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Jack R | Was there a single event that caused the need for this Bailout Bill? |
I just heard that the bill was just approved but I was just wondering, what actually caused all this?
Additional Details
I also heard it may largely be due to the fact that the Lehman Brothers, a financial-services firm, going bankrupt in mid-September that started it. The company had a bank debt of around $600 billion. |
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Ed Atun
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I think you are correct about Lehman Brothers who lied and kept lying just 24 hours before they went bankrupt.. |
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Gem
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Not a single event, but the perfect storm of many bad policies.
Trade with China and the wholesale exportation of our jobs.
Government mandate for banks to lend to bad credit risks (in the name of diversity and racism).
Clinton signing into law the removal of the Glass-Seagall Act which was passed to prevent the Great Depression from happening again.
A dumber population who thinks things make you happy and debt doesn't need to be paid.
The 2005 Bankruptcy Reform Act, and the doubling of minimum monthly payments and tripling of interest for the good/best customers.
The fact that most of our energy, half our food and nearly all of everything is else is made out of the country.
Personally, the minute we thought that sending the backbone & strength of our country (manufacturing) jobs out of the country, this all started to gather steam.
Vote the bums out '08
All of them |
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silverbullet
 |
Let me add to Gem's great answer:
Shady mortgage lending practices including: Ninja loans, no down payment, ARM's. Mortgage brokers trying to make their monthly nut cut a lot of corners to get loans for people they should've hung up on. Their bosses looked the other way, knowing they'd package and sell the loans before anyone had a chance to default.
Fannie and Freddie enabling the above under pressure from the liberals to make housing "affordable".
Inflated housing prices driven by house flippers, speculators, and the above shady lending practices. Too much artificial demand drove real estate prices way beyond reason.
In general, people living way beyond their means by stretching the equity on their McMansion to buy the boat, the SUV, and the Hawaiian vacation.
All it took was a teeny hiccup in demand and home values to bring down the house of cards.
Moral of the story?
1. Leverage and buying on margin is looking for trouble.
2. You have no business buying a house unless you have a significant down payment and need a place to live.
----
Note to Pat: China is a bigger player than you think, and not just because of outsourcing. Due to the massive trade deficit we have with them, they hold a lot of our debt. They could, if they chose to, collapse our economy by dumping this debt, or refusing to accept more. Essentially we've been selling assets to maintain standard of living for decades. At some point you run out of assets and have to pay the piper. If this recession isn't the call to account, certainly the next one will be. Note also that the first of the baby boomers turn 62 this year. Starting now, there will be more people pulling out of the stock market and labor force than putting in. We may not recover from this one. |
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debijs
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~~If I had to single out one event I would say it was the deregulation of banking loans. They could then give people who were not able to make the loan payments on the loan. Years ago this was something a person could sue a bank for. They use to be responsible for making sure you qualified for the loan.~~ |
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CherubRock
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Gem I would have to disagree on the China part. Our reliance on China isn't such a great thing, but the exportation of jobs didn't have anything to do with this crisis, and exportation of jobs keeps the economy going. That sounds counter-intuitive but in practice, the companies that export jobs to china and india do it because of a macroeconomic specialization. If one country does something better than another country then that country ends up doing most of that work. Manual labor is china's specialty thus, unless every country refused to use China's labor then US companies would collapse causing more job loss. Globalization doesn't hurt the economy as a whole it helps it. The people who are left behind want protectionist laws, but hey everytime you make a law to protect one person your going to be putting another person out of a job due to the retalitory protectionist laws put into place by the other country and the fact that US companies can not compete with foreign goods. Just look at the auto companies, the unions squeezed the life out of them. |
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xtowgrunt
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Nixon going to China in 1972 and starting the process to normalize relations with the Communist regime. |
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