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The *economic meltdown* is:

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rzemanfl Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 07:06 PM
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Poll question: The *economic meltdown* is:
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Extend a Hand Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 07:17 PM
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1. There will be an economic meltdown no matter what congress does.
Edited on Sun Sep-21-08 07:37 PM by sad_one
The proposed Paulson plan won't do any thing but delay the inevitable bankruptcy of the insolvent firms. The entire securitization model is bust. Even if they dump their existing bad debts on the taxpayers, they won't be able to sell any new mortgage-backed securities.

voted other.
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sendero Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 07:58 PM
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2. Real..
... and the direct results of letting the foxes guard the henhouse (deregulation).

The banks that are now in trouble were making LOTS AND LOTS of easy money handing out mortgages to folks they knew damn good and well could not pay them back, and then foisting off the paper on unsuspecting investors.

The fallout from this will take at least a decade, maybe more to work through. Asia and especially Europe invested in a lot of this paper and got badly burned, they will not trust Americans for a very long time.
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Liberal_in_LA Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 08:02 PM
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3. kick
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Naturyl Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 08:05 PM
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4. Pyramid scheme, upward redistribution of wealth, SCAM, etc, etc.
This is a complete shameless rip-off. It's an enormous welfare HANDOUT for the rich in a country where we sneer at the idea of welfare for people who actually need it. Complete SCAM and racket. Privatize the gains, socialize the losses. Tony Soprano never had it so good.

This is a disgrace. Moar meds, please! I'm gonna need them.
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Motown_Johnny Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-21-08 08:10 PM
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5. IMO mostly true.. Michigan's economy is already pretty bad. We can't take much more here. Maybe you
won't have bread lines in silicon valley, but we are almost there now.
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