The real threat to America

Discussion in 'Economy' started by Chris, Jan 10, 2010.

  1. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
    The Other Plot to Wreck America
    By FRANK RICH
    January 9, 2010

    THERE may not be a person in America without a strong opinion about what coulda, shoulda been done to prevent the underwear bomber from boarding that Christmas flight to Detroit. In the years since 9/11, we’ve all become counterterrorists. But in the 16 months since that other calamity in downtown New York — the crash precipitated by the 9/15 failure of Lehman Brothers — most of us are still ignorant about what Warren Buffett called the “financial weapons of mass destruction” that wrecked our economy. Fluent as we are in Al Qaeda and body scanners, when it comes to synthetic C.D.O.’s and credit-default swaps, not so much.

    What we don’t know will hurt us, and quite possibly on a more devastating scale than any Qaeda attack. Americans must be told the full story of how Wall Street gamed and inflated the housing bubble, made out like bandits, and then left millions of households in ruin. Without that reckoning, there will be no public clamor for serious reform of a financial system that was as cunningly breached as airline security at the Amsterdam airport. And without reform, another massive attack on our economic security is guaranteed. Now that it can count on government bailouts, Wall Street has more incentive than ever to pump up its risks — secure that it can keep the bonanzas while we get stuck with the losses.

    http://www.nytimes.com/2010/01/10/opinion/10rich.html
     
    Last edited: Jan 10, 2010
  2. Lost Soul
    Offline

    Lost Soul Active Member

    Joined:
    Sep 23, 2009
    Messages:
    584
    Thanks Received:
    118
    Trophy Points:
    28
    Ratings:
    +118
    Finger points right to Clinton, Dobbs and mostly Franks.
     
  3. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,447
    Thanks Received:
    450
    Trophy Points:
    130
    Ratings:
    +630
    Obama got the most payola from Fannie & Freddie. I'm still waiting to see how they split up AIG and the other "too big to fail" corporations. Then again, the Feds made money bailing out the banks. I'd rather that the Feds stop a corporation from "capturing" a federal agency like the SEC. When Bernie Madoff brags about being the next SEC head, there is something wrong with the system.

    IMHO we need to stop derivatives & options and other non-capital raising casino devices. We need the SEC to only allow long-term capital raising instruments that create US jobs. "Globalism" and the "Service Economy Hoax" are killing the US middle class.
     
  4. garyd
    Offline

    garyd Senior Member

    Joined:
    Dec 19, 2008
    Messages:
    3,943
    Thanks Received:
    401
    Trophy Points:
    48
    Location:
    Oklahoma
    Ratings:
    +401
    Sorry no what is killing the American mddle class is too much government. Every one in this country -if he lives long enough will draw a some point in time in his life -most likely several - a government check.

    nearly 20% of us work for state federal and local governments, another 5 to 10% are on welfare and another 10 to 15% of us are on social security. That is a minimum of 45% of us currenly drawing a government check, that means 55% of us are carrying the water for the other 45%. Something has to give and increasingly what is giving is the middle class standard of living which increasingly requires more and more money to obtain.
     
  5. Contumacious
    Offline

    Contumacious Radical Freedom

    Joined:
    Aug 16, 2009
    Messages:
    17,072
    Thanks Received:
    1,469
    Trophy Points:
    205
    Location:
    Adjuntas, PR , USA
    Ratings:
    +3,851
    1- The Demopublicans
    2- The warmongers and military interventionists
    3- The parasites


    .
     
  6. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,447
    Thanks Received:
    450
    Trophy Points:
    130
    Ratings:
    +630
    Totally agree. Only the 15% in SS/Medicare already paid for those services.

    We need government employees to start being in SS & Medicare instead of guaranteed/separate Cadillac publicly funded entitlements.
     
    Last edited: Jan 10, 2010
  7. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
    Wrong.

    Phil Gramm is the one who snuck an amendment into a spending bill on the day before Christmas recess deregulating the financial industry.

    Can't you get anything right?
     
  8. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
  9. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,447
    Thanks Received:
    450
    Trophy Points:
    130
    Ratings:
    +630
    Strange bedfellows. Clinton was the one who started the mess by pushing for mortgages to the unqualified.
    Bill Clinton's drive to increase homeownership went way too far - BusinessWeek

    Real cause of the subprime mortgage crisis

    FrontPage Magazine - They Gave Your Mortgage to a Less Qualified Minority

    If Gramm screwed-up the derivatives, that makes it more non-partisan. Although, I think the CDOs & CDSs were a more severe condition to the banks like Lehman, and the derivatives did-in AIG until the bailout. I'd eliminate derivatives all together. Like Buffett said, derivatives aren't "evil" but they are dangerous.
     
  10. Harry Dresden
    Offline

    Harry Dresden Latinum, Plantinum,Silver,Gold Member Supporting Member

    Joined:
    Dec 15, 2008
    Messages:
    52,019
    Thanks Received:
    6,950
    Trophy Points:
    1,860
    Location:
    Nv.
    Ratings:
    +13,650
    i put the fourth one in you forgot.....
     

Share This Page