Its sorry America houses as many socialists as it does… Hell, its sorry that shift does.
Best wishes to all.
Im going to make some money for the lazy mother fuckers who wont do it their MOTHER FUCKING SELF.
^ took you long enough to get baited in here. :rofl
okay
might have to check this out saturday
Actually, it was all of those people. The economic collapse we saw was a direct result of the burst in the housing bubble, which was caused by poor people buying homes they couldn’t afford and banks giving them the money to do it, thanks to government telling them they had to. Common sense tells you if you make $40K per year you shouldn’t buy a $200K home, but people were happy to do it and banks were happy to let them.
If you want to protest, do it in front of Fannie Mae’s offices, not on Wall Street.
Or we can say it was predatory lenders who were going after people who had FHA loans since the 70s, and the thought of possibly saving some more money via subprime loan looked great especially when these people were living on a limited income.
The banks weren’t forced to give these people loans. The banks choose to work this way, cook their books, and S&P (which is a POS agency to begin with) gave these securities an AAA rating despite them knowing full well it will fail. Once again, it’s people, “working smarter, not harder” as Singh said, that caused this collapse. Those “smart” people are people who knew how to hide the bad, exaggerate the good, and exploit the ignorant for huge financial gains on the backs of the working class.
Again, why does wall st. and the financial sectors deserve time in and time out to be bailed out by the taxpayers, when in fact they are the ones that caused this?
Lenders were forced to give loans though. This stems back to the Community Renewal Act under Carter and was intensified by Gramm-Leach-Bliley and CFMA in the late 90’s.
Wall Street has not been bailed out “time in and time out” by taxpayers, it happened once, and when you look at the alternative of what could have happened (think 1934) it wasn’t such a bad deal. Most of the TARP funds were repaid by the banks who took them, with interest, and we avoided an even deeper recession in the process.
i said wall st and the financial sector, and they have been bailed out numerous times (combining two industries). again, many people who had received those loans stemming from from the CRA, were almost done paying off their loans until the subprime predators came around.
http://www.propublica.org/special/government-bailouts#tarp
This low interest rates came from the FED due to the Tech Bubble Crash (thanks wall st), followed by 9/11 and the needs for people to start spending cash in the troubled economy. So that’s where the whole housing industry started to boom, and where all the NINA loans came about.
But, for some odd reason, the FED didn’t foresee the value of the American dollar decrease with such a low interest rate (go figure), and thus increased the interest rate causing the collapse as people couldn’t afford to pay their mortgage anymore due to the insane increase. The real kicker here is when people tried to refinance for a lower interest rate, they COULDN’T because the housing market had a bust and the house wasn’t worth shit anymore so banks refused to refinance.
Another awesome part about this whole debacle, is the fact that people were able to invest on these mortgage back securities and the fact that they were given AAA ratings by S&P despite the fact people had known many of them were toxic. Once again, it’s these sectors trying to cover shit up to pass along and make tons of money on.
Similar situation happened in Iceland, again deregulation of the banking industry and stock markets had caused this. People are finding finding slick ways to make a ton of money without any repercussions.
Bailing these companies out is NOT capitalism. Having these CEOs take these huge bonuses at the expense of tax payers’ money is NOT capitalism. That’s fucking CLASS WARFARE.
See, most people fail to understand that their bonuses are IN THEIR CONTRACT TERMS. It’s not like “hey, I’m going to go ahead and give myself an extra $3M as a bonus this year.”
If the CEOs and other execs did not get their bonus, it would be considered breach of contract.
It doesn’t matter. They fucked up, they don’t deserve shit. Have some fucking business ethics.
If it wasn’t for the bailout, the company would no longer exist.
Ok, so let me get this straight…
You want them to not get something they are contractually obligated to receive, where they would proceed to sue the company for breach of contract. Said case would be heard by a judge (whom is paid by taxpayers) along with taking up valuable time in courts (which are paid for by taxpayers).
So you want them to spend taxpayers’ money.
I have plenty of business ethics, and abiding by contractual obligations is a part of ethics, is it not?
If it wasn’t for the bailout, the jobs of their workers would no longer exist, further aiding in unemployment.
You are comparing a little bit of money to a vast amount of money here. Plus the loser would pay court costs and the person bringing suit would have to pay court fees for it to be heard.
and those are the breaks of working in an unethical company. in capitalism if you fuck up, you lose your money. why are we rewarding bad behavior? that’s the antithesis of capitalism.
But if the person is the CEO, suing the company that was bailed out, wouldn’t that be taxpayers money since he would most certainly win? Yep.
So you are ok with spending tax payers money bailing out these unethical, cheating, lying, failing businesses?
And you are ok with the CEOs getting bonuses despite their businesses failing; all provided by tax payer money?
Nope, don’t think I said that once since I’ve posted.
Just because I’m playing devil’s advocate, doesn’t mean I support anything. I’m simply informing you of the faults in your argument about their bonuses.
I understand that fact well, but why they are retarded and don’t have a performance clause in the damn contract is beyond me.
If companies are really owned by share holders, there is no share holder that agrees with a contract giving a huge severance packadadge to CEO’s that drive their stock and money into the ground.