Comments on: Paul Ryan talks taxes & spending with MSNBC’s Chris Matthews

By: bobshenix

bobshenix — Mon, 22 Aug 2011 00:58:39 +0000

There WERE gov’t guaranteed safety nets for giants like Fannie and Freddie… do some homework. In any case, look how the financial collapse played out; when all was said and done the most reckless were bailed out with taxpayers’ money!

Given the current state of politics in Washington and the prevalence of the entrenched establishment, it’s not much of a stretch to presume that backdoor deals and private conversations amongst major power players were going on while the bubble was inflating.

By: Meade556

Meade556 — Mon, 22 Aug 2011 00:53:47 +0000

@bobshenix Safety nets when they were public but they took on a lot more toxic products after they were privatized. When public subprime loans made up a small part of their balance sheet. Besides you want to blame people blame Alan Greenspan, the Republicans and a good deal of the Democrats too. We did not have these problems between 1933-1981, periods of high regulation and high taxation.

By: bobshenix

bobshenix — Mon, 22 Aug 2011 00:36:36 +0000

Regardless of details when and how the ‘safety nets’ were made official, the technicalities are now irrelevant. The whole debacle went down exactly how guys like Peter Schiff and Ron Paul — who both predicted this crisis YEARS beforehand — said it would. Paul himself had warned multiple times on the House floor that an eventual bailout was “inevitable”.

Bottom line– the safety net WAS there and it WAS abused to the fullest. The moral hazard of bailout economics can scarcely be overstated.

By: tbwil11

tbwil11 — Mon, 22 Aug 2011 00:35:31 +0000

@Meade556 I see what comes out of my check and I know what employers pay. SSI is a pay as you go system that will be broke. Personal retirement accounts are a much better plan.

By: Meade556

Meade556 — Mon, 22 Aug 2011 00:07:43 +0000

@tbwil11 Social Security won’t be broke for another 25 years and even then it will be able to service 78% of its obligations if no change is made. What private sector scheme can say that? None. And as for your 401k those are in the hands of a bunch of compulsive gamblers, so kiss your money goodbye, that 401k you worked your whole life for, will make up the salary of just one banker for one year of work.

By: Meade556

Meade556 — Sun, 21 Aug 2011 23:50:56 +0000

@bobshenix A lot of left wingers predicted it would happen. Like Joseph Stiglitz and Paul Krugman, two STATIST minded people. They were right about regulation. And the techicalities are relevant. The Street is trying to shift blame to Washington, when Washington is not at fault because it did not write most of the mortgages, it withdrew the safety net and these idiots were not counting on any safety net, but property prices to continue rising.

By: tbwil11

tbwil11 — Sun, 21 Aug 2011 23:14:12 +0000

@Meade556 Have you been listening to the news lately? My 401 has done far better than a what I hope to get from SSI even through the troughs and its MINE and its FAIR because personal accountability was the catylist behind the contributions. Think of the possibilities if I could have contributed even more thru the years. SSI age for me has ALREADY gone to 67, it will go up again for sure. Personal retirement accounts are superior in every way as evidenced by the many nations switching.

By: tbwil11

tbwil11 — Sun, 21 Aug 2011 22:19:25 +0000

@Meade556 Gramm Leach Bliley was not the cause of the meltdown.

By: bobshenix

bobshenix — Sun, 21 Aug 2011 21:55:53 +0000

They’re both at fault [Wall St & Washgtn] and rest assured the crooks on all fronts got taken care of in the end, in one way or another. I agree that the government legislation needs to make the private sector work for the people, but you underestimate the role government played in precipitating this mess and in rewarding bad business behavior.

Why not let the failed banks fail and make some room for the more honest bankers who didn’t overreach… why is it always about propping the system up??

By: rodge2001

rodge2001 — Sun, 21 Aug 2011 21:14:46 +0000

fuck the government.