. Perhaps it's because they are being paid off by Foreign Companies. The main cause of the problem is not a 'credit crisis' it's a 'job crisis' 10 million Americans are not working right now Today! because their jobs have been offshored other countries. These aren't just 'help desk' jobs. They are medical jobs, technical jobs and legal assistant jobs....the real numbers are staggering. The congress needs to step up to the plate to bailout the common america....extend unemployment benefits, and cut off and bring back American Jobs to our soil.
Once you do that the US Treasury gets billions more in tax returns, the economy thrives and real estate loans are paid and the value of homes goes up.
- Posted By: Braes @ 09/30/2008 11:30:02 PM
  
  Comment: We need a manufacturing base again, domestic steel production, etc.
  Tariffs. Steep punitive tariffs. The kind that make economics people who have preached all of this deregulated free market stuff explode. We exported the jobs.
  We need a tax on securities trades. Steep punitive taxes on day traders. Make them hold stocks, or stay out of the market. Flippers, Naked short sellers, and other VIX drivers can all be a termite elsewhere.
  Since the Junk Bond boy who should have taught us years ago, all of these scum have been nothing more than confidence men.
Posted By: Tipster56 @ 09/30/2008 10:49:00 PM

Comment: 3 words come to mind;anarchy;chaos;armageddon..vote 4 your neighbor or yourself;not a poliartic
- Posted By: Tipster56 @ 09/30/2008 10:52:08 PM
  
  Comment: excuse me ..poliarticians
Posted By: Tipster56 @ 09/30/2008 10:40:03 PM

Comment: its really easy if you think about it...it's a 5-letter word called "credit",It's something that has been extended without the qualifier"credibility...lol
Posted By: kliechty @ 09/30/2008 10:38:10 PM

Comment: well there are two issues I am not sure I understand.
1. Did the economy and finanical system work so well under Allen Greenspan's direction (it sure seemed to) or was it just the build up to todays crisis.?
2. Not sure I understand why its ok for the Warren Buffet group to reap such great returns year after year and collect great wealth and then we the tax payer should bail out one of his top companies (AIG)

Seems to me that ever since the Clinton politics the finanical system has not been transparent in fact just the opposite its collected huge payouts for a very few people based on creative book keeping.
Posted By: Pain @ 09/30/2008 10:36:27 PM

Comment: Well with so called globalization this problem will affect every economy in the world. Look at how the other major world markets react to every little piece of news which comes out about this mess.

Why don't they just ignore what's happening in the US and let their market index run up gaudy numbers.
- Posted By: Braes @ 09/30/2008 11:33:07 PM
  
  Comment: When the US economy gets a headcold, the rest of the world has out of body experiences. Most of them hold our dollars and stock as 'stable" reserve currency/collateral. When our stuff goes bad, they have nothing. (The Euro has made major inroads... and now probably will supplant the $ as the mark of quality. That would be the ultimate downfall for us short of our annhiliation.)
Posted By: kliechty @ 09/30/2008 10:33:46 PM

Comment: well there are two issues I am not sure I understand.
1. Did the economy and finanical system work so well under Allen Greenspan's direction (it sure seemed to) or was it just the build up to todays crisis.?
2. Not sure I understand why its ok for the Warren Buffet group to reap such great returns year after year and collect great wealth and then we the tax payer should bail out one of his top companies (AIG)

Seems to me that ever since the Clinton politics the finanical system has not been transparent in fact just the opposite its collected huge payouts for a very few people based on creative book keeping.
Posted By: Tipster56 @ 09/30/2008 10:20:09 PM

Comment: do the math...if there are 6 billion people in the WORLD,and every single one ofthem makes a !00dollars a day.then ther still isnt enough mony to suppurt this plan...come on folks
Posted By: Tipster56 @ 09/30/2008 10:12:43 PM

Comment: the blame lies on...EVERY SINGLE SOUL in the world ,,,money is a tool...and tools break...get a clue
Posted By: timrogers @ 09/30/2008 10:03:14 PM

Comment: If they think America has been on a spending binge unlike anything else in history , they might be right.
If they think we spend so much because we have the weapons to back it up, they might be right.
If they think we will eventually go bankrupt despite our weapons, they might be right.
If they think we will blame somebody else and let them suffer the consequences, they might be right.
Posted By: Tipster56 @ 09/30/2008 10:02:38 PM

Comment: the well-to-do need to suffer for their own mistakes,not the people that keep the non-producing people afloat with speculation on what may come...this "crisis" doesn't scare poor folk...we're used to being used
Posted By: ridrbsh @ 09/30/2008 9:02:51 PM

Comment: What a chickenshit way to point blame yourself Dave. Blame the Enviromentalists who are just trying to save the planet. They have nothing to do with this mess. Anytime you have privately held companies (stocks in case you don't understand Dave) that are gauranteed to be profitable by being subsidized or backed by the Government you are in trouble. Let teh people who bought the stock and took the risk take the beating.
Posted By: Davole @ 09/30/2008 9:00:09 PM

Comment: A Proposal to Resolve the Fannie Mae and Freddie Mac Financial Fiasco

In order to solve what has been termed the financial crisis, it is necessary to identify the cause of Fannie Mae???s and Freddie Mac???s catastrophic failure.

The cause of their downfall is the partisan democrat pressure put on those companies to grant sub prime mortgages to persons who would be unable to repay those loans.

The democrat senators and representatives, who mandated that financial background checks be considered unnecessary and unwarranted, facilitated that irresponsible granting of mortgages to those unable to repay. The motive of the democrat members of Congress was strictly and blatantly partisan - to buy votes, and to maintain years of party support.

In 2005, John McCain co-authored a bill to investigate and regulate the faulty business practices of Fannie Mae and Freddie Mac, but that was opposed and defeated by the democrats in Congress.

On many occasions, President George W. Bush introduced proposals to regulate the mortgage lending companies, but those calls for regulation were opposed, obstructed, and defeated by democrats who were obsessed with the continuance of faulty lending practices.

In order to reform the financial sector, it is necessary that the sleazy politicians and top administration of those 2 mortgage companies who perpetrated fraudulent activity be publicly identified, investigated, and severely punished for their undermining the national economy.

It is only reasonable to expose the corrupt financial practices and their facilitators, and to remove them from any further activity, before any effort can be made to resurrect the American economy.
Otherwise, any attempt to do so will be useless, because the problems and perpetrators would still be present to frustrate and obstruct any meaningful remedial action.
- Posted By: rail60 @ 09/30/2008 9:28:02 PM
  
  Comment: Wow, how insightful. Why isn't McCain or Dubya coming forward with this information and presenting it to the public? Republican leadership's inability to get passage of any legislation to correct this (as you say) when they held majorities in the senate and house, says a lot about Republican leadership, doen't it? Didn't we send all of these right wing warriors to Washington to clean up the mess created by the Democrats. Remember the mess, when people could afford energy and before house prices doubled and trippled? Keep up the good work, your doing a "more better" job like Dubya and Browny. Don't let anyone "missunderestimate" you.
  - Posted By: cathygarcia @ 10/01/2008 5:06:14 PM
    
    Comment: I agree!!!!!!!! As for footing the bill for the bailout, how about hitting up Stanley O'Neal, Lloyd Blankfein, Angelo MoziloRichard Fuld, James Cayne and Richard Syron. All of these men were rewarded handsomely for bankrupting their companies.
  - Posted By: Braes @ 09/30/2008 11:34:17 PM
    
    Comment: He is a cut-n-paste hack spewing McCain/Palin junk.
Posted By: Davole @ 09/30/2008 8:59:18 PM

Comment: Continued - A Proposal to Resolve the Fannie Mae and Freddie Mac Financial Fiasco

The first step toward economic recovery would be to isolate all sub prime mortgages from the assets of Fanny Mae and Freddie Mac, and to group the remaining viable ones into several stock options to be offered for sale to the public, and also as a bailout measure.

That would result in an immediate infusion of cash into the banking sector, thereby ensuring that credit could be granted to qualifying loan applicants.

Individuals or organizations who choose to buy those stock options should benefit additionally from any profits later realized by their investments.

Also, any profits resulting from the bailout option should be refunded to the INCOME TAX PAYERS only, since they would be the ones who would have financed the bailout.

Likewise, but separately, the various questionable sub prime mortgages should be bundled together into other stock options which would be structured to contain a mixture of both somewhat and less redeemable loans.

Those sub prime mortgage packages should be offered first to democrats, especially wealthy ones, who might be attracted to them by their being valued at a price of 80 cents on the dollar, based on the face value of the mortgages.
.
That would afford them the option to support what democrats viewed to be a noble cause (home ownership for the unemployed), and besides, it might enable the stock option buyers to profit by 20 percent if all of the sub prime mortgages would be somehow repaid by the homeowners.

Thus democrats, especially the likes of George Soros, Barack Obama, Ted Kennedy, Chris Dodd, Nancy Pelosi, Harry Reid, and Charlie Schumer (who supported the granting of sub prime mortgages irrespective of demonstrated ability to repay) would be able to ???put their money where their mouths are???!

Lastly, there should be a guarantee that no further sub prime mortgages be granted.
Home ownership is a GOAL for many financially responsible Americans - it is not a government sponsored RIGHT for all persons living legally and illegally in the US!
Posted By: needaverballbeaten @ 09/30/2008 8:50:12 PM

Comment: I sure like reading all the finger pointing lunes on here. It only serves to strengthen my view that 95 percent of the people are basicly inept. If there is one of you that knows how and why this thing started and how it will end please stand up. If you are not all the fools I believe you are the cast your stones at the enviro- freaks that make it so hard to get a permit to build a factory or refinery in this country. You idiots will never admit that this country would not be in this mess if we didn't send all of money to Mexico, China, Eastern Europe, And all the other producing ,Poluting, and money lending countries of the world. Oh never mind you are all to stupid to even understand how the system works. All you want to do is blame the polititions and greedy wall street. While you work for the weekend. Shut up, sit back, watch your football, baseball, or movie-ball what ever it is that you want to be entertained by because you are to lazy to turn on brains and entertain yourselfs. Maybe Bret Farve or Betty white can save your sorry butts.
Posted By: Fortemiked @ 09/30/2008 7:47:56 PM

Comment: Part 2;
And as long as we have a government like this it will always happen. It's time for a revolution folks. And that time is now, while we have nothing left to lose. It's time to storm Washington with the torches and pitchforks and take that monster out of the castle. Ah who am I kidding? We have no spine. We've let ourselves get fat and lazy. Our forefathers would burn this country to the ground if they saw what we've done to it. This is what thousands of confederate and union soldiers died for? So that we can destroy ourselves with twinkies and starbucks? My Italian born grandfather and Sicilian born grandmother would never have done what they did if they saw what the result would be. Fat, lazy deadbeat Americans. Be ashamed of yourselves. Be very ashamed. You are pathetic. Remember this in November. If another Democrat or Republican gets into that office, it will be no different than it is now. What makes you think that one of those empty suits will make it any better? THE NEVER HAVE!!! NEVER!!! This country or world for that matter will never live up to its potential as long as people with law degrees or business degrees decide our fates. What we really need in office are scientists. One of the biggest items on any politician's agenda is war. You know what? I know a few Russians. And the private citizen there is no different than us. Unfortunately their government is just as lopsided as ours. When our scientists were able to collaborate with theirs, guess what, they put an orbital platform in space. Now all that funding is going away and we don't even have any way of getting to it. Oh, but the Russians do. Who's the world's superpower now? It has been proven time and time again, mutual collaboration works. War doesn't. Remember THAT in November. Feel free to write me on the ballot. I can do this all day.
Michael Forte.
- Posted By: rail60 @ 09/30/2008 9:38:44 PM
  
  Comment: Well put!
Posted By: Fortemiked @ 09/30/2008 7:47:23 PM

Comment: Here's where the blame lies; EVERYBODY!!! From the banks that gave deadbeats money that they didn't deserve, to the deadbeats themselves. Not forgetting a partisan government that allows it all to happen as they get "contributions" from these banks. What made anyone think that this bailout would pass, much less work? It was written by people that are not suffering. No matter how much money the taxpayer has or not, the lawmakers and corporate suits are still going to get paid. No matter how bad the economy gets, they will not suffer. They don't pay for gas. We do. They don't pay for their food. We do. They don't pay for infrastructure. We do. And let's not forget all those blind mice around the world thinking that we seem to know what we're doing. We don't. We accept credit whenever it's handed to us. Haven't you heard? The United States has the most deadbeats of any nation. They're called political parties. Democrats, Republicans, any suit that calls him/herself a politician is a deadbeat. We've all heard the adage; Poli = many, tics = blood sucking insect. Are we ever going to learn? This country has been doing this for hundreds of years and we still won???t learn. NO politician has ever cared about the working man. And they never will. Forgive me, there may be a few out there that may, but they do not call themselves dems or reps. those two parties have never, I repeat NEVER given a hoot about working folk. All they care about is themselves and the people that pad their pockets. Namely corporate CEO's and the like. Sure some "hero" will finally pass some measure that will take the edge off of this, but it will just happen again.
Posted By: klebrun @ 09/30/2008 7:38:51 PM

Comment: sward9: If you check the federal reserve website you will find that the CRA loans made up only 10% of the loans for the 500 CRA approved banks and that a Federtal Reserve survey in 2000 showed that the profits for CRA loans were slightly less profitable than the rest of the portfolio.

But that was when we had a solid economy and before the invasion of the sub-primes.

Traditional loans at this time were 125 basis points above 10-year treasuries and mortgage brokers earned an origination fee of 1 to 1.25% of the loan amount.

The sub-prime lenders descended like locusts on the minority neighborhoods with loans that generated anywhere from 5-15% fees with the deregulation.

It was legalized rape of minority families desperate to get their children out of inner city gangs, drugs, poor schools, etc.

Suggesting that the CRA program which worked well from its inception in 1977 through to 2000 was at fault is abolute and total BS. It was the deregulation and sub-primes that did the job.
- Posted By: klebrun @ 09/30/2008 8:18:01 PM
  
  Comment: The comments claiming that unethical minorities and Democrats brought down Wall Street with CRA loans is a sleazy and racist propaganda campaign to appeal to prejudices and shift the focus away from Republican deregulation policies that were the real cause of this mess.
Posted By: sward9 @ 09/30/2008 7:09:29 PM

Comment: I find it hilarious that everyone is blaming capitalism and deregulation for this mess...sure, greed is to blame in part. However, banks were forced by Congress to increase their lending to the disadvantaged as part of the Community Reinvestment Act (sound like deregulation to you?). Once the banks learned that they could actually make money by tweeking mortgage terms things got a little out of control. But if government would not have forced the banks down the path (and if the American public took more responsibility as borrowers) we would not be in this mess as deep.
Posted By: phxbob @ 09/30/2008 7:01:13 PM

Comment: It would seem in a free market that whatever gap is left by institutional failure will be filled by new entrants at some point. The problem with the bail out is history. When has it ever worked? Political leaders are not educated in these matters. Who is to be saved...?? How will that decision be made? Raise the FDIC Insurance to protect against bank runs and let the market work. Bailout will only decrease the dollar and raise commodity prices..
Posted By: fuzzytruthseker @ 09/30/2008 6:47:32 PM

Comment: Why should anybody in the Rest of the World feel guilty if they experience some pleasure at the deserved fate of the US 'wallowing in the worst financal crisis snce the Great Depression'? I mean, nobody , but NOBODY in the world is happy to see the foreclosures of the homes of the reasonable household heads who work hard to keep up their families' dignity. However, it has long been obvious that there had been ravenous rascals who ran the military-industrial-financial complex of the US that already in the 1970's Lester Thurow denounced as "The Zero-Sum Society". The world complained of the brutal invasions, the bullying of every international organisation, the monstrous support given to the worst dictators to oppress the epople they kept under their knucles ( "The dictator isa s.o.b, one US President after another acknowledged, but he's our s.o.b.."), but nothing doing. THE WILL OF THE FREE WORLD" THE WAYOF LIFE OF THE AMERICAN PEOPLE. Would the US Treasury have grown bankrupt already in 1971 had the Rest of the World insisted, in Monroe-style gunboat diplomacy, that the US Treasury honour the then-binding obligation the US had taken to convert on demand any holding of forex reserves held the Rest in US Treasury bonds into gold at US$32 an ounce, no problem. Just renege on the commitment. "The US dollar is our currency but your problem.

For my part, I am angry that the Rest of the World is still so compassionate on the greedy bunch of the military-financial complex.
Posted By: SDDan @ 09/30/2008 6:05:13 PM

Comment: Here is a little piece of advice for anyone who is fed up with the current status quo: You do NOT have to vote Republican or Democrat.

Let me repeat that in case you missed it: YOU DO NOT HAVE TO VOTE FOR OBAMA OR MCCAIN.

Both candidates are owned by the very people who put us in the position we are in right now and are supporting the bailout.

There are other options. Check www.votepact.org for more details.
Posted By: kaw kaay shion @ 09/30/2008 6:01:28 PM

Comment: BRUSH UP ON YOUR CANTONESE EVERYBODY. LOOKS LIKE THE BANK WILL BE OWNED BY THE RED COMMUNIST CHINESE WHICH MAKES THEM THE NEW LANDLORDS AS WELL. THIS ALL DEFINITELY EXPLAINS WHY RED REPUBLICAN FORMER LIASON TO CHINA, FORMER PRESIENT GEORGE HERBERT WALKER BUSH MADE AT LEAST NINE TRIPS TO VISIT HIS BEJING BUDDIES THIS YEAR BEFORE ALL THIS HAPPENED.
Posted By: gelbkreuz @ 09/30/2008 5:55:49 PM

Comment: China did not win the "medal tally count," they won the gold medal count. The U.S. won the "medal tally count" as it won the most medals. To me, that's the "tally count." Get it right. You know, I worry more about the concern the media has for fact-checking than I do about the economy because I rely on the former to know about the latter. One minute it's $700 billion then "1 trillion," then what. What else am I reading in these articles that are "just slightly off but doesn't really matter?" Nobody knows but we'll report on it anyway. Ugh.
Posted By: kaw kaay shion @ 09/30/2008 5:54:04 PM

Comment: BRUSH UP ON YOUR CANTONESE. LOOKS TO ME LIKE THE BANKS AND NEW LANDLORDS WILL BE RED COMMUNIST CHINESE. THIS DEFINITELY EXPLAINS WHY RED REPUBLICAN FORMER PRESIDENT GEORGE HERBERT WALKER BUSH MADE NINE TRIPS THAT WE KNOW OF TO HIS BEJING BUDDIES THIS YEAR.
Posted By: gelbkreuz @ 09/30/2008 5:49:40 PM

Comment: China didn't win the medal "tally count," they won the gold medal count. The U.S. won the medal "tally count" as it had the most medals over all. You think I'm nit picking? Nit picking maybe, but what else in this story is "just a tad" off? If only we knew.

Thank you media, for over-blowing the issues and disregarding the fine details once again.
Posted By: gypsyq @ 09/30/2008 5:47:36 PM

Comment: It is time to take personal responsibility, I am not in forclosure I bought a house I could afford. Nobody is going to pay my bills if I can't. It is time for corporations to deal with their own mess. Maybe someone will give them a loan - maybe not. I don't want my tax money bailing out big business.
Posted By: Iconoblaster @ 09/30/2008 5:45:44 PM

Comment: When a salesman tries to rush you into a quick decision, THAT is the very moment to take your time, and examine your options carefully. There's a REASON he is trying to rush you, and it isn't to make anything better for YOU. Act in haste, repent at leisure. It is an act of extreme chutzpah that Bush would even ASK the American public to buy up $700 billion in bad paper, in order to rescue from disaster the very people who drew up that bad paper. Astonishing gall.
Posted By: nimodahooligan @ 09/30/2008 5:03:06 PM

Comment: wow...just, huh, wow...
Posted By: SDDan @ 09/30/2008 5:02:56 PM

Comment: "As the United States wallows in the worst financial crisis since the Great Depression"

Ohh please spare the sensationalism. The media is pathetic and losing credibility with each and every fear mongering article that comes out. The people are starting to wake and see the house of cards for what it is and are millions are letting their representatives know exactly how they feel.

Here is a little word to the not so wise: Pass the bailout bill at your own peril. Despite the common opinion that the common person is a moron, with a little reading we see through the smoke and mirrors and see what this bailout is really about. We already get bent over every single day by banks and lenders with interest rates and fees and do not want to put any more money in their pockets.

All this bill is doing is shining a bright light on just how corrupt our governing body is.
- Posted By: Braes @ 09/30/2008 11:43:35 PM
  
  Comment: I am not sure bailout is right. Extortion might work. I think it is extortion, with the sky is falling stuff all in big lights. I am waiting for us to have to fight the economy over-there before it gets us over here, and the smoking gun is a mushroom cloud.
  Bailouts usually solve something. Extortion is unambiguous. When the market came back almost 500 today, I guess I have to wonder what I am seeing. Do I need the $700B or not? If the market crashes a couple thousand, the world wont stop. the 777 drop is a bigger Dow number than the total market when I was young. I remember Dow 1000. I wonder if that is where we are headed again.
- Posted By: Iconoblaster @ 09/30/2008 5:39:17 PM
  
  Comment: I'm all ready to argue with SDDan....just as soon as he says something I disagree with. Any minute now. Any minute....

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