Showing posts with label sub-prime. Show all posts
Showing posts with label sub-prime. Show all posts

05 March 2008

What is it About Annonymity?

Does anyone else write posts then leave them sitting trying to decide if they are post-worthy or not? This was one of those posts and since I am uninspired by words on this HNT eve (I spent the better part of this morning trying to decide if I could actually post a photo of my ass derriere tomorrow), I thought I'd post one of my orphaned posts ...

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I got my first wac-a-doodle commenter. No surprise it was on my Which is Worse? post. Even less of a surprise, it was an anonymous commenter. Now, I probably shouldn't even acknowledge this commenter, but I'm such a politics whore I just can't stop myself. Besides, it gives me an opportunity to spew my venom express my conservative views.

I'm not going to post the entire comment - if you'd like to read the senseless ramblings other perspective you can find it [HERE]. RED text below is copied from the comment. There were some points I'd say are valid, and others that are just so completely wrong I couldn't let them go unchallenged.

In America, the richest 1% now hold 1/2 OF ALL UNITED STATES WEALTH.

So? Why is this a problem? For the most part they've worked hard to get that money. This really should motivate the rest of us to push ourselves harder so that we can earn more.

THE RICHEST 1% HAVE LITERALLY MADE WORLD PROSPERITY ABSOLUTELY IMPOSSIBLE.

Now there's an uplifting thought! Make people believe they can't better themselves and they'll be dependent on your help. You can spend billions of dollars on social programs to keep them believing they can't do it themselves. Here's reality - the average family's income rose by 35 percent (adjusted for inflation), and the income per person in the household was up 153 percent (adjusted for inflation) in just the last generation.

So when too much wealth accumulates at the top, the middle class slip further into debt and the lower class further into poverty.

Let's look at what really leads to poverty in America (from An Inconvenient Book by Glenn Beck):

  • About 2/3 of "poor" children reside in single-parent homes

  • 92 percent of children who live in families that make more than $75,000/year live with two parents; 80 percent of those who live in families that make less than $15,000/year do not.

  • Kids who do not live with two biological parents are more than five times as likely to be poor and twice as likely to drop out of high school and have behavioral problems.

This isn't about where the wealth accumulates, this is about what has happened to the American family.


The wealth does not ‘trickle down’ as we were told it would. It just accumulates at the top. Shrinking the middle class and expanding the lower class.

If you are looking for income equality, you best find yourself a home in a communist country. The only down side to that is that most communist leaders tend to kill millions of their own citizens.

If it weren’t for the OBSCENE distribution of wealth within our country, there never would have been such a market for sub-prime to begin with. Which by the way, was another trick whipped up by greedy bankers and executives.

Yes, the sub-prime fiasco was lead by greedy bankers, but guess what? They were catering to a market that was demanding loans. This was a high risk group that was more likely to default on their loans. Do I think this means we should bail out sub-prime lenders? Absolutely not, nor should we bail out those that ignored the terms of their loans. Learn to live with the decisions you make in life.
Sub-prime. Their idea. NAFTA. Their idea. Outsourcing. $200 cell phone bills. Their idea. $200 basketball shoes. Their idea. $30 late fees. Their idea. $30 NSF fees. Their idea.

It must be a warm fuzzy place that allows one to blame all of their personal woes on "them." Who was it that accepted sub-prime loans? Who is it that demands lower prices (NAFTA, outsourcing)? Who is it that racks up a $200 cell phone bill? Who is it that must have the latest and greatest in basketball shoes? Who is it that pays their bills late and overdraws their checking account?

Oh! That would be "us"!

Of course, the rich will throw a fit and call me a madman. Of course, their ignorant fans will do the same.

Since I'm not rich, I must be an ignorant fan, however something tells me I may not be the ignorant one in all of this.

Be one of the first to predict the worst economic and cultural crisis of all time and explain its cause. WE ARE IN BIG TROUBLE.

I actually do believe one of the worst economic crises may be looming on the horizon. I believe we are headed for a significant recession (at the least) and possibly another depression. What I don't believe is that this is due to those who are wealthy. This has to do with trying to artificially fix things (sub-prime bail-outs for example) rather than allowing the economy to self adjust. This has to do with our inability to live in a cash (rather than credit) society. This has to do with the loss of our country's moral compass.

Would things be tough for a few years if we just swallow our medicine now? Absolutely, but if we don't, this commenter is right on target - WE ARE IN BIG TROUBLE.