Depression of the 20's ..

Oh my my that is rich..

I must have gotten a different history book when I was in school,(when school was still teaching and not baby setting) books that I had , had the Depression in the 30's and it would have ended sooner if it had not been for the BS of the FDR admin , the Depression only ended because of WWII and FDR setting us to get in.

Todays crashing started small back in the 70's and each congress and Admin has just done a patch and pray... but today that is not going to work any more.

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Government Should Fear the People That Voted Them In!!

New Government=one that the President likes a GOP idea but then the Staff puts that Idea in a very DEEP HOLE.

Read HR143 get enlightment.

The Revolution Will not be Televised

what does obama have to do with the shortcomings of american capitalism, a callous system designed by the greedy and regulated by the quasi competent?

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True.... What's your point?

ummm, pal, it was a question.

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Obama is the perfect counterpoint to capitalism.

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"The problem with socialism is that you eventually run out of other people's money." - Margaret Thatcher

The "truly enlightened" are aware of no relationship between this statistic and any event which occurred prior to Jan. 20, 2009.

So the fact that the trends continue down have no relationship to events since Jan. 20, 2009?

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"The problem with socialism is that you eventually run out of other people's money." - Margaret Thatcher

I'm familiar with the phenomena, but at least where I live most of these are brought up by bargain hunters, who quickly "flip" the properties for prevailing market value (one of the few honest uses of this practice) and the overall market stays the same. If there are a lot of foreclosures in an area at one time the market might fall temporarily but it should rebound fairly quickly as all the foreclosures are sold and then resold again.

The derivatives created a bubble, the prices of the homes were bid up out of all relationship to their real value because noone ever intended to pay for it anyway, but just to cash out after the rise in prices made them a profit. They, essentially, were financing the home's future increase in equity and were caught when it stopped increasing and in fact, fell. You can see, however, that this is a consequence not a cause because the price must fall BEFORE this tactic will not work. Falling prices will exacerbate this, yes, but the prices must still start to fall first.

Are you talking about how banks "create" capital by loaning out money they don't actually have on deposit? They're actually creating debt, the capital only really comes into being when someone pays it back.

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Alizee Jacotay, the reason god invented hips

Obama/Biden must have "GUESSED WRONG AGAIN?" ---LOL

Quote:

Last month Obama stated he would create 600,000 NEW jobs by summers end. He stated that the 787 BILLION economic stimulus bill--that really isn't a stimulus--would keep unemployment from rising above 8.4%. Obama stated that he would create 3 million new jobs with this stimulus bill --(that he or no one else read before signing off on it) by this years end.

NOPE--OBAMA owns this economy NOW. He's not going to get away with passing it off on the Bush administration after all this money--& promises, promises, promises.

Your so intelligent, so articulate President--just doesn't understand that one cannot BORROW & SPEND THEIR WAY TO PROSPERITY.

Thank you Captain Quibble. He did say SINCE the 20's, which would make the statement correct, since the 30's are after the 20's.

Yeh,yeh, it all started way back in the 70's, or even before that, when Roosevelt started Social Security. Hell, we have people on here who think the Sherman AntiTrust Act is finally coming home to roost and I just recently argued with one guy who thinks it began in 1803.

Bullshit, you can keep a bad thing going for a few years but several decades?? this isn't the Middle Ages, anything around for 40 years is successful nowadays because if its been there for that long it's likely something else by now anyway.

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Alizee Jacotay, the reason god invented hips

Individuals maybe, but it's how governments and nations get rich. How do you think we came out on top after WWII when we had been in the deepest Depression of all time for 10 years before? Going by your lights Germany should have won that war. They had recovered from the worldwide panic long before anyone else and were, arguably, the most prosperous nation in the world when it started

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Alizee Jacotay, the reason god invented hips

(chuckle)

Maybe it's because the banks at the behest of Wall Street sold people mortgages below cost, because mortgages were the raw material that Wall Street was coining derivative money from.

How much does all the low income mortgage payments put together add up to?
Not nearly as much as has gone missing, and most of what has disappeared has gone the way of credit default swaps.
Now I know that blaming low income people for not making their mortgage payments has a certain appeal to a racist mind, but the numbers don't add up to anything near what this crisis is about.

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“ The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”

Adam Smith , The Wealth of Nations 1776

"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address

Uh, what? Blaming people who entered into contracts with no intention of fulfilling their end of the bargain, and who did not fulfill their end of the bargain, is racist?

Go back and read what was said, the amount of money lost so far exceeds the value of all the mortgages on all the property ever sold in the history of the world, and certainly the almost piddling number of mortgages lost by "poor" people. The actual pool of defaults does, however, contain a disproportionate number of Hispanics and blacks, as it always does because they compose a disproportionate number of the poor and the poor are more likely to have money problems by definition.

I remember back when this all started it was rich people who had overextended themselves who were to blame, lotsa pictures of mansions being repoed and rather prosperous looking people bemoaning their fate. Then it came out that some poor folk had done this too. Instantly, all those losing their homes became either black or Hispanic, and the whole thing an inner city phenomena.

This is one of the sickest parts of this, the way the real causers of this problem have shifted the blame to the most vulnerable of their victims. People who were hoodwinked and often outright defrauded by unscrupulous mortgage brokers into buying into the American dream, and the worst part is how far they seem to have succeeded.

I will say that I think racist is an unfortunate choice of words. I would prefer classist. The technique being to blame those poor who have dared to try and rise above their "station" in life for all our problems. This is a typical ploy of those who still believe, as of whom one of the FF said, that "..they believe some are born with saddles and themselves are given spurs."

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Alizee Jacotay, the reason god invented hips