The sub prime mortgage crisis was caused by government intervention. Now you may watch your little left wing media and not or your just ignorant. Let me explain to you what caused the real estate debacle. One the federal reserve lowered interests rates artificially to an extremely low level. They did not let the market dictate the interest rates. This encouraged investing and spending and discouraged saving. However the biggest problem was the government run mortgage companies Fannie Mae and Freddie Mac. These were social justice mortgage companies who would back loans to people that normally would not be able to get loans. So the government backed loans to some people that didn't even have a job.  Now the government run industry like all government run entities had bad books, it didn't have the accountability and efficiency it should have. Then to make matters worse the government then bullied banks to make loans to minorities even if  the banks thought it was a bad idea. They threatened lawsuits and regulations and mandates. Now let me enlighten you to what happened, the people that the banks were forced to loan to and the people that took out govt mortgages didn't pay them back. Well seems like their was a reason that they couldn't qualify for the banks lending standards prior to the govt getting involved. This of course eventually made fannie mae and freddie mac go bankrupt as well as the banks that had to give loans to people that couldn't afford it. Also the low interest that the federal reserve artificially lowered to try to stimulate the economy encouraged the kind of buying and building of houses by people at a distorted rate because they weren't going by market standards they were going by artificially lowered interest rates set by the fed reserve. Now when the borrowers couldn't pay the house note this led to the bankruptcy of fannie mae and freddie mac and to the banks that made the loans to people that should of never got houses. Now these lowered interest rates led to people spending more than they should and built an economy centered around real estate artificially. So when the real estate industry fell our whole economy fell. But it wasn't the market that did this it was the exact opposite, it was govt. intervention.   
                    Hope you see the light now

How funny was it that Obama was involved with suing the CitiGroup in the early 90s because of their reluctance to loan to moronic black people with terrible credit ratings?

Now everybody is babbling about how the banks behaved in a predatory fashion when they loaned to African Americans who had no ability to pay back the loans. Yet at the time, refusing a loan application (for the perfectly valid reason of having a poo credit rating) would have landed one in a lot of trouble for "racism".

Life is funny sometimes.

Americancitizen87 wrote on Aug 6^th, 2009 at 10:36pm:


You seem confused Americancitizen87, why blame "left wing people" when the sub prime crisis was under the watch of George dubya.
Thanks for the history lesson but we have media in Australia we even have TVs so we can watch things like George dubya stuff the USA economy whilst he invaded other countries for oil.

freediver wrote on Aug 15^th, 2009 at 4:13pm:

There are 30 million people on food stamps in the US right now. Your missing the point the fed shouldn't have to raise interest rates to avoid disasters that they cause the markets should dictate interest rates

Man I am sorry you are misinformed brother. The fed's low interest rates led to an artificial lending standard as well as a government run mortgage called fannie mae and freddie mac that guaranteed loans to people who couldn't normally qualify and this not only drove up housing prices but it led to reckless lending and spending.

freediver wrote on Aug 15^th, 2009 at 5:23pm:



The market IS the people - as distinct from the government, which is another manifestation of the people.
And so there has never, ever, been a talk or practice of totally free markets - or an absolute government control of every aspect of life, on the other hand.

The markets are answers to question that are framed in terms of economics. Government is an answer to questions framed in terms of control.  It is always a matter of letting each do what it is supposed to.
Political disputes and discussions are about that - what is each supposed to do.

Quote:


The bubble was natural, not artificial. The federal reserve saw it coming from a mile off and prevented it getting out of control. It's like you are blaming a driver for the steering wheel going back and forth slightly because you believe the car would run dead straight with no hands on the wheel. The cause comes before the effect, not after. Picking two historical events and linking them together for convenience, regardless off the timing, flies in the face of reason. Interest rates were high during the bubble. They had been for a long time. In fact the high interest rates track the rise and fall of the bubble almost perfectly.

Quote:


So that's where you get your understanding of economics, youtube videos? You need to get your facts straight, and youtube is not the place to do it. Whatever luntatic idea someone believes, they can always find a youtube video to back them up. It is only useful for fooling people, because it is so much easier to gloss over the facts.

Quote:


People talk about both. Communists talk about total control of everything. Extremeists from the other end talk about laissez faire capitalism.

I think you'll find Bush was preoccupied with things other than the economy Skippeeeeeeeeeeee and regulation of the banks etc are not exactly what America is about.

BTW your lies...
I'm not a rightard.  I'm a Lefty.
idiot!
Also many people have mentioned Clinton's culpability.
Ignoramous!!!!!!!!!!!!!
Flame away Troll, it'll never make you right.
Living up to your name Skippeeeeeeeeeeeeeeeeeeeeeeeee  

Trolling and lying again I see idiot...

DWMT  

Do you think perhaps your mindless trolling of me is as boring to others as it is to me? 

I don't troll you Skip.
You've got serious issue tho it seems.
Can't recognise what it is you do.

No I don't Ogly...
But if pressed I will finish it.

Quote:

Bush represented a logical continuation of Clinton's policies in most respects, who in turn represented a logical continuation of Bush I's policies.  And now Obama carries the torch.  There is relatively little difference between either "left" or "right" except in style and court appointments.  Partisans of both sides are guilty of failing to see the big picture and blaming the other team, so to speak, when in fact you are dealing with a capital E Establishment.

While Clinton's initial policy change, requiring lenders to make loans available to a section of the market considered as disadvantaged, was a significant error of judgement, the markets ability to create false wealth, and refinance that false wealth, was the major cause of the financial markets collapse.
Bush could have regulated parts of the market, to rein in the speculators, and shysters, who were profiteering with zero accountability, but he chose not to, as the right is traditionally against regulation, and ideologically wedded to deregulation, at any cost.

Well now we know there is a cost.
For years, many years, actually, before this collapse, numerous economic commentators, and forecasters predicted a catastrophic collapse, unless urgent steps were taken, but the ideological right wing mindset dismissed them as alarmists.

It sounds familiar does it not Grendel?

As far as your self assessment as being left leaning? well that is about as reliable as a mother's perception of their own baby's looks, or intelligence, and the only person I know of that buys it is??
Grendel,
and maybe his mummy.

Quote:



Duya wasn't about to nuke anyone. Can't say the same for Ahmadinnerjacket.

But I am sure that that does not bother you nearly as much as America and the wes , where there is a robust and proven separation of the three tiers of the state and where Dunya, or Bill or Ronnie never had their fingers on any button the way they do in the thug states.

Quote:


Yes he was and is, he is arguably the most dangerous evil man to ever be called President of the ol USA. I'm not surprised you disagree, some retards must have voted for the turd.

It ain't you; he is.

I don't think its you Merc...

Quote:


While I dont hold a lot of regard for the countries he invaded the point is the fact he invaded those countries just made the extremist Muslims hate the west more than they already did. I think he made the west a bigger target for terrorism because of his actions.

Quote:


Who said we weren't? I said-

Quote:


Note the word "bigger target" that means ,tho we were already a target before ,dubbyas action along with those of the rodent made us an even "bigger" target. Look it up in the dictionary, Ive better things to do than point out the obvious to you.

Quote:


So? You would have organised a bigger community outreach program instead? Anything just not to catch the crazy Islamists' eyes again? Or what?
Dubya was not evil. To say he started these wars just to make us more hated by the Muslism is typical moron talk. As if the president of the US was some sort of pharoah or Sun King who does not have an independent legislature and judiciary to contend with, plus a free press and freedom of speech.
Some of you are really completely unmoored from reality and whatever rudimentary education you may have had was obviously a total and utter waste of funds and time. You are stuck in thinking like a petulant 14 year old who thinks that just because something occurs to him for the first time it is is also an insight that has occured for the first time to anyone, ever.
You are fascinated by your own stupidity.

Soren wrote on Aug 19^th, 2009 at 8:22pm:

Well you should know soren ,you're the biggest moron here,you right wing freakin fairy fukcer.

Grendel wrote on Aug 20^th, 2009 at 9:02am:


Thanks for dropping in for your morning troll boooffeeeeeeeeeeeeee, now go and gargle your boyfriend.

Quote:

And this is repeated over and over again in Australia you aught to be an aboriginal you get a free home free bills light law enforcement, they even have private land where White people are not allowed to go, we have no rights while abos live on the throne, in Australia the White race is slave to aboriginal political acheivments, What is good for one race is bad for the other, get the parasites of our back, 30 days without our support and they would be extinct.

Grendel wrote on Aug 20^th, 2009 at 9:55am:


Thanks retard troll boy

Leave out the personal insults please.

Quote:



I love to see the Leninists drowning in their own inarticulate bile.  As usual. No brain, only shapeless, gormless invective.
(sorry about the long words, comrade)

Quote:



My God! the witless lowbrow IS laughing at his own jokes. Come on, Igor, go an get a brain!!