The Official Presidential Debate Thread (Round 2)

What's the better solution? Allow Wall Street to totally implode and watch as we enter the Greatest Depression?

Sorry, I don't personally believe that the government's role is to act as a mortgage lender. And... screw Wall Street. And Main Street. If you choose to *risk* your company's assets in shady, fundamentally poor investments and it comes back to bite you in the ass, that's on you. If you choose to *risk* your financial well being and purchase a home you cannot afford, that's on you. Everybody loves free/cheap money/assets but nobody wants to be responsible for their piss poor decision making. My own view is, let 'em fail, there will be a vacuum formed and new business will rush in to fill it. It may take time but I truly believe that would be the best in the long term. The way we're currently going, no one is going to learn ANYTHING from this mess. Everyone who screwed up and put us in this situation is going to get bailed out at the expense of everyone who was responsible. That's fucked up.

Sorry, I don't personally believe that the government's role is to act as a mortgage lender. And... screw Wall Street. And Main Street. If you choose to *risk* your company's assets in shady, fundamentally poor investments and it comes back to bite you in the ass, that's on you. If you choose to *risk* your financial well being and purchase a home you cannot afford, that's on you. Everybody loves free/cheap money/assets but nobody wants to be responsible for their piss poor decision making. My own view is, let 'em fail, there will be a vacuum formed and new business will rush in to fill it. It may take time but I truly believe that would be the best in the long term. The way we're currently going, no one is going to learn ANYTHING from this mess. Everyone who screwed up and put us in this situation is going to get bailed out at the expense of everyone who was responsible. That's fucked up.

Just making a point that what used to be sound conservative investments are no longer that, like Fannie/Freddie & Mortgage Backed Securities.

Just making a point that what used to be sound conservative investments are no longer that, like Fannie/Freddie & Mortgage Backed Securities.

Agreed, and the reason they are no longer sound is because the principles involved decided to change their business practices in favor of short sightedness.

Agreed, and the reason they are no longer sound is because the principles involved decided to change their business practices in favor of short sightedness.

And political correctness. Or more pointedly...they bought votes.

Agreed, and the reason they are no longer sound is because the principles involved decided to change their business practices in favor of short sightedness.
Fred & Fan had to pick up this bad papper because congress got involved with how banks gave out loans which is the biggest part of this entire mess. If congress kept their nose out of lending and banks kept up their conservative approach knowing they where stuck with any bad papper then they would have done so. This just goes back to goverment screws up everything they touch but heck lets give them more power. Why not let them screw up health care even worse or keep screwing up the school system, SS, etc.. because they do such a fine job. Funny thing is the two guys running for office both had a hand in these poor decisions. Yes both McCain & Obama are as guilty as anyone in this mess. Now we get to vote for them to fix the mess that they helped create to start with and you know what we will get. More goverment and goverment programs that over spend and are poorly run.

Fred & Fan had to pick up this bad papper because congress got involved with how banks gave out loans which is the biggest part of this entire mess. If congress kept their nose out of lending and banks kept up their conservative approach knowing they where stuck with any bad papper then they would have done so. This just goes back to goverment screws up everything they touch but heck lets give them more power. Why not let them screw up health care even worse or keep screwing up the school system, SS, etc.. because they do such a fine job. Funny thing is the two guys running for office both had a hand in these poor decisions. Yes both McCain & Obama are as guilty as anyone in this mess. Now we get to vote for them to fix the mess that they helped create to start with and you know what we will get. More goverment and goverment programs that over spend and are poorly run.
they had it right. until someone decided it was time to DE regulate. thats what started the free fall. if you let the rats run wild, soon there will be no more cheese

they had it right. until someone decided it was time to DE regulate. thats what started the free fall. if you let the rats run wild, soon there will be no more cheese
Please tell me what was De regulated? Not just saying banks but give what was actually de regulated.

Please tell me what was De regulated? Not just saying banks but give what was actually de regulated.

Telecommunications (http://en.wikipedia.org/wiki/Telecommunications_Act_of_1996), Media (http://www.fcc.gov/ownership/), and Banks (http://en.wikipedia.org/wiki/Financial_Services_Modernization_Act).

Fred & Fan had to pick up this bad papper because congress got involved with how banks gave out loans which is the biggest part of this entire mess. If congress kept their nose out of lending and banks kept up their conservative approach knowing they where stuck with any bad papper then they would have done so. This just goes back to goverment screws up everything they touch but heck lets give them more power. Why not let them screw up health care even worse or keep screwing up the school system, SS, etc.. because they do such a fine job. Funny thing is the two guys running for office both had a hand in these poor decisions. Yes both McCain & Obama are as guilty as anyone in this mess. Now we get to vote for them to fix the mess that they helped create to start with and you know what we will get. More goverment and goverment programs that over spend and are poorly run.

Agreed but, correct me if I'm wrong, I don't think Fred and Fran were FORCED to take on all of these subprime loans, the GOV just gave them the option and they took advantage of it. But, looking at your entire post, I can see we mostly agree.

Agreed but, correct me if I'm wrong, I don't think Fred and Fran were FORCED to take on all of these subprime loans, the GOV just gave them the option and they took advantage of it. But, looking at your entire post, I can see we mostly agree.

Forced? No. At least not in a legal sense. I believe.

But yes "forced" in terms of manipulated so that their best way to make money was by buying junk loans.