Who do we blame?

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • Mormon Red Death
    BYU Delenda Est
    • Nov 2008
    • 8077

    #1

    Who do we blame?

    great article from the freakonomics website.

    I get it - people are angry. Very, very angry. I'm angry too. And Wall Street sure makes a great scapegoat, hence the Occupy Wall Street protest. Wall Street is a symbol of the "greed and corruption" that took over America and caused this whole mess. But let's take a minute to examine the facts and see if we can't find some better scapegoats: In 1997 Andrew Cuomo, the Secretary of Housing and Urban Development under Bill Clinton, allowed Fannie Mae to reduce the standards by which they would secure loans. This helped create the entire subprime category. Was this a bad thing? Of course not - it allowed more people to leave the ghetto, move to the suburbs, and achieve the American Dream of owning a home. Who knew that "Dream" would turn into a nightmare in a mere decade. Andrew Cuomo is not Nostradamus. We can blame him of course, but he had good intentions despite the negative results.
    "Be a philosopher. A man can compromise to gain a point. It has become apparent that a man can, within limits, follow his inclinations within the arms of the Church if he does so discreetly." - The Walking Drum

    "And here’s what life comes down to—not how many years you live, but how many of those years are filled with bullshit that doesn’t amount to anything to satisfy the requirements of some dickhead you’ll never get the pleasure of punching in the face." – Adam Carolla
  • il Padrino Ute
    Junior Member
    • Nov 2008
    • 19161

    #2
    The majority of the blame should be place on these two groups:

    1. Congress: The banks were doing what Congress forced them to do - loaning money to people who never should have qualified.

    2. The people who never should have been allowed to take out a loan who went to the bank and took out a loan.
    "Socialism is a philosophy of failure, the creed of ignorance and the gospel of envy; its inherent virtue is the equal sharing of misery." - Winston Churchill


    "I only know what I hear on the news." - Dear Leader

    Comment

    • Jacob
      Junior Member
      • Oct 2009
      • 6801

      #3
      Nice article. Though, I must say that I am not in any of the categories he described, so I am not at fault!

      Comment

      • Uncle Ted
        The Big 12 money shot.
        • Apr 2010
        • 28853

        #4
        I just read the demands of the "occupy wall street" protesters... here are some highlights:

        Demand three: Guaranteed living wage income regardless of employment.

        Demand four: Free college education.
        Cool. Sign me up so I can quit my job and become a college student for the rest of my life.

        Demand eleven: Immediate across the board debt forgiveness for all. Debt forgiveness of sovereign debt, commercial loans, home mortgages, home equity loans, credit card debt, student loans and personal loans now! All debt must be stricken from the "Books." World Bank Loans to all Nations, Bank to Bank Debt and all Bonds and Margin Call Debt in the stock market including all Derivatives or Credit Default Swaps, all 65 trillion dollars of them must also be stricken from the "Books." And I don't mean debt that is in default, I mean all debt on the entire planet period.

        Demand twelve: Outlaw all credit reporting agencies.
        What is there not to love about these guys? Just let me take out a few more loans before we give into their demands.

        These demands will create so many jobs it will be completely impossible to fill them without an open borders policy.
        "If there is one thing I am, it's always right." -Ted Nugent.
        "I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
        "Yet I still see wisdom in that which Uncle Ted posts." -creek.
        GIVE 'EM HELL, BRIGHAM!

        Comment

        • NorthwestUteFan
          אלוף
          • Oct 2010
          • 3384

          #5
          IIRC their definition of 'living wage' is a $20 minimum wage. Why stop there? Go ahead and demand $1MM salary for all! We can do that, right? Imagine all the jobs we would have!

          Comment

          • Parrot Head
            Operation Hot Mother
            • Nov 2008
            • 2322

            #6
            Originally posted by Uncle Ted View Post
            I just read the demands of the "occupy wall street" protesters... here are some highlights:



            Cool. Sign me up so I can quit my job and become a college student for the rest of my life.



            What is there not to love about these guys? Just let me take out a few more loans before we give into their demands.



            This is so utterly ridiculous that you can't come up with an adequate response. I think the blinky eye smilie does sum it up.

            I have nothing else to say at this time.

            Comment

            • doctorcoug
              To Win is to Honor Him
              • Jun 2009
              • 2273

              #7
              Originally posted by Uncle Ted View Post
              I just read the demands of the "occupy wall street" protesters... here are some highlights:



              Cool. Sign me up so I can quit my job and become a college student for the rest of my life.



              What is there not to love about these guys? Just let me take out a few more loans before we give into their demands.



              Hilarious.

              The stupidity is similar to the stupidity of a certain politician that doesn't allow insurance companies to discriminate based upon preexisting conditions or gender.

              How do these idiots get power?
              "Don't expect I'll see you 'till after the race"

              "So where does the power come from to see the race to its end...from within"

              Comment

              • Moliere
                One man.....one pie
                • Oct 2009
                • 27822

                #8
                Originally posted by NorthwestUteFan View Post
                IIRC their definition of 'living wage' is a $20 minimum wage. Why stop there? Go ahead and demand $1MM salary for all! We can do that, right? Imagine all the jobs we would have!
                $20 an hour isn't much when milk costs $15 a gallon.
                "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

                Comment

                • NorthwestUteFan
                  אלוף
                  • Oct 2010
                  • 3384

                  #9
                  Originally posted by Moliere View Post
                  $20 an hour isn't much when milk costs $15 a gallon.
                  For some reason I feel we shouldn't expect them to make that connection.

                  Comment

                  • TripletDaddy
                    sweet triple
                    • Nov 2008
                    • 58186

                    #10
                    The comments section of that Occupy Wall Street article is entertaining



                    mattscud55 (Queens, NY) 26 points 1 day ago
                    I agree. I'd like to see how they plan to pay for all of these "free" services from the government. Also, if everyone had a college education, a college degree's value would plummet, causing a higher demand for Masters, PhD's, etc. Such a myopic list of demands.

                    I'd like to add a few more:
                    Make the Middle East stop fighting.
                    Everyone gets a helicopter that runs on children's laughter.
                    Gummy bears are free.
                    Nobody judges anyone for having dumb ideas or lists of demands. (cough)


                    ObombaClown 19 points 1 day ago
                    hhahahahahahahahahahaha..I demand a new saddle for my Unicorn


                    Jessie 10 points 1 day ago
                    I Demand a Lifetime supply of Chocolate!
                    I Demand the whole world be my personal slave – oh right, they’ve already got that in there.
                    My bad, Peace Out!


                    merkinfuzz 5 points 1 day ago
                    everyone should have their own Fender Stratocaster.......free of charge

                    Fitter. Happier. More Productive.

                    sigpic

                    Comment

                    • dabrockster
                      Senior Member
                      • Aug 2009
                      • 10904

                      #11
                      Originally posted by Uncle Ted View Post
                      I just read the demands of the "occupy wall street" protesters... here are some highlights:



                      Cool. Sign me up so I can quit my job and become a college student for the rest of my life.



                      What is there not to love about these guys? Just let me take out a few more loans before we give into their demands.



                      Van Jones: The man behind the protestors.. WOW.. To think this guy was the Green Czar (For Obama) at one point..

                      Wall Street has long been the home of the biggest threat to American Democracy. Now it has become home to what may be our best hope for rescuing it.
                      Last edited by dabrockster; 10-06-2011, 05:16 AM.

                      Comment

                      • wuapinmon
                        Soul Plumber
                        • Dec 2008
                        • 30711

                        #12
                        A helicopter that runs on children's laughter!

                        "Wuap's "problem" is that he is smart & principled & committed to a moral course of action. His actions are supposed to reflect his ethical code.
                        The rest of us rarely bother to think about our actions." --Solon

                        Comment

                        Working...