This is from last night’s 60 Minutes. If these guy’s predictions are accurate, this is like being given a couple of low blows that the ref (Congress & regulators) said they never saw that’s got us seeing stars in the early rounds with the first mortgage crisis and the investment banks. Now here comes the one-two punch followed by a flurry of hits from credit cards, etc, etc. How the hell are we going to keep from going down for the count?
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I’m going with 8. I may be planting more food next year than I have in decades and I don’t like to work that hard. The body is getting old.
When I heard about the “sub-prime” problem I said to a co-worker, ‘the house of cards is coming down.’
The Madoff debarcle is just the first of many, the entire system is going to collapse.
Don’t think it can’t happen, the Romans thought their empire would last forever too.
Surprise. More carnage as a result an irresponsible, incompetent government.
The Bush government policies of deregulating (more like complete lack of regulation) the critical financial industries has come to a head.
Leave 5 year old kids alone in a candy store. A week later, you open the door and find they gorged themselves and through up on your lap. That’s what we have here. SHAMEFUL.
#34, See #7.
Just curious:
Which regulations were removed that caused this problem?
Which regulations were shot down that caused this problem?
I keep hearing people talking about Bushco removing regulations but I haven’t heard what they were?
# 19 chuck –
Where can I get a mortgage on a house where the payments are only $1500 a month?
My mortgage is right at $250/month with another $250 for taxes and insurance per month.
Large corner lot and 2013sqft living space with two extra buildings.
It went on the market the first time at $125k.
I just pay on it and use it as a write off rental property.
#35 Libertylover: You seem to be in complete defense of the Bush government citing no specific regulation cited so, WTF is everyone complaining about? Let’s cut to the chase and kill the regulation red herring theme then.
Are you satisfied how your 8 year Bush government has been mindful of our critical financial system?
Are you aware that the Bush administration deliberately backed off proposed crackdowns on no-money-down, interest-only mortgages YEARS before this mess happened? Is this not a form of regulation of the industry? Do you not think the financial system is a national security issue?
Perhaps you feel the executive office has no responsibility in this? Maybe that is the point of incomprehension why there is so much defense for this guy. Personally, I feel it is just innate in conservative thinking to never criticize those in charge. It’s astonishing to me.
#37, It was a serious question. From what I can gather from the news sources it was a combination of both parties shuckin’ and jivin’ to get what they wanted but I didn’t see any lists of “this regulation was passed” or “this regulation was removed” or “this regulation failed to pass” or anything like that. Even your post was nothing more than Bush Bashing with vague statements about his administration backed down on regulation. Who forced them to back down and what was the regulation?
What really happened?
Again, this is a serious question and I’m not trolling.
#38–LL==your serious questions were addressed in this blog a month or so ago when the fiasco started.
From memory, it really was about 3-4 major actions that brought this about “mostly” under Bush’s watch but each step having its congressional constituencies.
I’m sure if you googled the mess, the information is easily available.
I think Clinton increased the funding/influence of the Freddies. Then the republicans got Investment Houses into the Housing Mortgage Business while keeping them exempt from the Bank regulations that covered the same activities. Then another republican initiative allowed the Home Mortgages to be securitized again without much or adequate Federal Review.
Of note, as every crook says, as long as the housing market never experienced a down turn, the ponzi scheme could have continued. But all markets always go up and down. The notion that the markets will always go up is offered by people planning to get theirs while the getting is good and leave the suckers with the mess.
It always h as been this way, and always will be this way. Money corrupts.