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America's Financial Mess

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Looking at the bill, one wonders why the hell the American taxpayer is going to buy troubled assets from foreign banks?

SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.

The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.

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Interesting news along the economic front regarding this credit crises: auto sales are down 30+% compared to last year, and Clinton says the problem is not due to deregulation.

"Clinton was asked in an interview if he regretted signing legislation in 1999 that repealed the Glass-Steagall Act of 1933, which had separated commercial and investment banking.

""No, because it wasn't a complete deregulation at all. We still have heavy regulations and insurance on bank deposits, requirements on banks for capital and for disclosure," Clinton said emphatically in the Business Week interview."

So, is he blaming it on regulations or not? It's hard to tell with him.

Since Obama is going around blaming the mess on deregulations, one has to wonder if Obama pissed Clinton off, or something. Maybe because he didn't choose Hilary as VP? Don't know, but what Clinton said was actually very close to the truth, so one has to wonder what brought that out.

Edited by Thomas M. Miovas Jr.
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Jim DeMint is speaking right now. I understand politically he is a mixed bag at best, but right now he is nailing it on the head. He's saying explicitly that government caused the problem by low fed interest, trying to give homes to the poor, and Fred/Fan.

@Thomas,

I saw Clinton at an Obama rally on the news earlier. He was getting people to cheer the fact that the "era" of wall street investment banks is over, and they no longer exist. I wanted to be sick.

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How digusting:

400 rich Americans have got more stashed away than half the entire country!... Why don't they just spend the money they made under Bush to bail themselves out?

Yeah Moore, the SAME people who are the richest 400 people in the country are the SAME people running the handful of banks that are being bailed out. Give me a break. Did he even read over what he typed to realize how elementarily stupid it is?

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How digusting:

Yeah Moore, the SAME people who are the richest 400 people in the country are the SAME people running the handful of banks that are being bailed out. Give me a break. Did he even read over what he typed to realize how elementarily stupid it is?

Even if a significant number of them hypothetically were/are, it would still be completely irrelevant.

I just don't understand the man. He (disgracefully) wears the US flag, but obviously has a severe hatred of the place. Why doesn't he just go somewhere else? Why is he so passionate about destroying the country?

His hatred of life is unparelleled.

Edited by Grant
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Here is an except from a letter I wrote my Congressman this weekend:

Ideologically, the Bush Administration desires to drastically expand the size of government and establish a new financial order where profits are privatized and losses are socialized. This should be opposed in every way not only due to its impracticality, but also its immorality. The moral purpose of government is to protect its citizens from criminals and foreign enemies, but today the very institutions instituted to defend our rights instead violate our freedom of action in the name of the public good. Freedom is a necessary component to survival because human beings cannot exist on mechanical processes but rather must think, or in Shakespeare’s words “To be, or not to be”. Without freedom we live by the laws of the jungle where force subdues the mind much like the totalitarian societies of the former Soviet Union and today’s Iran, China and Venezuela.
Edited by Toolboxnj
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“We are all going to need to sacrifice,” Democratic nominee Barack Obama of Illinois said in his floor speech. “We’re all going to need to pull our weight, because now more than ever we are all in this together. That is part of what this crisis has taught us.”

Mr. Obama Thompson?

The only good news about this whole mess is that people see how they are dependent on the US. Even Chavez agrees on that :)

I like the comment on peoplescube.com:

"World to USA: 'Fix world ecomonic crisis so we can get back to hating you'"

Edited by Clawg
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Personally, I trust the government. These are good people, and they know what they're doing. This $700 billion plan is well thought out, and constitutes a sound investment -- in the future. And once it's passed, and everything is over and done with, we'll never make that mistake again! It'll be sound economics from here on out. We're in good hands with the current Democratic and Republican leadership. Soon this whole mess will be behind us. "Nothing to worry about folks! Show's over, now move it along." Once this bill is passed all our problems will be solved and we'll be sitting pretty. The economy will be healthy again, and they're be lots more good governance from these guys in the future. God's in his heaven, and all's right with the world, folks!

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Well, economists are pretty much against the bail-out, even though they disagree on politics. I'm not necessarily saying that economists know what they are doing, especially given modern economic theories, but there doesn't seem to be any really good support for the bail-out. I'm beginning to wonder if this is some last-ditched effort to overthrow the free market while they have a chance to do so; because just about everyone is saying to let the markets work. Who knows what disaster stemming from this intervention is down the roads with the Feds controlling credit like they will be able to after this bill passes both the Senate and the House. An economic or credit Czar is not what we need, and it is evil to try to dictate to lenders what they should do with their money.

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