Surprisingly perceptive, considering how ignorant most people are of economics. However, it leaves the impression that the cycle started with bad business decisions. Actually the current mess started back in the ’70s with the rise of subprime lending in the name of “affordable housing” which was forced on banks by Congress. There are plenty of other factors that contributed, but the heart and core was that it was one after another form of government interference in the market, forcing otherwise sane lenders to make increasingly stupid choices. So beware of any suggestion that the solution is more government interference. Remember, when a bad company goes out of business, that is a GOOD thing, so let it happen.
Unfortunately If we let it happen to many people will loose their retirement.What really Cheeses me off is that these companies are being “bailed out” with “our” tax money but my mortgage stays the same.I’m not looking for a free ride here,but since I’m helping to fix their mistakes I / we should get something out of it to.
ralphman over 15 years ago
kirkny16 over 15 years ago
Is the letter in the first panel from a one Mr John McCain? He should be freaked out in Arizona.
pschearer Premium Member over 15 years ago
Surprisingly perceptive, considering how ignorant most people are of economics. However, it leaves the impression that the cycle started with bad business decisions. Actually the current mess started back in the ’70s with the rise of subprime lending in the name of “affordable housing” which was forced on banks by Congress. There are plenty of other factors that contributed, but the heart and core was that it was one after another form of government interference in the market, forcing otherwise sane lenders to make increasingly stupid choices. So beware of any suggestion that the solution is more government interference. Remember, when a bad company goes out of business, that is a GOOD thing, so let it happen.
J0D0 over 15 years ago
Amen, Tiny, Amen.
WickedCrazy over 15 years ago
Unfortunately If we let it happen to many people will loose their retirement.What really Cheeses me off is that these companies are being “bailed out” with “our” tax money but my mortgage stays the same.I’m not looking for a free ride here,but since I’m helping to fix their mistakes I / we should get something out of it to.