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I Hate You America

addiction to materialsim is one of the problems, and if that was only a middle american problem we had a huge problem less to worry about.
 
Waidda damn minit!
Up until the last 3 or 4 months, all the world was giggling about the fact the Euro was strong, the Dollar weak, and them uppity 'muricans was getting wat was coming to them.
The US economy was irrelevant to the rest of the world. They don't NEED us!
What happened, there? You guys worked hard to devalue us, ridicule us, and point out that all this crap was our own damn fault.
Now it turns out we were the keystone?
Hoooo, Boy! How the tide doth turn.
 
parky76 said:
I wonder what Europe would look like today if the USA had not stationed troops in Germany during the Cold War.
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I wonder what the world would look like if the US hadn't invaded Afghanistan and Iraq... But that's probably just me..
 
Dear Zealously Greedy Investor,

All of us regular Joes wanted to drop you this line to ask a little favor...Could you please stop totally screwing up the economy of the whole freaking world?

Your zeal for making millions in a short amount of time, rules be damned, has pretty much ruined the economy for everyone. Many of us regular Joes are losing their jobs because of your failed "Get rich quick" schemes...and we have to foot the bill when they go south. Your re-packaging of worthless sub prime morgages into investment grade securities (how'd you do that?), and selling of that worthless paper to people all over the world...screwed everyone, and now no one can get credit.

Your zealous over-speculation of the oil futures market, artificially increased the price of a barrel of oil to record levels...costing everyone..and weakening the economy..just so you could flip the futures contract, and make a fast buck.

Please stop this.

Thanks,

The little guy.
 
I think its' shock because all of a sudden someone realised that New Zealand is subject to the same economic laws as everybody else.
 
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parky76 said:
I hate you foreigners who hate America until the last second when they desperately need our help.

I wonder what Europe would look like today if the USA had not stationed troops in Germany during the Cold War.

Can you say "da..Kommrad"???
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Epic fail old son, epic fail.

The USSR wouldn't have invaded Europe. Yes the US influence on the area was a stopper on the USSR taking control but lad war was never an option for them.
 
Dear gumboot:

This is the first time in history any economy has had a slow down. :p

My condolences.

Note how waves rise and fall. So do economies.

DR
 
slingblade said:
Yesterday, we saw a commercial for a car dealership that screamed "Bad credit? No credit? No problem!"

Hubby and I looked at each other, aghast. No problem? Hello?? Why are you begging to loan money to people who have proven to either not have any, or to be poor at handling what they do have? Have you seen the mess we're in today, Mr. Car Salesman?

It's not just the consumers to blame in this.
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Well, these car dealerships make this work by gouging the buyers on interest rates, then, if they can't make the payments, repossessing and reselling the cars.

It's a business model that's worked well for decades (for the car salesmen), and has never required a government bail-out to keep going.
 
Cavemonster said:
Non-US investors, largely governments, were buying up these strange mortgage backed economic products out of their greed to get a better return with supposedly less risk than other more traditional investments.
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Do note, however, that these international investors were told these mortgage-backed investments were rock-solid, triple-A, risk-free investments. So why wouldn't they jump at the chance of buying them? The only problem, of course, was that these investments were not the great, sound investments they were claimed to be by the sellers.
 
I should point out that my OP was tongue in cheek. ;) I love 'Muricans. The work bit is true, but a minor setback, that's all.

The responses are interesting, however.
 
gumboot said:
I should point out that my OP was tongue in cheek. ;) I love 'Muricans. The work bit is true, but a minor setback, that's all.

The responses are interesting, however.
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It sucks that you lost your job.

And however many players were involved to bring us to this point, it would be hard to argue that greedy American lenders and stupid American homebuyers who all thought house prices would go up forever are not central to the picture and don't deserve at least a healthy chunk of blame.
 
Good luck on your job :) !




But back to being an internet jerk, I think people are being stupid when they want to place all the blame on some external group of people like "the bankers" or "the poor" or "teh gubernmt!" There are varying levels of responsibility on a whole ton of Americans. It takes two to tango.
 
Tsukasa Buddha said:
But back to being an internet jerk, I think people are being stupid when they want to place all the blame on some external group of people like "the bankers" or "the poor" or "teh gubernmt!" There are varying levels of responsibility on a whole ton of Americans. It takes two to tango.
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That's why I figured I'd blame "middle America" - it's a very broad brush that gets everyone dirty. :)
 
aggle-rithm said:
Well, these car dealerships make this work by gouging the buyers on interest rates, then, if they can't make the payments, repossessing and reselling the cars.

It's a business model that's worked well for decades (for the car salesmen), and has never required a government bail-out to keep going.
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I think it helps foster a poor and irresponsible attitude towards credit. That was my point.
 
linusrichard said:
I can. It isn't. http://www.traigerlaw.com/publications/traiger_hinckley_llp_cra_foreclosure_study_1-7-08.pdf

I also wouldn't call it an "article," but that may just be me.
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You are confusing CRA banks with the CRA act. The CRA banks, created by Carter, can offer lower interest rates because they have a government backstop. CRA banks hold only 9% of the sub prime loans. The other banks are obligated under the CRA act to make loans to a certain number to sub-prime borrowers but had to charge higher interest to compensate for the risk. Be that as it may, it wasn't the sub prime loans that caused the melt down it was the sudden bursting of the housing bubble. People were willing to pay their mortgages on an appreciating asset but not one that depreciated so fast and so far that they owed more than the house was worth. This you can blame on Middle America since you had so many wiling to pay very inflated prices on the assumption that the prices would never go down.
 
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