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Interesting Article From '99
- Thread starter Recovering LSO
- Start date
And yet almost 8 years in and they are just now getting around to trying to fix it? What took so long?
^^^ I know. I thought by giving up golf he would have more time to tackle problems like this. 
On the upside: I believe that the "brush" problem on the ranch at Crawford is just about cleared.
On the upside: I believe that the "brush" problem on the ranch at Crawford is just about cleared.
Bush tried in 2003, but the Dems (notably Barney Frank) killed the plan because it could hurt poor people trying to get homes.
http://query.nytimes.com/gst/fullpa...2575AC0A9659C8B63&sec=&spon=&pagewanted=print
You guys are as bad as the talking heads on TV. "Its their fault....No, Its their fault...." Who gives a shit who's fault it is! The fact of the matter is that this "housing crisis" has been a long time coming - and none of THEM did anything about it. Why? Because THEY were ALL getting their pockets greased by the large financial institutions that were pimping these mortgages (an in turn mortgage backed securities).
I do -- 'cause I want the politicos responsible to be drummed out of office by the electorate and I want the executive pigs involved to loose their golden parachutes and/or do jail time if merited ...
I am friends w/ a successful banker in Texas -- he once told me the ONLY way a bank could fail was due to incompetence or corruption .... his words; not mine.
Just sayin' ... but that's why I "give a shit" ...
Oh I definitely don't think in the end the whole crisis is any one party's fault (waaaay too much economic history in there) but in the specific case of the Frannie/Freddie issue, I think the Dems screwed up real big.
Raptor2216
Registered User
Well isn't that an interesting little fact! I've been watching congress bickering over this bill for the past week while WM has gone under and they keep pointing at the evil CEO's for all the problems that are arising as a result. I just wish that someone would come out and slap the party leaders in the face with this little piece of info along with the rest of congress. If anything, I blame the government for causing this problem and more specifically speaking, I blame political correctness and this crazy idea of forced "fairness". Nature is by design "unfair" but the liberals here believe they can change that and it just comes back to bite them in the ass.
You know what, here's a question and an idea! Why is congress even being given the responsibility to design a bill for the economy? Half of them don't even have a clue about how to run a business, let alone save world wide banks!!! Why not let a handful of business men come up with a plan and forward it to congress and ask them to vote on it? I mean is it so crazy to think people who have been dealing with the business world throughout their careers might actually know more than a bunch of vote grabbing greedy politicians? When will we ever learn? At this pace, I see much more trouble on the horizon because we continue to make false decisions!
That last sentence of that quote says it all. I refuse to blame the banks even if they did screw some people over. When you have the government trying to shove "fairness" down the economy's throat, what are the banks supposed to do??? Is it conceivable to think that if a lending institution repeatedly rejected home loan applications from certain minority groups, those minority groups would take legal action against such institutions in the name of racism or discrimination? My answer is YES, it is absolutely conceivable and I believe it is entirely possible. I mean, all you have to do is take one look at the commercials on TV vowing to protect your "legal rights" while collecting ridiculous sums of money in the name of "justice". There is a reason why big business left the U.S. to build their factories elsewhere in the world....that reason is the American people who feel that it is the governments responsibility to maintain a fair environment. Now, these are the same folks you see on TV bitching about a potential 700 billion dollar "bailout", which may actually benefit them. Again, I really can't blame the banks...we did it to ourselves.
I do -- 'cause I want the politicos responsible to be drummed out of office by the electorate and I want the executive pigs involved to loose their golden parachutes and/or do jail time if merited ...
I am friends w/ a successful banker in Texas -- he once told me the ONLY way a bank could fail was due to incompetence or corruption .... his words; not mine.
Just sayin' ... but that's why I "give a shit" ...
Ooh a drumming-out! Now there's a political TV event worth watching!
Good point, so lets not forget (in addition to all others mentioned):
Ratings agencies-- why was this debt repackaged and rated AAA?
Corporate Boards-- what do they get paid 500k a year for again?
Greenspan-- interest rates too low for too long
and.... the Americans who got crazy hybrid adjustable negative amortization loans thinking real estate would go up up up, forever and ever.
What a broad statement. Incompetence and corruption cover a hell of a lot of ways for a business to fail. Not sure where you were going with this...
Raptor2216
Registered User
I don't really think that we should be questioning why a company on the open market pays its board members or CEO's these high amounts. If we are going to go ahead and question them, then maybe we should be raising our fist at why sports teams pay absurd amounts of money for players who end up under performing. Some times things just don't go as planned so what can ya do? You should also realize that a few million dollars is a drop in the bucket to large corporations so they aren't exactly bending over backwards to pay high salaries for their exec's.
Your second point is right on the money though. However, you have to remember that it was a result of forced social fairness. We would never have had to worry about lowering interest rates if we hadn't started handing out money to people who obviously could not afford it. Its a self sustaining cycle and once it starts, its hard to stop without getting yourself into more trouble.