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April 01, 2008

Comments

tyler

Uh Professor Morgan...I wasnt raising my hand about the Fed...I was raising to ask if I can go to the bathroom now....

Dave M.

""John McCain's laissez faire approach leaves those hurt on the micro level, individual homeowners, on the hook for their bad decisions while rescuing those bankers who did the same. McCain's solution is only to bail out the institutions who engaged in the predatory lending, the bad practices and eave you, the voter, hanging for yours. ""

If they made bad decisions, why shouldn't we leave them "on the hook"? Bear Stearns bailout is hardly that. Stockholders got killed when the stock dropped 90% and there will be massive layoffs. As for student loans, well, it's called a credit crunch, an event just as common as a recession. When politicians get involved and try to prevent recessions and crunchs is when they make things worse and interfere with the normal cycle of expansion and contraction of the capitalistic system. Meanwhile, you still got 2,000 lenders still in the student loan system, and was admitted to by Kanjkorski. He's just grandstanding.

Over 246 mortgage lenders have gone under since 2006. I'n not seeing the bailout you mention..

http://ml-implode.com/

John Morgan

Of course you CAN tyler. The question is, MAY you?

John Morgan

We can't destroy the economy just to teach them a lesson. We must avoid a catastrophic economic collapse at all costs. That's the macro approach.

Peter Bonny, Jr.

I am absolutely speechless about this. So many regular hard-working Americans, including myself, depend on student loans to obtain high education when they cannot afford to otherwise...and for the Administration's reckless handling of our economic sector and draining of our economic resources on the Invasions of Iraq, Afghanistan and attempted attack on Iran I'm so F*****G glad House Representative John Conyers is putting IMPEACHMENT back on the table.

Dave M.

""We can't destroy the economy just to teach them a lesson. We must avoid a catastrophic economic collapse at all costs. That's the macro approach.""

For every predatory lender you show me, I'll show you many more "liar loans", aka Alt-A loans, where the applicant flat out lied about their income. These liars should be taught a lesson. Your second sentence is exactly what McCain is saying.

""..and for the Administration's reckless handling of our economic sector and draining of our economic resources.""

Actually, the economy was doing quite well until the Democrats took over in Congress. They hold the purse strings and they are accountable. As the old saying goes.."The President proposes and Congress disposes".

""on the Invasions of Iraq, Afghanistan and attempted attack on Iran I'm so F*****G glad House Representative John Conyers is putting IMPEACHMENT back on the table"".

Impeachment would guarantee a GOP victory in the fall. It's time to move on, dontcha know. And you are one of the few people I've seen who also disapprove of the war in Afghanistan. Frankly, the facts are that both wars are quite necessary. Oh BTW, when did we attempt to attack Iran? Havn't heard of that one before.

John Morgan

The economy wasn't doing well. What little growth we had was due to homeowners tapping their equity for consumer goods and the military-industrial complex's huge war profiteering. The corporatists did very well while working people suffered. Real wages decreased for many people, inflation ate away their savings and job creation didn't even keep pace with population growth. It's been dismal.

Dave M.

Not true. The most important figure is household total net worth and that has done quite well during the Bush years. From 2002 to 2007, household net worth rose 47%, 27% after inflation. Total increase of 20 trillion dollars. If you didn't know, household net worth is a measure of total assets, such as houses and pensions, minus total liabilities, such as mortgages and credit card debt.

There have been numerous debates as to which Presidency has had the better economy, Clinton or GW Bush. It's a close contest. Clinton economy relied on gains in stock market, Bush on gains in housing market, plus a rebound in the stock market from the Clinton recession in 2000-2002.

John Morgan

How conveniently you omit the 22 million jobs Clinton created. Household value, if you insist on using that as the measurement, is now declining and credit card debt has increased markedly. People are living on credit because they can't make ends meet. Loan defaults across the board are going up as people are squeezed economically. You need to get out and speak with real people in the real world and see what they're dealing with.

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