Comments on: Arrogance, Greed, No Accountability and Irresponsibility Leads to 1 Trillion Dollar Disaster

By: Rudy Laurenti

Rudy Laurenti — Thu, 21 Apr 2011 11:04:00 +0000

At times you haven’t any idea just what you are looking for and then bam, the solution is right before you. This has cured my needs for the moment and I’m away and off to a good sleep.

By: Lisa in NC

Lisa in NC — Thu, 16 Oct 2008 23:40:27 +0000

I think the above comments have salient points; however, in my mind the common factor in the actions and reactions that have brought us to this place is FEAR— America has become a fear-based, what’s in it for me society and the big guys know this and have capitalized on it…they BANK on it! I am sadly in the same boat as much of you. I’ve lost my job and am living on what little savings and investments I have. It is understandable to be disheartened, but in the midst of our despair I think it important to remember who we are. We must demand integrity from the leaders of our country and also practice it for ourselves by becoming proactive in who we support as leaders, where we spend our money, who we spend our time with and how we live our lives.

By: Marlene Franklin

Marlene Franklin — Wed, 01 Oct 2008 01:57:35 +0000

I don’t think this bill should be done. I am sure if our goverment would get out of the way, in time the problem would fix it self over time., But if there must be something done why not give everyone
who have lost their home because of housing value going down or equity lost or who have been forclosed give them the money. Give the money back to the people who have and are losting. That makes as much sense and it may cost less.
My husband and I have lost one hunderd thousand in equity and we need to sell and move but as you know selling isn’t happening. But if each person got back what they have losted could buy another
home prices would start going up and the problem would fix over time. Why not just give the money
back people that have been used by the big guys. You do know that even if the people who have lost know has a bad credit report and couldn’t buy even if the money was their. That sounds smarter than giving the money to the vary person’s that made this mess and all well knowing what they were doing. There is a saying “fool me once shame on you, but fool me twice shame on me”. This is or it looks like what our goverment is going to do. Shame on them, and don’t vote for any one person that’s vote’s for the bill that doesn’t have a bailout for the people that have lost their homes. People work very hard for years to get their homes and the equity they have build. Why should they lose?

By: Kanan V. Jaswal

Kanan V. Jaswal — Tue, 30 Sep 2008 16:58:48 +0000

One more reason, in addition to the ones you have given, for the foul
financial fiasco is that the so-called experts forgot to keep it simple.
The newer derivatives that they used for hedging etc. are so complex that it would require high calibre mathematicians to unravel them. And the fat cat bankers, being no mathematicians, traded in those derivatives without any idea of the incalculable risks they were exposing themselves to in the process. Now that the inevitable has happened the same international bankers, showing the herd mentality typical of their tribe, are not touching even legitimate risks unless they can’t unload them onto the U.S. government in one way or the other.

The government will ultimately have to bail out the defunct banks and other financial entities because it can not allow a repeat, only much worse, of the early nineteen thirties - the Congress will come around after sounding sanctimonious and silly by turns - but it must extreme discipline on the top functionaries of the outfits it would prop up. Till such time these companies are not able to fully pay back to the government, salaries should be regulated and no obscene bonuses, signing bonanzas or golden parachutes be permitted.

By: Richard

Richard — Tue, 30 Sep 2008 15:24:48 +0000

Much of what you wrote is right on. However,I see a need for a change in fundamentals. For decades, our leadders have been extolling the virtue of shapping with credit. If the economy is slowing, in fact Pres. Clinton before Christmas urged the citizens to go out and shop. If individuals acted as the insitutions looking for a bailout have, we’d be on our own. The U.S. is a nation of debt. We’ve become a consummer economy instead of a producing economy. It’s time we stop urging people to go further in debt to solve their problems. It seems to me that the purpose of buying a house is to purchase a home, not expect the value to go higher so you can then borrow against it. My parents, who lived through the Depression, never used credit, except for an American Express card paid off each month.

I’m not sure what the solutions is (looking forward to your call Sat), but we do HAVE TO MAKE SOME FUNDAMENTAL CHANGES in how we view finances and the economy.
Richrad

By: Carrie

Carrie — Tue, 30 Sep 2008 12:38:49 +0000

Hello Great take on what is happening today in this country. Forgotten is the morals that this counrty was founded upon truth, justice, and God! “In God We Trust” is written all over our government. Our forfathers dreamed of a place that one’s “true foundation” of love, honesty, integrity, and the freedom to prosper, would flourish. This set off the “American Dream” and is what we have sold to other countries. But what we sell to other countries now is how to not honor a higher power (God), lies, backstabbing, that crime pays very nicely! This is now the “foundation” of our country and those who lead us. The truth will always come out in the end, and truly “what goes around comes around!” except all of these financial institutions are giving each other and the public the “deer in the headlights” look. It is funny how the universe looks after those who practice honesty, faith, love. Those who placed greed high on their agenda as a goal will get what they deserve eventually. But in the meantime, we are all critics about the solutions to this problem that will not go away anytime soon. Now, as a nation, we can survive and “recession proof” ourselves with new goals for the future, and the elimination of fear. And that “God” that so many have taken out of the American equation will provide! We are in desperate need of authority figures that know about integrity and the like; Where are they? And will they please take a stand!

By: Alex Newell

Alex Newell — Tue, 30 Sep 2008 07:03:19 +0000

I agree with your analysis Jim. A culture of corporate
irresponsibility has grown up aided and abetted by a hands
off attitude from government.

As a Brit it seems odd to say this - that the French seem to have
got this right!

They criticise our “Anglo Saxon” model and we laugh! Partially
for the misnomer - we did read about “Anglo Saxons” in history class
and we left them there.

What we are talking about here is “laissez faire” capitalism - a market model where we leave the market to sort things out with a minimum of regulation

Well we have seen the death throes of Reaganomics or Thatcherism
or laissez faire - what ever term you wish to use.

A rather more grown up approach is needed where we recognise the strengths and the weaknesses of the markets.

And we need to deal with the bonus incentive system that seems partially responsible for the bad judgements and decisions that lead to all this.

By: Mike

Mike — Tue, 30 Sep 2008 05:26:07 +0000

Maybe I am a Moralist . Maybe I am just tired of massive greed for many peoples life purpose in life . I do not wish anyone to suffer finacially but maybe it is time to purge the system ,like one would purge thier body ,by fasting . Many of the enities that have caused this melt down will end up getting rewarded with the bailout as it stands . I also see the 700B as more of a bandaid on a festering soar and till the wound is fully cleaned this amount of money will only be a temperary fix My bank is one that went under(with the CEO on the job for 3 weeks get roughly 17m$) and my business is already feeling the effects and I know the bail out will not be dirrected to the people or for the people . I also know for a fact that if I fail ,I will not be getting any bailout and neither will many small businesses.With the government slowly having a share of all the banks,housing and many corperations we may soon be the Socialist Republic of America and that is not what our forefathers died for .

By: Liz [Ohio]

Liz [Ohio] — Tue, 30 Sep 2008 04:59:50 +0000

I was raised as much by my grandparents as my mother, and inherited their values. Integrity and character–and honest hard work–are what I respect. Yes, you don’t hear much about character any more–but it means far more than title or social status, in the part of Appalachia my folks came out of!
Like the poster from Canada, I am frustrated by people’s reactions. I am reminded by the line from “Men In Black” [of all things]: “A person is smart. People are a bunch of stupid, panicky animals.” Yes, there are rotten decisions and opportunism at the bottom of a lot of this mess. But every single one of us could listen to the voices of reason and the history. There is *proof* that The Market Always Comes Back. Even from the ‘great depression.’
I feel like making and wearing a t-shirt that says “I am a person–not a stupid panicky animal.” And no, I am *not* well off; I don’t have a cushion; I make about 25K a year, period.
It frustrates me to see profiteers injure people, but the extent to which they injure themselves, or, worse, others, by thinking with something other than logic or about facts, also bothers me. Some of this just Doesn’t Have to Happen!
Anyone for starting a movement?

By: Steven Flaws

Steven Flaws — Tue, 30 Sep 2008 00:40:19 +0000

This is good comment but I feel stating the obvious. Bill Bonner of The Daily reckoning writes about the financial system in his book “The Empire of Debt” its a must read. I am intersted to know your solution I have some years thought the way cannot last the way we do business the wat we waste we consume and don’t put back. It takes time but a crisis like this brings into focus the real situation we all face which is rising population and limited resources. Ask yourself what can I do to help today no matter how insignificant you feel it is do it, do one thing today that helps. Then do another thing tomorrow and the next day till it becomes your attitude to contribute to the answer. The answer is in The first will be last and last be will be first.Look at the those who have to survive or the cultures that have survived regardless of the power brokers they are self sufficiant communities that care for the well being of eachother.
Together
Steven (Australia)