Thoughts on Obama SO FAR?

The cause of the recession is clear; People signing up for loans they couldn't pay.

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Originally Posted by Norma

Exactly , all this unemployment and the economy slowly but surely going down the tubes goes back that far.

Except most people think it was Bush's or Obama's doing or ineptitude. Trouble is, most people can not see more than 5 feet in front of them or more than 5 minutes ahead, Everything is about NOW NOW NOW or fairly recent.

America's adherence to an outdated capitalistic system is actually what has been causing the gradual decline since the seventies, Factories have been going overseas since that time.

The American Way has actually become very Un-American for the current/future generations of America. A company surviving has actually become more important than keeping the jobs in the states. Exactly how American capitalism states it should be. Make your competition fail, and you do whatever you have to for survival.

That stuff was good when the USA was riding the high wave of a ruined economic japan, germany, europe, and china after ww2, but now it's redundant and came back to bite us in the ass. The glory days are over.

America is going to fall harder, before Obama or any president within a 10 year period (just guessing) really fixes anything. Right now everything is just patch ups.

Obama is not better or worse than anyone recently. McCain would've looked the same, If clinton had run again, it would've been the same.

The root of it goes back to the 70's , like hippifried said. Good call man.

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Yeah, I'm amazed at all of the people who seem to be blaming Obama or even Bush for what's going on right now. That shows a staggering level of short-sightedness...

And I agree, the US and the UK (and other countries) are likely to fall harder before things get better...

nixon was the best of all...

The cause of the recession is clear; a trillion dollars of war debt to China that wasn't even considered part of budget, the almost complete deregulation of the banking system and unchecked profiteering on bundled debt sold as derivatives.

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Originally Posted by trish

The cause of the recession is clear; a trillion dollars of war debt to China that wasn't even considered part of budget, the almost complete deregulation of the banking system and unchecked profiteering on bundled debt sold as derivatives.

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And how do you explain away all those loans that people got that they couldn't afford to pay?

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Originally Posted by PomonaCA

And how do you explain away all those loans that people got that they couldn't afford to pay?

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Because the Dems in the house believe houses are a right when it really is up to people to go and find housing for themselves.

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Originally Posted by JerseyMike

Because the Dems in the house believe houses are a right when it really is up to people to go and find housing for themselves.

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Sir, you are a racist for saying that! I don't know why you are, you just are.

You are a dumbass commercial banker if you give a man earning 15 Gs a home loan for a half million dollar home.
Except the bankers didn't really care if Joe Broke couldn't pay off his mortgage or not because they were all going to be bundled and sold by Wall Street as AAA securities.

The smartest guys in the room always cry 'ignorance' when one of their scams gets found out after the fact.

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Originally Posted by giovanni_hotel

You are a dumbass commercial banker if you give a man earning 15 Gs a home loan for a half million dollar home.
Except the bankers didn't really care if Joe Broke couldn't pay off his mortgage or not because they were all going to be bundled and sold by Wall Street as AAA securities.

The smartest guys in the room always cry 'ignorance' when one of their scams gets found out after the fact.

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EXACTLY. Were the appropriate regulations in place, Joe Broke would not have been approved for such a loan, and there would have been no incentive to give him one in the first place.

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Originally Posted by trish

EXACTLY. Were the appropriate regulations in place, Joe Broke would not have been approved for such a loan, and there would have been no incentive to give him one in the first place.

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The question is why is Joe Broke going for such a loan? Or is it better I ask "How will you paint Joe Broke as the victim in all this?"