President Bush on Financial Crisis
53Is he crazy?
President Bush's comments tonight on the financial crisis failed to mention that in his quest for money to fund the wars in Iraq and Afghanistan, the Fed raised the interest rate killing the appreciation of individual's homes, as well as strangling those families who bought homes with adjustable rate mortgages (ARM). These families bought their homes with ARMs products thinking that later they were going to have better jobs and salaries to continue to live the American dream, having a home.
The U.S. financial crisis is due to:
Greedy bankers who sold financial products (credit default swaps) to companies interested in buying insurance for their lack of due diligence in issuing credit products for a quick buck to their quarterly performance for higher salaries and bonuses.
Sleepy regulators, same as Katerina.
A president that does not stop printing money; therefore, increasing the national debt to ($10 trillion) just about the size of the GDP. We may have nothing to back the greenback, which is why our best companies are crumbling before our eyes.
Why we have to pay for that?
I suggest you get out of your 401K!
Is for that reasons the "Informal Economy" is growing.
Millions of people are looking for some way to make money, that's why the internet business is growing so fast.
I saw that a year ago and start my owner business, I found top 5 programs that are serious and that you can make money with very low investiment.
See on www.sandcr.ws and find some good products for you start running from this economic disaster on Wall Street!
Sand
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Comments
Bush tried to get congress to do something about Fannie mae as far back as 2001, anyone can tell you that the housing market is the core of our economic system, if that fails it will trigger a domino effect while the democrat congress sat back and did nothing. How is it that some senators including Obama were able to benefit from all of this while people were losing the shirts off of their backs?
But, why we have ro pay for that? There is another way to go. Wall Street has funds for emergency that they can use, but they don't want to take their funds money to pay for their mistakes. Wall Street has enough money to help the banks.
If you fon'y pay yours bill, they could give the same chance for you, me or one million pelople? No, I'm sure!
I totally agree with why can't wall street work on this on their own, there are alot of people out there with alot of money who invests and pull their money out of wall street that could step up to the pump and work this out, I heard just yesterday on the news that Wachovia is now hurting but some other banks might be willing to take over, they are working it out arn't they? I do believe however that if this does not get resolved it will affect you and I and everyone else in a big way. Yes the government needs to step in to help and to regulate but should be very careful as to how they do it because whatever they do can affect the future of this country. As far as the government coming to help you or I, no they wouldn't and I know that from past experiences through a recession when my family lost their restaurant. But we are not talking about a few business' we are talking about something that could affect our country economically as a whole.
I come from a country (Brazil) that had bad inflation years, I know very well what recession means. In the 90's the monthly inflation in Brazil,was 80%, could you believe that? I learned with this lesson, and I can tell you that independent of the govern, the people have to survive and we start to be very creative looking for alternatives.
I don't believe that this bill will solve the American financial crisis, but I believe we will find some way to survive. Changes will happen and the informal economy will grow...
Now they are talking about lowering interest rates to historic lows. I thought we already did that after 911. We didn't do it right the first time so let's try it again. Maybe it will work this time. Ahh! The economic crisis!
SandCR says:
15 months ago
I'm not sleeping about my money, do you?