(OT:) Prof SXtiglitz blames Bush, Greenspan for credit crisis...get out the Duct Tape!

In a BBC interview, economist Prof Joseph Stiglitz managed to edge in that Bush and Greenspan are responsible for the current Credit crisis. Bush because of his tax cuts and Greenspan for lowering interest rates.

What?!

Let me see...Bush made them buy the house, and Greenspan made them take adjustable rate mortgages, right?

All I could think when I was listening to this report was, "This guy's a moron!" And to think, he's a Professor of Economics at Columbia U and Former Senior Vice President and Chief Economist of the World Bank. You'd think the guy would have something on the ball.

But not once in his tirade did he mention people buying more home than they could afford, checkiing out interest rates or what would happen if the Prime rate went up even one-half of one percent, realtors pushing people into buying more expensive homes to boost their commissions, bankers pushing teaser rates to get people to sign, pressure tactics of both realtors and bankers, or ignorant or ill-informed purchasers.

Nothing was said about instant gratification of buying the house you really want RIGHT NOW! without regard for the future. Anyone here remember the "starter home"?

When my wife and I bought our first house, she wanted an adjustable rate because we could borrow more and have lower payments. But I talked to my friends, coworkers and realtors I knew personally and realized an adjustable rate mortgage was a Bad Thing. I eventually got this through her head. We bought a cute little cape for about $200 more a month than we were paying for rent. It wasn't exactly what we wanted, but it was a nice, cozy home and more than enough for our needs. After a few years, our mortgage was less than people were paying for rent. We sold it for a 'profit', and put our money down on a nicer home, also with a fixed rate.

Yeah, we paid a little more, and got less than we 'could' have, but then, in 1987, we didn't have any little surprises like a lot of our friends did, either. Our mortgage stayed at $685 a month, while friends who had been paying the same or less were suddenly paying $9-1100 a month.

Too bad Mr. Stiglitz didn't look at this aspect of things, but then, as a Democrat with an agenda, he wouldn't, would he?

Reply to
Hachiroku
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You so called conservative armchair economists never cease to amaze me. Is this a rant, a claim of understanding whats *really* going on or a brag? All three I guess.

This little mortgage blip is only part of the problem. Since Reaganomics became a viable movement the middle class, has been losing ground and the way things are going, I'd say its days are numbered.

To Friedman ideologues, free markets mean removing protection for consumers, moving business's to where the cheap labor is, and banking offshore, where you are exempt from taxes.

The mall has replaced the factory in America. Americans are in dept up to their ears (thats the other side of the mortgage crisis that hasn't hit yet). Politicians (on both sides) answer to corporate lobbyists, not voters. Take a look at the recent changes in bankruptcy law approved by both party's. Surprise, all the big corporate bankruptcy's were not affected by the new law.

Did you ever wonder what the ultimate effect of a weak dollar might be? How it might favor? Have you ever heard of a study called "Building a North American Community?" Have you ever heard the word "Mexamericanada?" How about the "NAFTA superhighway?"

Here's what staunch republican conservative William Weld of Massachusetts has to say about Mexamericanada:

"We are three liberal democracies; we are adjacent; we are already intertwined economically; we have a great deal in common historically; culturally, we have a lot to learn from one another." [end quote]

You can finger point and call names till the cows come home but personally, with regard to the financial well being of *our* country I don't think it makes any difference at all who is elected. Clinton gave us NAFTA, and republicans *still* swear by the market principles that have gotten us to where we are and where we are going. Hunker down middle class, its gonna get ugly.

Check out these two links:

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Reply to
F.H.

Yup. Excpt it's more than a 'claim' to understand what's going on.

Blaming the crisis on Bush and Greenspan is rediculous. The blame lies mostly with the banks and an uninformed public.

WOW! I agree again with something FH said!

AHA! The problem with this is that it gives the Mexicans free reign to enter the US...or at least they think it does. There was a report on the BBC a couple weeks ago where there was a protest rally in Mexico protesting American treatment of *ILLEGAL* aliens, and one of the folk singer poerformers said, "We are all residents of the continent of North America, and no fence will be erected that will keep us out!"

HUH?! Wanna bet?

William Weld is a Fiscal Conservative and a Social Liberal. You forget, I'm from Mass.

He was a decent governor, though, even if he did sing the bill to fund the Big Dig. Which, in his time, was only $2B, not $15B!

Reply to
Hachiroku

crisis that

If you would learn how to use apostrophes your posts would be much easier to read. How did you get through college with such poor writing skills? Never mind that question; how did you get through high school?

It's hard to take someone seriously when they consistently exhibit communication skills becoming of a sixth grader.

Reply to
badgolferman

If you had a decent newsreader you wouldn't dismantle a post as you did here. Notice that Hachiroku had no problem at all. I guess you had no thoughtful comment on the gist of the discussion. No surprise.

It is ironic that someone so clearly mentally challenged as yourself would bring up education.

If I was communicating on a sixth grade level you wouldn't be having any problem understanding me. ;)

Reply to
F.H.

If you make that bet, you will lose. Free market ideology has replaced democracy and those elitists who pull the strings are determined to remake America, Canada, and Mexico into one big happy family regardless of which party occupies the White House. Immigration will keep getting double talked until die hards die off and the masses who've become dependent on WalMart prices will just shrug and adjust. "Disaster capitalism" in slow motion.

And Clinton is a democrat who gave us NAFTA. Being a fiscal conservative hardly disqualifies Weld from supporting the Mexamericanada idea. If he buys into "trickle down" the idea should be downright exhilarating . This quote from Weld leads *me* to believe he's already sold on it:

Did you check out the Council on Foreign Relations link? Take a look at who is represented on the task force members list:, "investment banking advisory firm in Mexico," Merrill Lynch in Houston, Texas, Managing Partner of Kissinger McLarty Associates, just for starters.

Note that the Council-sponsored Task Force applauds the announced "Security and Prosperity Partnership of North America." "North America", as in some variation of Mexamericanada? I think so.

The America of Norman Rockwell is on her deathbed. The bankers and politicians are maneuvering to be the executors of her estate when she takes her last breath. The middle class has no real representation in this impending bend in the road of history.

Footnote: Its probably worth noting that Hugo Chavez is chummy with OPEC and Canada has proven oil reserves of 180 billion barrels thanks to inclusion of the oil sands, also known as tar sands, now considered recoverable with existing technology and market conditions.

Reply to
F.H.

YOU are *not* in the middle class; YOU *are* in the *muddled class*!

Reply to
sharx35

Now that you bring up decent newsreaders you might consider fixing your compose settings to 76 characters per line like every other person who posts to Usenet. Thunderbird is not a decent newsreader. It is mediocre at best. I would rather use Outlook Express with OE-Quotefix than Thunderbird.

Reply to
badgolferman

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