actually, i would say the japan/china/and other countries with retardedly excessive saving rates bought the keg, the US and UK invited everyone over and then we all drove home drunk. You should have seen dubai and spain and russia, they were fckn wasted man.
actually, i would say the japan/china/and other countries with retardedly excessive saving rates bought the keg, the US and UK invited everyone over and then we all drove home drunk. You should have seen dubai and spain and russia, they were fckn wasted man.
as the preeminent power in the world, i think just about everyone would expect it to be our fault. We are living in the Pax Americana, america pretty much by default rules the world. In that context, who shoudl we blame, morroco?
cubeless
Diamond Member
- Sep 17, 2001
- 4,295
- 1
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probably, but bo implicitly put the blame on gwb with his "even though i wasn't the president" line in his g20 speech... he should have said "and i, as a member of the senate for 2 years during the worst part of the escalation of the crisis, and my party, who was just as irresponsible, are directly culpable for the lack of oversite..."... but it's easier rto apologize when you blame someone else...
and i forgot that blair was gwb's 'poodle', not sock puppet...
Modelworks
Lifer
- Feb 22, 2007
- 16,240
- 7
- 76
As someone I was watching last night on tv said, Obama is only saying that because he is over there, when he gets back he will be all "USA USA" again. He is a politician. He tells the crowd what they want to hear depending on who that crowd is.
my previous comment stands. I don't understand why you are accusing me of blaming bush or calling blair a poodle, but whatever bro.
its everybody's fault, we just took the blame so we can all stop the childish blaming game, and start work together to find a solution.
Being the most prominent country, its the only honorable thing to do. Too bad the Italian PM can't read between the lines.
Being the most prominent country, its the only honorable thing to do. Too bad the Italian PM can't read between the lines.
cubeless
Diamond Member
- Sep 17, 2001
- 4,295
- 1
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i'm going to hope that was a joke...
the italian pm knew exactly what he was doing, he's a seasoned politician and businessman (neither of which our president is) and he bent bo over and punked him in front of the world... everybody is already doing whatever they are going to do to 'find a solution'...
now all the other guys get to go back to their electorates and say 'see, it was those damn americans again, it was not us who caused this porblem...'
not a joke...
everybody was doing their own to find a solution. now set aside the blaming game, they can focus more on working together to find a solution.
this is a world crisis, not just the US, we need to work together to solve it.
your biased opinion is pathetic, how can you praise someone for playing the blaming game?... please, set your biase aside or get your brain checked, you are pathetic.
I think the rest of world is so ready to blame us is because of our lightly regulated form of capitalism. This wouldn't be an issue if we weren't like 30% of the worlds GDP because the instability inherent in any capitalist system wouldn't have as much of a global effect. I think we need more regulation not for the good of all these other countries criticizing us, but for our own growth. We can't afford to keep dumping taxpayer dollars into our economy to fight off depressions. And a spending freeze like the republicans seem to want...ha. That would be the absolute worst thing you could do.
We are the driving force in the world economy and our system has done more to better the world than any other. That being said, it also has its flaws and could be way better. We were ground zero for this credit default swap bs and the SEC under Bush was asleep at the wheel. I believe it is our responsibility as a world leader to keep our house in check. I think that is why the world is pissed at as. It wasn't all our fault but an awful lot of it was.
We are the driving force in the world economy and our system has done more to better the world than any other. That being said, it also has its flaws and could be way better. We were ground zero for this credit default swap bs and the SEC under Bush was asleep at the wheel. I believe it is our responsibility as a world leader to keep our house in check. I think that is why the world is pissed at as. It wasn't all our fault but an awful lot of it was.
Fern
Elite Member
- Sep 30, 2003
- 26,907
- 173
- 106
Yes, and:
1. Who here knows if the concept of mortage backed securities (MBS's) originated here or in Europe? Same with CDS's. We always seem to assume we've invented everything.
2. If they lost money from doing investing in them, why did their government permit it? Is their government oversight lacking just as ours? Obvioulsy their governments permitted MBS's
BTW: A lot of bailout money went directly to foreign banks investing in these exotic investment vehicles. They haven't lost, we the American taxpayers have, we're reimbursing them. Not only have we seen 'private reward, public risk' for US institutions, we've now extended that benefit to foreigners at our cost.
3. From what I 've read Europe went heavy into MBS in the Eastern European market, sounds like much of their problems are self generated. While there has been much discussion of Dems policies urging home loans for those that can't afford them, I've never heard their policy insisted the same thing for Eastern Europe.
4. If their problems stem from a reduction of our demand for their products, so what? We knew, and they knew that was unsustainable. They had been saying for a while we needed to watch our debt. How can they complain that now we are? Were we to only quit buying American products yet maintain demand for theirs?
Many US people invest in foreign markets, have we as a nation complained when those governments pursued policies that caused losses to our investors/retirees? No. So IMO they can stop their whinny BS.
Obama's mea culpa is way over the line.
And what we need is less global integration, that only eliminates 'firewalls' between countries economic problems. We're now going in the opposite direction in pursuit of even bigger (world) government, the consequence is that the next 'bubble' will be even worse because it will be more widespread.
Fern
Global integration is unstoppable. I think people are reluctant to realize that we are entering a new era whether we like it or not.
nCred
Golden Member
- Oct 13, 2003
- 1,105
- 100
- 106
Most countries suffers from the collapse in the world trade, and because the financial crisis in the US destabilized the banking sector worldwide. As far as i know, only some countries like the US, the UK, Spain and eastern europe engaged in the excessive borrowing which caused the crisis.
And what do we do?.....give more power to those who brought the keg and hope they can get the party going again....
Fern
Elite Member
- Sep 30, 2003
- 26,907
- 173
- 106
I still think we need more 'firewalls', not less.
Globalizing regulations means one bad regualtion (or lack of a good one) puts us all in tyhe same problem. We'll be globalizing any such problems. Anybody thinking regulations that become global also become perfect is nutty.
It's like ripping out the water-tight bulkheads on the Titanic claiming they were the problem that sank it.
Put another way, they should consider adding firewalls. No one has explained how unregulated domestic investment products caused their problems.
Our economy has less demand for their products? OK, but that's how it's always going to be. Some countries grow (and at different rates) and some contract. Hoiping somehow that all grow together at the same never-ending rate is hopeless.
Example of what is not a firewall: Investing in US banks' CDS's to cover you in the event of US MBS market problems generated by these same banks. Anybody who really, even for a moment, thought that was hedging risk is a a hopeless idiot and deserves the consequences of their strategy.
I am not sympathetic
Fern
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