I don't remember saying that you're sister is responsible for losing her 401k. The consequences of the current financial crisis are obviously gonna affect people who haven't done anything wrong, I just assumed that was common knowledge.

Ok, enough "catchphrases", how about a statistic?

"The most recent Federal Reserve study showed that 43% of U.S. families spent more than they earned. On average, Americans spend $1.22 for each dollar they earn."

If you don't see how that's gonna come back to bite you in the ass then you're beyond saving, sorry. That statistic is probably a little dated, but I bet it has only gotten worse.

I don't doubt that there are smart americans on this site. I'm not saying that the average American is an idiot. I know quite alot of Americans personally, and very few of them are idiots. What I am saying is that in light of this crisis, people should examine the lifestyle they're living and the choices they're making. For 43% of Americans this is something that has to be done. However, I'm not making any excuses for the CEOs or politicians, I'm just saying that the Average Joe isn't neccessarily innocent either.

>> ^volumptuous:
Obviously if you think the American public is who's to blame for the ponzi schemes, 30-to-1 Hedge's and sub-prime CF, you know nothing about economics or Wall Street regulation.
How is it my sister's fault that she and her husband just lost their entire 401ks? Is it because of her bigscreen (10 yr old, 22") TV, or her fancy (2 bdrm falling apart) House? It must be because she's an idiot right? It's definitely not because of that "scary corporation" called GM who they've worked for the last 20+ years.
Your catch phrases of "big screen TVs" and "two cars" shows you have little grasp of what has happened and what's been happening. Then you toss on the go-to of how Americans are stupid. Nice one.
It seems the one who's getting all of his information from the teevee is you.
And I have yet to see anyone say John Stewart should run for president. This straw man is so transparent it makes my head spin.

And btw: I'm sure most of the sifter-yanks here are very smart people. The one's that I've personally met certainly are. So you're really talking to the wrong crew.

I'm pretty fucking fed up with this blanket generalization of us Americans. We don't own the patent on stupid, and we don't own this fucking crisis on our own.

If you don't even understand the simple fact that AIG is a fucking global company with interests in every corner of this planet, Headquarters in London, Paris and Hong Kong, then you really need to stop lecturing us.

The last time I checked, the US isn't the only one who's fucked right now. Brown just stated that the UK Gov will now start printing money to bail out their own institutions. Germany's productivity is down over 20%. Brazil is down over 60%. And you're acting like it's us Yanks who are just too stupid to turn off our own televisions?

I DONT EVEN HAVE CABLE


And FYI: Us yanks do understand one thing that you obviously do not. People like Cramer, Santelli, Kudlow and many others on CNBC and elsewhere have vested interests in the stock market, and the revolving door that is K-Street/TV punditry/Politics is the nexus that continues to fuck us all over.

So stop your self-congratulatory nonsense. And if this is the last time I hear some delusional statement like "everyone in the US seem to think the TV is here to do their thinking for them" it's still too fucking late for me to not think you're an offensive, self-important fool.





>> ^campionidelmondo:
>> ^Lodurr:
This is one of the best pieces I've seen on the financial crisis. It's amazing how the financial institutions lied to the public every day on the way down.

I think you're confusing financial institutions with television. Ever stopped to think that NBCs own interests played into their reporting? Don't believe everything you see on TV, I think that got you into this crisis in the first place. It never seizes to amaze me how people in the US seem to think that the TV is here to do their thinking for them.
Oh and I'm fed up with the glorification of the Daily Show. Jon Steward is nothing more than a jester, he's only here to make jokes. He's not gonna change anything, yet people are so glad he's here and won't let people get away with anything. People should turn off their TVs and support a real voice of descent.

>> ^Lodurr:
This is one of the best pieces I've seen on the financial crisis. It's amazing how the financial institutions lied to the public every day on the way down.


I think you're confusing financial institutions with television. Ever stopped to think that NBCs own interests played into their reporting? Don't believe everything you see on TV, I think that got you into this crisis in the first place. It never seizes to amaze me how people in the US seem to think that the TV is here to do their thinking for them.

Oh and I'm fed up with the glorification of the Daily Show. Jon Steward is nothing more than a jester, he's only here to make jokes. He's not gonna change anything, yet people are so glad he's here and won't let people get away with anything. People should turn off their TVs and support a real voice of descent.

This is one of the best pieces I've seen on the financial crisis. It's amazing how the financial institutions lied to the public every day on the way down. Any kind of preparation or anticipation that could've happened was stifled, and who knows what's being hidden from public view now. The result will be people trusting no one, not spending money, and the continuation of the death spiral of the real estate market and the banks that waged everything on it.

DEMOCROOKS

$34,000: the amount of federal taxes that Secretary of the Treasury Timothy Geithner (D) failed to pay during his employment at the International Monetary Fund despite receiving extra compensation and explanatory brochures that described his tax liabilities.

$75,000: the amount of money that the head of the powerful tax-writing committee, Rep. Charlie Rangel (D-NY), was forced to report on his taxes after the discovery that he had not reported income from a Costa Rican rental property. His excuses for the failure started with blaming his wife, then his accountant and finally the fact that he didn't speak Spanish.

$93,000: the amount of petty cash each Congressional representative voted to give themselves in January 2009 during the height of an economic meltdown.

$133,900: the amount Fannie Mae "invested" in Chris Dodd (D-CT), head of the powerful Senate Banking Committee, presumably to repel oversight of the GSE prior to its meltdown. Said meltdown helped touch off the current economic crisis. In only a few years time, Fannie also "invested" over $105,000 in then-Senator Barack Obama.

$140,000: the amount of back taxes and interest that Cabinet nominee Tom Daschle (D) was forced to cough up after the vetting process revealed significant, unexplained tax liabilities.

$356,000: the approximate amount of income and deductions that Daschle (D) was forced to report on his amended 2005 and 2007 tax returns after being caught cheating on his taxes. This includes $255,256 for the use of a car service, $83,333 in unreported income, and $14,963 in charitable contributions.

$800,000: the amount of "sweetheart" mortgages Senate Banking Chairman Chris Dodd (D-CT) received from Countrywide Financial, the details for which he has refused to release details despite months of promises to do so. Countrywide was once the nation's largest mortgage lender and linked to Government-Sponsored Entities like Fannie Mae and Freddie Mac. Their meltdown precipitated the current financial crisis. Just days ago in Pennsylvania, Countrywide was forced to pay $150,000,000 in mortgage assistance following "a state investigation that concluded that Countrywide relaxed its underwriting standards to sell risky loans to consumers who did not understand them and could not afford them."

$1,000,000: the estimated amount of donations by Denise Rich, wife of fugitive Marc Rich, to Democrat interests and the William J. Clinton Foundation in an apparent quid pro quo deal that resulted in a pardon for Mr. Rich. The pardon was reviewed and blessed by Obama Attorney General and then Deputy AG Eric Holder, despite numerous requests by government officials to turn it down.

$12,000,000: the amount of TARP money provided to community bank OneUnited despite the fact that it did not qualify for funds, and was "under attack from its regulators for allegations of poor lending practices and executive-pay abuses." It turns out that Rep. Maxine Waters (D-CA), a key contributor to the Fannie Mae meltdown, just happens to be married to one of the bank's ex-directors.

$23,500,000: The upper range of net worth Rep. Allan Mollohan (D-WV) accumulated in four years time according to The Washington Post through earmarks of "tens of millions of dollars to groups associated with his own business partners."

$2,000,000,000: ($2 billion) the approximate amount of money that House Appropriations Chairman David Obey (D-WI) is earmarking related to his son's lobbying efforts. Craig Obey is "a top lobbyist for the nonprofit group" that would receive a roughly $2 billion component of the "Stimulus" package.

$3,700,000,000: ($3.7 billion) not to be outdone, this is the estimated value of various defense contracts awarded to a company controlled by the husband of Rep. Diane Feinstein (D-CA). Despite an obvious conflict-of-interest as "a member of the Military Construction Appropriations subcommittee, Sen. Feinstein voted for appropriations worth billions to her husband's firms ."

$4,190,000,000: ($4.19 billion) the amount of money in the so-called "Stimulus" package devoted to fraudulent voter registration ACORN group under the auspices of "Community Stabilization Activities". ACORN is currently the subject of a RICO suit in Ohio.

$1,646,000,000,000: ($1.646 trillion): the approximate amount of annual United States exports endangered by the "Stimulus" package, which provides a "Buy American" stricture. According to international trade experts, a "US-EU trade war looms", which could result in a worldwide economic depression reminiscent of that touched off by the protectionist Smoot-Hawley Act.

Sniper007, the only reason we had all the wealth that we wiped out in this financial crisis was because we've been growing our economies at a steady rate throughout the modern period.

That growth is based on technological innovation... railroads, medicine, computers, the internet. They're all "unnecessary" and "unnatural," but they make workers in most areas of the economy able to generate more labor than was achievable in past generations.

Some of the growth is based on population growth, but each new baby makes our non-renewable resources a little more expensive, and so increasing population, especially after a certain point, starts to be a very mixed bag, unlike e.g. increasing our understanding of physics, engineering, and biology.

I disagree with the notion that you must stick with things you know, as dag mentions. I've heard this adage timeless times from people in the filmmaking world ("write what you know"), but if that was true, then we'd never have science fiction or comic book movies.

I make nearly all of my income as a programmer, and I never went to school for programming. It was a side-career I got into because it interested me. Once again another reason to shuck any thoughts of doing only what you know about. It's important in life to do what interests you instead.

I'm a big follower of Joeseph Campbell, and he says you must always follow your bliss and all other things will follow. That's easy advice in a financial crisis, I know, but if there's something you are passionate about, others will see that passion and you will find they will want to be a part of your passion.

I used to work for corporate companies here in LA, but now I freelance which means: I work from home, I make a great hourly wage instead of a salary, I don't have to pay into a payroll tax (though I have other taxes I have to pay as being self-employed), and I don't have a boss to look busy in front of. There are down sides, but they don't outweigh the positives.

>> ^Winstonfield_Pennypacker:
Katrina: http://www.youtube.com/watch?v=k8az4CfEDpw
Prison abuse: http://www.npr.org/templates/story/story.php?storyId=1875191
Economic downturn: http://ca.news.finance.yah
oo.com/s/01122008/2/biz-finance-bush-apologizes-financial-crisis-says-economy-recover.html
To a certain extent even the Iraq War: http://abcnews.go.com/WN/Politics/story?id=6354012&page=1


I'm going to respond a little out of order.

On the economic collapse (downturn?!), you'll note that what he said was, "I'm sorry it's happening...." That's like saying, "I'm sorry your dog died." Of course he's sorry, but that is not the same as taking responsibility or apologizing.

I saw neither an apology nor any acceptance of responsibility for the failures in intelligence gathering about Iraq and WMDs (in the link you provide or anywhere else). In particular, much of the intelligence that was fed to the public and Congress before the war was cherry picked and outright manipulated from within the White House. AFAIK, he's never even acknowledged this, much less taken responsibility for it.

The utter incompetence of the federal (and local) response to the devastation in New Orleans and the entire Gulf Coast after Katrina and Rita makes me almost too angry to respond. Suffice it to say that to this day, people are still fighting to get help that was promised. Completely insincere, and as such, not a real apology. (Even the words he uses in that clip are kind of weasely.)

On the prison abuse at Abu Ghraib. I might actually grant you this one. And I only asked for one verifiable quote. I was unaware that he had ever actually apologized to the people of Iraq, or specifically to the people that were abused and their families.
But again, it's somewhat insincere, because the very same practices were continued at Guantanamo for years after that. Another analogy - it's like saying to your neighbor, "I'm sorry my son beat up your son at school today," and then raping your other neighbor's wife later that night.

I can think of only one time when Bush ever came close to an admitting he was wrong and/or apologizing - the spy plane incident in China. Initially, he whipped out his dick for a pissing contest, risking an escalation of tensions to an unthinkable outcome. Thankfully, cooler heads prevailed (Rice and Powell), and we got our people and plane back. But generally speaking, despite any expressions of remorse, Bush never publicly admitted when he was wrong. And he essentially never changed his policies, no matter how wrong they were shown to be.

Don't get me wrong - I won't apologize for Obama. The appointment of Geitner to Treasury and Lynn to Defense are inexcusable. That Killefer and Daschle have been forced to step aside, though, shows a willingness to admit when he's wrong. That gives me some hope that when he does make more serious mistakes in the future (which he surely will), he will be willing to change direction if it's warranted. And if I read them right, I think that's the basic sentiment of many of the preceding comments.

Name one thing (other than failing to dismantle Social Security) for which he apologized and quote a verifiable source.
Katrina: http://www.youtube.com/watch?v=k8az4CfEDpw
Prison abuse: http://www.npr.org/templates/story/story.php?storyId=1875191
Economic downturn: http://ca.news.finance.yahoo.com/s/01122008/2/biz-finance-bush-apologizes-financial-crisis-says-economy-recover.html
To a certain extent even the Iraq War: http://abcnews.go.com/WN/Politics/story?id=6354012&page=1

But I could list a billion Bush apologies and it wouldn't matter jack to Obama-zombies. Just keep splooging on each other over Obama's 'apology' for something he had nothing to do with. And please quit apologizing for it. Just accept it. You've sold out logic, reason, and even common sense in the name of blind partisan fanboism. You're Obama-whipped. Just admit it. If Obama took out a gun on national TV and started shooting puppies you'd thank him for ending the 'future rabid dog menace'.

>> ^quantumushroomRs get some of the blame, but no Republican ever woke up and said, "Let's force banks to give the poor houses they can't afford. It's the fair thing to do"

Still pushing that bullshit claim eh?

Former Housing CEOs: Poor People Did Not Cause The Current Financial Crisis»
http://thinkprogress.org/2008/12/09/myth-fannie-freddie/

Richard Syron, former Freddie CEO: “I would think that it wasn’t mostly trying to do things for poor people.”

Daniel Mudd, former Fannie CEO: “[W]hen the market goes down, it’s the folks who are the closest to the margin who — who get hurt first and longest every time.”

Leland Brendsel, former Freddie CEO: “I cannot recall ever being forced to make — or to purchase a mortgage loan that I didn’t feel, as a matter of policy at Freddie Mac, was a good mortgage loan, a sound mortgage loan, and an attractive mortgage loan for the homebuyer or the owner of an apartment building.”

Franklin Raines, former Fannie CEO: “I do not believe that poor people are the cause of the current financial crisis. … Most of the losses, as I read the record, have come on mortgages that were made to middle-class and upper-middle-class people, not to poor people.”

the ad hominem attacks cut-n-pasted from Daily Komatose's baboonery are tiresome; instead of dealing with the FACTS of the matter you're...just making a fool of yourself.

That's rich for someone whose entire thinking comes almost directly word for word from Rush Limbaugh, Red State, NRO and Powerline. I noticed you stopped reading littlegreenfootballs

No matter, this generational looting of the Treasury--the second time Congressional majority taxocrats will be voting for one--won't make it through in its present odious form.

Wait what was that Republicans pushed for when Bush was in office? Oh yeah a Wall Street bailout. What happened with that? Did anyone track the expenditures? Didn't Wall Street give out a huge bonus package out to people who essentially caused all this? Who was running the Fed and had majority control when the housing market entered this crisis? Wait wasn't it Republican controlled with a Republican President? Jeez but oh no its all the Democrats fault off a scheme written back in what the 1970s? What is the Republican plan for saving American jobs? Oh Tax cuts? How did that work out back in 2005 and 2006? Did it prevent this? Nope.

I knew this would happen to liberals when Bush left office. All that titanic machine-against-the-RAGE has to go SOMEwhere.

Oh that's so rich for someone who was a die hard Bushie for years and only claimed he was a demo-in-disguise once it was clear he fucked up a Republican majority control.

Your inability to even put a question mark on your own beliefs is staggering and amusing.

LOL. QM. Still trying to push that myth around that poor people caused the crisis? Ha.

Former Housing CEOs: Poor People Did Not Cause The Current Financial Crisis»
http://thinkprogress.org/2008/12/09/myth-fannie-freddie/

Richard Syron, former Freddie CEO: “I would think that it wasn’t mostly trying to do things for poor people.”

Daniel Mudd, former Fannie CEO: “[W]hen the market goes down, it’s the folks who are the closest to the margin who — who get hurt first and longest every time.”

Leland Brendsel, former Freddie CEO: “I cannot recall ever being forced to make — or to purchase a mortgage loan that I didn’t feel, as a matter of policy at Freddie Mac, was a good mortgage loan, a sound mortgage loan, and an attractive mortgage loan for the homebuyer or the owner of an apartment building.”

Franklin Raines, former Fannie CEO: “I do not believe that poor people are the cause of the current financial crisis. … Most of the losses, as I read the record, have come on mortgages that were made to middle-class and upper-middle-class people, not to poor people.”

The claim that poor people or the government forced the banks to loan to people is a conservative myth. Listen to the Fannie/Freddie CEOs testify on C-SPAN:



Richard Syron, former Freddie CEO: “I would think that it wasn’t mostly trying to do things for poor people.”

Daniel Mudd, former Fannie CEO: “[W]hen the market goes down, it’s the folks who are the closest to the margin who — who get hurt first and longest every time.”

Leland Brendsel, former Freddie CEO: “I cannot recall ever being forced to make — or to purchase a mortgage loan that I didn’t feel, as a matter of policy at Freddie Mac, was a good mortgage loan, a sound mortgage loan, and an attractive mortgage loan for the homebuyer or the owner of an apartment building.”

Franklin Raines, former Fannie CEO: “I do not believe that poor people are the cause of the current financial crisis. … Most of the losses, as I read the record, have come on mortgages that were made to middle-class and upper-middle-class people, not to poor people.”

Hyperinflation necessitates the existence of at least 50% inflation rate per cycle current average inflation from 2000 to 2008 hovered at 2% to 3%. Last inflation rates for 2008 for Nov and Dec stand at 1.07% and 0.09% respectively. Don't be stupid.

First off, the Board of Directors, authorized how much the CEO of the bank was making, well before this financial crisis got started. With the list of pay, also has stipulations on the level of success reached by the company.

Second, this video does not give exact information, but merely, fear, that something has not gone according to plan. The information for the bailout for this bank, is a matter of public record. Now then, it is understood, that a bank is a business, and has to stay competitive. So its records are not known by the massaes. It is however known, by those peoples set up to over see the issues and exchanges according to the Congress of the USA.

Third, if you are still concern of this particular elements of the US goverment, contact your representative. That is their job, to REPRESENT you, the tax payer. If he doesnt do it, dont vote for them in the next election.

^ thanks, orn!

*kill

*dupeof=http://www.videosift.com/video/ANP-Tax-Havens-The-Hidden-Hand-in-the-Financial-Crisis

*dupeof=http://www.videosift.com/video/ANP-Tax-Havens-The-Hidden-Hand-in-the-Financial-Crisis