Are you worried about the economy?
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The argument from the anti-regulation right has always been that too much regulation will get in the way. The banks and mortgage lenders know how to manage risk better than government, so they don't need rules. And over the last two decades, few industries have lobbied more ferociously or effectively than banks to get the government out of its business and to obtain freer rein for "financial innovation."
The obvious problem with that philosophy is it allows a culture of dishonesty and misrepresentation to operate unchecked within the financial system. This problem was ignored however and decisions were made so the anti-regulation crowd could get their way.
Now when we look back at these decisions to deregulate we see that the Federal Reserve and other agencies waited until it was too late before trying to tame the industry's excesses. Both the Fed and the Bush administration placed a higher priority on promoting "financial innovation" and what President Bush has called the "ownership society."
But now, as losses add up and the economy slips deeper into panic mode the banking industry has reversed its laissez-faire disdain for checks and balances by the government -- now that it is in trouble.
Even McCain, who has been a major anti-regulation figure in government for 20+ years, changed his tune today. Now he wants more regulation. Does he really think anybody is going to believe him?????
And that's what bugs me to no end. I'm all for capitalism. And frankly, I think most people are. But here's the problem. You have to have rules. Unchecked capitalism is a bad idea. That's what we've had. And that's what got us into this mess.
The obvious problem with that philosophy is it allows a culture of dishonesty and misrepresentation to operate unchecked within the financial system. This problem was ignored however and decisions were made so the anti-regulation crowd could get their way.
Now when we look back at these decisions to deregulate we see that the Federal Reserve and other agencies waited until it was too late before trying to tame the industry's excesses. Both the Fed and the Bush administration placed a higher priority on promoting "financial innovation" and what President Bush has called the "ownership society."
But now, as losses add up and the economy slips deeper into panic mode the banking industry has reversed its laissez-faire disdain for checks and balances by the government -- now that it is in trouble.
Even McCain, who has been a major anti-regulation figure in government for 20+ years, changed his tune today. Now he wants more regulation. Does he really think anybody is going to believe him?????
And that's what bugs me to no end. I'm all for capitalism. And frankly, I think most people are. But here's the problem. You have to have rules. Unchecked capitalism is a bad idea. That's what we've had. And that's what got us into this mess.
Guess what?
In fact, the right often pushes the "facist/monopoly" model.
They create corporate monopolies on things, and then wonders why there is no competition!
The left just wants government to take over business entirely.
Supply jobs, manufacturer nothing, etc...
This "regulation" argument is getting old, even against Libertarian-Capitalists.
We Libertarian-Capitalists believe strongly in regulation.
What we're tired of is the monopolies, special interests on bills that create them, etc...
E.g., ever read NAFTA?
This whole situation is because too many people assumed the government was a "safety net."
Guess what? They were right!
Real Libertarian-Capitalists don't believe in safety nets.
They believe in letting businesses fail.
And they also don't believe in using monopolies or socialism.
That's what Republicans and Democrats have excelled at creating, respectively.
I haven't seen the right do that in a long time.
In fact, the right often pushes the "facist/monopoly" model.
They create corporate monopolies on things, and then wonders why there is no competition!
The left just wants government to take over business entirely.
Supply jobs, manufacturer nothing, etc...
This "regulation" argument is getting old, even against Libertarian-Capitalists.
We Libertarian-Capitalists believe strongly in regulation.
What we're tired of is the monopolies, special interests on bills that create them, etc...
E.g., ever read NAFTA?
This whole situation is because too many people assumed the government was a "safety net."
Guess what? They were right!
Real Libertarian-Capitalists don't believe in safety nets.
They believe in letting businesses fail.
And they also don't believe in using monopolies or socialism.
That's what Republicans and Democrats have excelled at creating, respectively.
Re: Guess what?
Guess you haven't been paying attention. Deregulation has been a regular talking point of John McCains up until, oh... TODAY!
Or maybe you don't consider John McCain a right-winger.:dunno:
Neither of those points is completely true. But I don't have the energy to elaborate right now.
You Libertarian-Capitalists believe strongly in regulation? Cool. Too bad you guys don't control the republican party.
Yeah I've read it. I know a lot about it actually. I studied NAFTA extensively when I did a book report on Noam Chomskys Profit over People for a political science class I took. I don't like NAFTA either. Many democrats don't like it. And Barack Obama has consistently opposed it.
So I guess we agree on this point.:dunno:
The Bush administration allowed the banks and mortgage lenders to misrepresent the terms of loans, make loans without regard to consumers' ability to repay, make loans with deceptive "teaser" rates that later ballooned astronomically, pack loans with undisclosed charges and fees, and even payed illegal kickbacks. These and other practices have had a devastating effect on home buyers. In addition, the widespread nature of these practices, which have gone unchecked, have fucked up our financial markets.
What has the Bush administration done in response? Did it reverse course and decide to take action to halt this recklessness? As we are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no. And that's why we are in this situation.
Guess you haven't been paying attention. Deregulation has been a regular talking point of John McCains up until, oh... TODAY!
Or maybe you don't consider John McCain a right-winger.:dunno:
Neither of those points is completely true. But I don't have the energy to elaborate right now.
You Libertarian-Capitalists believe strongly in regulation? Cool. Too bad you guys don't control the republican party.
What we're tired of is the monopolies, special interests on bills that create them, etc...
E.g., ever read NAFTA?
Yeah I've read it. I know a lot about it actually. I studied NAFTA extensively when I did a book report on Noam Chomskys Profit over People for a political science class I took. I don't like NAFTA either. Many democrats don't like it. And Barack Obama has consistently opposed it.
So I guess we agree on this point.:dunno:
The Bush administration allowed the banks and mortgage lenders to misrepresent the terms of loans, make loans without regard to consumers' ability to repay, make loans with deceptive "teaser" rates that later ballooned astronomically, pack loans with undisclosed charges and fees, and even payed illegal kickbacks. These and other practices have had a devastating effect on home buyers. In addition, the widespread nature of these practices, which have gone unchecked, have fucked up our financial markets.
What has the Bush administration done in response? Did it reverse course and decide to take action to halt this recklessness? As we are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no. And that's why we are in this situation.
I can't quote it, but I agree with tubular's last two paragraphs about primarily why America's banking system is where it is today.
It simply comes down to legal financial institutions should not be allowed to give registered mortgages to people that clearly cannot repay them. Or to set up fees/terms that make it virtually impossible for the home owner to successfully keep the mortgage in good standing.
There was NO WAY those bad mortgages were ever NOT going to eventually go bad; and everyone knew it. And the government should have stepped in and made these kind of mortgages illegal. But they didn't and this mess is the direct result.
It simply comes down to legal financial institutions should not be allowed to give registered mortgages to people that clearly cannot repay them. Or to set up fees/terms that make it virtually impossible for the home owner to successfully keep the mortgage in good standing.
There was NO WAY those bad mortgages were ever NOT going to eventually go bad; and everyone knew it. And the government should have stepped in and made these kind of mortgages illegal. But they didn't and this mess is the direct result.
http://news.yahoo.com/s/ap/20080918/ap_on_bi_ge/financial_meltdown
Fed, central banks move to boost global confidence
NEW YORK - The worst global financial crisis since the Great Depression forced the Federal Reserve and central banks in other countries to pump billions of dollars into the world's banking system in an urgent bid to stop further damage.
The Fed plowed as much as $180 billion into money markets overseas. At home, the New York Federal Reserve acted to ease a spike in overnight lending rates by injecting $55 billion into the banking system.
Wall Street initially rallied, but trimmed gains as the morning wore on.
President Bush canceled an out-of-town trip to stay in Washington and to huddle with Treasury Secretary Henry Paulson. Bush pledged to do all that was necessary to stem the crisis, whose fallout threatens the already fragile economy.
"The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence," Bush said.
The move by the Fed and its overseas counterparts was aimed at boosting waning confidence and getting banks around the world to open their ever-tightening purse strings. Banks have been increasingly reluctant to lend to each other as distrust spread throughout the financial system."
Obama took heat from the likes of Sean Hannity and others for saying the other day the economy is the worst trouble it has been since the depression as being false and he was just saying that for his own political gain.I guess the associated press and even the Fed must be in on the deception,of course I am being sarcastic.It was Hannity who was spewing his usual falsehoods in order to try to aid the republicans and spin that the problem was not as bad as Obama was alluding to.Now neitheir McCain or Bush are saying the fundamentals are strong.It's time for Bush to do more than just toss around rhetoric and go along with massive tax payer backed bail outs to try to keep things from imploding.I don't care how short a time he has left in office,he needs to propose NOW some new regulations and safeguards to instill some confidence into the markets and the people so they can feel some security that these abuses are not repeated.He needs to fire the people like Paulson and the other people he gets to select involved in allowing this debale.That would send a signal he gets that this has been mismanaged and is taking steps toward reform and by doing that he would send a signal that might help stabilize things.He must act now, we can't let this go on for months and wait for a new administration.
Here is another link on what Bush is doing in reaction to the crisis.The story talks about how differently he seems to take this crisis then he has other things like the the beginning of the war and natural disasters.If he is treating this worse then the way they dealt with Katrina I guess we can expect a really slow and incompetent reaction.
http://news.yahoo.com/s/ap/20080918/ap_on_go_pr_wh/bush_markets;_ylt=AmZhzMtlPyedoCAvSC8jIs5I2ocA
Bush says he's working hard on economic turmoil
WASHINGTON - Eager to show that he feels people's pain, President Bush scuttled a political fundraising trip Thursday to tell the country his administration is working feverishly to calm turmoil in the financial markets.
Bush was supposed to spend the day in Alabama and Florida raising money for Republicans and talking energy policy. He canceled his appearance at the fundraisers — Vice President Dick Cheney will be there instead — and stayed focused on the worst financial meltdown since the Great Depression.
"The American people are concerned about the situation in our financial markets and our economy," Bush said. "And I share their concerns."
The tumult in financial markets and the meltdown of corporate giants have shaken people's faith in the economy and their own retirement savings. The fear on Wall Street is that there are more significant financial companies to fall, which would have a spillover effect within the United States and on world markets.
In brief formal remarks outside the Oval Office, Bush sought to show that the administration is moving swiftly and aggressively by taking "extraordinary measures."
The White House says those measures, a series of loans and takeovers, will help protect the broader economy and therefore everyday life.
But the president used language that resonates more with market analysts than the public.
As he put it, "The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence."
Bush did not specify what those steps might be. White House press secretary Dana Perino said she could not comment on them, either.
"I can't tell you where this ends. I wish that I could," Perino said. "But we will take any necessary steps to deal with this in the days that follow."
The president planned to meet with Treasury Secretary Henry Paulson later Thursday and stay in regular touch with other economic advisers.
At the start of this week, the Federal Reserve rescued American International Group Inc., an insurance giant, from bankruptcy by granting an emergency $85 billion loan. In the historic bailout, the government gets almost an 80 percent stake in the company, a vastly far-reaching intervention.
Then on Wednesday, the Securities and Exchange Commission tightened rules on short selling, the practice of betting that a stock will fall.
And Thursday, the Federal Reserve pumped $55 billion in temporary reserves into the system after coordinated action with the central banks of other nations. Both moves were designed to prevent credit from drying up and sending the broader economy into virtual paralysis.
Earlier this month, the administration took over mortgage giants Fannie Mae and Freddie Mac. The two struggling companies, which were created by Congress to help people afford home loans, account for about $5 trillion in home mortgages, about half the nation's total.
Bush cited all these steps and promised that the "markets are adjusting."
The trouble facing the markets — Bush called them serious challenges — have put the White House into crisis mode.
But Bush has behaved very differently than in previous crises, such as around the start of the Iraq war, of after Hurricane Katrina hit in 2005 or last month's invasion by Russia of tiny neighbor Georgia. In those cases, Bush would talk nearly every day on the issue. This week, he has kept a lower profile.
His remarks Thursday were his first since Monday. And he has spurned every attempt by reporters to ask questions about the developments, including again on Thursday. As he finished his very brief statement and turned to walk back into the Oval Office, a reporter asked if he believed the economy was still sound. The president kept walking.
Despite Bush's public stance, the government has taken more and more extensive actions than in decades.
Still, Lehman Brothers, the country's fourth-largest investment bank, filed for bankruptcy protection this week. A weakened Merrill Lynch, deciding it couldn't go it alone anymore, found help in the arms of Bank of America.
A private business group reported Thursday that the economy's health deteriorated for the second consecutive month in August as building permits dropped and unemployment claims rose. Oil prices are rising again as investors eye U.S. financial turmoil. Employers are cutting payrolls. New applications for unemployment benefits are up, partly due to Hurricane Gustav. The housing market remains unstable."
Fed, central banks move to boost global confidence
NEW YORK - The worst global financial crisis since the Great Depression forced the Federal Reserve and central banks in other countries to pump billions of dollars into the world's banking system in an urgent bid to stop further damage.
The Fed plowed as much as $180 billion into money markets overseas. At home, the New York Federal Reserve acted to ease a spike in overnight lending rates by injecting $55 billion into the banking system.
Wall Street initially rallied, but trimmed gains as the morning wore on.
President Bush canceled an out-of-town trip to stay in Washington and to huddle with Treasury Secretary Henry Paulson. Bush pledged to do all that was necessary to stem the crisis, whose fallout threatens the already fragile economy.
"The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence," Bush said.
The move by the Fed and its overseas counterparts was aimed at boosting waning confidence and getting banks around the world to open their ever-tightening purse strings. Banks have been increasingly reluctant to lend to each other as distrust spread throughout the financial system."
Obama took heat from the likes of Sean Hannity and others for saying the other day the economy is the worst trouble it has been since the depression as being false and he was just saying that for his own political gain.I guess the associated press and even the Fed must be in on the deception,of course I am being sarcastic.It was Hannity who was spewing his usual falsehoods in order to try to aid the republicans and spin that the problem was not as bad as Obama was alluding to.Now neitheir McCain or Bush are saying the fundamentals are strong.It's time for Bush to do more than just toss around rhetoric and go along with massive tax payer backed bail outs to try to keep things from imploding.I don't care how short a time he has left in office,he needs to propose NOW some new regulations and safeguards to instill some confidence into the markets and the people so they can feel some security that these abuses are not repeated.He needs to fire the people like Paulson and the other people he gets to select involved in allowing this debale.That would send a signal he gets that this has been mismanaged and is taking steps toward reform and by doing that he would send a signal that might help stabilize things.He must act now, we can't let this go on for months and wait for a new administration.
Here is another link on what Bush is doing in reaction to the crisis.The story talks about how differently he seems to take this crisis then he has other things like the the beginning of the war and natural disasters.If he is treating this worse then the way they dealt with Katrina I guess we can expect a really slow and incompetent reaction.
http://news.yahoo.com/s/ap/20080918/ap_on_go_pr_wh/bush_markets;_ylt=AmZhzMtlPyedoCAvSC8jIs5I2ocA
Bush says he's working hard on economic turmoil
WASHINGTON - Eager to show that he feels people's pain, President Bush scuttled a political fundraising trip Thursday to tell the country his administration is working feverishly to calm turmoil in the financial markets.
Bush was supposed to spend the day in Alabama and Florida raising money for Republicans and talking energy policy. He canceled his appearance at the fundraisers — Vice President Dick Cheney will be there instead — and stayed focused on the worst financial meltdown since the Great Depression.
"The American people are concerned about the situation in our financial markets and our economy," Bush said. "And I share their concerns."
The tumult in financial markets and the meltdown of corporate giants have shaken people's faith in the economy and their own retirement savings. The fear on Wall Street is that there are more significant financial companies to fall, which would have a spillover effect within the United States and on world markets.
In brief formal remarks outside the Oval Office, Bush sought to show that the administration is moving swiftly and aggressively by taking "extraordinary measures."
The White House says those measures, a series of loans and takeovers, will help protect the broader economy and therefore everyday life.
But the president used language that resonates more with market analysts than the public.
As he put it, "The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence."
Bush did not specify what those steps might be. White House press secretary Dana Perino said she could not comment on them, either.
"I can't tell you where this ends. I wish that I could," Perino said. "But we will take any necessary steps to deal with this in the days that follow."
The president planned to meet with Treasury Secretary Henry Paulson later Thursday and stay in regular touch with other economic advisers.
At the start of this week, the Federal Reserve rescued American International Group Inc., an insurance giant, from bankruptcy by granting an emergency $85 billion loan. In the historic bailout, the government gets almost an 80 percent stake in the company, a vastly far-reaching intervention.
Then on Wednesday, the Securities and Exchange Commission tightened rules on short selling, the practice of betting that a stock will fall.
And Thursday, the Federal Reserve pumped $55 billion in temporary reserves into the system after coordinated action with the central banks of other nations. Both moves were designed to prevent credit from drying up and sending the broader economy into virtual paralysis.
Earlier this month, the administration took over mortgage giants Fannie Mae and Freddie Mac. The two struggling companies, which were created by Congress to help people afford home loans, account for about $5 trillion in home mortgages, about half the nation's total.
Bush cited all these steps and promised that the "markets are adjusting."
The trouble facing the markets — Bush called them serious challenges — have put the White House into crisis mode.
But Bush has behaved very differently than in previous crises, such as around the start of the Iraq war, of after Hurricane Katrina hit in 2005 or last month's invasion by Russia of tiny neighbor Georgia. In those cases, Bush would talk nearly every day on the issue. This week, he has kept a lower profile.
His remarks Thursday were his first since Monday. And he has spurned every attempt by reporters to ask questions about the developments, including again on Thursday. As he finished his very brief statement and turned to walk back into the Oval Office, a reporter asked if he believed the economy was still sound. The president kept walking.
Despite Bush's public stance, the government has taken more and more extensive actions than in decades.
Still, Lehman Brothers, the country's fourth-largest investment bank, filed for bankruptcy protection this week. A weakened Merrill Lynch, deciding it couldn't go it alone anymore, found help in the arms of Bank of America.
A private business group reported Thursday that the economy's health deteriorated for the second consecutive month in August as building permits dropped and unemployment claims rose. Oil prices are rising again as investors eye U.S. financial turmoil. Employers are cutting payrolls. New applications for unemployment benefits are up, partly due to Hurricane Gustav. The housing market remains unstable."
I am worried about it that is for sure. Me and wife are trying to have a baby and with the increased costs of everything I worry about being able to afford everything for our future child.
The news on this is coming fast and furious now.
http://news.yahoo.com/s/ap/20080918/ap_on_bi_st_ma_re/wall_street
Stocks surge on report of entity for bad debt
NEW YORK - Stocks are surging with the Dow Jones industrials up more than 300 points following a report that the federal government is considering creation of a repository for banks' bad debt.
CNBC said Treasury Secretary Henry Paulson is considering creation of an entity like the Resolution Trust Corp. that was formed after the failure of savings and loan banks in the 1980s.
The Dow, which had been showing modest moves in the final hour of trading, jumped nearly 330 points to the 10,939 level following the report."
From what I am hearing this would mean the govt would assume all the bad mortgages and become a landlord or all the foreclosed houses would become govt property that they would try to sell,relieving the banks of the bad loans from their books.But it is said that he does not have constitutional authority to do this but is only saying it to try to get a positive reaction on wall street,looks like it worked at least for today.Tommorow they will have to try something else.:eek:
I'm waiting for the guys on wall street to start jumping off the roofs.This would almost be funny if it wasn't so damn serious.
http://news.yahoo.com/s/ap/20080918/ap_on_bi_st_ma_re/wall_street
Stocks surge on report of entity for bad debt
NEW YORK - Stocks are surging with the Dow Jones industrials up more than 300 points following a report that the federal government is considering creation of a repository for banks' bad debt.
CNBC said Treasury Secretary Henry Paulson is considering creation of an entity like the Resolution Trust Corp. that was formed after the failure of savings and loan banks in the 1980s.
The Dow, which had been showing modest moves in the final hour of trading, jumped nearly 330 points to the 10,939 level following the report."
From what I am hearing this would mean the govt would assume all the bad mortgages and become a landlord or all the foreclosed houses would become govt property that they would try to sell,relieving the banks of the bad loans from their books.But it is said that he does not have constitutional authority to do this but is only saying it to try to get a positive reaction on wall street,looks like it worked at least for today.Tommorow they will have to try something else.:eek:
I'm waiting for the guys on wall street to start jumping off the roofs.This would almost be funny if it wasn't so damn serious.
I love this backtracking ...
If "Democrats don't like it," why was Al Gore out selling it, along with the Clintons and others?
This is the difference between myself, several others, and the "mob of ignorant masses."
I was openly against NAFTA back in the '90s, not just now, and so was Ross Perot.
You also forget about the "Democrats" in the '90s, and the lack of total enforcement of GAAP until it was "too late." That entire ramp up of the stock market was artificial, and had it not been for the similar farce with the real estate market, it would have came crashing down within a few years of that.
Here's the reality ...
This has been going on since the '90s, and one might argue the ramp up in spending in the '80s only post-poned it from being a problem then. This isn't a Bush or Republican or Clinton or Democrat 'thang. It's simple from my view.
Here's the reality: Presidents are rather powerless to stop the people and corporations from being stupid. That's the problem. A perfect example continues to be the environment in my book.
Loathing the President and thinking the Democrats (or Republicans for that matter) -- "oh, if only the opposite party ... blah, blah, blah -- logic is the solution, you're just another person who is part of the problem.
I was warning people about NAFTA and watched Ross Perot call Al Gore lie after Al Gore lie out on national TV. "Oh, Ross Perot was mean ..." blah, blah, blah. Doesn't mean Ross Perot wasn't dead-on. Democrats talk a tough game on NAFTA, but it's just that.
Bull fucking shit. This is backtracking.
If "Democrats don't like it," why was Al Gore out selling it, along with the Clintons and others?
This is the difference between myself, several others, and the "mob of ignorant masses."
I was openly against NAFTA back in the '90s, not just now, and so was Ross Perot.
Two years ago McCain tried to pass legislation to tightening these controls. The "vote" on that was rather "interesting."
You also forget about the "Democrats" in the '90s, and the lack of total enforcement of GAAP until it was "too late." That entire ramp up of the stock market was artificial, and had it not been for the similar farce with the real estate market, it would have came crashing down within a few years of that.
Here's the reality ...
This has been going on since the '90s, and one might argue the ramp up in spending in the '80s only post-poned it from being a problem then. This isn't a Bush or Republican or Clinton or Democrat 'thang. It's simple from my view.
Then you're ignoring the last 20-30 years. Why not get on Clinton? Much of this accelerated under Clinton, including the "false wealth" of the .COM boom and mass GAAP abuse and related non-sense that went unchecked. Why?
Here's the reality: Presidents are rather powerless to stop the people and corporations from being stupid. That's the problem. A perfect example continues to be the environment in my book.
Loathing the President and thinking the Democrats (or Republicans for that matter) -- "oh, if only the opposite party ... blah, blah, blah -- logic is the solution, you're just another person who is part of the problem.
I was warning people about NAFTA and watched Ross Perot call Al Gore lie after Al Gore lie out on national TV. "Oh, Ross Perot was mean ..." blah, blah, blah. Doesn't mean Ross Perot wasn't dead-on. Democrats talk a tough game on NAFTA, but it's just that.
ChefChiTown
The secret ingredient? MY BALLS
I'm not really worried about the economy. I don't make shit for money and I'm still surviving. Hell, I've scraping by with success and I've been doing it for years, so...no big deal to me.
ChefChiTown
The secret ingredient? MY BALLS
The right attitude ...
For many of us that grew up poor (even more so my wife than I), there are ways and means to live. The focus on material objects and inconsiderations for many things and people has been the problem.
As the government takes over these businesses, I have repeatedly argued that everyone making 6 figures should get up to an immediate, 50% pay cut (pro-rated). They are now public servants. If they don't like it, they can quit.
I'm so sick of seeing government waste it's beyond comprehension. And all the Democrats and Republicans are offering is more of the same.
The right attitude, absolutely the right attitude.
For many of us that grew up poor (even more so my wife than I), there are ways and means to live. The focus on material objects and inconsiderations for many things and people has been the problem.
As the government takes over these businesses, I have repeatedly argued that everyone making 6 figures should get up to an immediate, 50% pay cut (pro-rated). They are now public servants. If they don't like it, they can quit.
I'm so sick of seeing government waste it's beyond comprehension. And all the Democrats and Republicans are offering is more of the same.
ChefChiTown
The secret ingredient? MY BALLS
Re: The right attitude ...
Exactly. :thumbsup:
People love to cry about being broke, but in a lot of cases, it's their own damned fault. Maybe the people who are bitching about "not having enough money" should stop wasting their money on crap they don't even need. Especially people in "my generation".
Stop buying expensive, high-end clothes just so you can have a popular name brand and feel cool, like you're important or some shit. You're not. Nobody cares whether your jeans were purchased at Macy's or K-Mart, ok?
Stop spending $10/day on lunch at Subway when you can do your own grocery shopping and pack your own lunch for a hell of a lot cheaper.
Stop going to the bar and spending $100 just so you can have fun for one, worthless night.
Stop thinking that you need the most expensive, newest, hippest cars, cell phones, TV's, iPods, etc...they're all a huuuuuge waste of money.
Seriously, if people would just stop and think about how much money they waste every week and change their spending habits, just a little...the amount of bitching would significantly decline in this country.
Exactly. :thumbsup:
People love to cry about being broke, but in a lot of cases, it's their own damned fault. Maybe the people who are bitching about "not having enough money" should stop wasting their money on crap they don't even need. Especially people in "my generation".
Stop buying expensive, high-end clothes just so you can have a popular name brand and feel cool, like you're important or some shit. You're not. Nobody cares whether your jeans were purchased at Macy's or K-Mart, ok?
Stop spending $10/day on lunch at Subway when you can do your own grocery shopping and pack your own lunch for a hell of a lot cheaper.
Stop going to the bar and spending $100 just so you can have fun for one, worthless night.
Stop thinking that you need the most expensive, newest, hippest cars, cell phones, TV's, iPods, etc...they're all a huuuuuge waste of money.
Seriously, if people would just stop and think about how much money they waste every week and change their spending habits, just a little...the amount of bitching would significantly decline in this country.
Oil lept $25 a barrel today!!!
By almost 2 1/2 times the largest one day jump ever.
I am a financial nobody. But I am telling you people...this bailout is BAD news.
It will only hurt the U.S. economy. Nothing good medium or long term can come from it.
Let the recession that is being artificially avoided, happen. Like an illness, it has to get worse to get better.
Everybody is SO terrified to lose all the stuff that they have enjoyed through excessive debt over the last few years. Similar to the late 20's.
By almost 2 1/2 times the largest one day jump ever.
I am a financial nobody. But I am telling you people...this bailout is BAD news.
It will only hurt the U.S. economy. Nothing good medium or long term can come from it.
Let the recession that is being artificially avoided, happen. Like an illness, it has to get worse to get better.
Everybody is SO terrified to lose all the stuff that they have enjoyed through excessive debt over the last few years. Similar to the late 20's.
It's not just trying to avoid your run of the mill normal reccession IMO.It was we were facing and still are a total collapse of the financial system and a resulting worldwide collapse and depression.This bail out plan may not even work but we have to try something ,anything to not allow a collapse to occur.Normally in an election year the govt would do things to make the economy look good,that these problems come up now is just a huge indicator of how much trouble we are really in.
Well, with respect, I don't see a depression coming if this bailout didn't happen.
And consider the fact that every person that is pushing this has a vested interest. The banks, the Fed who are run by bankers, Wall Street, an Administration that is VERY friendly with big business and politicians whose campaign finances depend on big business.
Btw, oil closed $16 higher; down from it's high. Still the largest one day jump ever. And the dollar lost 2% to the euro.
Well with all respect I'm sure before black teusday in 1929 they didn't think they were in real trouble eitheir.
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