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What's going on?


  • Mike 5 years ago

    Don't forget to use spell check. Please at least take Economics 101. And believe nothing you hear or see. Economics, much like life, is a subject which takes a long time to comprehend. And blaming CEO's, for a monetary system, which is constitutionally overseen by Congress... well it would seem to me that there's a lot of blame to go around... but mainly the blame should lie with the voters and the politicians they elect. It's the actions of the Federal Reserve, and the borrowing power of the Federal government, combined with the desires of the voters... that's brought us to this point. Remember, CEO's don't have the ability to create artificial economic bubbles. However, the Federal Reserve does. In particular, most recently it was George Bush's minority home ownership plan, which he launched in 2002 (combined with liberal home lending programs such as Fannie Mae) that helped bring about this economic bubble which recently crashed.

  • Extrano 5 years ago

    Matt, the problems are the same ones that destroyed the American economy in 1929. A credit bubble. Now - I don't have space to fully explain this, although I have at one of my blogs.

    But briefly, Congress set it up so Fannie Mae and Freddie Mac could to buy trillions of dollars worth of NINJA mortgages. So people with No Income,No Job, And no hope, could buy a home with nothing down.

    A young Chicago lawyer sent ACORN members to sit in at financial institutions, impelling banks to actually issue such mortgages and sell them to the government. So now, Fannie Mae and Freddie Mac are technically bankrupt.

    And are holding some three trillion dollars worth of bad paper. So the housing bubble has burst. Putting people out of jobs, and constricting the loans small businesses need to hire.

    Since some 80% of private sector jobs are from small business - the $40,000 a year CEO's cannot buy supplies, cannot expand, and cannot hire. All because one Barack Obama set it up that way.

  • Mike 5 years ago

    It was then (2002) current president George Bush who encouraged banks to make these loans to NINJA clients. Just google "george bush minority home ownership". This was a Republican housing bubble, made possible via Democrat home lending programs. The production of the funds came from then current Conservative Alan Greenspan as Federal Reserve Chairman. In Alan Greenspan's autobiography "The Age of Turbulence" he justifies the home loans to NINJA (sub-prime) clients by stating that owning private property would help millions of Americans understand the concepts of private property. Interestingly, both Republicans and Democrats took credit for the 'success' of the bubble. And then both blamed each other when the bubble collapsed. Not surprisingly Democrats blamed the 'rich guys'. Our wonderful government at work.

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