Reply to: Accountability for the financial crisis

[xoggoth]

Agree with main post. Assuming populations or economies can always keep growing is a nonsense. Third world populations growing beyond their capacity to feed themselves without aid and first world emphasis on acquiring a lot of stuff we don't really need are both a problem.

Assuming of course we can't soon get energy from the Crab Nebula. Alf, what are you on today?

[sasguru]

... a rant ...

Welcome to the imperfect, real, non-black-and-white, nuanced world.
HTH

[Jeff Maginty]

..

[Doggy Styles]

After giving them the money to buy it

FTFY

[Cliphead]

They still make stuff people want.

After lending them the money to buy it

[scooterscot]

Shhh! Everyone over there is relying on the Germans.

They still make stuff people want.

[Doggy Styles]

Is that why the Germans have a higher debt/GDP ratio than Britain?

Shhh! Everyone over there is relying on the Germans.

[DimPrawn]

This is rather an over simplistic view and one that some parts of the media would like us to believe.

The catastrophe started in the USA with toxic loans being mainly toxic mortgages. The lenders knew they were toxic so they paged them up with other junk and sold them on just like at the fake auctions were the public is induced to pay for black bin liners full or worthless junk.

There were and still are US citizens who got into short term difficulties and missed payments. The lenders in the US make the UK lenders seem like angles. On missing a payments of around $500 the lender would charge a penalty of $100 a day. It was not long before the $500 shortfall would end up as a $5000 or $10000 debt. The property would be repossessed and often the building would be demolished and the land used for redevelopment.

A lot of wealthy people have got a lot wealthier in this recession.

For those who believe in a free market economy, well neither Europe or the US has one. If it was a free market economy; the banks would be allowed to go under. As it is the banks are living of the state and are the biggest state spongers.

The oil companies are heavily subsidised not lease by the tax payer paying for military protection and intervention.

In the UK the government subsidises rail travel so that the private companies can pay dividends and bonuses to directors.

The recession is not just about banking. Speculators were running out of things to speculate on. Did you notice what was happening to prices just before the recession? Oils speculation high, food commodity prices high. Hedge betting at its highest.

Tax payers money is sundered on overseas aid to India and other countries who do not need the aid but unsurprisingly pay some of the money back in political donations.

This is just a drop in the ocean of what is going one…

A lot of wealthy people have got a lot wealthier in this recession.


This is a key point.

Thanks for listening.

[sasguru]

Pure and simple greed coupled with unregulated financial institutions are wholly accountable IMO.

Is that why the Germans have a higher debt/GDP ratio than Britain?

[AlfredJPruffock]

Pray do tell the difference between finite and much more finite.

Let is go then
you and I
In this approximately Infinite Universe ...

In this approximately infinite universe
I know a girl who's in constant hell.

No love or pill could keep her cool, 'cause there's a thousand holes in her heart.
And the wind of the past blows through her heart,

Reminding her of the people she killed.
Wind of now blows off her cool,
Telling her there's something she's missed.
You know the town of sapporo, she says,

Where the men talk rough and never sing.
Two bottles of loneliness
Patching the holes in her dream.

[Paddy]

Has anyone noticed that in all this fuss over the global financial crisis of the last few years, the one glaring omission from the debate is to mention those who were responsible for this catastrophe and thereby confront their mistakes?

It's no wonder that they can't find a solution when they haven't even acknowledged the problem.

Why are the foolish, the reckless, the incompetent, the corrupt, and the crinminal, not being made well aware of the error of their ways and exposed as examples to the rest of us of the damage that they have caused?

In all this talk about whether x country or y country might default, why is nobody saying "Well this is what they get for living beyond their means for years!"?

It's about time the cancer of political correctness was cut out, and replaced with some forthright plain-speaking. It's about time the politicians and media stopped arguing over trivial details and faced up to the fundamentals; that indiviuals/groups/nations/continents cannot expect to live beyond their means year after year, and that any economy that depends on endless growth is doomed to fail (probably at least once every ten years).

This is rather an over simplistic view and one that some parts of the media would like us to believe.

The catastrophe started in the USA with toxic loans being mainly toxic mortgages. The lenders knew they were toxic so they paged them up with other junk and sold them on just like at the fake auctions were the public is induced to pay for black bin liners full or worthless junk.

There were and still are US citizens who got into short term difficulties and missed payments. The lenders in the US make the UK lenders seem like angles. On missing a payments of around $500 the lender would charge a penalty of $100 a day. It was not long before the $500 shortfall would end up as a $5000 or $10000 debt. The property would be repossessed and often the building would be demolished and the land used for redevelopment.

A lot of wealthy people have got a lot wealthier in this recession.

For those who believe in a free market economy, well neither Europe or the US has one. If it was a free market economy; the banks would be allowed to go under. As it is the banks are living of the state and are the biggest state spongers.

The oil companies are heavily subsidised not lease by the tax payer paying for military protection and intervention.

In the UK the government subsidises rail travel so that the private companies can pay dividends and bonuses to directors.

The recession is not just about banking. Speculators were running out of things to speculate on. Did you notice what was happening to prices just before the recession? Oils speculation high, food commodity prices high. Hedge betting at its highest.

Tax payers money is sundered on overseas aid to India and other countries who do not need the aid but unsurprisingly pay some of the money back in political donations.

This is just a drop in the ocean of what is going one…

[scooterscot]

WSS +1

NWTS - 1

Don't vote so cannot be responsible. I look after family and move to where the grass as greener as need be.

Could make more cash if wanted too but happy as I am.

Pure and simple greed coupled with unregulated financial institutions are wholly accountable IMO.

[EternalOptimist]

The majority of the Western world was responsible for the "catastrophe".
Hubris, not a little racism, a sense of entitlement, poor leadership, brainless consumerism, an inability to see change coming are all factors.

HTH

I disagree.

I'm not am economic guru like some here, and I'm not very political, but...

I see the mindset of the socialist governments, particularly Brown-types, as being at the root of the
present problems


bobble-eyed cnt

[Cliphead]

The majority of the Western world was responsible for the "catastrophe".
Hubris, not a little racism, a sense of entitlement, poor leadership, brainless consumerism, an inability to see change coming are all factors.

HTH

WSS +1

[sasguru]

Has anyone noticed that in all this fuss over the global financial crisis of the last few years, the one glaring omission from the debate is to mention those who were responsible for this catastrophe and thereby confront their mistakes?

.

The majority of the Western world was responsible for the "catastrophe".
Hubris, not a little racism, a sense of entitlement, poor leadership, brainless consumerism, an inability to see change coming are all factors.

HTH