Why can't americans admit they messed up the economy?
- Thread starter mahram
- Start date
You mean these tents:
http://community.seattletimes.nwsource.com/archive/?date=20080217&slug=tribes17m
Look at the images in the presentation for nice looking tents.
Dr. Guido Hülsmann, chairman of the University of Angers economics department and senior fellow with the Ludwig von Mises Institute, provide an expertââ¬â¢s perspective on the current economic climate in a visit to Grove City College March 5. He discussed ââ¬ÅHow to Get Out of the Economic Crisis.ââ¬Â
http://www.gcc.edu/Guido_Hulsmann,_Economic_Crisis,_March_5,_2009.php
http://www.gcc.edu/Guido_Hulsmann,_Economic_Crisis,_March_5,_2009.php
Your thread title should be more specific. By Americans, you probably mean just a handful of American financial companies, the clueless "expert" mainsteam media and obviously partially the government.
99% of the American populace had nothing to do with devising or facilitating complex financial derivatives. Maybe their 401Ks had some indirect connection, but most people do not even comprehend these instruments. Sure many poor individuals took out absurd home loans, but they were not the ones that securitized those mortgages.
Furthermore, the mess in the economy has much to do with Western Europe... particularly British government and financial firms too.
99% of the American populace had nothing to do with devising or facilitating complex financial derivatives. Maybe their 401Ks had some indirect connection, but most people do not even comprehend these instruments. Sure many poor individuals took out absurd home loans, but they were not the ones that securitized those mortgages.
Furthermore, the mess in the economy has much to do with Western Europe... particularly British government and financial firms too.
My understanding of the crisis is this:
1. Too much Cheap credit was provided
2. The credit was hedged with 3td parties that did not have the moola to pay back the hedge when the shit hit the fan
3. Ratings of the risk were wrong.
Who is guilty?
1. Providers of credit - guilty. Not Americans
2. Providers of bogus hedge - guilty. Some Americans but not all.
3. Rating agencies - guilty. Many are Americans. But. Why not make you own research and ratings???
Look we end up with the stuff, you are holding the bag. Deal with it.
1. Too much Cheap credit was provided
2. The credit was hedged with 3td parties that did not have the moola to pay back the hedge when the shit hit the fan
3. Ratings of the risk were wrong.
Who is guilty?
1. Providers of credit - guilty. Not Americans
2. Providers of bogus hedge - guilty. Some Americans but not all.
3. Rating agencies - guilty. Many are Americans. But. Why not make you own research and ratings???
Look we end up with the stuff, you are holding the bag. Deal with it.
As much as I dislike people bashing my own shitty country. What I dislike even more is trying to defend what the OP is ranting about. There aren't too many other people to blame, as we're finally running out of scapegoats. Mostly its due to politicians, shifty business practices, oh ya and then healthy amounts of corruption/stupidity. Pretty much America is reaping everything it has sowed in the past how many years. Oh Well.
Oh ya I was only drinking officer, when I smashed into that soccer van jam packed with kids. But its the beers fault not mine. Deal with it.