So whos staying up for the election results?

Knight1979 said:
ElanJo said:
Bye bye economy.


(tho it was doomed either way)

ha.......remember why the economy is in the state its in. an unregulated, shady as fuck, securitized mortgage market stemmed from shady lenders lending to dumb americans, selling shitty mortgages collecting the fees and then selling those shitty mortgages to financial institutions that sliced them and diced them up and put them in funds all over the world, when Glass Steagal was overturned it was only a matter of time until we were doomed to this fate.......that's it, that's all it took and we're all fucked........so yea, let's go ahead and blame that on Obama, c'mon your're smarter than that....

http://en.wikipedia.org/wiki/Glass-Steagall_Act

and the only reason why i went on this rant is because i had to do a huge report on freddie and fannie my last year of grad school and we were doomed to this fate for a while back ever since these institutions where implicitly backed by the government but were publicly traded and since they are implicitly backed by the US they were able to be levered far more than the SEC allowed private companies to be levered. Freddie and Fannie were the pile of dynamite and the mortgage backed security market was the fuse..........moral hazard out the fucking arse!!!!!


Predatory lending has been a problem, I admit that (in terms of both banking greed and acts such as the CRA and pressuring of lenders to give out cheap loans etc), but the reasons for the state of the economy is far more than just the housing market. You know this.

America's economy is a phantom. One based on consumption - financed through debt and inflation. The reason why this recession has spread worldwide , from the US, is because the US are the biggest Debtor nation on the planet and they cant pay the money back that they borrowed. The US haven't been borrowing money to build factories etc so that they make a profit from the loan, they've used it to consume - they borrow shitloads of billions a day from China etc. Also, the world holds US dollars (with it being the reserve currency).

The US should have had a recession after the .com bubble and 9/11, but the Fed, and the politicians, in power at the time, thought they could print and borrow their way out of it with absurdly low interest rates etc. A recession doesnt tend to go down well politically ;) , even tho it is the medicine to the disease of Government intervention is the market or just plain poor speculation.
They patched up the bubble and now it is bursting - or atleast trying to. They(we) wont learn tho, bail-outs , printing of money, spending etc etc will continue , which will prolong the poor economic state - turning it into a depression. Watch as the dollar plummets. I wont be one bit surprised to see the US , and others, living in Weimar Republic conditions within our lifetime.

The mortgage crisis is a part of this problem, - highlighted because it is was has broken the camels (incredibly inflated) back - but this crap has been brewing for a long, long time, and it's not down to a lack of regulation.

Pres. Obama wont change the economy for the better. Infact, he will make it worse.(that goes for McInsane aswell) I hope in time he proves me wrong, but I honestly don't think he will.
Saying that, the future of our lives and countries depend on us, the citizens. Its us who need to make the effort to educate ourselves and then come up with logical solutions. We cant keep putting our faith in supposed "leaders". We get the Bush's and the Blair's etc because we are lazy and easily conned, and pacified, as a result.




PS. Concerning Fannie: Doesnt Obama have some close ties with them? (over $100,000 in campaign contributions and advisers etc?)
Concerning "moral hazard out the fucking arse!!!!", just stop paying your mortgage ;)
 
ManCityX said:
1225850685822.jpg

That's just quality!! And a GRAPHIC demonstration of what a mountain that was to climb! That's getting saved on my comp as I know a pal who'll want that as a desk top pic!
 
Love the graphic ^, lmao

As for the election, heres the best analogy I can think of:

Saturday September 23rd 1989 - Maine Road, Manchester.
Manchester City 5 Manchester United 1



;)
 

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