The problem with that thinking is that Americans are each nearly 30,000 dollars in debt. Much of are wealth is false and based on credit, much of it funded by - you guessed it the East!
Worldwide economy
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The problem with that thinking is that Americans are each nearly 30,000 dollars in debt. Much of are wealth is false and based on credit, much of it funded by - you guessed it the East!
Another milestone for China:
More broadband lines in China than US and increasing at faster rate China Overtakes U.S. In Number Of Broadband Lines -- Broadband -- InformationWeek
Faster information flow = more efficient economy.
I'm starting to sound like a pro-Asia fanatic lol.
More broadband lines in China than US and increasing at faster rate China Overtakes U.S. In Number Of Broadband Lines -- Broadband -- InformationWeek
Faster information flow = more efficient economy.
I'm starting to sound like a pro-Asia fanatic lol.
We are still ahead with the number of Hamburgers eaten and coke's drunk per capita. 
We are also much better with wasting gas/energy.
We might even be on top of that list.
Not to forget that we are better in neglecting 60 million of our fellow citizens regarding providing affordable healthinsurance/good healthcare.
You see, we have our strong sides!
We are also much better with wasting gas/energy.
We might even be on top of that list.Not to forget that we are better in neglecting 60 million of our fellow citizens regarding providing affordable healthinsurance/good healthcare.
You see, we have our strong sides!
We are still ahead with the number of Hamburgers eaten and coke's drunk per capita.
We are also much better with wasting gas/energy.
Not to forget that we are better in neglecting 60 million of our fellow citizens regarding providing affordable healthinsurance/good healthcare.
You see, we have our strong sides!
And we got the biggest, bad-... military in the world! How can the foreign debtors take back the money they let us borrow to build the most powerful weapons ever!
I'm not an american, i live in Poland, but I read a lot about US(I generally read a lot on economy and politics), what is sad is that in US, the land of freedom, this freedom is slowly taken away from citizens by the government. Your government claims that it can handle economy better, than when it's not controlled by anyone, and thats pure bull****. Belive me, we Poles have been through government controlled economy, and it really sucks. 30yr ago, when you bough a (****ty) car in Poland, you could get it 15yr later. Thats not a joke(tho there were many jokes about it back then), it was common to pay for a car, flat, frige and wait 15yr in queue. I still can remember going to the butcher with my mom and seeing empty shelves(I remember I asked my mom, what this shop is for, if there are no products in it). Even the meat was something you celebrated(or you could try to get it on the black market).
This crysis is just one of the signs that the west is going wrong way, and should go back to the path of wild capitalism, before it's too late. And the problem is also(as leaford said) that US citizens don't really know how market regulations end up. We after 19yr of pseudo-capitalizm, still have about 15-20yr of catching up with the west.
Do not let them do that to you.
This crysis is just one of the signs that the west is going wrong way, and should go back to the path of wild capitalism, before it's too late. And the problem is also(as leaford said) that US citizens don't really know how market regulations end up. We after 19yr of pseudo-capitalizm, still have about 15-20yr of catching up with the west.
Do not let them do that to you.
Had a lucky escape today as the company i work for went into liquidation but the boss owns several companies and was offered full time employment again pheeeww
Looks like the worlds economy is heading for turmoil again so fingers crossed our politicians can muster up some wild plan like pumping my money into something else
Looks like the worlds economy is heading for turmoil again so fingers crossed our politicians can muster up some wild plan like pumping my money into something else
It is wild and rampant unregulated capitalism that caused this mess.
Let a kid in a sweet shop without any checks and balances and he will eat till his guts either burst or send it all back up the way it came.
The banking industry is that kid and what we are seeing now is the result of it's unchecked behaviour.
also look up the Glass-Stiegel Act... when and WHY it was enacted and then if it ever got repealed.
And for the record, letting the banks fail and the .... drop out of the global economy would be following the model of the fundamental principle underlining free trade capitalism.
Either we have a capitalist system or we dont, but lets not kid ourselves about it, or about the system that we do want.
Capitalists don't believe in social justice or state intervention, until they themselves are at risk.
Hypocritical unprincipled, cowardly .......s the lot of em and they should all go to the wall, and those that did operate within an atmosphere of sensible and ethical business practices would still be around to provide the service they always have done.
Survival of the fittest? Not the "capitalism" of the 21st century.
So here I sit watching a movie...my hubby comes downstairs all in a panic. that crazy Kramer that does a dramatic investment show here in the US has my hubby all in a uproar! I gave him some chocolate and sent him to bed. I am sure this is going to a long night. The US is having a very humbling experience, just hope we can protect our principal, income would be a plus. But right now an investor's principal is at an incredible risk and it SUCKS! Hopefully we'll get this stupid election over. I don't like either canidates. But maybe there will be more confidence in the economy once it's over. Sorry to vent but I had to do it somewhere.
Mad Money is a hoot, eh? Cramer is the strongest personality currently on TV. But, you know, when the crisis was first starting, he appeared as a guest on CNN and had about the only intelligent options to stem the crash. One of his ideas was adopted, but too little money was thrown at it. So down we all went!
I'm sorry if you find hard to read this post, but a haven't slept much today, and I'm simply tired, so it can be a little chaotic.
No, thats exactly the oposite. In wild and rampant capitalism, there is no FED to artificially control intrest rates or the government that sends the message: if u f*** something up, we'll save you. This crisis was created by the government institutions that intervene with the market. The real capitalism is based on responsibility. You make a mistake, you pay for it. Currently, the government took this responsibility from the banks, leaving them free choice of what they'll do. But it wasn't capitalism anymore since the most important factor was removed. The "too big to fall" message will always make the banking decision makers do more risky moves. This crisis just proofs that mixing capitalizm with government regulations won't work. USSR experiment proved that pure goverment regulations don't work, yet all the politicians almost yell to increase the number of those regulations. It has been proven, that there is a strict corelation between the freedom of the market, and the economic growth. All western countries got rich through capitalism. Country like Spain which was _really_ rich after the colonial age, did not went on that path, and today they still have to catch up, tho it improved there greatly. Those are facts. Give me an example of a country that increased it's long term economic growth through regulation. USA transferred much of it's industry abroad(mostly to China), and started to borrow and live above its capabilities. Your borrowing money from China to buy a new big TV made in China. That won't work.
Also the regulations, are the things that help big companies to keep their position. In wild capitalism small company can compete with the larger ones. Small companies are often better managed, because of their size. The boss knows all it's employees, their strengths and weekneses thus allowing him to run the company more efficiently. Bigger companies of course have their own strengths, because of their budget. When the government starts to regulate the market, it often hurts those small companies, preventing them from expansion. It's much harder to comply to all those regulations when you're small. Look at the history of USA at the end of the XIX century, and ask yourself a question, why all those gigantic companies were promoting government intervention. Is it because they wanted to make everybody happy, or to make themselves happy. Also government contracts are mostly taken by those big companies, and thats a big business too and it's "closed" for small companies. The glory time for the west has passed. The easy times are gone, and we finally have to realise that, if we won't China and Russia will overcome the west, and that could be a really bad thing. Russia economy is based on natural resources(which is very short term way to go) and thanks to the war in Irak, when the gas and oil prices went high they got the money from that, and now they're developing really fast. The predicted growth of China for the next year is AFAIK something like 7-8%, for Russia it's 6%, for USA it's 0.8% and for euro currency zone it's around 0.2-0.3%. If that doesn't bother you, I don't know what will.
The funny thing is, that a few years ago, when von Misses school followers were predicting the crisis, they were laughed at by the Keynes school followers. Know when the crisis has come, the government turns to Keynes school followers for advice, and media keep saying that those von Misses followers are wrong, and don't know what they're talking about.
Here is a fine example of that(if someone could embed it it would be nice, i can't). It's with polish subs, but the rest is in english:
www(dot)youtube(dot)com/watch?v=DpHZ-c3kw98
FED was created in 1907 by Wilson to prevent crisis from happening. Just 22 years later, you had the biggest crisis in your history. Then they introduced more regulations(some of them were used by the banks, which led to this crisis). Now we have yet another crisis, and media tell us that there should be even more regulations. How is that when there were no regulations USA from a place where only bizons wandered around became one of the biggest economies in the world, and when the number of regulations grow, the economy suffers more and more. When the government creates those regulations, you can be sure that eventually some one will find a way to take advantage of them. It can happen instantly, 10 years, 20 years or even 50 years later. But it will. People are very creative(ecigs to bypass the smoking ban for example). Capitalism channels this creativity to deliver a better product(offer) than the competitors. In a government regulated system, some of this creativity is used to take advantage of the system, the more regulations, the more of that creativity goes into that. And that is what brings the destruction to the country. It would only work if people were perfect, but they aren't.
This is what Wilson said after creating the FED(I don't know how much time passed between those events):
And a quote from one of the biggest bankers(if not the biggest), Rothschild:
(sorry for the format, but I can't post links yet).
USA got off from the best economic system and it's slowly deteriorating. Poland started with the worst system, and we're slowly improving, but thats thanks to USA. The only thing that triggered those changes, was the fact that people have seen that living in USA(and western europe) is much easier, and people get richer than here. If we wouldn't have this counter example to our system, we would probably still live in a comunism. What's scares me most is the fact that today, we practicly don't have a free country with a really free market as we used to have(USA). That makes people think that there is no better alternative and they agree to what they are told through the media. The perfect example of that is the North Korea, where people are 100% controlled, and know nothing about the outside world. And they're happy with the system they have. The government control in Poland wasn't so tight so people knew that there is a better world abroad, koreans don't know that, so they accept what the have.
Of course that's my opinion, and I'm more than willing to discuss, but I surely won't agree that it's the capitalism that caused this mess.
PS. I've checked the spelling with OO, but I'm not sure if I have the dictionary properly installed(I never use this feature), so if there are any mistakes, forgive me, english is not my native language.
novo.
No, thats exactly the oposite. In wild and rampant capitalism, there is no FED to artificially control intrest rates or the government that sends the message: if u f*** something up, we'll save you. This crisis was created by the government institutions that intervene with the market. The real capitalism is based on responsibility. You make a mistake, you pay for it. Currently, the government took this responsibility from the banks, leaving them free choice of what they'll do. But it wasn't capitalism anymore since the most important factor was removed. The "too big to fall" message will always make the banking decision makers do more risky moves. This crisis just proofs that mixing capitalizm with government regulations won't work. USSR experiment proved that pure goverment regulations don't work, yet all the politicians almost yell to increase the number of those regulations. It has been proven, that there is a strict corelation between the freedom of the market, and the economic growth. All western countries got rich through capitalism. Country like Spain which was _really_ rich after the colonial age, did not went on that path, and today they still have to catch up, tho it improved there greatly. Those are facts. Give me an example of a country that increased it's long term economic growth through regulation. USA transferred much of it's industry abroad(mostly to China), and started to borrow and live above its capabilities. Your borrowing money from China to buy a new big TV made in China. That won't work.
Also the regulations, are the things that help big companies to keep their position. In wild capitalism small company can compete with the larger ones. Small companies are often better managed, because of their size. The boss knows all it's employees, their strengths and weekneses thus allowing him to run the company more efficiently. Bigger companies of course have their own strengths, because of their budget. When the government starts to regulate the market, it often hurts those small companies, preventing them from expansion. It's much harder to comply to all those regulations when you're small. Look at the history of USA at the end of the XIX century, and ask yourself a question, why all those gigantic companies were promoting government intervention. Is it because they wanted to make everybody happy, or to make themselves happy. Also government contracts are mostly taken by those big companies, and thats a big business too and it's "closed" for small companies. The glory time for the west has passed. The easy times are gone, and we finally have to realise that, if we won't China and Russia will overcome the west, and that could be a really bad thing. Russia economy is based on natural resources(which is very short term way to go) and thanks to the war in Irak, when the gas and oil prices went high they got the money from that, and now they're developing really fast. The predicted growth of China for the next year is AFAIK something like 7-8%, for Russia it's 6%, for USA it's 0.8% and for euro currency zone it's around 0.2-0.3%. If that doesn't bother you, I don't know what will.
The funny thing is, that a few years ago, when von Misses school followers were predicting the crisis, they were laughed at by the Keynes school followers. Know when the crisis has come, the government turns to Keynes school followers for advice, and media keep saying that those von Misses followers are wrong, and don't know what they're talking about.
Here is a fine example of that(if someone could embed it it would be nice, i can't). It's with polish subs, but the rest is in english:
www(dot)youtube(dot)com/watch?v=DpHZ-c3kw98
FED was created in 1907 by Wilson to prevent crisis from happening. Just 22 years later, you had the biggest crisis in your history. Then they introduced more regulations(some of them were used by the banks, which led to this crisis). Now we have yet another crisis, and media tell us that there should be even more regulations. How is that when there were no regulations USA from a place where only bizons wandered around became one of the biggest economies in the world, and when the number of regulations grow, the economy suffers more and more. When the government creates those regulations, you can be sure that eventually some one will find a way to take advantage of them. It can happen instantly, 10 years, 20 years or even 50 years later. But it will. People are very creative(ecigs to bypass the smoking ban for example
). Capitalism channels this creativity to deliver a better product(offer) than the competitors. In a government regulated system, some of this creativity is used to take advantage of the system, the more regulations, the more of that creativity goes into that. And that is what brings the destruction to the country. It would only work if people were perfect, but they aren't.This is what Wilson said after creating the FED(I don't know how much time passed between those events):
And a quote from one of the biggest bankers(if not the biggest), Rothschild:
And he's connections with FED: www(dot)save-a-patriot(dot)org/files/view/whofed(dot)html
(sorry for the format, but I can't post links yet).
USA got off from the best economic system and it's slowly deteriorating. Poland started with the worst system, and we're slowly improving, but thats thanks to USA. The only thing that triggered those changes, was the fact that people have seen that living in USA(and western europe) is much easier, and people get richer than here. If we wouldn't have this counter example to our system, we would probably still live in a comunism. What's scares me most is the fact that today, we practicly don't have a free country with a really free market as we used to have(USA). That makes people think that there is no better alternative and they agree to what they are told through the media. The perfect example of that is the North Korea, where people are 100% controlled, and know nothing about the outside world. And they're happy with the system they have. The government control in Poland wasn't so tight so people knew that there is a better world abroad, koreans don't know that, so they accept what the have.
Of course that's my opinion, and I'm more than willing to discuss, but I surely won't agree that it's the capitalism that caused this mess.
PS. I've checked the spelling with OO, but I'm not sure if I have the dictionary properly installed(I never use this feature), so if there are any mistakes, forgive me, english is not my native language.
novo.
Social justice is a pure propaganda bull****. If it were just, you wouldn't need to create the new term, you would just say justice. Since it's not just, comunist and socialist created it to justify(i'm using this word a bit to often here) their demands. Social justice example is when a hard working man gets 1000$ from which the government takes some to pay another non working guy 800$. That's far away from just. The master of that procedure is undoubtly the EU, where almost everything is taxed. I for example pay about 20% income tax, but when you take into acount all other taxes(VAT for every product, tobacco tax, petrol tax etc.) it becomes something around 60-75% depending on how much you earn. In Poland the more you earn the bigger percentage is taken by the government(the income tax stakes are 20%, 32% and 40%). Tell my why I have to give money, which I earned by a hard work, to someone who just sit's on his ..., and does nothing. They say that there are people who can't find the job etc. The facts are, that in Poland from a group of about 2-2.5mln people getting this help from the goverment, the ones that really need it are just few, maybe 100-200 thousands. And the rest 2mln are just lazybones who found a way not to work. And you have to pay them(you can't choose not to pay taxes).
Socialism and derivatives(like etatism in EU) have beautifull ideas, that just don't work. That's why it's so bad, cause under the really nice sounding theories(way more tempting than brutal capitalism), there goes a mosterus system. The most negative aspect of capitalism raised in many discussions is the human greed. But this greed won't disappear when you swich to socialism or derivatives, it's just hidden behind all those beautiful words. That's why USSR has fallen.
You are on a position of just entering this thing and those ideas may convince you, as it did in Poland seventy years ago. But we have seen how it looks like in reality, and belive me, it's not that cool as it looks from the outside.
novo.
very quickly as I am about to go to bed ready for an early start but I can't let this blinkered capitalist naive trash go by unanswered.
1, it is not a new term that socialists and marxists employed to put some kind of political spoin onto the meaning, the social aspect of social justice is used to denote the area of life where the justice in question is concerned. It is not just justice, there is legal justice, political justice, moral justice, social justive et al. You are seriously seriously blinkered my good man.
2, Your example is nothing of the sort even loosely termed social justice. Taken at face value what you have just argued for is a society where no taxes are paid. Is that your position on what constitues a socialist society with a sense of social justice, that people have to pay income tax?
That is quite patently an inacuracy of what socialism and indeed social justice is, there are many many many methods of taxation which do not follow the method of redistribution of wealth from the rich to the poor.
3, you are ignoring the one basic underlying fundamental premise that underpins the philosophical justification for capitalism, and that is the free market, no protectionist trade policies, no tax breaks for domestic manufacturers or suppliers of goods, no state intervention in the operating of the economy, the market will find its own level, those that are efficient and productive will thrive, those that arent will not.
Square that with the supposed bastion of capitalism the United States and then try and explain away the government intervention. Which by the way, was begged for by the very same people who usually spout this "the state should not interfere in the running of private and corporate life". Yes sure, until it is them that are asking for the handouts.
Highlights the morally corrupt and bankrupt so called capitalists to be the hypocritical cowardly set of selfish people they are. Demand the world plays by their rules but when they get caught out the rules should change.
If capitalism existed, true capitalism existed the western worlds economies would be in a damn site worse mess than they are already.
I will respond in full when I get more time.
sorry one very quick one another point I quickly cant let pass.
That is patently untrue.
The us government removed controls, banks got greedy, even more unethical and immoral than they usually are, banks failed, government steps in with a rescue package and now talks about what reforms need to be in place to ensure wild and rampant unfettered capitalism cant do the damage it has just done and will be felt for many years to come.
Over simplified but essentially correct.
Two people were fired (thats sacked because they were not up to the job, not good enough, made a mistake) from lehman brothers 4 days before they went bang, one received over 2 million dollars, the other received over 16 million dollars.
And you say it was over regulation which caused this to happen?
it was wild and rampant unregulated greed under the banner of capitalism.
and p.s. you speak better English than I do Polish lol
im in England btw, incase ya thought I was American?
im in England btw, incase ya thought I was American?
From what I see, the basic problem in our discussion is that you lived in capitalism, had examples of capitalism drawbacks, and I(mostly my parents, but I talked with them about that a loot, and still remember a little bit myself) lived in socialism, so I have the taste of socialism drawbacks. There's no perfect system as we know so far, but I think the main advantage of capitalism it gives that ilusion that if you try hard, you can achieve what you want. That was also a big problem here, when the comunism flurished. There was even a saying, I'll try to translate, but it won't sound as good as in Polish: No matter if you sit or stand, two tousands go into your hand. That really cripled the morality in our society. There was also a fact, that during WWII most(historicians say about 70-75%) of our inteligence(is it the right word? I mean the wise people, not military) were killed either by the germans, or, those who survived, by soviets. And comunism promoted stupidity and boorishness. For example students where arested for 48hr for no reason, just to put them with criminals and they could deal with them, police officers didn't care what happened there. That really destroyed the society. Even nowadys we still lack a normal high class which is necessary in every society. And I think this is one of the reasons I really hate anything thats socialism related.
I would agree with you that some regulations can be beneficial, but as you look through the history, introducing some regulations always led to creating more, and more of them and I'm simply afraid that it would lead to something like we had here, but on a global scale(which would then be practicly impossible to change).
Look whats happened to EU, it began as a common market and now becomes a superstate controlling almost every aspect of life. The last events concerning the Lizbon Treaty are pure example that the politicians crave more power at all cost. In every referendum concerning that subject, people said no, but the EU leaders do what they can to push it through, not even bothering with public support. That really scares me, especialy when you look closely, the structure of EU government is really close to that of USSR. The most powerfull part of it, the EU commision is a non elected body, not directly responsible to anybody. The EU parliament(the only elected body) has power to suggest(not even implement) the amedment to already existing law, nothing more. And that tendency is spreading across the world.
Personally I agree with you, that the best system would be capitalism with a few regulations, but I'm afraid that it would eventually lead to socialism. And if I could choose between pure socialism and pure capitalism, I'd prefer capitalism.
I would agree with you that some regulations can be beneficial, but as you look through the history, introducing some regulations always led to creating more, and more of them and I'm simply afraid that it would lead to something like we had here, but on a global scale(which would then be practicly impossible to change).
Look whats happened to EU, it began as a common market and now becomes a superstate controlling almost every aspect of life. The last events concerning the Lizbon Treaty are pure example that the politicians crave more power at all cost. In every referendum concerning that subject, people said no, but the EU leaders do what they can to push it through, not even bothering with public support. That really scares me, especialy when you look closely, the structure of EU government is really close to that of USSR. The most powerfull part of it, the EU commision is a non elected body, not directly responsible to anybody. The EU parliament(the only elected body) has power to suggest(not even implement) the amedment to already existing law, nothing more. And that tendency is spreading across the world.
Personally I agree with you, that the best system would be capitalism with a few regulations, but I'm afraid that it would eventually lead to socialism. And if I could choose between pure socialism and pure capitalism, I'd prefer capitalism.
And to argue a little bit more
PS. Don't take this personally, I'm not saying your talking nonsense. Even when I agree on something with you, I like to provide the opposite view just to show the alternatives. IMO that's the best way to develop your own view, by confronging oposite ways and choosing the more logical for you.
novo.
The example I gave was something that was pushed(not at once, but slowly through the last 15yr) in Poland using the "social justice" slogan. And it's not taken from thin air, that's reality here. I just changed the currency from zl to $, but as I recall social help for non-workers in Poland is something around 800-900zl, and for example my friend just got a job as a PHP programmer(which is of course better payed than labour) and he got 1700zl. Two of my other friends worked full time for a big company for 1500zl. Teachers in Poland gets around that as well. That's why so many Poles went to UK. One thing was the better wages, but that applies to almost every "old EU" country. The other very important factor was the freedom of your market(way ahead compared to Poland) and mature society. And in my opinion, capitalism greatly helped in developing this society. Unfortunately, when capitalism flurished on the west, Poland did not exist(1792-1918), so we missed that. Personally I admire english society, for the fact that those regulations come so naturally there, and people don't abuse them so frequently(but that's thanks to this mature society). Poland is an example of a country which had to fought with it's government for the last 200yr, so, when government puts some regulations people almost instantly overuse them in their own pupose. I've got a guy in my group at university, which through some tricks(like registering in a small village where his grandma lives) was able to get 2000zl total from different social help offerings at the university and from the government. And he's proud of it.
Socialism will always be based on taxes, as it has to have all this cash for social help in different areas. Socialism is based on the redistribution of goods, the main idea was that the collective is producing, and then it's evenly redistributed through the society(thats of course the socialism in it's pure theoretical form). As proven in practice in USSR, this takes away the motivation to work. Cause no matter what you'll do, you'll get the same as others. In the end, there was a situation here, that because of nobody wanted to work, and by definition you couldn't give someone more money(there were differences, but small), people started to motivate others by giving them priviledges. So this comunist "elite" for example had no problem buying meat, while the rest of the society couldn't. It was not the fact that the meat was expensive or sth, just the fact that it weren't there in casual shops. Socialism says that everybody is equal, but that's simply not true. We can be equal in the terms of law, but people are different. Trying to remove those differences through forced regulations will always result in degraded society, and it kills economy too. In Poland there is a great myth how Solidarnosc and Walesa fought the comunism and won, but the facts are that comunism simply went bancrupt. After `89 we had about 3-4 yr of really free market, and many countries in europe where astonished by our growth and development. Then the government started to introduce new regulations and the growth slowed down.
PS. Don't take this personally, I'm not saying your talking nonsense. Even when I agree on something with you, I like to provide the opposite view just to show the alternatives. IMO that's the best way to develop your own view, by confronging oposite ways and choosing the more logical for you.
novo.
There are a few things that made this crisis what it is.
#1: Back in the clinton days, he added additional amendments to the Community Reinvestment Act. It legally required banks to give out High risk loans to less fortunate people. Basically the government regulated that the banks give sub-prime loans to families and individuals who could not really afford it.
#2: The banks generally ignore the law and then get sued by Acorn(Obama was part of and supported this lawsuit). The banks are then force to give these loans.
#3: Greed takes over and the banks go above and beyond what is required, and end up with way too many bad loans.
This takes both sides. The government spurred the banks and then the banks went crazy. It's a two sided deal. Nobody can really blame everything on any one side. Takes all parties involved.
You could go as far to blame the people taking the loans as well. They knew they could not afford them in the long run, but decided to take them anyway. All of us Americans are to blame for the world stage right now.
-Dusty-
#1: Back in the clinton days, he added additional amendments to the Community Reinvestment Act. It legally required banks to give out High risk loans to less fortunate people. Basically the government regulated that the banks give sub-prime loans to families and individuals who could not really afford it.
#2: The banks generally ignore the law and then get sued by Acorn(Obama was part of and supported this lawsuit). The banks are then force to give these loans.
#3: Greed takes over and the banks go above and beyond what is required, and end up with way too many bad loans.
This takes both sides. The government spurred the banks and then the banks went crazy. It's a two sided deal. Nobody can really blame everything on any one side. Takes all parties involved.
You could go as far to blame the people taking the loans as well. They knew they could not afford them in the long run, but decided to take them anyway. All of us Americans are to blame for the world stage right now.
-Dusty-
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I can tell you, as a recent college grad that the economy definitely sucks, and lots of people are suffering. I've been looking for a job for 4 months now with no luck. There just aren't any jobs, especially entry level ones. I've even traveled in a 400 mile radius looking for stuff and I can't find a thing. When you check the local classifieds and there aren't ANY jobs listed...its pretty scary. Several friends of mine have lost their homes, I have family who are barely hanging on to theirs. About 10 businesses in town have shut down completely, while many of the manufacturing plants around have laid off hundreds of employees. It feels like we're swirling the drain. It's not going to be a fun winter.
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