Ugh

[wraithfodder]

Just watched the Presidential address.

So? What? Elmo from Sesame Street wasn't available to give this Dummies Guide to financial disaster? Amazing how Bush didn't say "Greed" or "government incompetennce" once...

Grrr, sorry, but the whole mess is a result of greed, simple as that.

Comments

[n7cdrsheppard.livejournal.com]

Ouch! Ya know, running with scissors or playing with baby rattle snakes could have been more productive and not nearly as depressing...Yeah, they suck in a most disturbing way...go do something nice for your self now...What would Sheppard do? Or better yet, what would Ronon do? :)

[cat-77.livejournal.com]

I work for the Bankruptcy department for a major bank (not one of the ones involved), and am getting flak at work for saying the banks should take care of themselves. They got themselves into it, they need to get out of it or go down trying. The law requires our debtors to do so, why should these businesses be outside the law? Yes, it's going to suck. No, it's not going to be easy. But you know what? It's the law.

This may, possibly, be why I probably won't be up for a promotion any time soon...

[xfkirsten.livejournal.com]

It really is greed. That's always been humanity's downfall, and that's our downfall in this situation. Speaking as someone whose job is based on America's disposable income, it's a bit freaky. No money = no vacations = no job for Kirsten.

[timespirt.livejournal.com]

Yes,

And as usual, we the people will have to bail the rich and infamous out of all the trouble they got into. Didn't hear that they were going to look into the money made by all the CEO's that get all that money to run a company! The people just get to work themselves to death while the rich get richer!

[medievalcamelot.livejournal.com]

I think the banks are stupid for getting into this mess and not seeing what a mess it was until it was too late. There is so much they could have done to prevent it before things went too far.

I also have to step back and wonder what on earth consumers were thinking though? Multi-rate, balloon payment loans??? Come on! It amazes me that no one thought ahead to 5 years down the road when the housing market would be flooded with people trying to sell their homes to avoid the changing rates/balloon payment, after having driven the market sky high so no normal person can afford a normal loan. My husband and I saw those loans and made evil hex signs at them. A balloon payment in 5 years?!? Ya right!

Yet again though, the banks should have controlled the number of these types of loans they approved. It would have helped keep the housing market under control.

[delcamy.livejournal.com]

"cat_77 wrote:
Sep. 24th, 2008 10:04 pm (local)
I work for the Bankruptcy department for a major bank (not one of the ones involved), and am getting flak at work for saying the banks should take care of themselves. They got themselves into it, they need to get out of it or go down trying."

I agree with cat_77 here. Besides the (the banks) should have never given home loans to people who had to know they never could afford the home in the first place.

And just sucks that alot of good people may lose their jobs over this mess (hopefully they don't).

[flingslass.livejournal.com]

And WE just sit and watch the whole debacle and see what impact it has on the rest of the world *sigh, shudder*

[nialla]

Why are the people who've already suffered losing their investments due to the greed of corporations expected to throw even more money into a pit to save those companies? It's like giving money to a gambling addict.

Why aren't those executives having to bail out their own damn selves by selling off their second (or third) homes, multitudes of cars, etc.? Anyone else would have to, so why do they get to spend everyone else's money to oblivion, then expect those same people to rescue them.

There's been a scandal in the Dallas school district recently that's sort of a smaller scale of this. The DISD was spending money they didn't really have due to an "accounting error" of $64 million. As a result, they will be firing a lot of support staff, librarians, etc., and may possibly have to fire teachers.

The superintendent has said he won't resign, but he feels super bad about it and will take a 5% pay cut to help cover some of the shortfall. He made $379,050 in base salary last year, making his pay cut worth roughly $19,000. That's more than a lot of people earn in a year, so I'm not really feeling any of his pain here.

[celestial-diary.livejournal.com]

See, I knew money is the root of all evil!

I just hope this whole financial debacle is somewhat "fixed" soon, cause if it's affecting the 1st world countries, imagine how bad it's affecting the third world countries and their economy.

Someone needs to go to prison and be held accountable. That's what happened here in Australia when several of the major bosses went to jail when the insurance company collapsed.