well from a business and economic stand point, it is the small businesses that keep this country afloat. It isnt big business like the fortune 500 companies. As long as Obama can get more jobs for our people and get money flowing somewhat smoothly than he shouldnt be called a moron or dumb. If he isnt successful then we can compare him to Bush but right now he hasnt even been in office half a year yet.
Regardless of your decision during this meltdown. A bunch of people will still think you're completely wrong.
Really. There's no right way to fix this mess.
| Final-Fan said: Also, is it even true? (About the Democratic policy leading to the failed loans.) I understand there was a program that's been around since the '70s; what evidence is there that these loans are failing in greater proportion than other subprime mortgages that have nothing to do with that program (or some other specific program such as you describe)? |
Who do you think the subprime loans were going to? Poor/minority borrowers who could not otherwise afford a home, who then defaulted when the adjustable rate increased.
Yet, today, America's leaders are reenacting every folly that brought these great powers [Russia, Germany, and Japan] to ruin -- from arrogance and hubris, to assertions of global hegemony, to imperial overstretch, to trumpeting new 'crusades,' to handing out war guarantees to regions and countries where Americans have never fought before. We are piling up the kind of commitments that produced the greatest disasters of the twentieth century.
— Pat Buchanan – A Republic, Not an Empire
Yeah, makes sense, blame the guy who INHERITED this shithole, from perhaps the dumbest president in history.
Bet between Slimbeast and Arius Dion about Wii sales 2009:
If the Wii sells less than 20 million in 2009 (as defined by VGC sales between week ending 3d Jan 2009 to week ending 4th Jan 2010) Slimebeast wins and get to control Arius Dion's sig for 1 month.
If the Wii sells more than 20 million in 2009 (as defined above) Arius Dion wins and gets to control Slimebeast's sig for 1 month.
Tyrannical said:
Who do you think the subprime loans were going to? Poor/minority borrowers who could not otherwise afford a home, who then defaulted when the adjustable rate increased. |
Incorrect
http://online.wsj.com/article/SB119205925519455321.html?mod=hpp_us_whats_news
To examine the surge in subprime lending, the Journal analyzed more than 250 million records on mortgage applications and originations filed by lenders under the federal Home Mortgage Disclosure Act. Subprime mortgages were initially aimed at lower-income consumers with spotty credit. But the data contradict the conventional wisdom that subprime borrowers are overwhelmingly low-income residents of inner cities. Although the concentration of high-rate loans is higher in poorer communities, the numbers show that high-rate lending also rose sharply in middle-class and wealthier communities.
Banks and other mortgage lenders have long charged higher rates to borrowers considered high-risk, either because of their credit histories or their small down payments. As home prices accelerated across the country over the past decade, more affluent families turned to high-rate loans to buy expensive homes they could not have qualified for under conventional lending standards. High-rate loans are those that carry interest rates of three percentage points or more over U.S. Treasurys of comparable durations.
The Journal's findings reveal that the subprime aftermath is hurting a far broader array of Americans than many realize, cutting across differences in income, race and geography. From investors hoping to strike it rich by speculating on condominiums to the working poor chasing the homeownership dream, subprime loans burrowed into the heart of the American financial system -- and now are bringing deepening woe.
Put your racism/class warfare away, it has no place in this discussion
Predictions:Sales of Wii Fit will surpass the combined sales of the Grand Theft Auto franchiseLifetime sales of Wii will surpass the combined sales of the entire Playstation family of consoles by 12/31/2015 Wii hardware sales will surpass the total hardware sales of the PS2 by 12/31/2010 Wii will have 50% marketshare or more by the end of 2008 (I was wrong!! It was a little over 48% only)Wii will surpass 45 Million in lifetime sales by the end of 2008 (I was wrong!! Nintendo Financials showed it fell slightly short of 45 million shipped by end of 2008)Wii will surpass 80 Million in lifetime sales by the end of 2009 (I was wrong!! Wii didn't even get to 70 Million)
Tyrannical said:
|
But you said it was because of some Democratic program, not greedy/stupid banks. I'm asking what evidence you have to support that statement that the subprime mortgage crisis' massive loan failures was in any large part a result of a Democratic program influencing banks to lend to poor/minority people. Saying 'well obviously it was them cuz the subprimes obviously went to poor people' is not acceptable.
Also, are you now saying minorities are ipso facto less financially sound?? That's the only reason I can think of for you to include them in that statement.
[edit: A_T was first and better]
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| Avinash_Tyagi said:
Incorrect http://online.wsj.com/article/SB119205925519455321.html?mod=hpp_us_whats_news Put your racism/class warfare away, it has no place in this discussion |
Blah, blah, article dated Oct 2007 before the bottom fell out.
Yet, today, America's leaders are reenacting every folly that brought these great powers [Russia, Germany, and Japan] to ruin -- from arrogance and hubris, to assertions of global hegemony, to imperial overstretch, to trumpeting new 'crusades,' to handing out war guarantees to regions and countries where Americans have never fought before. We are piling up the kind of commitments that produced the greatest disasters of the twentieth century.
— Pat Buchanan – A Republic, Not an Empire
Tyrannical said:
|
OF THE STOCK MARKET GENIUS (correct me if I'm wrong about what you meant)
Are you suggesting that the facts stated in that article about who had subprime mortgages were no longer true later on?
Tag (courtesy of fkusumot): "Please feel free -- nay, I encourage you -- to offer rebuttal."
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My advice to fanboys: Brag about stuff that's true, not about stuff that's false. Predict stuff that's likely, not stuff that's unlikely. You will be happier, and we will be happier.
"Everyone is entitled to his own opinion, but not his own facts." - Sen. Pat Moynihan
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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I have the most epic death scene ever in VGChartz Mafia. Thanks WordsofWisdom!
| Avinash_Tyagi said: You're right, its not the same, a few reasons why, first off we are acting much faster, FDR didn't come into office until 32, by then the Depression had been going on for years, with our current climate, we acted much faster, and so while the recession is painful we prevented it from going off the cliff, people compalin about the haste, but the haste was utterly necessary, in addition while back then they were much more tentative about spending to stimulate the economy, today we know that it is sound economic policy to spend our way out of a recession as well as increase the money supply (backthen our mometary policy was very different, I believe we had just come off the gold standard at that point but still had a fixed monetary policy), so while people complain about the increasing money supply and all the spending, they forget that this is necessary. Basically we are making much better choices faster today then in the 1920's and 30's. This is also why its a good thing the GOP is not in chargem with their policies this Recession would get much worse and very quickly.
So your argument that Obama's plans are stupid are historically and economically very weak, in fact his actions are correct, the only question is are they big enough. |
Here's where we left the gold standard.
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