The US economic Meltdown

[DjfunkmasterG]

As most of you know, the US is going through a economic crisis that is matching the fury of the Great Depression of the late 1920's and early 1930's. The US Government wants to bail out the fiscally irresponsible, only to do what... Let it happen again. However, I agree iwth Ron Paul on the matter, without the vulgarities he has pretty said, ****'em and I agree.

Now, I normally don't always agree with the republicans, any republican for that matter, because frankly they are the most fiscally irresponsible political party (See Bush Administration 1 & 2). Now, I find myself in a weird spot in that I agree 100% with Ron Paul. Personally I think he is a democrat masquerading as a republican, but thats a whole other argument. Ron is correct, let these guys fail. They took risks, high risks and jeopardized themselves, bailing them out will only allow this kind of behavior to continue and possibly produce another fiscal disaster, or possibly worsen the one we are already in. Over a year ago, the economy showed signs of trouble, but the Fed and the Administration shrugged it off. We were in a recession then, but no one wanted to say that because if Americans don't spend, then we you have financial collapse, it took the crisis with oil prices to really put a wallop on the system. Gas Prices in the $4+ dollar range forced americans to rethink their daily habits, and in turn everyone at one time just cut back at once, which threw the financial system into turmoil. Turning things upside down.

CNN's Glen Beck hit the nail on the head when he said "as oil goes down, the economy is gong to crash." Oil drives are economy more than any other single resource. Without the global market, it all comes to a complete halt. If you can't fuel your fleet, to distribute and transport your goods, it is just a matter of time before the economy comes to a screeching halt, and crashes.

So to this I agree, Let them fail, let them learn lessons from this debacle, and then rebuild themslves in a more fiscally responsible manner. Why should I, John Q. Taxpayer, be burden with paying off the debt of irresponsible people. You got yourselves into this mess, now get yourselves out, and learn the most valuable lesson... Greed Consumes us all.

[Skippy911sc]

Letting them fail would throw the entire world into a depression. Last week Banks stopped lending money to each other...or anyone else for that matter. When the credit market freezes the world will freeze...no credit cards...no mortgages...no short term credit for business to run. This would be tragic for everyone. They need to act, this might not turn out to bad for the govt.

They need to install or re-install regulation on the system including credit default swaps, which have none. They need to change the method of marking to market...I know it works in Europe and if it had always been there it might work here, but to just make them do it was wrong and threw a monkey wrench into the process. They need to act and they will, but hopefully the ceos will not prosper by this, but take responsibility.

[DjfunkmasterG]

I doubt the CEO's will take responsibility, especially when they give each other Million upon millions in bonuses.

I don't see how this will come out on the upside, considering the debt they are selling the gov't is all bad debt. No the good debt like My Mortgage or Car oan, but the debt of loan in default or foreclosure. Where is the smart business in that?

[Tricky]

The UK is going through the exact same thing,the labour party has bankrupted us & completely destabilised our economy!Yet browns solution is to keep throwing eye watering sums of money at other countries & pet projects.The western world is going to suffer financially over the next few years i think,while china is set to boom!

[acealive1]

this is ridiculous, they are making fools of us right now and have been. so that means they can only afford $600 per person but can give the stock market 700 billion dollars........nice.....real nice.

as my mom once said "when the government over spends,they put it on the ballot or just give themselves our tax dollars, but what if i over spend? how come i cant put it on the ballot?"

[Bub666]

Let them fail, let them learn lessons from this debacle, and then rebuild themslves in a more fiscally responsible manner. Why should I, John Q. Taxpayer, be burden with paying off the debt of irresponsible people. You got yourselves into this mess, now get yourselves out, and learn the most valuable lesson... Greed Consumes us all.

I agree,these irresponsible people need to learn from this.

[DjfunkmasterG]

I am glad to know that Congress hasn't just caved in quickly like some expected. They at least made them answer for what happened and is going to happen, but Believe me, there better be some oversight in this situation.

[Danny]

well that explains this then http://www.threepanelsoul.com/

[darth los]

Letting them fail would throw the entire world into a depression. Last week Banks stopped lending money to each other...or anyone else for that matter. When the credit market freezes the world will freeze...no credit cards...no mortgages...no short term credit for business to run. This would be tragic for everyone. They need to act, this might not turn out to bad for the govt.

They need to install or re-install regulation on the system including credit default swaps, which have none. They need to change the method of marking to market...I know it works in Europe and if it had always been there it might work here, but to just make them do it was wrong and threw a monkey wrench into the process. They need to act and they will, but hopefully the ceos will not prosper by this, but take responsibility.


As most of you know, the US is going through a economic crisis that is matching the fury of the Great Depression of the late 1920's and early 1930's. The US Government wants to bail out the fiscally irresponsible, only to do what... Let it happen again. However, I agree iwth Ron Paul on the matter, without the vulgarities he has pretty said, ****'em and I agree.

Now, I normally don't always agree with the republicans, any republican for that matter, because frankly they are the most fiscally irresponsible political party (See Bush Administration 1 & 2). Now, I find myself in a weird spot in that I agree 100% with Ron Paul. Personally I think he is a democrat masquerading as a republican, but thats a whole other argument. Ron is correct, let these guys fail. They took risks, high risks and jeopardized themselves, bailing them out will only allow this kind of behavior to continue and possibly produce another fiscal disaster, or possibly worsen the one we are already in. Over a year ago, the economy showed signs of trouble, but the Fed and the Administration shrugged it off. We were in a recession then, but no one wanted to say that because if Americans don't spend, then we you have financial collapse, it took the crisis with oil prices to really put a wallop on the system. Gas Prices in the $4+ dollar range forced americans to rethink their daily habits, and in turn everyone at one time just cut back at once, which threw the financial system into turmoil. Turning things upside down.

CNN's Glen Beck hit the nail on the head when he said "as oil goes down, the economy is gong to crash." Oil drives are economy more than any other single resource. Without the global market, it all comes to a complete halt. If you can't fuel your fleet, to distribute and transport your goods, it is just a matter of time before the economy comes to a screeching halt, and crashes.

So to this I agree, Let them fail, let them learn lessons from this debacle, and then rebuild themslves in a more fiscally responsible manner. Why should I, John Q. Taxpayer, be burden with paying off the debt of irresponsible people. You got yourselves into this mess, now get yourselves out, and learn the most valuable lesson... Greed Consumes us all.


First off the system sucks. The case has always been that the rich get richer and escape accountability. While we get sh8t and have to shoulder the finacial burden of our elected officials screw ups ( see Iraq war ) How can I get into that business? Let's see, i get all of the reward and assume none of the risk. If we go under the tax payer foots the bill. Damn, where do i sign up for that one?

As is always the case when a system just doesn't work anymore.( see two party system ) Do you really think those in power are going to give it up? The only way to replace a system is if the old one dies or is killed. You can't have a new king if the old one is still alive.

it's like getting the flu. Sure it sucks and you suffer but when it's over ypur better for it. Your immune system is stronger and you dropped a few pounds. And we could sure cut some excess weight around here. :cool:

[Mutineer]

And this is why Ron Paul is my write in fo President

Guy is a fiscal genius and predicted this years ago.

I hate our government.

[ProfessorChaos]

i'm almost hoping for a great depression type deal where kids aren't handed cars as soon as they turn 16, everyone has a cell phone, ipod, xbox360, ps3, 60 inch plasma tv, four vehicles for a family with 2 drivers, 400k houses that they can't afford,etc.

americans are, for the most part, spoiled, fat, lazy, and ungrateful dipsh!ts.

i think that corporate and individual greed are to blame, and i don't see why i should have to fork over any more of my $$$ to ensure that the "american way of life", which as i've already stated, is bullsh!t materialism at its finest, can go on.

bring back the dark ages, i say:)

[darth los]

are we talking pre deoderant/toilet paper era? The horror.:stunned:

[sandrock74]

Why should the tax payers foot the bill for this mess? What about the CEO's and others responsible for the entire mess? What fines do they pay? What are they penalized? Which of them lose their jobs? Who is accountable??

I am angeling myself for being paid in cash, that way I can claim I don't earn anything and I can pay for my own healthcare (which I do already) and don't have to give my money away to the government anymore. I was laid off in 2001 and have been struggling ever since! My states unemployment rate is at 10%!

I ain't paying **** for this mess!

[Rottedfreak]

Now folk will have to learn to do without and settle within their means.

[slickwilly13]

I cannot wait, until I receive my 2nd college degree. So, I can get a great paying job and not have to worry about this bullsh!t. Hopefully, one more year.

[darth los]

I cannot wait, until I receive my 2nd college degree. So, I can get a great paying job and not have to worry about this bullsh!t. Hopefully, one more year.

Good for you dude!! :thumbsup:

I'm in a similar situation. I graduate from college in 4 months. Can you say pay upgrade !?! lol

I wanna hear what all those people who say college is not that important once this sh8tty economy is truly felt.

The thing is we hear about a financial collapse, but as is usually the case with Americans we don't take it seriously unless it affects us directly (again, see Iraq war) Wait until you can't go get a loan for school or your car. It will truly hit the fan then.

[MaximusIncredulous]

I wanna hear what all those people who say college is not that important once this sh8tty economy is truly felt.

If the country slides into a depression/severe recession with resultant hiring freezes at major corpos, a degree or two may not provide the protection that's expected.

[SymphonicX]

Speaking as someone who's just got a 100% mortgage a year ago, who's put so much time and effort into his property, I find it very depressing, extremely scary and slightly offensive that some of you are wishing for a great depression. I don't want to lose my home because these bankers have screwed up, and whilst anarchy is certainly an attractive prospect for those of you without true financial obligations, to me it's the difference between being warm with a roof over my head and cold, out on the streets. This isn't funny at all.

[Mike70]

remember back when this industry was being deregulated and all the goofballs were saying it was going to usher in a golden age of home ownership for people who previously couldn't afford it? i do.

remember at that same time there were people, who were decried as cynics and panic mongers by the deregulation supporters, saying that this would inevitably lead to an economic meltdown somewhere down the road. i do.

well you reap what you sow. the federal gov. deregulated the crap out of this industry and let its oversight of it slip away and here we are with our fingers on that proverbial meltdown button.

the very same industry has spent buckloads of money on lobbyists who have stonewalled just about every attempt by the federal govt. and the states to bring it back into line and to make it cease and desist with the questionable loan and business practices.

i think a lesson should be learned from all this but it probably won't. deregulating anything that the federal govt. ought to be exercising oversight of is a very, very bad idea. esp. when it involves monetary concerns. people and corporations simply cannot be trusted to do the right or fair thing when it comes to putting money in their pockets. if it takes the feds looking over their shoulders every time they make a move to prevent something like this from happening again - so be it.

[darth los]

remember back when this industry was being deregulated and all the goofballs were saying it was going to usher in a golden age of home ownership for people who previously couldn't afford it? i do.

remember at that same time there were people, who were decried as cynics and panic mongers by the deregulation supporters, saying that this would inevitably lead to an economic meltdown somewhere down the road. i do.

well you reap what you sow. the federal gov. deregulated the crap out of this industry and let its oversight of it slip away and here we are with are fingers on that proverbial meltdown button.

the very same industry has spent buckloads of money on lobbyists who have stonewalled just about every attempt by the federal govt. and the states to bring it back into line and to make it cease and desist with the questionable loan and business practices.

i think a lesson should be learned from all this but it probably won't. deregulating anything that the federal govt. ought to be exercising oversight of is a very, very bad idea. esp. when it involves monetary concerns. people and corporations simply cannot be trusted to do the right or fair thing when it comes to putting money in their pockets. if it takes the feds looking over their shoulders every time they make a move to prevent something like this from happening again - so be it.

I believe those peole were called REPUBLICANS! :lol:

OBAMA 08' !:thumbsup:

[slickwilly13]

Good for you dude!! :thumbsup:

I'm in a similar situation. I graduate from college in 4 months. Can you say pay upgrade !?! lol

I wanna hear what all those people who say college is not that important once this sh8tty economy is truly felt.

The thing is we hear about a financial collapse, but as is usually the case with Americans we don't take it seriously unless it affects us directly (again, see Iraq war) Wait until you can't go get a loan for school or your car. It will truly hit the fan then.


Yeah, I cannot wait to get that BBA in business. I'll knock out the management minor afterwards. Then the Masters. Figure I'll work full time in oil and go to class at night during a part time basis. Should complete in it 3-5 years. Depending on the number of classes I take each semester.

[darth los]

Yeah, I cannot wait to get that BBA in business. I'll knock out the management minor afterwards. Then the Masters. Figure I'll work full time in oil and go to class at night during a part time basis. Should complete in it 3-5 years. Depending on the number of classes I take each semester.

I always root for my fellow dead heads in their endeavors. Keep us posted and good luck.

[sandrock74]

I cannot wait, until I receive my 2nd college degree. So, I can get a great paying job and not have to worry about this bullsh!t. Hopefully, one more year.

I hope it works out for you! The way it is here, a college degree don't mean squat. People are leaving college and there's no jobs to be had. When you include all the people who have had their jobs shipped overseas, we have a very highly skilled and experienced unemployed workforce.

[AcesandEights]

I believe those peole were called REPUBLICANS! :lol:

That's a bold statement. How do you reckon this is the case? Bill Clinton did do a few things that contributed towards de-regulation.

[Mike70]

That's a bold statement. How do you reckon this is the case? Bill Clinton did do a few things that contributed towards de-regulation.

that's why i didn't point fingers at any one group in my post. it takes 60 votes to get any thing out of the senate, so i assume that some democrats had to have voted for this turdtacular idea of de-regulation.

[darth los]

That's a bold statement. How do you reckon this is the case? Bill Clinton did do a few things that contributed towards de-regulation.

Clinton was a sell out who betrayed Democratic principles and doctrines in order to govern as a centrist thus maintaining his grip on power.

[Skippy911sc]

A College degree does not mean you are guaranteed employment. I have an MBA and if I went looking for a new job...none would be available or the minute you start making a decent buck they $hit can you for some one younger who would do it for a heck of a lot less money. This is not good for anyone. They must resolve this credit crisis fast and hopefully like the S&L crisis before, make a little extra money as a result.

[acealive1]

Clinton was a sell out who betrayed Democratic principles and doctrines in order to govern as a centrist thus maintaining his grip on power.


so what did george bush do? stay faithful to the people who elected him?

[slickwilly13]

Washington Mutual closed down.

http://news.yahoo.com/s/nm/20080926/ts_nm/us_washingtonmutual_jpmorgan_news

[DjfunkmasterG]

Too bad they didn't wipe out my CC debt. :D I have a Visa with a balance of $1500 I owe them, looks like now I will be making my CC payments and Car Payment to the same bank. :moon:

[bassman]

Ran across this on IMDB. Thought it was kinda funny...

R1X6RQLZtoA&hl=en&fs=1

[darth los]

so what did george bush do? stay faithful to the people who elected him?

Nope he's an a hole as well. I'm an independent who leans democratic. However, i call em' how i see em'. You tend to retain your credibility that way.

[Shadowofthedead]

GRAB YOUR GUNS!!! STOCKPILE AMMO!!! DRY FOODS AND CAN GOODS!!! THE END IS NEAR FOR AMERICA!!!

soon enough we will have idiots in our homes trying to steal from us and our families. i say fight back! the time hasnt come but why not be ready for it when it does. i noticed how stupid and idiotic humanity was when i was in the midwest blackout a week plus ago. stock up dig a hole and shoot first

[bassman]

GRAB YOUR GUNS!!! STOCKPILE AMMO!!! DRY FOODS AND CAN GOODS!!! THE END IS NEAR FOR AMERICA!!!

soon enough we will have idiots in our homes trying to steal from us and our families. i say fight back! the time hasnt come but why not be ready for it when it does. i noticed how stupid and idiotic humanity was when i was in the midwest blackout a week plus ago. stock up dig a hole and shoot first

Someone has watched too many movies....

:p

[DjfunkmasterG]

Ran across this on IMDB. Thought it was kinda funny...

R1X6RQLZtoA&hl=en&fs=1


If we had a rep system, which I am glad we don't, but if we did, I would give you tons of rep for that Bassman.

[Shadowofthedead]

someone loves zombie movies yes but this is how i truly feel. people were jumpin on top of a dang ice truck just to get ice that wasnt there. a vast majority of people are idiots that cant take care of themselves and rely on electronic comforts to aide them in there quest for over weight living. wheres mike the arse hole who lives down the street when i need him

[Bub666]

Ran across this on IMDB. Thought it was kinda funny...

R1X6RQLZtoA&hl=en&fs=1

:lol:
That was freaking awesome.