Financial fuckery thread

[PopeTom]

The part that pisses me off.

If I made $250,000 a year I could:

Almost double my state income tax contribution to 10% of gross income
Then increase by federal income tax contribution to 50% of gross income

and still take home more than DOUBLE what I make now before taxes.

America's problems aren't gay marriage and abortions.  It's the sin of greed.

[Doktor Howl]

From The Because We Said So Department:

Speaking on the downgrade issue at the White House Monday, President Barack Obama said the U.S. will always be a AAA-rated country despite what rating agencies say, and he urged lawmakers to work together to tackle the nation's deficit.

http://www.msnbc.msn.com/id/44059948/ns/business-stocks_and_economy/

[Cain]

He's right.  So long as one major European country remains AAA, the USA can act as a AAA credit nation through the IMF, where it has effectively unlimited withdrawal.

[Telarus]

  So this is theatre... I wonder who the target audience is...?

[Cain]

If the cost of borrowing goes up without the real risk of default, who wins?  Those who lend the money...

[Disco Pickle]

Dow Hovering around 11,000, with a 500pt drop since opening this morning.  Without a significant rally in the next two hours before closing, it will mark over 1,000 pt loss from last Monday to today and last time closing below 11,000 since November of last year.

Would be a good time to buy stronger companies that are well capitalized but seeing downward price pressure from the broader sell off.

2 hours to go.

[Cramulus]

I'm in a debate with somebody about the financial brou-haha

he is attributing the financial crisis to "stupidity and laziness"... that the people who got taken for a ride by predatory subprime lending created the crisis. He's essentially saying that we're watching natural selection in progress.

Can somebody hit me with a bullet point about why the poor aren't to blame? I know there's a million good reasons I'm just having trouble organizing

[Precious Moments Zalgo]

Well, the billions of dollars in failed mortgages didn't cause the problem.  It was the trillions of dollars in CDO's that went kablooie that did it.  So it was the insurance companies that got taken for a ride by predatory investment banks that caused the real damage.  We would be watching natural selection in progress, but for the bailouts.

[Cain]

Yup.  Furthermore, bankers have a moral obligation not to lend money to someone who cannot be reasonably expected to pay it back.

[Precious Moments Zalgo]

 

Obama totally caved and gave the Republicans everything they wanted last week, so now the resulting market crash and S&P downgrade happened because Obama "failed to show leadership". That's true, but it's hilarious to hear Republicans say it.

http://www.washingtonpost.com/politics/romney-goes-after-obama-in-wake-of-credit-rating-downgrade/2011/08/08/gIQAMerW2I_story.html

Mitt Romney says the nation's credit problem arose because President Barack Obama has failed to show leadership on the economy.

Things wouldn't be so bad now if Obama had shown some backbone
   and stood up to us instead of giving in to all our kooky demands.
                                              /

[Elder Iptuous]

Yup.  Furthermore, bankers have a moral obligation not to lend money to someone who cannot be reasonably expected to pay it back.

Shouldn't that be refined to say that bankers have a fiscal responsibility not to lend money to risky borrowers that only turns into a moral responsibility in the context of a government that will backstop their shitty investments?

I mean if they were made to sleep in the beds they made, then i would have no problem with them making the decisions they did, other than an obligatory facepalm...

[Doktor Howl]

http://www.washingtontimes.com/news/2011/aug/8/michael-moore-obama-show-some-guts-arrest-sp-head/print/

HAW HAW!

THIS IS THE BEST DECADE EVER!

[Adios]

 

[Doktor Howl]

I think someone needs to remind fat boy that this isn't the 1930s.

[Elder Iptuous]

oh, that's gooood....