Thread: Credit crisis

Originally Posted by Chimensch

What this has to do with the subject at hand is simply this: the so-called "credit crisis" is one facet of the fact that 20% of the world's population controls 80% of the world's wealth and 1% of the population controls about 50% of the world's wealth. The so-called "free market" is not free, but controlled and manipulated by powerful, but invisible forces. The banks are organized and are exploiting common people. The only way to counter them is for people to act together in their common interest. The idea that we are all responsible for ourselves is promoted by the powerful to protect themselves. Those of you who want to cry "conspiracy theory" need only ask yourselves who is getting bailed-out in this "crisis" and who is getting the shaft and why it is that your so-called "elected officials" are going along with it.

If these forces are invisible, how do you see them? Do you have special glasses that allow you to see past the responsibilities and obligations of the common man and the importance of him living up to these responsibilities and obligations that he walked into with his eyes wide open?

Originally Posted by JMS

If these forces are invisible, how do you see them? Do you have special glasses that allow you to see past the responsibilities and obligations of the common man and the importance of him living up to these responsibilities and obligations that he walked into with his eyes wide open?

Like all invisible forces, such as the wind, you see them by their effects. In this specific case, the bankers committed fraud and they are being bailed out instead of going to jail. The average American taxpayer who lived up to his responsibilities is paying the bill even though he didn't do anything wrong and common people who got sick or lost a job (which are the causes of most home foreclosures) are out on the street.

Its a matter of time before this thread gets closed.....

So far so good.
I see no reason to close this thread. And as long as people keep civil like they are doing now, it can go on for 500 posts for all I care.

Well, it looks like Wamu folded last night. Hope my checkbook still works.

I thought another strong and reliable investment firm bought WaMu?

By the way, the $700 billion is to come from our own printers. Don't expect China to keep lending to US banks

Originally Posted by hoglahoo

I thought another strong and reliable investment firm bought WaMu?

By the way, the $700 billion is to come from our own printers. Don't expect China to keep lending to US banks

JP Morgan bought it after FDIC seized it. for about 1/40th of it's value 6 months ago.