Europe's economies thought they were safe. They're not.
Comment: This is Good that Wall Street heads for big decline as recession fears stir panic. In order to get out of an recession is to allow the markets around the world to go under and let Infation increase as far as it can go. Once the world is in a tailspin, like the depression of the '30's, a world war is needed to revive the global economy. This is how jobs are produced and people will have money to spend, the markets will begin to improve.
Comment: To have a better understanding of what caused the financial crisis and how we can remedy it please read a post titled "Why is the United States undergoing a political and Financial Crisis?" and watch the third video down labeled "The Money Masters" at: http://www.theartdeptchronicles.blogspot.com
http://www.theartdeptchronicles.blogspot.com
Comment: To have a better understanding of what caused the financial crisis and how we can remedy it please read a post titled "Why is the United States undergoing a political and Financial Crisis?" and watch the third video down labeled "The Money Masters" at: http:;//www.theartdeptchronicles.blogspot.com
http://www.theartdeptchronicles.blogspot.com
Comment: Will someone please moderate these comments and stop allowing "cani77" to post THE SAME comment over and over 8x? This person is obviously a nut case.
Comment: Elowyn I will just state facts but I believe it is not necessary for me to be persuasive. You havee no idea what you are talking about vis-a vis China. You know *** man !
Mention the good intention of China for the world community, please know that China on the 2nd day of this financial meltdown, put up US$200 billion to be available to the US for the purpose of helping riding out the crisis. Premier Wen has said that China will maintain our huge cash reserves of American government bonds and cash reserves of US$2 trillion. You government are happy with China's response and so it should.
Having said that, if the success of China drives you mad, then consider this prospect, China has 800 million peasant Farmers who have a reasonable life, far better than 20 years ago. China uplifted the lives of 450 million who had beofre lived below the poverty line. This is an achievemment that has never been known to have been achieved in all of history and what is more frightening for those of like you; China achieved in just a matter of 20 some years. What has been achieved came through the development of the manufacturing heartland of China on the coastal regions. That huge growth was the growth of the urban regions; but what is now been planned is the development of our rural heartland and this is where 800 millions peasant live and work. The success of this plan will make 800 million and uplift them into middle class. The prospect of the growth of China that will come on the back of this rural development is frightening.
Just like the funding of China's urban development, the Chinese diaspora of Singapore, Taiwan, Malaysia, Hong Kong, Filipines, Indonesia and other centres of China immigrants. Think to yourself what this vision will put China in the coming years.
Comment: To Elowynd: Why do I write in English ? Becaruse you dont even known any chinese language!!! You are so empty-headed!!! All you said is suck!!! I came from China to learn your language and skills( not from you) ,and i found most of american are kindly and friendly. Why your God let me see your comment while I am about to go back with good mood. West world just have led the world for 300 years(are you happy what I said ?)You are so madcap in front of a person whose country led the world for 3000 years. You must known a lot of history as much as chinese. When we went ahead the other places of the world , we just output selflessly, and never thaught invading or robbing from your grand-grand-grand fathers pocket. When we faced troubles , your excellent nations and the wolf-japanese came to insult us . Anything happending now in China is our own business . I wonder if you lived in china or not ? Why when we feel our lives get better and better , you jumpt out like a clown . I have to admit my English is not good ,but depending your pitiful openion, you known less even than chinese school boy .
Comment: ooo, looks like comradeyap forgot that all china's money, which gives the average Chinese person about the same amount of money as a poor western child, bases it's whole economy on being slaves in western factories. China doesn't even grow enough food to feed itself. It still has it's factories, but I believe the west has seen china's true color's and isn't even willing to use them as slaves anymore. And what is with the Allah remark? China hates Allah! Are you a trecherous muslim or a lying Chinese person, pretending to be Muslim to try and cause grief? You Chinese have shown your true face and have lost something even more valuable than the millions your communist party murdered, your virtue. Now when people look at China, try as they might how can they see anything but a hatefull people, who seek to insult other nations, while Chinese riot over the slightest criticism. Soon your economy will die, you'll be starving to death again, you won't be even welcome in other countries because you will have made your race so despised, and worst of all you will have no one but yourself to blame for it. Remember as you starve under the oppression of your own government that when the world reached out to you you gave nothing at all back but hate. You have shamed yourself, your country; you are a disgusting example of everything that is wrong with China and humanity. Why do you write in English? You filthy pig! You won't even use your native toungue! Traitor! In future generations people like you will have made the Chinese name associated with all that is wicked; if you had any decendents, you personally don't seem like the type a girl would go for, they would be ashamed to bear the title of Chinese, which has come to stand for greed, hypocrisy, stupidity, and foolishly bringing about one's own downfall through exessive nationalism. Any other country that failed, is there any out there besides China that are likely to do so?, will at least know they have given something good to be remembered by but China has created nothing! Even the language is imported now. You should be ashamed of shaming your countrymen through your ignominious words. Ever notice how few Americans write stuff such as yours, if they do it is all against America. That is because the patriotic one's know that if they are too stupid to write they keep their mouthes shut. But in China a similar view has apparently not taken hold. You are a fool who shames your nation with your comments! Who will touch anything touched by a Chinese person if they think the Chinese are like you. You are disgusting, an idiot, and a blot on every group you belong to.
Comment: This is a link to a CSPAN video clip of the Congressional hearings at the time of McCains attempt at S.190. to fix fannie and freddie
http://www.youtube.com/watch?v=_MGT_cSi7Rs
"Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis"
Comment: THE AFFIRMATIVE ACTION CANDIDATE!
NEVER IN THE HISTORY OF THIS COUNTRY HAS A PRESIDENTIAL CANDIDATE BEEN GIVEN SUCH A FREE PASS BY THE PRESS AND JUST ABOUT EVERYONE ELSE!
I AM WAITING FOR A BLACK PRESIDENTIAL CANDIDATE TO MAKE IT ON HIS OWN MERIT.
COLIN POWELL COMES TO MIND!
Comment: I just love to gloat a little at this time, when all in the west have for once very little to say and much to be embarrass about. Anything to say about China ? China is well placed by the grace of allah, to diversify. The Communist Party has just wrapped up their party conference and they have put together their vision for the development of their rural farm industries. We have seen in all the years that China has been and is socialist, that whatever China decides to do they do with great vision and success.
This is just the perfect time for China to devote their resources into Farm reforms since demand for manafactured goods will deminish; other nations will have nowhere to go but for China we can stimulate demand by building our Farms and when the markets return to health, we will be there three stronger than before this financial crisis. Go China go !
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
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
Comment: Your article still smacks of American superiority but as I am fortunate enough to watch European Tv on a
daily basis and also read the Spiegel comments, I can assure that Europe is in much better shape and the junk bought by their pensioners for their retirement and now worthless came from only one source:
Lehman and was peddled to them by none other than good old Citi Bank. Germany has a very well regulated
Savings Bank system and the poor result of the "decider's" meeting with the G7 ministers answers all questions. The Busch regime is finished and with it all those glory days of overindulgence.
Comment: I happen to be one of the 10% that that thinks things are fine right now. I do not have my investments with entities that I have no direct control over. Most of you crybabies were not crying when you were making 25% a year and now you want me and others to come to your rescue. I will do that, in the form of buying your properties and goods at 10% on the dollar and then sell them back to you in a few years, when you are semi- solvent again.
Comment: To the fascist-loving Jblackwell1188, the only way to treat a deadbeat is to throw him out the house and he may become a hobo, tramp or gypsy. Of course fascism has its way to treat such beings as seen in Europe till today. Miss out on debt repayment, the mortgaged property is foreclosed ,and the newly homeless bankrupt may have to sail for somewhere else to colonise, and perform ethnic-cleansing acitivity that is wholly acceptable with fascism. Rings a bell, isn't it? I remember some20 years ago, in my Economic History of the US , a people now Native Americans were robbed of their herrtage and land rights to make way for new Americans.
Today, a new wall south of Texas intends to keep aliens out. Long live fascism.
Comment: Apparently the Euro is tanking fast. Gas is dropping faster than Bill Clinton's pants
Comment: It makes me feel all warm and fuzzy to know that the Europeans were as arrogant, greedy and incompetent as we were.
Comment: I just wonder if Bush still wants to privatize Social Security...THIS meltdown is exactly why some things such as sensible regulation need to remain in the government's hands. We are harvesting so many things now that Repubs harped on for so long about and the common Joe is paying for it, and as usual with the Repubs, the CEO's are reaping, or raping, the benefits.
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
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
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
Comment: Cani77-
you use a lot of words to draw no conclusion, or solution. You are an empty pan clanging. But it is clear where you get your example from. Your boy is not going to have anything to do with pulling the economy out of its current situation, no more than McCain would. Put your politics aside and realize that these guys do not have your back, any more than bank execs, Clinton, Barney Frank or Bush did. (Yes, they all have a hand in our current situation...)
Comment: I dont believe hes perfect but unlike mccain he can use a computer
and unlike palin it didnt take him 5 colleges to get a degree in jounalism.
sometimes its a good idea to have a smart person running things like right now
when the economy is crashing
why elect someone who might be fun to have a beer with ,elect someone
who is smart enough to fix this
Comment: Its pointless to argue with those who regard Obama as the Messiah.
Comment: O sooo true.
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
Comment: Wow, it's even amazing how many times you were able to post this nonsense. When I've spoken to Obama supporters in the US the key theme is their utter ignorance. They spout off Obama's site as if they know it by heart. Not once have I been able to get a single one of them to pin down exactly how Obama proposes to do what he says he will do. In fact as an outsider, I've gone through his rhetoric line by line, and it's laughable. Why? Because IT CAN'T BE DONE in THIS economy - or almost ANY economy. Holy crap people!!! Does anyone even care that they are being completely fed B.S. that isn't even feasible? Neither McCain NOR Obama understands the economy and there is in fact enough substantiating proof that Obama went to Raines ( of Fannie Mae's demise ??? ousted 2004) for advice. Raines ironically just purchased a house in D.C. for 4.9 million. Perhaps he used some of the 90 million he siphoned into bonuses from the company while he was there from all the sub-prime lending the Clinton years encouraged.The mess is two-sided. McCain's an idiot and Palin's a total loser - but Obama is a liar of astronomical proportion. Out of the two of them it scares me that Obama will win because he has said more of what people want to hear versus, what is actually POSSIBLE. This post is just another inane example of the unthinking masses that are voting for him. Perhaps the world has Oprah to thank for that. When Oprah has more of a voice than say Jeffrey Miron (know him? anyone anyone??!!!) it's a sad commentary on North American society. Please keep in mind that the democratic government encouraged Fannie and dear old Freddie more than anyone into sub-prime lending. Why? Well...because gosh darn it po people need mortgages too, and they're easier to make money off of than anyone! So gee, surprise surprise when they can't make their payments because predatory lenders took advantage of less sophisticated borrowers and caused dear old grannie to go for broke. Makes me sick when Nancy Pelosi gets up there and rips the Republicans a new one knowing full well her party put the American people where they are today equally if not more so than her unpopular counterparts. Use your God given brains people and start thinking about how Obama can make this really work given the current climate!!! Both Obama and McCain pushed hard for a bailout. Already RIGHT THERE you KNOW neither one of them "gets it". Why? Because the American people will be footing the bill... ALL OF IT. Already the bailout is literally stalled in the process of frozen credit markets and legislation; furthermore, it isn't giving investors a bit of peace on Wall Street or anywhere else in the world- AND YOU'RE PAYING FOR IT!
Comment: Palin has a degree in journalism from idaho
mccain cant even use a computer to send email.
neither are qualified to run a 17 trillion $ economy in a crisis !
Comment: Cani77: You absolutely proved my point: jargon, rhetoric- nothing of substance. Good for you! You and the non- thinking masses will get what you get. I agree with jblackewell88 - it's impossible to get through to you people who see Obama as some kind of messianic figure. Whoaaa that's nuts....
Comment: McCain and Obama are both reflections of American ignorance in general, since it was the voters who collectively put them forward as candidates. We deserve everything we get. The blind are leading the blind and have no context for picking an intelligent leader for lack of intelligence ourselves.
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
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
Comment: In this case we all have manipulated- every economist knew it could'nt go on on this way - real economy became virtual economy for benefit of traders - debts for taxpayers benefits for traders - result of that is poverty spreading out in EUROPE and AMERICA .. I think it will arrive more and more in the future, because our economies are depending on petrol and petrol will fail soon or later - see you at the next crisis.
mfg
cyril
Comment: Yeah, let's blame the US again. Europe is a libreral's paradise where responsibility lies somewhere beyond the noses of its inhabitants. What a bunch of pompous snobs and girly men.
Comment: Greed has no nationality. We have wiped the collective butts of Europe so many times throughout history. The gloating and arrogant nature of europe has always been a product of resentment and jealousy of the American Experiment. Let's not forget that we have put down more than one dictator in Europe and have put up the capital to rebuild and defend our European friends.
I tell you, I have visited Europe many times and I will take America as home where I am not automaton or overly feminized micreant peppered with snobbery and a sense of superiority of being part of a collective hive mind. The Europeans are non thinking herd of sheep people that embrace a socialist system that is akin to a colony of ants that follow blindly and are at best fair weather friends of the world when it is beneficial. You are welcome for your freedom and I hope you are able to clean your own house this time.
Comment: The Europeans still have a right to gloat about the death of the U.S. style capitalism and falling on its face... because it indeed has failed.... yes they participated, but only because they too were greedy and most importanlty, because they had FAITH in this system we so eagerly promoted. We'll I doubt they still have faith! It will be decades before we can convince anyone to follow along with us!
Comment: I have faith in capitalism, just not stock market gambling and the banking scam. There was a reason the early Christians went against usury ( and why early Jews benefited from it ). We need a form of capitalism reminiscient of what America was founded on. But definately NOT socialism. I'd take fascism before socialism any day.
Comment: it is said , when china wakes up the world will shake , china just started to wake up and the world is indeed shaking , wealth is shifting from west to east .
Comment: When the dollar becomes worthless, what is it exactly that China will own? China better hope the dollars they're saving will be honored down the road.
Comment: Japan is the only developed country that doesn't have exposure to the mortgage crisis. Their financial institutions are drowning in cash, and they are snapping up Western assets. Japan is also the world's second largest economy. The Western media has tunnel vision.
Comment: Maybe its time to toss out the money changers who run the whole world with their credit system and return to the treauries of these countries taking control of their monetary policies. The money changers owe no national allegience, they only worship profit. They have their fingers wrapped around the politicians and policies of almost every country on this planet. Remove the money changers and you remove the temptation to sell out your country for money and power.The love of money, power, and greed are the root of all evil. Their worst fear is people finding out that their credit debt system is the biggest scam on this planet.......and we're tired of being scammed and manipulated.
Comment: i agree with you - in this case we all have been manipulated - every politicsmember knew it would'nt go on on this way - there is a big difference between real economy and virtual economy - they knew we cannot get rid of finance - we are dependent on them - benefits for capitalists- debts for taxpayers - no invest anymore at the STOCK EXCHANGE whether you don't master subtleties of financial market - big bosses have also been *** in this case
Comment: i wish people on both sides of the pond could step back and look at the bigger picture. Pointing fingers at each other is not going to rectify the situation were all in. We need to understand that the real culprits in this big mess are the money changers. They stole, lied, cheated, manipulated, and swindled their way to the place we are today. They have their tentacles wrapped around governments all over the planet, they control our politicians,our policies, and our money. The money changers have no national patriotism...they worship money. Its time to cast out the money changers and return to sound fiscal practices run by the treasuries themselves.
Comment: What are you talking about gloating? We're raving mad over here about your rating agencies putting AAA ratings on junk... A lot of our institutions would have been legally unable to buy that toxic *** without the phony ratings! We think you let Wallstreet screw us, and we didn't get to elect the crappy goverment that allowed this to happen, but regrettably, just over 50% of you were lala enough to do so :(
Comment: O ya, I forgot, your European institutions and brokers are charity workers who thrive on the gift of giving - gimme a break. It's buyer beware in the cuthroat industry of high finance and trading - they totally knew what they were getting into without question. Every foreign company has analysts do due diligence and investigate their potential portfolio. Greed is muliticultural my friend - and bipartisan. Sell your story some where else.
Comment: Who cares? Why is this article even taking up space? It's not about people laughing at us; it's about getting on and doing the right thing....Who really cares what Europe thinks about this situation? And frankly after coming back after 5 years in Europe --- no one was laughing like this article says except a few journalists. This journalist is just as snide if not arrogant. Grow Up.
Comment: What are you talking about gloating? We're raving mad over here about your rating agencies putting AAA ratings on junk... A lot of our institutions would have been legally unable to buy that toxic *** without the phony ratings! We think you let Wallstreet screw us, and we didn't get to elect the crappy goverment that allowed this to happen, but regrettably, just over 50% of you were lala enough to do so :(
Comment: A false security in dollars with no backing, other than the word of a Government; produces a false hope with no real value other than a false perception that this will make economic sense after all.
Comment: I would like to argue that there are advantages to the ''uncoordinated'' response of Europe when compared to the ''coordinated'' response of America to the financial crisis. Europe consist of individual countries that each have their own individual financial problems that are similar but not identical. For each of these problems a tailor-made solution is being devised by the people that know best (the countries leaders). Some of these solutions will not work and others will, but the european countries can learn from the mistakes made by their neighbours. If America choses the wrong solution in tackling the financial crisis it will not learn this untill it is too late. The author of the article wrongly thinks that the underlying problems of the financial crisis in Europe are the same as in America. When this crisis is over a heap of people in America will have lost their homes, this will not be the case in Europe. Strict Regulations forbid the offering of subprime mortgages in most european countries.
Comment: EthanHusseinWyatt says that politicians should be employing "advisors who understand economics".
Alan Greenspan, I thought was an "advisor who understood economics" who was appointed by and advised Presidents Clinton (Democrat) and Bush (Republican). Goes to show that this mess IS TRULY BIPARTISAN. We keep talking about the Mantra "Bipartisan". Who was Bipartisan in this scenario unfolding now. BUSH!. See what it got him. Poor Bernanke got stuck with the mess left him by Alan Greenspan appointed by a Democrat.
Khenson mentions "derivatives". I first heard the term used in Math class while I was in middle school until "advisors who understand economics" co-opted it to make their alleged profession seem "scientific", therefore, respectable. All it is is SNAKE OIL.
It is NOT "advisors who understand economics" that Politicians need. It is "advisors who understand FEAR and GREED" that they need. I will leave it up to all the people pointing fingers to figure out WHO.
Comment: continued from previous post--
Why hasn't anyone suggested an overhaul of the currency and banking system. They are the twin roots of this problem.
Comment: When money is created from debt, the interest keeps mounting until it is too big for the national tax base. When there are no regulations on leveraging this debt, a casino-like atmosphere exists in the commercial banks, insurance companies and hedge funds. It has to correct and the unsustainable debt bubble is bursting right now before our eyes taking the dollar with it. Soon there will be no more tricks left for the Fed. Why hasen't anyone
Comment: There is a simple solution to this worldwide economic mess. Governments can not solve the problem. It must be solved by the people at a grass roots level. To date ,I have not heard one comment from anyone about this simple solution. ----- Forgiveness of Debts owed to one another. True Capitalism can only be achieved if greed is held in check. If everyone in the world agreed unilaterallly to forgive 50% percent of the debts owed them. the deficits would be erased whithin minutes., restoring order to the system. Debt is created by a state of mind , with greed for profitability as its drving force. When people realize that our greed will consume everyone around us including ourselves then we will begin to solve the financial problems we face. Just think what history will say about a world movement to forgive debt between one another.
Shawn "Smitty" Smith - Houston ,Texas
Comment: indeed forgiving %50 of debt is a solution ,only if the world monetery system were played by a universal law ( god law which is fair to all human ) but the system is imposed on all the world by US rules set after WW2 . that is benificial only to US .
Comment: I would like to argue that the ''uncoordinated'' response in Europa has some advantages compared to the ''coordinated'' response in the USA. Europe consists of individual countries that each have their own individual financial systems and each are currently experiencing similar but not indentical problems. Each of those problems are being countered with a tailor-made solution by the people that know best (the countries leaders).. The American solution is ''one size fits all''. In Europe some of the chosen solutions will fail and some will work but the Europeans have the advantage that they can learn from the mistake of their neighbours. If America has chosen the wrong solution how will it learn untill it is too late?
Comment: I can't wait for this election to be over! 2 years ago McCain said in co-sponsoring the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole. The Democrats killed the Bill.
The democrats and the Media have done everything in their power to ensure Obama wins this election!
No mater who wins this election the economy will get better! Because after this election the democrats will have no choice but to do whats right for this country! The democrats and the media are playing a dangerous game to get Obama elected at the cost of the American people!
McCain tried 2 years ago to prevent this, but the democrats voted against getting things under control! The American people need to stop blaming the republicans and Bush! The democrats did everything in their power to get us to this point to get Obama elected by not working together with republican's.
We the American people need to send a message to the democrats and the media, that we expect democrats and republicans to start working together right now and do the right thing to get this economy back on the right track right now!
Comment: Ok here is the thing everyone loves to hate Americans or America. Then notice when we have difficulties, as we certainly do right now, the rest of the world crashes just as hard as or worse than we do. We will fix this as we always do. I only hope the rest of the world fixes their problems as quickly as we will. Or sure as heck they will have their hands out asking for our help, and we will help them as we always do. I do not know how many times we Americans have reached out and helped other countries with aid during their times of need only to be scoffed at later. I am sorry about the rant but felt it needed to be said.
Comment: Obama visited Europe and had Rock Star status... but the Germans didn't understand ACORN, Fannie?Freddy and Obama and Ayres at the time!
They still might not get it as the US news media is slow to report the facts!
The Fanny /Freddy monster is the FRANK 'N SCHUMER MONSTER!
Ayres and party worked with the Student's for a Democratic Society long ago , and then took the organization over! Ayres has taken over the DNC, now. DNC super-delegates didn't know what they were voting for!
Now maybe the Europeans understand what Martin Luther King meant by the content of one's speech.
Obama is a mouth load of hot air! obama's "change' is everyone goes broke!
Comment: This is nuts. Socialism is NOT helping the UK nor Germany either.The regulation THEY had DID NOT prevent THEIR down turn. Because, you see, greed is NOT synonymous with the Republican party folks.No matter how much everyone would like to say it originated with them (I'm not American so don't even try to paint me as McCain supporter). Grab a clue people and stop buying the Obama/Biden B.S. -money isn't going to magically fall from the sky once he gets in. He's going to be banging on YOUR door people because that's what we do in socialist countries. Our politicians tell us one thing, and then tax the HELL out of us in the end. Because why? Because you can't tax the same people that FUNDED the damn campaign. Obama will have a good reason and story for why he's breaking his campaign promise - called a 700 billion bailout, but he'll do it, and cut your military too. We did it here (Canada). My dad had a saying which I'm sure yours did too "If it SOUNDS to good to be true..." you fill it in - and wake the hell up while you're at it.
Comment: Omnius sounds like a well educated individual who still hasn't gotten the concept down that an economy is a creature all and too itself. No one group of people, politician or for that matter political group controls it. It controls itself and feeds off of basically two things, anxiety and pleasure. To point fingers is like giving it a real snack. The control lies in a concerted effort of all people, political groups, and businesses to work together and have faith in their ability as a team to succeed.
Just take a look around the world and you'll see that it is all countries, big and small, with many different political beliefs and cultures that are suffering from this out of control beast called an economy. Ergo, it would be my suggestion that we all work together to solve the problem and stop feeding the animal through any finger pointing.
Comment: Omnius sounds like a well educated individual who still hasn't gotten the concept down that an economy is a creature all and too itself. No one group of people, politician or for that matter political group controls it. It controls itself and feeds off of basically two things, anxiety and pleasure. To point fingers is like giving it a real snack. The control lies in a concerted effort of all people, political groups, and businesses to work together and have faith in their ability as a team to succeed.
Just take a look around the world and you'll see that it is all countries, big and small, with many different political beliefs and cultures that are suffering from this out of control beast called an economy. Ergo, it would be my suggestion that we all work together to solve the problem and stop feeding the animal through any finger pointing.
Comment: I'm experiencing extreme schadenfreude as I watch the global stock markets melt down in the worst crash in history because it's happening on "MBA Dunce" Bush's watch and is sinking "Bush Hugger" McCain's campaign. I love the timing of how the world markets are repudiating "Alzheimer" Reagan's evil Voo Doo economics of Tinkle Down economics that have left the whole world wet from the wrong kind of Golden Shower.
It's like watching the global stock markets doing the Wave, s one set of markets closes and crashes the next set keep up the negative wave and crash and burn and on and on, where it stops nobody knows. It sure looks like the free market concept that businesses are honest and can self regulate is going down the toilet as it should. Now we'll see more proper government regulation and a lot less of the flim flam free market garbage where they outsmarted themselves with their credit derivatives and other idiotic junk bonds.
Only Obama/Biden can restore honesty and integrity back to the business world that McCain has been so instrumental in wrecking with his clueless deregulation.
Comment: You are an idiot of epic proportions, Omnius. This "free market" you eschew has made the U.S. economy the strongest in the world for some time now and provided a living condition here in the states that 95% of the rest of the world would give anything to achieve.
Even with the current crisis (and we've had these before) the net result has been a progressive move forward of our economy. I bet you weren't spouting your inane gibberish in the economy of the 90's, or the flourish after 2003 or the recovery period of the 80's - of course by your post I'd be surprised if you were around in the 80's.
Questioning our free market model is like driving a car for 10,000 successful miles and then saying it's worthless when it gets a flat tire quickly forgetting what it HAS done for you up to then.
Of course your response to that would be to - what? Go back to horses or just start taking the train? All economic systems have their ups and downs and ours is no different but it certainly seems to be the best based on the quality of American life versus the rest of the world.
America will fix the flat on this Ferrari and we'll roll again and things will be better than before - history shows us that. Provided we don't let the words of the clueless (that would be you, btw) convince us that it really is wise to throw the baby out with the bathwater.
By the way, I suppose since Europe's economies are tanking as well I can use your logic to rant about socialism and over regulation as the cause of their woes, huh?
Go back to sleep, moron.
Comment: The fundamentals of our economy are strong.
The fundamentals of our economy are strong.
The fundamentals of our economy are strong.
The fundamentals of our economy are strong.
The fundamentals of our economy are strong.
Comment: Do you have a point?
FYI - your Thomas Jefferson quote was contextually aligned with the stance in favor of a unified currency model as opposed to allowing different banks to issue their own proprietary bank notes, not about regulation of the banking industry. As I recall the United States congress agreed and did what the constitution called for them to do - that pesky "coin the money" thing. :)
Comment: Yeah well your analogy of our economy to a ferarri is wrong too. We don't have a flat tire, we have an engine problem caused by the drivers negligence.
Do you really think we can continue on our economic path of deregulation? You're speaking of this economic crisis like it's a minor setback... as the US and countries around the world economies are crashing.
And my quote may refer to banks controlling the supply of money, but the general idea remains perfectly understandable; banking institution are dangerous and need to be regulated.
Comment: Yeah, yeah. I heard all this in 1973, 1987, 2001, 2003, etc. etc. ad nausem and after each of them we flew into an economic flurry that left us better off than when we went into the crash. After the crash everyone sat around giggling and wondering what all the fuss was about.
Each of those crashes had a reason and we learned from each and every one of them and each and every one of them had a bunch of "sky is falling" boneheads running about ranting about capitalism and corporate greed and the subsequent recovery sent them scurrying back to their roach motels.
Do I think we can continue on our current path of deregulation? Sure - the folks on Wall Street aren't real happy right now either and you can bet your sweet butt they won't let subprime mortgages (or derivatives thereof) do this again.
Of course in 1987 it wasn't subprimes that caused the crash and the next crash won't be subprimes either - it'll be something else. What makes you think that regulation will prevent a market crash? It didn't for the European and Asian markets in this case.
It is what happens in every economic system except communism. Of course in that system it only takes one crash and after that the wall comes down.
And finally - Banking institutions are not dangerous, nor are corporations, nor is capitalism. Banks regulate on one thing (going a little Ayn Rand on you here) and that is money and right now they are losing their proverbial derriers. It is in their best interest not to let a repeat of this fiasco happen again purely from a monetary perspective and you can bet they won't. There's your regulation.
Touch the stove and get burnt = don't do that crap again. Simple as that.
Comment: I'm by no means making an arguement against capitalism. I poke fun at McCain by saying "the fundamentals of our economy are strong" but he is (depending on the context of what he was talking about) right. And I by no means want to regulate corporations into a coma, or redistribute wealth.
And you are right that our economy will emerge from this crisis stronger. And I do believe that the economy must remain a free maket economy that allows corporations to act in their own self-interest (ie capitalism). However, my point is, wouldn't it be better if we had a government with the foresight to apply a responsible amount of regulation to avert a crisis and lessened the pain for the citizens is supposedly represents?
That's all I mean by regulation. And there were plenty of warning signs for this crisis. And they were ignored. Not at the fault of the corporations, at the fault of our government.
Comment: These derviatives were so complex that only Will Hunting could have understood them so I don't have a lot of faith in our government to have seen the warning signs.
Explaining them to Greenspan, Bernanke or Paulson would have sent them into scribble mode for years and GW would have drooled and pooped himself.
Regulation assumes that the regulators know what they're talking about and sadly our elected officials are mostly lawyers, a few doctors and few, if any economists.
I maintain that we have to trust the witch doctors of wall street and hope that them losing their posteriors will be enough to maintain a net progressive stance. I was a Marine for 8 years and know first hand how much a mess the government can make of things. Just because the Finance folks screwed this one up doesn't mean the gubmint will do any better - in fact I'd bet against them every time.
Just because someone can see Wall Street from their window doesn't make them an economist.
On a side note: unlike most liberals you have impressed me with your reasoning skills. Just thought you should know that while we disagree, you have my respect in that regard.
Comment: Well, I'm not going to argue that politicians are capable of doing much else besides getting elected. However, they should be employing advisors who do understand economics. And I'm also not going to argue that politicians always do what's in the best interest of the country. However, that doesn't mean that we as voters shouldn't demand it.
And although the economic mess we are in is extremely complicated, we shouldn't be putting all our apples in Alan Greenspan's basket. We need to heed advice from varying opinions from on regulation and deregulation. If we acted at the beginning of the morgage crisis a few years ago, we could have lessened this one. I agree with you that there will always be bumps in the road, but if we can see them coming we can lessen the impact.
I think the difference between you and I is the basics of conservative vs liberal fundamentals. While we both agree government is imperfect, I believe we should strive for a perfect government, while you think it's impossible and we should minimalize the negative effects. There is no correct answer to that question. (ps. it's sad this doesn't get debated... only flag pins and fingerpointing)
It's appears we have reached a stalemate. It's been a pleasure. And we can both agree that this mess is making Bush poop his pants.
Comment: LOL!!!! I couldnt agree more....
WHATEVER HAPPENED TO 'THE BUCK STOPS HERE'??????
Comment: I agree. It's time we realize that self-regulation isn't possible. And we all owe a major thankyou to Alan Greenspan (sarcasm). His self-regulation anti-government policy of the last couple decades added to this crisis.
http://www.nytimes.com/2008/10/09/business/economy/09greenspan.html?_r=1&em&oref=slogin
The conservative motto of "the government is evil, the government is bad" is a fundamental problem. What is wrong with a controlled responsible government? It isn't the government we should be afraid of, it's the corporations.
"I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
-Thomas Jefferson
Comment: This is nuts. Socialism is NOT helping the UK nor Germany either.The regulation THEY had DID NOT prevent THEIR down turn. Because, you see, greed is NOT synonymous with the Republican Party folks.No matter how much everyone would like to say it originated with them (I'm not American so don't even try to paint me as McCain supporter). Grab a clue people and stop buying the Obama/Biden B.S. -money isn't going to magically fall from the sky once he gets in. He's going to be banging on YOUR door people because that's what we do in socialist countries. Our politicians tell us one thing, and then tax the HELL out of us in the end. Because why? Because you can't tax the same corporations and NOT give them tax breaks because they just FUNDED the damn campaign and they make the economy go 'round. My dad had a saying which I'm sure yours did too "If it SOUNDS to good to be true..." you fill it in - and wake the heck up while you're at it.
Comment: There is no call for socialism, only regulation. I don't know why everyone thinks that self-regulation works. If a corporation has the opportunity to work in it's own self-interest it will. If that self-interest acts against the stability and the will of the people in this democracy, then that's where regulation steps in.
And nobody thinks money will fall from the sky if Obama is elected (well, most people). It is perfectly obvious that Obama is more well suited and educated to deal with this crisis than McCain is, however. He isn't an economist. He doesn't understand this crisis well enough. But, he is better than McCain.
