Like half of the population of Iceland works in the banksector? Not surprised to see that they have a problem. I was kind of schocked that the population couldn't took money from the bank anymore.
I wonder how it is going on with Luxembourgh.
| kitler53 said: so umm...iceland could go bankrupt?!? holy crap... and to think, only a few weeks ago president bush was telling us about how we aren't in a recession - just a slow down. source: http://ap.google.com/article/ALeqM5hJdb2RwrEg_X8yNRHcVvn_OE9vKwD93LRO8O1 |
Recession is a technical term that means the GDP is shrinking, and ours is not, so technically we are not in a real recession. Not yet, anyway.
DKII, the longer we delay recession, the stronger and longer it will hurt.
| Vertigo-X said: So, do you guys believe the Democrats' accusations that the conservative Republicans are the ones at fault? I wonder if there ever was a 'Politics' game... o_0 Yes, unfortunately, this will have a bad effect on video game sales. I still think Wii will lead the pack, but only by a shadow of what it could be. |
It's everyones fault, to try and put the blame on one person or group is childish.
Recessions are inevitable, the social consequences can be fixed by social and government action. Unfortunately, more pain doesn't automatically generate a reset of the system. Sometimes more pain overloads a society and everything goes to hell.
We need a bailout of our banks, yes, but more importantly a bailout for ordinary working Americans. Universal health insurance, investment in renewable energy and redirecting our $1 trillion war budget into education and science would be a nice start. It probably won't happen in my lifetime, but I can dream, can't I...
| theprof00 said: Flagship, banks knew that people were not going to be able to fulfill their debts, and they profited off of it. It has been proven, several companies that have gone under have said so, and others have been imprisoned for it. The fact is, one of the major impedences of the sub-prime loan sharks was a decrease on usury regulation. Usury, loan sharking. I don't even know how legislation like that can be passed. "Oh loan sharking isn't so bad...... the market is rich, lets let wall street make a buck." |
Those loans were made to meet federal regulations. They are required under ECOA to make loans on the same parameters to everyone, so if your a high risk individual you will get a high interest loan and in the past this helped to pay for this part of their business. The same entities though have to try to meet CRA requirements that they provide loans in underserved areas or face law suits. You combine those two and your getting high interest, high risk of failure loans that must be made. Until you provided a market for these it was just part of doing business, once you start making these marketable you bet they are going to sell them as it makes them profitable instead of just a loss. You make them a hot part of the market, by trying to make them a large part of Fannie Mae's portfolio and they went nuts. As for proven abuses, who was proven to be abusing what and by who? If your saying this is bad behaviour, you bet but it was supported by the federal government and the GSEs.
Proud member of the Sonic Support Squad
smalltaco, yeah but your answer is right in your own words. They tried to make it into a business.
The Asian markets are getting pummeled, especially Japan. The dropoff is even faster than 2004 although it still hasn't sunk that low yet. I don't know how the Japanese can accept such a bad stock market for so long.
japan is going to realize one day that america is holding it back, and that china is right next door and aching for technology.
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