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Will America’s greed take down the global economy?

Time and time again it seems that America keeps on shooting himself in the foot regarding financial stability. You would think after the bio-tech bubble, and the dot-com bubble, America would start getting a clue about its financial stability. With the housing bubble, the greed of banks and the blindness of the people who signed mortgages they could not pay may now bring America down. With a blessing of resources that God has granted America, people still cannot live in their own means. People are in debt up to their heads buying meaningless c**p just trying to keep up with everyone. Why can Americans not live in their own means?

 

The American government just gave Wall Street seven-hundred billion in funds to prevent several major banks from collaps, but should they do that? I say just let them die. Why did the government give money to the banks that were financial irresponsible. I do not think the government should give any money to the people with bad mortgages either. Why my taxes should be given to someone who could not even do basic math and see if they could afford their payments?

 

It seems ever since the sixties Americans have been spending more and more and saving less and less in the meanwhile. What are driving these financially risky habits? New TV, bigger cars, bigger houses and more meaningless junk for people to buy. Two thirds of the American economy is dependent on people consuming. What happens when Americans can no longer consume like they did in the past? We are going to see a lot of dark times ahead until it gets better.

 

I hope that Americans will slowly realize that it is better to save money and plan for the future than blow all your money on shiny new toys without a backup plan. I say they should require economic classes to be mandatory in high school so we do not get into this mess again in the future. The age of easy credit is gone. Now you will be forced to use responsible credit. What do you think? What can America do to prevent this mess in the future?

Posted: Monday, December 01, 2008 2:29 AM by whitelotus

Comments

Craysh said:

To be fair, it wasn't the greed of banks that forced the collapse of the mortgage bubble, it was the politicians (namely President Carter and later enforced by President Clinton) who legislated penalties if banks didn't offer the sub-prime loans.

Was it greed? No, politicians were trying to get low wage earners into houses and the banks were trying to survive.

If free trade was alive and well in the U.S., people would be doing a lot better.  Unfortunately, people like you who consider anyone who's trying to make a decent living as greedy, always push to increase taxes on those people and tax them into the ground, calling it "paying their fair share."

Instead it stagnates the economy by restricting the liquidity of a business.  90% of small business owners claim their business taxes on their tax forms, and when politicians say they're going to "raise the taxes on the fat-cats," they're actually raising the taxes on these business members.

That's the real problem right now.  

# December 2, 2008 10:40 PM

d3krepit said:

The big corporations run this country, the politicians do what they're told and even the president is a pawn.  B. Obama will not fix everything instantly and was backed by more big corporations than McCain. The big corporations are looking to buy out their competitors and we are in a slump because of it.  This plan has been carefully crafted in an effort to increase profits.  Getting money out of the average person's hands and into the hands of old rich white men.  

All politicians were first businessmen, I'm sure some of them were initially 'for the people' but after some time greed got the best of them.  The Bush family owns oil companies, Cheney was the former CEO of Halliburton, and they started an unofficial war with Iraq when they had no involvement with 9/11.  Even our troops are getting inadequate equipment because of the contracts our government has with their 'loyal suppliers' (which they probably own).  In the eyes of a businessman its the perfect plan, to be the consumer and the supplier, but with someone else's money(ours).

As long as there is a central banking system we  will always be in debt, sorry to say but there's no way around it.  Oh and don't worry, they're not going to change it, because, why would they?  They're getting mad loot!

# December 3, 2008 8:32 AM

jagflo said:

blah blah blah.......who cares. Im black and I finally have a BROTHA in tha "white" house.

you ,whitey,can all go pennyless for all we care it'll make it easier to slap the chains on ya all.

What did you really think "take america back" meant huh?? stupid caucasians

# December 8, 2008 7:58 AM

jagflo said:

that was a joke btw

# December 8, 2008 7:59 AM

jagflo said:

im really asian lol

# December 8, 2008 8:00 AM
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