FINANCIAL DOOMSDAY IS HERE!!!!!

[soccerballtux]

I predicted this thousands of years ago! Today the DOW is down 778 points! Capitalism has FAILED!

ONLY THING THAT CAN SAVE IS US MORE GOVERNMENT.

Actually, I like this article. Fannie and Freddie and *gasp* government involvement are the source of the problem, as the writer points out.

 

[Robor]

 

[Craig234]

Originally posted by: soccerballtux
I predicted this thousands of years ago! Today the DOW is down 778 points! Capitalism has FAILED!

ONLY THING THAT CAN SAVE IS US MORE GOVERNMENT.

You don't realize how you are discrediting your side, do you? Ironically, a weak argument can make a good argument for the other side.

 

[Eeezee]

OP, you are a FAILURE

 

[TheSlamma]

Fix the title.

Oh and I agree.. let these banks fail and go bankrupt.. without this lesson, these banks will be right back stealing money and more morons will be given loans they can't handle. Protect the sheep.. force them to rent or come up with 20% down on a house no more then 3X their income.

 

[jpeyton]

:laugh:

And according to the newest LATimes/Bloomberg poll, a majority of that blame falls on Bush/Paulson/Bernanke/Republicans. Ouch. Their own party won't even bail them out of this hole. House Republicans are doing an about face on the last 8 years and the entire country is watching.

 

[amish]

straight from your article...

Talk of Armageddon, however, is ridiculous scare-mongering.

 

[HardcoreRobot]

are sarcasm detectors prohibited in P&N?

nice article

 

[Pacemaker]

REPENT!

 

[soccerballtux]

Originally posted by: jpeyton
:laugh:

And according to the newest LATimes/Bloomberg poll, a majority of that blame falls on Bush/Paulson/Bernanke/Republicans. Ouch. Their own party won't even bail them out of this hole. House Republicans are doing an about face on the last 8 years and the entire country is watching.

I disagree, never would have happened if the democrats hadn't legislated FM&FM, and pushed them harder for higher home ownership among minorities.

You need to prove that it was the Republicans. My proof is in Clinton's repeal of the Glass-Steagall act:

The argument for preserving Glass-Steagall (as written in 1987):
1. Conflicts of interest characterize the granting of credit ? lending ? and the use of credit ? investing ? by the same entity, which led to abuses that originally produced the Act

 

[jpeyton]

Originally posted by: soccerballtux

Originally posted by: jpeyton
:laugh:

And according to the newest LATimes/Bloomberg poll, a majority of that blame falls on Bush/Paulson/Bernanke/Republicans. Ouch. Their own party won't even bail them out of this hole. House Republicans are doing an about face on the last 8 years and the entire country is watching.

I disagree, never would have happened if the democrats hadn't legislated FM&FM, and pushed them harder for higher home ownership among minorities.

You need to prove that it was the Republicans. My proof is in Clinton's repeal of the Glass-Steagall act:

The argument for preserving Glass-Steagall (as written in 1987):
1. Conflicts of interest characterize the granting of credit ? lending ? and the use of credit ? investing ? by the same entity, which led to abuses that originally produced the Act

What you can prove, and what the American people believe, are two different things. Just like Iraq, WMDs, Saddam, and 9/11.

The GOP is getting HAMMERED because of this, and it WILL be reflected in the polls on November 4th. I guarantee it.

 

[midway]

Originally posted by: soccerballtux
You need to prove that it was the Republicans. My proof is in Clinton's repeal of the Glass-Steagall act:

The argument for preserving Glass-Steagall (as written in 1987):
1. Conflicts of interest characterize the granting of credit ? lending ? and the use of credit ? investing ? by the same entity, which led to abuses that originally produced the Act

Clinton's repeal? You mean Gramm-Leach-Bliley? (You seem to have conveniently forgotten the name.) The bill passed the Republican controlled Senate 90-8-1 and the Republican controlled House 362-57-15? Majorities both so large that Clinton's veto pen would have meant nothing other than pissing off the legislative branch?

Both Gramm and Leach are Republicans. Phil Gramm was someone McCain called "one of the smartest people in the world on economics." He also was the source of a budget amendment Enron loophole that had disastrous effects on the American people. Warren Buffet called what was in this amendment a "ticking time bomb" and "financial weapons of mass destruction."

This man was McCain's go-to guy for econ until he said things that mccain didn't want the public to know he thought.

 

[JeffreyLebowski]

Originally posted by: TheSlamma
Fix the title.

Oh and I agree.. let these banks fail and go bankrupt.. without this lesson, these banks will be right back stealing money and more morons will be given loans they can't handle. Protect the sheep.. force them to rent or come up with 20% down on a house no more then 3X their income.

I doubt the banks will lend to sub prime any more. And the lending requirements will get tighter and rates will go UP on home loans.

 

[JS80]

Here is the flaw in his reasoning:

If these assets are worth something, however, private parties should want to buy them, and they would do so if the owners would accept fair market value. Far more likely is that current owners have brushed under the rug how little their assets are worth.

He's assuming that markets are rational and completely efficient in the short run. History has shown us that it's not.

 

[Lemon law]

No No No, doomsday is not yet here, we will know it when ruined gazillioares are wholesale humping out of tall skyscrapers, my difficulty is and remains the difficulty of committing suicide by jumping out of basement windows. Which is why I so love the commonality implicit in us all collectively flushing us all and the collective economy in one efficient single royal flush.

Damned if we do, damned if we don't, if we don't flush that toilet, reality will. We will all go together when we go, ever Hotentot and every Eskimo, just sing out a Tidem, when we see that we should be peeing, they will take us down together when we go.

 

[fallout man]

Originally posted by: Pacemaker
REPENT!

COVET!

COVET!

COVET!

 

[Duwelon]

Originally posted by: jpeyton

Originally posted by: soccerballtux

Originally posted by: jpeyton
:laugh:

And according to the newest LATimes/Bloomberg poll, a majority of that blame falls on Bush/Paulson/Bernanke/Republicans. Ouch. Their own party won't even bail them out of this hole. House Republicans are doing an about face on the last 8 years and the entire country is watching.

I disagree, never would have happened if the democrats hadn't legislated FM&FM, and pushed them harder for higher home ownership among minorities.

You need to prove that it was the Republicans. My proof is in Clinton's repeal of the Glass-Steagall act:

The argument for preserving Glass-Steagall (as written in 1987):
1. Conflicts of interest characterize the granting of credit ? lending ? and the use of credit ? investing ? by the same entity, which led to abuses that originally produced the Act

What you can prove, and what the American people believe, are two different things. Just like Iraq, WMDs, Saddam, and 9/11.

The GOP is getting HAMMERED because of this, and it WILL be reflected in the polls on November 4th. I guarantee it.

The GOP? The GOP has gotten shot down repeatedly trying to put oversight in place.

 

[Vic]

Originally posted by: Duwelon
The GOP? The GOP has gotten shot down repeatedly trying to put oversight in place.

So the Pubs are the pro-government regulation party now? All this time the Pubs in Washington have been fighting for more regulation and oversight? Wow, I suppose a person can believe that if their memory is shorter than Dory's from Finding Nemo.

 

[Duwelon]

Yes or No, does anyone disagree that it was the government's meddling, not the private sector, that has caused this crisis?

 

[Duwelon]

Originally posted by: Vic

Originally posted by: Duwelon
The GOP? The GOP has gotten shot down repeatedly trying to put oversight in place.

So the Pubs are the pro-government regulation party now? All this time the Pubs in Washington have been fighting for more regulation and oversight? Wow, I suppose a person can believe that if their memory is shorter than Dory's from Finding Nemo.

I'm talking about the bills that Republicans tried to pass in the last few years to put oversight on exactly the culprits that caused this mess.

 

[GodlessAstronomer]

Originally posted by: Duwelon
Yes or No, does anyone disagree that it was the government's meddling, not the private sector, that has caused this crisis?

Err, yeah I disagree with that. The major cause of this fiasco is the greed of Wall st bankers clambering to pump out dangerous loans because of a short term housing bubble.

 

[Duwelon]

Originally posted by: GodlessAstronomer

Originally posted by: Duwelon
Yes or No, does anyone disagree that it was the government's meddling, not the private sector, that has caused this crisis?

Err, yeah I disagree with that. The major cause of this fiasco is the greed of Wall st bankers clambering to pump out dangerous loans because of a short term housing bubble.

Watch this link at Rush's site (sorry, i know he's like holy water to most leftists and if I knew what to search youtube for I would) and tell me how corrupt the democratic party is today in terms of this crisis:

http://www.rushlimbaugh.com/ho...nt/01125107.guest.html

 

[XZeroII]

I don't know about you guys, but I'm putting in some buys on some REALLY cheap stocks right now (obviously none of the super high risk ones).

 

[dmcowen674]

Originally posted by: soccerballtux
Topic Title: FINANCIAL DOOMSDAY IS HERE!!!!!

Oh God how can Dave be right?

 

[GodlessAstronomer]

Originally posted by: dmcowen674

Originally posted by: soccerballtux
Topic Title: FINANCIAL DOOMSDAY IS HERE!!!!!

Oh God how can Dave be right?

It might pay to actually read the article, Nostradamus.