tag:blogger.com,1999:blog-1461700565722278823.post279060921983529327..comments2024-02-27T14:44:07.868+01:00Comments on Greedy goblin: RecessionGevlonhttp://www.blogger.com/profile/07072766785893313616noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-1461700565722278823.post-78527430477468586782009-02-04T01:15:00.000+01:002009-02-04T01:15:00.000+01:00You seem to think sub-prime loans are the work of ...You seem to think sub-prime loans are the work of the devil, at first they were a brilliant idea people got homes and banks made money, then another bank saw this money, got greedy and stupid and started giving out sub-prime loans like candy.<BR/><BR/>They were wonderful for a short time but greed in this case fostered stupidity.<BR/><BR/>In any case the recession has been good for anyone who has retained their jobs since everything has dropped in price with these 60% of sales and interest rates slashed to their lowest ever.<BR/><BR/>I'm a uni student at the moment so it doesn't really affect me much at the moment since my course has been declared a national priority thus i don't have to worry about paying it.<BR/><BR/>So yeah the recession here in Australia isn't that bad yet, we are in a fairly interesting position in that we relied on the U.S for some time and have felt the shudders from your collapse but we have since started trade deals with far more stable economies like china's.<BR/><BR/>So i think it's safe to say Australia will be able to ride this one out better than most western countriesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1461700565722278823.post-71985296394245526912009-02-03T23:56:00.000+01:002009-02-03T23:56:00.000+01:00Knife, might I point out to you that these high-fl...Knife, might I point out to you that these high-flying CEOs have no choice but to take the money. Government does what it does because it can forcibly fine you and put you in jail. I have no problem with that if government is fining and jailing rights disrespecting criminals, and these "greedy" CEOs are hardly in that category.<BR/><BR/>Part of what the government is foolishly trying to do is to keep liquidity up, but that will only result in inflation, and continue the poor lending practices that got us into this financial crisis in the first place, but going into more detail on this is beyond the scope of this blog, or even this comment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1461700565722278823.post-63725961536342784622009-02-03T19:10:00.000+01:002009-02-03T19:10:00.000+01:00Gevlon-Who are these "they" you speak of? - "@Arto...Gevlon-<BR/><BR/>Who are these "they" you speak of? - "@Artorin: they were not just greedy. They were greedy AND stupid."<BR/><BR/>"They" are everyone. Everwhere. Ever. If you have 10 apples and I have 1 apple and a bat, I'm going to beat you and take your apples. I'm then going to watch you until the end of time, bat in hand, not noticing that someone else just stole both of our apples from me.<BR/><BR/>Overly simplistic? Maybe, but it gets the point across. Any time you have more stuff than 90% of other people, you get big, fat and stupid. Why not rest of your laurels? You have $90B in your account. <BR/><BR/>We agree that these CEOs should NOT be put in charge of more of our money ($700B seems a bit excessive when the avg CEO we're talking about already has taken his 2B bonus...). If a child just beat up five children, why would you give him a bat?<BR/><BR/>The gov't could privatize credit, you're correc there's nothing stopping them (nothing that they couldn't work around anyway). It would temporarily solve the problem, but we'd have a different one. Have you ever been audited by the IRS? I have been, unjustly. It took 3.5 YEARS for the gov't to admit fault, give me back money, refuse to give me interest on the money they seized (my idea...), and then proceeded to audit me on every tax return since. My point is- yes, the system would be fixed, but it would take you an unreasonable amount of time to get ANY amount of credit due to the gov't.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1461700565722278823.post-18094287607404664742009-02-03T16:04:00.000+01:002009-02-03T16:04:00.000+01:00Knife: Just because the "company" goes bankrupt, i...Knife: Just because the "company" goes bankrupt, its building does not collapse, nor its employees turn stupid. The government could instantly reopen banks and industries in the same buildings, with the same employees, with new leadership. Granted government own business is not the best, but they could be privatized when the economy comes back online. (continued in next paragraph)<BR/><BR/>@Artorin: they were not just greedy. They were greedy AND stupid. Deadly combination. I would never give any subprime loan, even if my premium is decreased. Not because I'm nice and responsible, but because I rather get 100000$ for 30 years than 500K for 1 and then go bankrupt. I wouldn't be one of these CEO-s, with all their millions. One day (very soon) they will be watching into the barrel of a shotgun of a guy who lost everything because of them.<BR/><BR/>Their stupidity is the reason why I think they must be put out of business. It's not the $4B I cry for that they payed to themselves from the taxpayers money. I'm worried about the other $696B that they going to spend with such wisdom and care as they already displayed.Gevlonhttps://www.blogger.com/profile/07072766785893313616noreply@blogger.comtag:blogger.com,1999:blog-1461700565722278823.post-71442532201246026512009-02-03T15:36:00.000+01:002009-02-03T15:36:00.000+01:00Knife I'm pretty sure that is what Gevlon was talk...Knife I'm pretty sure that is what Gevlon was talking about... obviously we need banks and creditors but not ones who are as greedy and selfish as these goblins are (see what I did there?) Sadly though it is a cycle that will continue forever.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1461700565722278823.post-12908163934113933222009-02-03T15:28:00.000+01:002009-02-03T15:28:00.000+01:00"So my advice: until these guys are removed from e..."So my advice: until these guys are removed from every influential positions, don't give a single cent for "market saving" actions. Vote no for every such attempt and all the politicians who support them. Don't throw your hard earned money into a bottomless bag!"<BR/><BR/>Your advice/call to action would be correct in a perfect system of black and white policies.<BR/><BR/>Indulging you- let's say we all do just that: don't give a single cent to bills to save [insert industry]. The fact is, due to lobbyists, large corporations, dummy corporations on behalf of large corporations, and the bulk of the business-world, these "bail-outs" are <I>going</I> to go through.<BR/><BR/>Speaking from America, even if I vote NO on everything and <I>America</I> doesn't give a cent to <I>American</I> companies, someone else will. If we don't give them money they'll cry to Europe. If they still don't get money they cry to China, or India, or [anywhere else]. Net result- even if it involves a third world nation selling its nuclear arsenal on the black market in order to provide money to bail-out these companies, it WILL happen, your vote or not.<BR/><BR/>The poisoned assets/derivatives will be paid for, somehow. Is it wrong? Yes, but it will still happen.<BR/><BR/>What if it doesn't? What if your suggested strategy "works" and all of these ridiculously influencial industry "leaders" are forced out?<BR/><BR/>Well, first off, think of how many people they'll lay-off before they admit to being bankrupt (both morally and financially). 3million last month. What if Citi, BoA, Wells/Wachovia, TD and all the rest just throw up their hands and say- you know, Gevlon's right. We're corrupt. We'll step down now...and shut down our banks, give ourselves bonuses, make sure we're set for life and then leave.<BR/><BR/>3million jobs lost will look like a drop in the bucket compared to that. But then what happens? You know that plastic credit card you own that has $10,000 on it because you couldn't afford stuff before and charged everything (think of the vast majority of societ)? Well, there's now no more Visa, Mastercard, or any other company willing to provide credit because they have no backing. Hooray- you're free of Credit Card bills, you now fully own your car and your house and anything else you have a loan on...except the entire financial industry is gone. No banks. No loans. No credit. No market. <BR/><BR/>Then what happens? There's suddenly no money at all to pay for things. As in anything. Supermarkets can no longer "wire" money to trucking companies to pay them to deliver food. Car parts...well, that's a fantasy any way you cut it. The steel industry, agriculture industry, heck even the box/cardboard industry no longer can ship anything unless they have the cash on hand. Even if that works- if you know a trucker is carrying $100k worth of stuff plus $30k in his pocket, why <I>wouldn't</I> you steal his truck? I don't condone it, but what logical reason would you have for not doing it besides the moral one?<BR/><BR/>Bottom line- the only reasonably intelligent way to bail companies out is to force the head executives and all management to leave prior to getting bailout money. That way at least the corrupt leaders aren't getting the bailout cash...the only issue is that now you have inexperienced people in leadership rolls. <BR/><BR/>I don't want to give my hard-earned money to the government, don't get me wrong. I just see no other solution to the problem which won't cause a national and then global economic shutdown.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1461700565722278823.post-24403294841870047662009-02-03T13:44:00.000+01:002009-02-03T13:44:00.000+01:00to your Publication i can add this lovely video:ht...to your Publication i can add this lovely video:<BR/>http://www.youtube.com/watch?v=2-BZfFakpzcSun CRmhttps://www.blogger.com/profile/03421055667691309277noreply@blogger.comtag:blogger.com,1999:blog-1461700565722278823.post-87452579235567082592009-02-03T13:09:00.000+01:002009-02-03T13:09:00.000+01:00NINJA!NINJA!Anonymousnoreply@blogger.com