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Old 10-03-2008, 08:54 PM   #41
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"At what point do people begin to realize there is a problem here that possibly goes beyond just a little discomfort?"

What would you like people to do differently? You are allowed to vote. Riot? Take up weapons? Protest..Knock yourself out chief.
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Old 10-03-2008, 08:59 PM   #42
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Ah, once again its all the democrats fault.

I could have sworn that the republicans were in charge of congress for most of the last 30 years, and that we'd had a republican president for 18 out of the last 30.

But hey, finger pointing beats the heck out of just solving the problem and if possible, jailing the perpetrators.

This is actually a bit amusing to watch. There seems to be a death struggle going on between those who want to lay the blame at the feet of deregulation and those that want to lay it at the feet of the government.

I'm of the view that there is more then enough blame to go around in this crisis that everyone should gladly accept their fair share. But at the end of the day this seems more like a simple market failure than a failure of government . . . hey, it happens.
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Old 10-03-2008, 09:02 PM   #43
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"At what point do people begin to realize there is a problem here that possibly goes beyond just a little discomfort?"

What would you like people to do differently? You are allowed to vote. Riot? Take up weapons? Protest..Knock yourself out chief.
No, I was simply trying to challenge the belief that if we just close our eyes and take our medicine everything will work out for the best.
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Old 10-03-2008, 09:07 PM   #44
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No, I was simply trying to challenge the belief that if we just close our eyes and take our medicine everything will work out for the best.
What else should me the average Joe do? Write my congressman? Vote for a 3rd party? Sell all my assets and try to market time? I dont know what to do but ride it out. I dont like doing nothing either. However whats to be done on the individual level other than not invest.
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Old 10-03-2008, 09:16 PM   #45
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No, I was simply trying to challenge the belief that if we just close our eyes and take our medicine everything will work out for the best.
As far as I've read, no one is saying anything about closing their eyes. But the rest of the statement is pretty accurate. I've seen a lot of ups and a lot of downs in my short time on this earth, and I firmly believe that most of the financial issues work themselves out with minimal gov't intervention. I just don't see how a bunch of lawyers who found easier ways to make money than practicing law (as in writing it to their own advantage) can figure out the cause and a reasonable solution to these complex problems.

I don't have a problem with some tightly targeted regulation to keep things like this from happening again. I don't have a problem with congressional hearings that will ultimately decide that nobody did anything wrong enough to warrant punishment. As a matter of fact, that particular activity keeps the congresscritters off the streets, which is good.

However, massive intervention by a creature with 535 brains isn't on my list of the best ways to solve a complex problem. Now I'll have to wait 10-20 years for everyone to agree with me, and when I say "told you so" nobody will remember that I was right again.
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Old 10-03-2008, 11:41 PM   #46
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I'm of the view that there is more then enough blame to go around in this crisis that everyone should gladly accept their fair share.
You're absolutely correct. Its everyones fault. We moved all the levers into the unsafe and dangerous positions and then were surprised when it blew up into our faces.

Granted there were some of us who didnt lend money to people who couldnt pay it back, didnt borrow money they couldnt afford to pay back, and didnt package and sell securities that had far more risk than they were supposed to, and we also werent regulators or watch dogs that were supposed to identify these problems before they went off...and we werent the politicians who were supposed to craft appropriate laws and safeguards...


Uhh...that would be me and maybe a few thousand other folks? Did I miss anyone?
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Old 10-04-2008, 10:21 AM   #47
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You're absolutely correct. Its everyones fault. We moved all the levers into the unsafe and dangerous positions and then were surprised when it blew up into our faces.

Granted there were some of us who didnt lend money to people who couldnt pay it back, didnt borrow money they couldnt afford to pay back, and didnt package and sell securities that had far more risk than they were supposed to, and we also werent regulators or watch dogs that were supposed to identify these problems before they went off...and we werent the politicians who were supposed to craft appropriate laws and safeguards...

Uhh...that would be me and maybe a few thousand other folks? Did I miss anyone?
I'm more optimistic than you. Looking at forclosure rates, it still seems that most people aren't headed for foreclosure, so they probably bought houses they could afford. And, 99.9% of us weren't securities salespeople, regulators, or politicians.
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Old 10-04-2008, 03:27 PM   #48
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I'm more optimistic than you. Looking at forclosure rates, it still seems that most people aren't headed for foreclosure, so they probably bought houses they could afford. And, 99.9% of us weren't securities salespeople, regulators, or politicians.
Unfortunately the crisis rocking the banking industry isn't about existing foreclosure rates. It is about expected foreclosure rates.
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