[ravana2]

One party capitalism in china and now two parties socialism in america . This is becoming really funny .

What is next ? Let abc , nbc and cbc become p(ublic)abc , pnbc and pcbc controlled by governmant...

What happening there ?

[jakester]

Ravana -

It is really frustrating to see these events unfold. I am a proud American but seeing our financial system fail and our government stepping in like this—for good or for bad—really makes me question whether we are headed for socialism.

I'm not a big fan of excessive government controls and although I think something has to be done to manage America's financial crisis, I see that the result is probably not free-market capitalism but socialism.

[tomder55]

In a way it would make sense that since the government caused this crisis it should be up to them to solve it . But their perscription is worse than the disease.

If you dig deeper into this scandal you will find corruption at the highest level of the US government .
Countrywide Mortgage CEO Angelo Mozilo offered sweetheart deals on loans to his “friends”, who just happened to be people who had oversight responsibilities on his business. People like Fannie Mae CEO/chair Jim Johnson, Senators Chris Dodd and Kent Conrad, and others got below-market-rate loans from Mozilo through a “Friends of Angelo” program.
Senator Chris Dodd happens to be the chairman of the Senate Banking committee.
Countrywide collapsed in this debacle . Got it ? The guy who sat on the oversight committee of the Senate ;either as a minority chair or majority chairman was lining his pockets with the money from the banks he was supposed to oversee.

One of Countrywide's previously undisclosed customers at Fannie was Jamie Gorelick, an influential Democratic Party figure whose $960,000 mortgage refinancing in 2003 was handled through a program reserved for influential figures and friends of Countrywide's chief executive at the time, Angelo Mozilo. Ms. Gorelick was Fannie Mae's vice chairman at the time. Previously I detailed how Gorelick also plundered Fannie Mae.
Before she took the job she was in Bill Clinton's Justice Dept. erecting walls that prevented the law enforcement agencies of the United States from properly doing their job.

I'll say it again. What is lacking in the discussion is accountablility . When Enron went down their executives were all identified and publicly ridiculed before they were prosecuted .

Only yesterday did the FBI announce that they were going to investigate possible criminal actions by those involved. Perhaps Chris Dodd should be the 1st one questioned.

[jakester]

tomder55 - I wholeheartedly agree... there really needs to be more accountability and more attention drawn to the fact that we didn't get into this mess because of a few bad investment decisions but because of corruption at the very highest levels... including Capitol Hill as you pointed out.

Dodd is "my" Senator, too. Dems were more than happy to make a public spectacle of former Governor Rowland who took special interest money. Even if Dodd were implicated and punished for his special interest move via Countrywide, I scarcely doubt that anyone in Connecticut would care. Kill the Republicans and hail the Democrats... that's our motto, here.

Thanks for weighing in on this.

[Fr_Chuck]

I guess the issue I have is why should we feel sorry for banks that were making bad loans, If I loan my neighbor 1000 dollars knowing he will never pay me back, whose fault is that really. No one will get my money back.

If the CEO and stock holders lose everything personally ( and they should be the ones being held personally liable for their banks choices) Would this not make banks think twice before doing all of those high risk loans again. The FDIC is there and let the government back them after taking over ownership and selling the banks off.

[ravana2]

Well so as much as see nation want a scape got so I ofere you 3 :

Jews - stereotype - they control finances .

Latinos - stereotype - illigal imigrants who steals american jobs

Blacks - stereotype - lazzy , criminals , social help etc

So you can chuse . Conspircy teories are so popular .

But don't forget when govenmant interfare in the market to help some company it is in a good tradition of planned economy .

[tomder55]

Lol .let me make it clear because you got it wrong in your opening comment.

The Democrats and the President are looking for a socialist solution to this. The House Republicans are trying to hold the line against this blatant Democrat socialist power grab.

[ravana2]

I don't know does it exist in english dictionary but I will call it " etatisation " . When everithing belonge to a state . For example houses , loans , companies .

I see a similarity with today . You ?

[tomder55]

We are trying to prevent it ;at least those of us who oppose it.

They are now trying to tell us that this will turn a profit for the government in short time. If that is true then you would think that private business minded people would be rushing to buy up these bad notes.

[ravana2]

I will be interesting but how many people want bad notes ?

Bush is republican and he want to go that way . But what will be in 40 days ? The " real " democrat may become a president . So this way or the other it will be the same .

Every time a switch to cnn international I learn new name of american bank that collapsed .

[excon]

The Democrats and the President are looking for a socialist solution to this. The House Republicans are trying to hold the line against this blatant Democrat socialist power grab.

Hello tom:

What?? You don't trust YOUR president?? Didn't he SCARE you enough the other night?? He was trying to, you know. His speech was nothing but "fear itself". He doesn't understand anything else. So, how come you still believe in WMD's, but you think he's lying to you now?? You think YOUR president is acting like a socialist?? What about your comparisons to Truman??

Well, I suppose when your entire economic philosophy has been roundly repudiated by the markets, you have to grab on to something - even though it looks like socialism.

Looks to me like you Republicans can't find your way. I'm sorry.

excon

[Galveston1]

I never thought Bush is a fiscal conservative, but realistically, I had to vote for Bush or Kerry, and given that choice, voting for Bush was a no-brainer.

When I watched Bush and Republicans shove the prescription drug plan through, I was apalled, especially as most of the seniors were not in favor of it at the time. BUT I seem to remember that the Democrats yelled that it was not enough, they wanted to spend about twice as much. People forget so soon!

[tomder55]

So, how come you still believe in WMD's, but you think he's lying to you now?? You think YOUR president is acting like a socialist?? What about your comparisons to Truman??

Ex lets not play games with silly linkage. I am actually getting fatigued hearing things like "but you don't like regulations " as if that is an absolute. Anyone who knows my position on law enforcement could not conclude that I am opposed to ALL regulation.

Simularily it's no secret that in a number of issues I have been vocally opposed to the President's actions .

Do I think President Bush is a pure capitalist ? Nope . Am I ? Nope. Are you a pure libertarian ? No way ! You would not be supporting Obama if you were. But your inclinations are towards that philosophy .

[ravana2]

$ 1.200.000.000.000 lost in 8 hours of trading . Is this some kind of record ?

[tomder55]

It's all paper loss. Futures market looks strong for today . Yesterday's plunge was not close to the 25% drop in 1987

[tomder55]

As of 2:30 ET the Dow has regained more than 1/2 of yesterday's losses. Like I say .I see this as buying opportunities. It is not the end of the world despite Paulson's sky is falling rhetoric.


Warren Buffett also sees it as a buy opportunity . He invested in Goldman Sachs.


Today Gingrich called for Paulson's resignation and an investigation into why Goldman Sachs is doing so well in this "crisis" . Good question . Paulson ,Josh Bolton White House Chief of Staff are former GS execs.

[ravana2]

Green light in us senat . Us house is a next step .

They gave tham even more money than they asked .