Mooz

Congress is so out of touch with the rest of the nation that yes, they had zero foresight to see this coming. I blame their incompetence. I blame corruption on the big wall street players. And not just corporations mind you, individuals do a lot more to manipulate the market that you can imagine.

A lot of the actually companies blundered into this on sheer incompetence. They didn't see it as a "wow lets milk this dry and to hell with what will happen". They saw an endless bucket of wealth and failed to pay attention to the hell they were causing.

However, bitching and moaning about what should have been done does nothing to fix the current situation. A fix would also include preventing anything like this form happening again.

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I have a word limit on my cynicism

cifex

Why would they? That is the responsibility of the Executive....

Everyone likes to blame the short sellers but they perform an important function where the media fails due to a lack of IQ.

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Random Guy #2

Mooz

Short selling isn't bad. Naked short selling is bad. No uptick rule is BAD BAD. Both together = nightmare.

And no congress doesn't get to weasal out by trying to claim it's the responsibility of the executive branch. It isn't. They're at just as much fault.

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I have a word limit on my cynicism

pawlo

Totally agree with you, they knew it was coming and they are making billions still now as we speak, knowing that their ass was covered because the alternative is a sort of economic 911.
On the other hand having the WHOLE economy crsh ( IF that was true) would have been worse.

PaoloSmythe

so with an addition of so much dollar (if it gains approval, and i presume that current appearances of resistence to the idea are just that... appearances to appease), is there not the chance that $700 billion to $1 trillion will simply devalue the dollar internationally?

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Just coz you don't understand it
Doesn't mean it makes no sense!

pawlo

well just think how much the invasion of Iraq was supposed to cost us and what it ended up costing...

Snowolf

Neither Congress nor the Executive had any power to do anything in the first place and that is the point of the whining and bitching. Since Reagan, there has been that mad rush to de regulate damn near everything. They deregulated trucking and the result has been freight rates that don`t even pay for the fuel to run. They deregulated the airlines and it has turned the aviation industry on it`s ear. They deregulated energy which led the Enron and the rolling blackouts. They deregulated the housing market and we see the results.

These free market, trickle down economics proponents have held the belief that if government would just stay out of the way, the market would solve everything. It`s a great theory; so is Communism but neither work in the real world thanks to the nasty nature of human beings. We have to get the regulations back in place so congress has the legal rights to head off situations like this.

I have no love for this current bunch in Congress, but I don`t blame them for this mess since they really were powerless to stop it. Since the 1994 "Republican Revolution", Congress has been held by the Republicans who are responsible for removing regulations. Since 2006, Democrats have a tiny majority that is so slim they can not over ride a veto nor even break a filibuster. The fact that the Democrats can`t get anything done is at least partially due to the fact that they simply do not have the numbers to get anything done. You can thank Reagan and people like Phil Grahm and John McCain who spent the last 20 years tearing down all regulations, for this mess and now McCain wants your vote when he has Phil Grahm as his economic adviser and he himself actively fought to remove any regulation...yeah right, I trust him to get something done....NOT!

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Snowolf

About $10 Billion every month...and the real sand in the Vaseline used in our anal raping, is that the Iraqi government has about an $80 billion surplus.

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PaoloSmythe

initially i wondered whether this is relevent to this situation. the funding of the irak offensive, effectively retained the tax monies within private US entities, ie. the dollar went to US companies who work in efforts of warfare; McDonnell-D, Halliburton and Black water etc...

but then i suppose this is the exact same thing, being applied to the economic war machine. in essence, it is all the privatisation of public funds.

this has always been the case be it for terrorism irradication, space exploration or economic stability.

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Just coz you don't understand it
Doesn't mean it makes no sense!

mpdsnowman

Well we are now in the financial business
New corp....USAIG(subdivision of haliburton LLC funding corporation)


Dont worry my boy! They cant do it without us...

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