The big R

8029 Views 94 Replies 15 Participants Last post by fishinfoolz, Jan 29, 2008

sir john

Discussion Starter · Jan 18, 2008

With both sides of the House and the President in agreement that the country needs a boost do you think the country is headed for recession. They are talking about it over here and blame it all on the sub prime loan fiasco.

I was also surprised to hear that your banks are selling shares to Middle East Countries/India/China and Tiawan(sp). They are doing this to keep their heads above water. I bet you would be upset if China took over some of your banks.

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CommanderX

· #4 · Jan 18, 2008

I blame over taxation, over regulation, subsidies, and intrusion into the free market. Big government has been propping up and bailing out failing sectors of our economy for too long. New home construction has been a driving force of our economy for 10 years now, but the huge bubble from the past 2-3 years has burst and cutting interest rates isn't going to bring it back.
If we continue to drop interest rates and print money as fast as we can, we are in for some serious trouble.
I knew I should have bought some gold when I had the chance.

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CommanderX

· #25 · Jan 18, 2008

Stonefish said:
CommanderX said:

I blame over taxation, over regulation, subsidies, and intrusion into the free market. Big government has been propping up and bailing out failing sectors of our economy for too long. New home construction has been a driving force of our economy for 10 years now, but the huge bubble from the past 2-3 years has burst and cutting interest rates isn't going to bring it back.
If we continue to drop interest rates and print money as fast as we can, we are in for some serious trouble.
I knew I should have bought some gold when I had the chance.

Click to expand...

I agree there are times when there is to much big government. That being said, there are also times when we need the government to step in and regulate things. This subprime meltdown is a prime example. While owning a home is the american dream, there are folks that just shouldn't have been home buyers. If minimum lending guidelines for the mortgage industry had been in place, folks with sub 500 credit scores won't have been able to purchase home. That may harsh, but its reality. Unregulated sloppy lending practices to satisfy Wall Street's greed for quick and fast dollars got us to where we are now.

The whole bubble was created by sub-prime mortgages. I feel no remorse for anyone with an interest only loan or an ARM, and I feel no remorse for the predatory mortgage companies driving it. If the government continues to bail everyone out who makes poor decisions the behavior will not change.
I am disgusted by the people who would take out home equity loans to pay off credit cards and think they are now debt free, who then go out and run up their credit cards again while driving their new suv's with big rims.

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