Bailout Questions

[Unforgiven]

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[James]

If you tracked down every prick who made millions upon millions in that whole scam, and took the money back, you'd have more than enough to "bail out" wallstreet.

The funny thing is that any money that is shoved into the stock market now will disappear, because people are still playing the markets for short term benefits.

The fucking obvious answer is to make day-trading illegal. If you want to invest in a company it must be for a period of more than a year, or some crap. There you go, all fixed. No more insane stock manipulation.

[JakeD]

If you tracked down every prick who made millions upon millions in that whole scam, and took the money back, you'd have more than enough to "bail out" wallstreet.

The funny thing is that any money that is shoved into the stock market now will disappear, because people are still playing the markets for short term benefits.

The fucking obvious answer is to make day-trading illegal. If you want to invest in a company it must be for a period of more than a year, or some crap. There you go, all fixed. No more insane stock manipulation.

All of this. Also, hedge funds. What a bunch of bullshit.

I've never claimed to be remotely understanding of economics, as I can barely balance my own checkbook and do accounting without having a nervous breakdown (I save all of my brainpower for the touchy-feely social sciences/politics bullshit, thank you), but all of this smelled rancid from the day that people started taking out loans on their own mortgage. Yeah, put more debt on the debt you already have. Clever.

While I don't have much sympathy for those who knowingly put themselves into the situation, I want all of those predatory lending fucks who coerced people into this to be tied to a pike and caned by every person that they tricked into their current financial situation. Just give all of the homeowners a nice, sturdy bamboo stick and let them all beat these jerks' little asses until they bleed.

[Isotrip]

You know being in the center of the "Largest foreclosure" county that you really see just how "creative" the lending practices were. The ARMs really got a lot of people. we have on average of 35,000 homes sitting empty here right now that have been abandon because the people just couldn't afford them once the housing market collapsed and their Variable rate kicked in. I know directly of a couple that started with a $1200 / month mortgage that jumped to $3,800 / month. This was for a 3 Bedroom, 2 Bath, 2 car garage home. about 1200 sq. ft.

[Amaurote]

What angers me is the identification of credit with mortgages, as if somehow working-class people who have mortgages are to be lumped in with people who spend on credit like a drowning man: we were sold that dream in the late seventies, and the New Right spent most of its time in office selling off social housing and building no new social housing. People need space, and so we acquired mortgaged space. If this were even a faintly equitable society, that would not be necessary, and there's nothing more disgusting than the sight of conservatives somehow attempting to equate two different phenomena; not to mention that if there were more decent jobs out there, people would be able to cope without the Fed having to slash interest rates to 1%.

[trekbugging]

this is swinging the other way so far-- a friend, who has no credit, couldn't get a small loan, $2,000. to bury her mother who died 2 weeks ago-- since her bank wouldn't lend her the money--uggg
i am glad we got a FIXED rate mortgage loan, before all this shit started

[JakeD]

What angers me is the identification of credit with mortgages, as if somehow working-class people who have mortgages are to be lumped in with people who spend on credit like a drowning man: we were sold that dream in the late seventies, and the New Right spent most of its time in office selling off social housing and building no new social housing. People need space, and so we acquired mortgaged space. If this were even a faintly equitable society, that would not be necessary, and there's nothing more disgusting than the sight of conservatives somehow attempting to equate two different phenomena; not to mention that if there were more decent jobs out there, people would be able to cope without the Fed having to slash interest rates to 1%.

This. all of it.