AIG - economy - EOTWAWKI

[Geesie]

About the failing banks...

The Securities and Exchange Commission can blame itself for the current crisis. That is the allegation being made by a former SEC official, Lee Pickard, who says a rule change in 2004 led to the failure of Lehman Brothers, Bear Stearns, and Merrill Lynch.

The SEC allowed five firms — the three that have collapsed plus Goldman Sachs and Morgan Stanley — to more than double the leverage they were allowed to keep on their balance sheets and remove discounts that had been applied to the assets they had been required to keep to protect them from defaults.

Those five firms, three of which collapsed this year, got a loophole 4 years ago allowing them to carry 40:1 debt:capital ratios instead of the previous SEC mandate of 12:1.

Whoops.

 

[srercrcr]

Why are you complaining about the govt getting in your way. At 25K you pay negligible income tax, something like 1500 big ones, if the tips are reported and if single?

 

[85 Cutlass Brougham]

Well, I don't have any plans of staying at this income level! I mean come on, this is America, opportunities abound for those willing to chase them! I complain because of a love for my country, and a wish to not see opportunities disappear that are here for me now. It's all about the ideals I believe in, socially as a member of the Christian Right, and economically as a fiscal conservative. I believe in helping others, but not by force of law. No one should have a gun to their head to pay for social programs they do not wish to pay for, it should be done through voluntary charitable contributions. I also should not be forced to buy health insurance I do not wish to pay for, nor should anyone else pay for my health care. It should be purely my choice and responsibility.

 

[Tony_SS]

http://www.youtube.com/watch?v=KX9r-L1gKQc&eurl

 

[srercrcr]

According to the right, then.....voluntary charity would be the assistance given to the unemployed, the hurricane victims, victims of work-related accidents. There would be no minimum wage, no labor laws including children, no efforts to clean our lakes, rivers, and air. No food safety laws, no FDIC insurance, no consumer protection laws, cars could be built with no safety features.....the list goes on. These are all Democratic initiatives designed to protect the world we live in and not giving cart-blanche to big business to just make money at everyones elses expense.

 

[85 Cutlass Brougham]

According to the right, then.....voluntary charity would be the assistance given to the unemployed, the hurricane victims, victims of work-related accidents. There would be no minimum wage, no labor laws including children, no efforts to clean our lakes, rivers, and air. No food safety laws, no FDIC insurance, no consumer protection laws, cars could be built with no safety features.....the list goes on. These are all Democratic initiatives designed to protect the world we live in and not giving cart-blanche to big business to just make money at everyones elses expense.

Sounds pretty good to me. Then I could get that Mexican Nissan Tsuru I have been eyeing for years now, complete with a $7500 price tag and 30+mpg city.