(Biloxi Specific)
0 messages
Updated
Lakes Online Forum
83,647 messages
Updated 6/3/2024 8:27:48 AM
Lakes Online Forum
5,195 messages
Updated 5/31/2024 4:36:53 AM
(Biloxi Specific)
0 messages
Updated
Lakes Online Forum
4,169 messages
Updated 4/15/2024 11:05:05 PM
Lakes Online Forum
4,261 messages
Updated 5/28/2024 6:31:10 AM
Lakes Online Forum
2,976 messages
Updated 3/20/2024 11:53:43 PM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
| Name: |
Talullahhound
- 
|
|
| Subject: |
Bernenke
|
|
Date:
|
12/7/2010 3:35:01 PM
|
I don't know if anyone here caught the interview with Ben Bernenke on 60 Minutes last Sunday. I guess it caught my attention, because it confirmed something I have been thinking for some time now. Things in our economy are much worse than the average American realizes. Essentially, our country in on the ropes. We may not recover fully to where we were.
It would be easy to blame Obama, or blame Bush or Congress, but the real problem is the American people. We let this happen because we stopped applying common sense, we stopped watching and questioning what was happening to our economy. We were all so thrilled when the real estate market made our house "worth" double and triple what we paid for them. People were living on their credit cards, to finance a lifestyle that they really couldn't afford. We let the jobs go off shore for short term profitability. We didn't stop the Unions. We didn't ask the right questions. We were all just having a grand old time. We put our country at risk.
My SIL volunteers to hand out food when her church sponsors a food bank. I saw the people there -- it must have been 300 people. The other day, I read an article that justified walking away from your home when you are upside down on your mortgage.
Some mornings, I can barely watch the news shows. And I feel so angry about the "politics" and who is "winning" because if ever there was a time for the country to pull together, it is now.
URL: money.cnn.com/rssclick/2010/12/05/news/economy/ben_bernanke_60_minutes/index.htm
|
| Name: |
Tall Cotton
-
|
|
| Subject: |
Bernenke
|
|
Date:
|
12/7/2010 3:43:12 PM
|
I've only heard bits and pieces of the interview, and while his accusation of how we got here may be correct, he proposes the government do the same thing to try to get out of the mess, borrow more money we don't have.
|
| Name: |
water_watcher
-
|
|
| Subject: |
Bernenke
|
|
Date:
|
12/7/2010 4:33:55 PM
|
I saw it ... he was defending his QE2 which is driving the dollar lower and lower. I was shocked when they asked him how confident he was that he could stop it at the right time to avoid a collapse of the currency and cause a run up in inflation ... his answer 100% confident. Wow.
I agree with most of what you said Hound ... you left out that the american people also borrowed against those inflated home prices that further boosted the economy (for a period of time) ... it is also why there is so many foreclosures because they had not only the mortgage that was many times under water, they had a equity line or debt as well ... so they just turned in the keys and walked. Many of the foreclosures are not involuntary ... a high percentage is just walking away. they had nothing down and then also borrowed against a false value.
But lets agree that while both parties share the blame ... the whole housing bubble did start with privatizing Fannie and Freddie, then using them to back loans under the CRA under carter and expanded under Clinton. They then took it a step further looking for more loans since bonuses were paid on loan production. This then led to creative Wall Street minds packaging loans backed by Fannie and Freddie and marketing them. The whole thing is a shame and a mess.
But I feel, if government did not get involved in the first place and let the private markets make the loans ... there would still be 20% down payment required and much higher credit standards and requirements. Yes fewer people would have had loans and owned homes ... but the mentality that everyone should be able to own a home, even if they can not afford it or does not have the credit, and the government will back the loand is insanity to me. It is not how I scraped and saved for the down payment on my first home. There is more pride when you work hard to get something ... rather than the government saying you are entitled to it and we will help you.
|
| Name: |
Talullahhound
-
|
|
| Subject: |
Bernenke
|
|
Date:
|
12/7/2010 8:54:09 PM
|
I agree with you that it was ridiculous for the government to decide everyone was entitled to home ownership. It's just irresponsible.
Yet, there is such a thing as personal responsibility on the part of individuals. I can't excuse people for not asking themselves the right questions. I can remember when I used to get 3-4 credit card offers every day in the mail. Just because it was being offered didn't mean I had to say yes to everything offered. It's the same mindset that says
"I want a 55" Flat screen TV" and I have to have it right now.
In a way, it's the same mindset that says "our country is in trouble" but I shouldn't have to give up anything to help fix the situation.
|
| Name: |
Woodrow
-
|
|
| Subject: |
Bernenke
|
|
Date:
|
12/7/2010 9:38:39 PM
|
In a way, it's the same mindset that says "our country is in trouble" but I shouldn't have to give up anything to help fix the situation."
People paying the taxes likely may see things differently.
|
| Name: |
Yankee06
-
|
|
| Subject: |
Bernenke
|
|
Date:
|
12/8/2010 12:58:44 AM
|
Yeah, maybe the American people are "ultimately" at fault, if you believe the axium that we get the government we deserve.
-But I place the blame on congress and teh White House ...for at least the last 20 years. The people followed their lead.
-The left, if left on their course, will ultimately bankrupt any country, ours is no exception. Unthinking liberals, fellow travelers, in America are just now awaking to the fact that our country is in deep finacial trouble. Big surprise! What did they expect!!!!! They followed the hardcore left's siren song of do-gooder-feelings without thinking these policies through.
-The conservative politicians also moved to the left, so that today's conservatives are where yesterday's liberals use to be. When Bush, after 9-11, told us to go out and shop, my heart sank, ...the writing was on the wall. When the Republican congressional majorities of the Clinton and Bush years did not have the fortitude to stop Fannie and Freddie or the smarts to stop the changes to Glass-Steagall, the writing was on the wall. This is not Monday morning lookbacks. This was all debated at the time, ...but the lesser angels won.
-Only congress has the power, ...and responsibility, ...to set the monetary policies of the nation. The congress failed us, ...and based on the last few days, they are about to fail us again. Now the same people who caused the problems want to blame the American people, ...and now come to the rescue. We should throw the rest of them out at the next election. It's too bad that it takes three elections to clean out the senate.
-We are all going to wakeup in a year or two and find our retirement dollars worth about half of what they are worth today. SOme of us might think that we are too old to get back in teh game and do much about it. I hope the younger generation is not. ...but remember, it was the graybeards who stopped Obama's first crazy socialized medicine bill...and who led the rise of teh Tea Party movement.
-The American people take their cue from their leaders. Let's continue to clean house till we get leaders worthy of the calling, ...then we will hear them, ...then we will follow them, ..till then, follow your brain and make the politicians follow us!
-
|
|
|
New Post
Search
Off-Topic Forum
Reply
»
Mississippi Coast
»
Biloxi
Login
|
Home
