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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: HPilot who wrote (553136)	3/4/2010 2:11:06 PM
From: combjelly	Respond to of 1575337

"We got in this mess because Barney Frank decided banks should give mortgages to those who could not pay them back. Not because Citibank could sell stock." Wrong. The whole system was on the verge of collapse because the derivatives market was totally unregulated. At one point, the total value of the CDS's greatly exceeded that of the total global economy. Anything that would trigger those CDS's, like the sub-prime mortgages or maybe bad debt on credit cards, means the whole system collapses. The problem is that they were engaged in high stakes gambling. But the stakes are not their own money, but the global economy. Besides, you are forgetting that Smirk was pushing the financial industry to come up with the 'creative lending instruments' that were behind the sub-prime mess. " Now the government is taking away tools that could be used for their recovery." No, what the government is doing is telling the industry that lottery tickets are not the way to make money.

To: HPilot who wrote (553136)	3/4/2010 3:39:28 PM
From: tejek	Read Replies (1) \| Respond to of 1575337

Do you want to get into the same economic mess we were in a year ago? I don't appreciate greedy and reckless banks making my economic life unpleasant. We got in this mess because Barney Frank decided banks should give mortgages to those who could not pay them back. That's a lie. You are simply repeating the lies put out by the GOP PR machine. Not because Citibank could sell stock. If the government had stayed out of their business they would not have had that problem. Now the government is taking away tools that could be used for their recovery. Not true....not true at all.