Oh !!! I get it now. Bush created boom and bust cycles. How silly of me not to remember that.
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Now I'm confused again. Seems the root problem of the present financial difficulties is bad loans. I read that from the left, the right and the center. Seems to be pretty much agreed on (shoot, even Rick agrees). So who can explain to my why it's Bush's fault or the fault of deregulation, that lenders made all of these bad loans?
Bankers were allowed to make loans to people without any documentation of income, which would not have happened without proper oversight and regulation. The bad loans were then sandwiched in with all of the good loans, and sold to unsuspecting third parties as securities. I'm sure you already knew this, but that's my take on the deregulation/crap oversight problem.
For All worried about a market crash help feel free to call my financial advisor.
USAA- 1800 531 8722 you could talk to my assistant Jeff at ext 57763 I am sure he will explain what is going on with the governemnt and how the mis information may have you confused...
Hawg - so you mean the government has a responsibility not to let people and companies make stupid, unwise, or other bad decisions?
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
Hawg - so you mean the government has a responsibility not to let people and companies make stupid, unwise, or other bad decisions?
John,
I'm not sophisticated enough on these matters to give an authoritative answer, but I can speak from my own experience. When we went mortgage shopping in the spring of 07, we met with a mortgage broker who offered us a loan that did not require ANY evidence of documentation. All we had to do was claim we made a certain minimum amount. This wasn't some hidden operation. Everyone in the industry, and anyone who had applied for a mortgage was probably aware that this was going on. I saw it reported on the news many times. This being the case, I would think that the government would see to it that the practice was stopped, as this was fraud. Incredibly, nothing was done -- until yesterday!
Respectfully,
Sailhog
PB.... Personal responsibilty is a CHOICE.... We ALL make our choices.. Another way to put it- we reep what we sow... Oooops as a Jew was that from the Bible... NO- it is actually in the Mishna... Some people can not Plan and look past the moment... Those people want the rest of us to feel srrrry for them and even pay to bail them out... It all falls to personal responsibility..
I made less money in 30 years then most in this forum if they had a job outside the military- yet what I had I attempted to be a good steward with my finances.. Those who fail to look past tommorrow or make choices that put them in a situation where they are getting married at 50 and starting a mortage with kids in college is THIER CHOICE- not mine.. Take responsibility and quit asking the rest of us to fix your problems... CHOICES HAVE CONSEQUENCES!
PB..Have you ever heard of the principle of- he who is trusted with little is given more and he who is trusted with little loses what he has? That goes to the stewardship of what we are given - includes our finances... I know that 30 years ago most my friends working at wallmart made more then I did as a young private... After "operation Ernest Will" I was one of the First Marine Battalions activated in US History to fight the Yellowstone Forrest Fires.. That was 1988 and a service most all of us Marines are peoud of. A million of a 2 million acre park was destroyed.. Lots of great stories and photos if your interested.. They broke us marines up in Squads and assigned a fire fighter with us.. That FF actually made 4 times my income at that time- I was a Staff Sgt (E-6)... My overall point is we all have choices how we budget, spend and even SAVE our money... I feel no sympathy for most any public servant FF, PO, Teacher, etc.... They made a heck of lot more money then I did. What matters is how they managed that money...
"so you mean the government has a responsibility not to let people and companies make stupid, unwise, or other bad decisions?"
YES. WHen those stupid decisions can melt down the financial system for the REST of us then it isnt just a personal decision. I sure wish the government had prevented all those idiots from being so stupid because we the taxpayers are going to be stuck with the cost, or at least a large part of it.
Its fine and dandy to pretend that individual decisions only have consequences for the individuals so we should just leave them alone. Except that it isnt always true. This is one of the cases where you would have to live in a cave not to be able to see that all those stupid decisions added up to big problems for the rest of us.
The problem going forward will be the reflex reaction of some to simply go back to the 1930 style regulations that were repealed in the past 10-15 years. That would be dumb since we arent in the 1930's. But that we need some more intelligent regulation is very clear. Just to take one example, we have an insurance company (AIG) whose failure has ramifications for the whole world's economy and which you and I will be paying for for a long time. The oversight on that insurance company was being done by some guy in Albany NY who clearly wasnt up to his job. We need to fix that without cramping their business so much it goes overseas. That means we need intelligent suggestions both parties can sign on to.
I suggest giving the job to Paul Volcker and former secretary Rubin. One is Rep and one is a Dem and they are both very smart about stuff like this.
We sure as hell dont want to simply leave it to the idiot politicians.
Funny, but McCain tried to get oversight legislation passed 3 years ago, supported by Bush. The Dems said no, because it would have interfered with the subprime market.
__________________
John
Ontario 32 - Aria
Free, is the heart, that lives not, in fear.
Full, is the spirit, that thinks not, of falling.
True, is the soul, that hesitates not, to give.
Alive, is the one, that believes, in love. JCP
