The Greed "costs" are being transferred to the public, which had nothing to do with the risky choices that wallstreet promoted , but is now compelled to pay the costs - in the US, perhaps mounting to about $1 trillion right now. And of course the public has no voice in determining these outcomes, any more than poor peasants have a voice in being subjected to cruel structural adjustment programs.

A basic principle of modern state capitalism is that cost and risk are socialized,

while profit is privatized !.


Comments ?

In reality it is the people who could not afford it that started the domino affect.

If people were more educated in personal finance, then they would never have taken subprime mortgages out.

Why do you think pay day loans used to be and still is big business, regardless of the cost?

Stupid people are like animals.

They are all sheep.

They all only consider their primary needs first.

They are only living for the present with no regard for the future.

Is it big business' fault for dumb asses falling for marketing tactics?

LOL

Logic would tell me it was the lenders that caused the crisis,, not the stockbrokers. Of course there wouldn't need to be lenders without the buy buy buy mentality.

Credit is like the drug problem.

Is it the fault of the drug dealer or buyers?

If there's no buyers, there's not market.

Period

Weak willed sheep.

Congress has finally found their balls and ensuring that the burden is fairly distributed.

The only think I have problems with is that they didn't chunk it down, prioritize and use stages, so that is not an all or nothing plan.

CREDIT PROBLEM

All discount brokerage stock trading accounts allow for buying on MARGIN (another word for CREDIT).

CREDIT being sold to weak willed, no self controlled fools.

Marketing gurus turning WANTS into NEEDS.

They all forgot the old saying, "Everything in moderation".

Ask yourself:

How many times have you bought a bigger TV?
How many times have you bought a better camera even though your old one worked just as well?
How many times have you bought a better computer?
How many times have you bought new living room furniture?

Etc, etc, etc.

We are all guilty victims!

Well, many items are manufactured in China, so prices went down for many things you described (except the etc, etc).

Many companies utilize something called, PLANNED OBSOLESCENCE, so it breaks down & you replace it.

So for the most it was all good because people get lots of stuff for cheaper prices (other than money leaving the US -- ie adding to lower domestic reserves)

Where there was a problem was the competition for limited resources (like land, stocks etc).

Couple that with high energy costs & $10 billion / month war expenses (total cost equaling the bail out)

Suppy & Demand

My point was;

We've been preconditioned to require all this BS. We don't need it. We never needed it. you see all these hippies protesting, if you want to protest, don't buy. We have the rest of the world by the balls, and it's definitley not right, but times have to change. Humanity is too militant not too.

I agree with you all the way to the point of "Humanity is too militant not too.".

Because we have all been passified.

Fed fatty fast food and weakened in health & thinking.

Too much temptation with distractions everywhere.

It has become way too hard to focus on priorities, since we want it all now.

It started on Main Street, but the real problem is the lack of liquidity in the Domestic Economy. People are relying upon debt to finance their lifestyles because they're financially strapped. Solution is to tax the rich in the United States, and collect no less than 2% of incomes in the top 1%. Roll back the Bush tax cuts. The tax cuts are the real culprit, because as soon as the critical number or amount is taken out of the domestic economy, there aint enough liquidity left to keep it going. There's plenty of money in the States, it just aint circulating right now. Trust me, that's the problem. As soon as the very wealthiest like Warren Buffet and Bill Gates pay their fair share, the US economy will begin to recover. That's why it's better for Americans to elect Barrack Obama, because he'll get the money flowing and the economy growing once again.

LOL

no wonder there's actors out there saying, "don't vote".

that way they look cool & they don't tell people to vote for McCain (who won't tax the sh$t out of them).

i think STP stated that rich americans & big business will re-located to Canada

better health care, lower taxes, solid economic fundamentals, no guns Attention: REGISTER / LOGIN to view the image!

na, na, na, na, na, na, na, na, na, hey, hey, goodbye... Attention: REGISTER / LOGIN to view the image!

News: Apple Mac OS X Code Name Snow Leopard
Mesothelioma Information
Canada Immigration