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mindgnome
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Re: Politics is bullshit [Re: qman]
#19069191 - 11/01/13 10:35 AM (10 years, 3 months ago) |
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Well if they hadn't made a decision there would have been another depression. I am by no means saying that these people are good people, because I know they are not.
Here is a list of why the economy did what it did. There is a lot of finger pointing but in actuality both parties are equally responsible for the crash.
"The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses. Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families. Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.
The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult."
-------------------- "As I walk on through troubled times my spirit gets so downhearted sometimes so where are the strong and who are the trusted? And where is the harmony? Sweet harmony. Cause each time I feel it slippin' away, just makes me wanna cry. What's so funny 'bout peace love & understanding?" - Nick Lowe "Psychedelic drugs don't change you - they don't change your character - unless you want to be changed. They enable change; they can't impose it...” - Sasha Shulgin
Edited by mindgnome (11/01/13 10:36 AM)
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qman
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Re: Politics is bullshit [Re: mindgnome]
#19069247 - 11/01/13 10:48 AM (10 years, 3 months ago) |
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"Wall Street firms, who paid little attention to the quality of the risky loans"
I paid attention, because I predicted it was all going to crash years ahead of time, so let me tell you, so did the boys on Wall Street.
Here we are 5 years later, and so far the banks have been bailed out for over $2.5 trillion of mistakes, and still another $40 billion per month that just goes on and on.
They knew the outcome, they win if they win, and now they win if they lost, it's a great system for them.
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mindgnome
Wanderer


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Re: Politics is bullshit [Re: qman]
#19069295 - 11/01/13 10:59 AM (10 years, 3 months ago) |
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Yes but the whole point to my original post is why would you trust either side?
-------------------- "As I walk on through troubled times my spirit gets so downhearted sometimes so where are the strong and who are the trusted? And where is the harmony? Sweet harmony. Cause each time I feel it slippin' away, just makes me wanna cry. What's so funny 'bout peace love & understanding?" - Nick Lowe "Psychedelic drugs don't change you - they don't change your character - unless you want to be changed. They enable change; they can't impose it...” - Sasha Shulgin
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zappaisgod
horrid asshole


Registered: 02/11/04
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Re: Politics is bullshit [Re: qman]
#19070362 - 11/01/13 03:10 PM (10 years, 3 months ago) |
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Quote:
qman said:
Quote:
mindgnome said: I am well aware of that. Something needs to change for the economy as for this situation they are in, the people who make the decisions for the banks are the ones that keep the economy from crashing. The housing bubble in 2008 would have been a lot worse if the people running the banks didn't make the decisions they made.
So you want the people that caused the mess in the first place to "keep the economy from crashing"? Seems like their credibility should be piss poor from their prior decisions.
The people who caused the mess are named Clinton and CuomoQuote:
Did it ever come to your mind that they are just serving their own interests? The policies that "fixed" the economy has only benefit the top 1/10th of 1%, or do you not understand the monetary polices that they implemented?
The Federal Reserve stimulus buying of bonds is propping up the stock market. This marginally benefits Wall Street insiders but mostly benefits stock and bond holders which are mostly pension funds, private retirement accounts and private individuals.
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MaxwellSmart
Enemy of State

Registered: 10/27/13
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Re: Politics is bullshit [Re: mindgnome]
#19070518 - 11/01/13 03:45 PM (10 years, 3 months ago) |
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Absolutely.
-------------------- "The cost of sanity, in this society, is a certain level of alienation." -Terence McKenna.
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wowwtf
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Registered: 04/17/09
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I agree Politics is bullshit you have a 2 sided coin you flip it in the air you get a "New President" but nothing changes because both sides are part of the same coin and the ones flipping the coin (the media, the banks, the corporations, the lobbyists, the oil companies etc) are just jerking you off with propaganda day in day out , they know people are just slaves to money they have to find money to survive then they come home sit on their couch and watch their tv propaganda selling them lies and conditioning them to submit to their puppet act of "politics".
All politicians are bought the system is already infected it's infected with a virus and no little votes from either party is going to change anything, anyone who disagrees is automatically a fucking moron. There comes a point where all societies all governments all nations who hold themselves above others lead themselves down a dark alley and end up getting lost forever. We've already reached a boiling point and the tv, the police, the system and it's propaganda is there to control the temperature. The beast of man will come out and you're going to see violence beyond any level you've seen before.
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