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Please Read (Read 3367 times)
Coral Sea
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American Politics

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Re: Please Read
Reply #30 - Aug 15th, 2009 at 12:04am
 
Amadd wrote on Aug 8th, 2009 at 12:43am:
Could you eleborate on just how the banks were forced to give loans to people who couldn't afford them?
From what I could see, even in Australia, banks were throwing money around willy nilly with blatant disregard to the risks involved.
People were buying their Mc Mansions on the never never, or never ever in a lot of cases, when a couple or percent interest rise or a job loss would mean disaster.
Nobody was twisting the arms of the banks here to send out letters offering people money and redraw options on their mortgage. The motivation was greed.

The United States has a statute known as the Community Reinvestment Act, which requires banks to make an "appropriate" level of lending to low-income and minority borrowers in the community.  While this statute has been on the books since 1977, the demographics of the nation has been changing and went from roughly 90% white when the law was passed to more like 65% white today.  President Bush also made a big push to increase the rate of minority home ownership, and whenever Federal regulators approve bank mergers one factor they look at is the minority lending portfolio.  Not enough minority lending, no merger.

Of course greed played a huge role, but greed is normally balanced by fear and a rational capital allocation process.  When the central bank simply prints huge amounts of money neither exists, and when all hot-shot Wall Street investment bankers know that GSEs will buy whatever crap they sell to them, even if they also short it, and that any mistakes will result in their being bailed out by the government, how can there be fear?








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"General, these are American regulars. In a hundred and fifty years they have never been beaten. They will hold."&&-- Col. Preston Brown, C/S, 2nd Division, the Marne, June 1, 1918
 
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oznationalist
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Re: Please Read
Reply #31 - Aug 20th, 2009 at 10:13am
 
Americancitizen87 wrote on Aug 6th, 2009 at 2:05am:
Here is the thing the USA for years led the world in everything because we were one of the most capitalistic societies in the world and still are however the demographics are changing and the democratic (socialist) party has taken over. Blacks and Latinos vote overwhelmingly democrat. Australia has more economic freedom in everyway except for income tax but after Obama raises them to 45% it will be even. I am hoping that Kevin Rudd will lose the next election and the liberal party will take over and stop the slide Australia is in. USA lost 3 things a county has to have. Borders, language, culture. We didn't secure our boarders we don't have a singular language and we lost our culture of self reliance. I feel like Australia has a better hope. Although I wish you wouldn't have passed in 1973 the right for any refugees to come in as they please. You should only let in skilled workers. I am a free market free mind guy. I believe in a hands off approach from government in both economic and personal endeavors. Our socialist party is destroying capitalism. Australia is my first choice of countries to go too. I am trying to start a push for more americans to come to Australia. We are highly intelligent and hard working. We believe in liberty. Thanks let me know some places to move to and work

I cant stand the idea of Rudd winning again either he is an economic disaster but that is what democracy is it means government in chains, as every plan faces opposion input that causes unnescessary cash wasting changes and minipulation. We need a true Nationalist other wise we will every four years trade a dirty dudd for a fresh new dudd, it doesnt matter who wins if they are not true nationalist then they are here to degrade your life a little more and more with each new term.
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