Posts by sagenz
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Oh and for those of you who think the sub prime crisis was caused by greedy bankers, think again.
In the early 1990s, Congress eased Fannie and Freddie's lending requirements (to 1/4th the capital required by regular commercial banks) so as to increase their ability to lend to poor areas. Congress also created a regulatory agency to oversee them, but this agency also had to reapply to Congress for its budget each year (no other financial regulator must do so), assuring that it would tell Congress exactly what it wanted to hear: "things are fine." In 1995, Fannie and Freddie were given permission to enter the subprime market and regulators began to crack down on banks who were not lending enough to distressed areas.
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an interesting analysis to put the bailout in perspective is an estimate that US housing losses amount to $6 trillion in the last 3 years.here
For additional perspective on the value of $6 trillion, the Chinese economy reached a GDP of $3.4 trillion in 2007, according to the Chinese news agency Xinhua. That means that over the last two years, the US housing market has been losing value at a rate almost equal to the size of the entire Chinese economy, the economic juggernaut that is currently driving much of the growth of the global economy.
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shiller slightly more credible and realistic in his assessments. And as the author of Irrational Exuberance he does have some.
If we move smartly, Americans can have a better, more robust financial democracy along the lines of the system envisioned by our first president. The current crisis does not mean the end of American capitalism. But if we are lucky, it will mean an important step in its evolution.
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given all the snide remarks made here about inexperience it is more than a little ironic that when Obama is exposed for being inadequate but charismatic his polls bounce on the basis of being nicer and people here are wondering why.
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Russell - For the first time we agree on McCain. I thought he nailed Obama in pure debate but far less empathetic. His contempt for Obama was too obvious and he seemed a little smug at times.
As far as why does it matter that Obama constantly said he agrees with McCain. The presidency is not a place to learn on the job. Now that it has been convincingly demonstrated that McCain knows more about what is required to lead the US it is obvious that McCain should be president. Obama may make a fine president when he has sufficient experience in 8 years time.
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hard earned savings have been sucked up in some unregulated offshore financial black hole nightmare
Given the rise in NZ indebtedness to buy grossly overvalued NZ property are you talking about a Japanese grasshopper or a New Zealand grasshopper.
Do you really believe any of the rest of that shit has any basis in reality?
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that craig was brilliant. I completely agree about not sending out the pompous ass proxies. Palin herself keeps undercutting them.
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her decision to bear a child she knew would be severely disabled -- as a way to burnish her anti-abortion credentials in a way Obama hasn't.
And Craig transitions to emo status.
Seriously read that back to yourself Craig. The woman kept her first out of wedlock child and became a firm anti abortionist. Long long long long before she got political. Her decision to keep the latest child never had anything to do with "burnishing ..credentials".
It had to do with her personal beliefs. Not everybody is making all their decisions based on how it will look when it becomes public.
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yes of course. and 80 % approval ratings in the state in which she is the governor merely confirm that.
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rich - I assumed you were paying more attention on this thread and the preceding ones on the same theme. I was picking up also on simons last post stating the economy was fucked and making a related point. The socialise the losses meme has been running for a while in the generally anti american, specially anti republican tone of many comments here.
so I will accept a slap for crap puntuation & poor structure for the here and now. :^) My thoughts do run ahead of themselves. will try to be more verbose next time.
craig -
(Palin is a lying absurdity)
if that is not having an emo then provide a better example. Please :^)