“I certainly don’t fault Senator McCain for these problems, but I do fault the
economic philosophy he subscribes to,” Mr. Obama said in a statement. “It’s a
philosophy we’ve had for the last eight years – one that says we should give
more and more to those with the most and hope that prosperity trickles down to
everyone else.”
THIS IS EXACTLY WRONG.
What's causing the financial breakdown is the SUB-PRIME MORTGAGE CRISIS which was caused by banks LOOSENING THEIR LENDING PRACTICES TO MAKE IT EASIER FOR POOR PEOPLE TO BUY HOMES.
IOW: LIBERALIZING AND LOOSENING LENDING PRACTICES AND EXPANDING SOCIALISM.
We all saw the ungteen bazillion ads on TV:
"No down payment necessary and poor credit... that's OK.!"
They lent money like there was no tomorrow. Only there is ALWAYS a tomorrow and that's when the fiddler must be paid.
Go read the rest at Astute Bloggers.
4 comments:
This collapse is not taking place at the end of a financial quarter. I question the timing as it appears to coincide with this election cycle and the recent negative turn of fortune for the Obama campaign.
I also question the sanity of any banker that would consider sharia finance shell game in light of this crisis.
With industry going offshore to support a global economy, Islam Buying up The West, piece by piece with funds obtained by manipulating energy costs for higher profits . . .this is all happening very quickly and I'm deeply concerned.
HRW
IMO, this "collapse" is all about the election cycle.
These financial companies is trouble are showing losses on paper. But check their profit margins for several years previous as well as the packages for the CEO's.
It's all about derivatives, CDS, SIVs, etc and ~$500 Trillion that cannot be allowed to appear in the sunlight. It ain't about Obama losing points. It started unraveling over a yr. ago and will go on for a couple of more years. Wall Street banking wiz-kids invented this toxic brew and sold it to banks worldwide. If either Obama or McCain knew anything about finance they would probably be trying to lose not win.
"If either Obama or McCain knew anything about finance they would probably be trying to lose not win." . . . said SamenoKami
In a sane world you're right. However, it is apparent that neither candidate is concerned with sanity, finance (except for personal) OR status quo.
"CHANGE" . . .both parties advocate it.
Fjordman encapsulated it thus:
"There are both left-wing and right-wing Globalists. They have different agendas, for instance with left-wing Globalists putting much more emphasis on silencing free speech and promoting "international law" through the United Nations, while right-wing Globalists concentrate more on the free flow of people across borders, just as they want free flow of goods and capital across borders. The current Presidential election campaign in the USA between Obama and McCain is a race between a left-wing and a right-wing Globalist. Both want open borders, if only for slightly different reasons."
Insert massive influx of third world immigrants from the umma, add trillions of petro dollar investments in US financial instruments and real estate, introduce sharia finance to restructure investment strategies into this chaos inducing formula and voila - insolvency = global caliphate
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