As the idiots administration goes down in flames, listen for a faint "But Bush.......!"
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As the idiots administration goes down in flames, listen for a faint "But Bush.......!"
Quote:
Originally Posted by goku
Please do your research about the "housing bubble" you DONT really know what your talking about.
People that blame this whole thing on banks lending money to "minorities" are idiots.
Im so tired of hearing UNINFORMED ignorance repeated.....read a fucking book for christsakes.
Again, I think you have to go back to Aug. 15, 1971 to find the real culprit here. That was the day that Richard Nixon, by executive fiat, debased the dollar. It ended 25 years of stabile growth & started the inflationary spiral that we're still caught up in, even during the recurring recessions. The purchasing power of the currency is now less than 10% of what it was, & it's all artificial. There's no standards. There's no way to judge value, & the rate of currency decline (inflation) is set by the whims of international speculators who aren't regulated by anybody. Every currency in the world is in decline, & "FOREX" is just where you bet on the rate. It's not even real money. It's all derivatives. You have to use derivatives for any kind of international trade because you don't know what the exchange rate might be tomorrow. Whenever somebody mentions "the value of a dollar" anymore, the first thing that comes to mind is "compared to what?".
What to do? Simpliify. Start negotiating a new agreement on the lines of Bretton Woods, without the gold peg. Can't go bck to a gold standard because there's no reserves. I think that was the fatal flaw in Bretton Woods to begin with. But if you fix the exchange rates by pegging the currencies to each other, inflation could become manageable. Right now, it's not, & you can blame everything that's happening today on the financial industry trying to hedge against it.
Germany is the world's second largest exporter. Yes folks, they export more stuff than we do - not per capita, but total. Their goods are like the anti-China, they're high quality stuff. My prediction is that they'll leave the EU by 2015. They simply don't need them.Quote:
Originally Posted by giovanni_hotel
all the capitalists want to set up in china wich damages the west so badly and strengthens chinas economy and worst still military
Agreed.........Quote:
Originally Posted by hippifried
if america started to stop its rich from buying expensive foriegn cars it might help and importing cheap labour
Quote:
Originally Posted by Solitary Brother
It seems I know more than you think, because it was a combination of all of the above that got us in this mess. I just cited the bills passed, and (I believe) the years also.
The loans people drew up were the problem, but that had been going on since the 90's, and even the Bush admin tried unsuccessfully in both 03 and 05 to regulate that sector. They were met with harsh opposition from the Pelosi/Frank camp both times.
Couple that with people losing their jobs to outsourcing, and you have a recipe for disaster.
Now factor in that the banks that sold people the loans had grown to the point were they were too big to fail. You had bank after bank swallowing each other since the signing of that bill in 98.
People didn't default on their bad loans 6 months in. They had those loans for a few years, until the rates kicked up, and then they defaulted after awhile. Which means the meat of the damage started way before W got in office.
I don't think I said minorities were the problem.