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faoust21 (November 30, 1999 at 12:00 am)
the whole capitalist world lives knee-deep in shit,in case you haven't ever been outside the US.I am not stalinist,i am trotskyist,but capitalism has to go.We had enough of that crap.workers democracy,planned economy,sustainable development!
valeryon123 (November 30, 1999 at 12:00 am)
You're right, we should all live knee-deep in shit like they did in Soviet Russia.
emendemon (November 30, 1999 at 12:00 am)
Banks don't BUY anything from the Fed (Treasury Bills come from the "Treasury Department", genius). You lost my interest, stupid YouTube video.
EasyEight88 (November 30, 1999 at 12:00 am)
ALL the normal safeguards of THE MARKET were removed by the government!! With no risk to them, and the Government removing lending standards until all you required was a pulse the housing market become wide open to run away speculation. Fannie/Freddie lowered standards to where they accepted SELF reported income, and DIDN'T CHECK!! Yep, you could make up any income you wanted, they didn't run a credit check!! AND they backed the risky loan with the "full faith and credit" of the US Government!!
EasyEight88 (November 30, 1999 at 12:00 am)
LOL! TheWoodman40 has it right! The FED started this by forcing banks to make the "Risky" mortgages in the video.Once they held Risky mortgages they normally wouldn't have taken, they looked for ways to lemons into lemonade, and the result was the CDO scheme in the video. But the GOVERNMENT drove this, and as Woodman pointed out, GUARANTEED the risky loans through Fannie/Freddie. So combine low interest rates and low-risk (to the banks, not to us) risky loans, and we get the subprime meltdown.
NethenielBernessd (November 30, 1999 at 12:00 am)
humuhm i know this is not a real chat but.. Anyone up for some cam chat
faoust21 (November 30, 1999 at 12:00 am)
you could just say "capitalism". Capitalism created the crisis and their hunger for profit.Enough with this stupid system.
bigbadwolfeinc (November 30, 1999 at 12:00 am)
what kind of program was used to make this?
The4LA2Baker0 (November 30, 1999 at 12:00 am)
if we gave every cent in existence today to pay off all our national debt, we would have no(ZERO) money and still a hefty sum of national debt remaining.Sounds stupid right? It IS."The Secret of Oz" is a more indepth look at whats wrong with our economy."The Money Masters" is also very good.Both free LEGAL downloads on the bit-torrent network.
brandgineer (November 30, 1999 at 12:00 am)
Amazing job on this. super clean animation I love it.~ Justin Malone |
