Paranoid...but confident I'll get them before they get me.
@Jim Collins: "As for who's to blame for Wall Street failures, why I'm sure it's poor people, they cause ALL the world's woes, don't they?"
They did this time. They defaulted in large numbers on their "affordable home loans" which became known as "toxic securities" (oh, you forgot) because they poisoned the financial well of the whole world. Normal mortgage failure is 5%, affordable home loan failures were 14%. These affordable home loans were forced upon the lenders by the government through the threat of lawsuits. On the other hand, the borrowers lost nothing as they were put into these homes with no money down so they had nothing invested to lose and were, in effect, paying rent while acquiring equity which, unfortunately never materialized. So when one lost a home, they didn't lose anything except rent money which they would have had to pay to somebody anyway to keep a roof over their head. But, yeah, the poor, through the threats of Dodd and Frank, et al, brought down financial institutions around the world. Now, don't you wish you'd known that before you asked your silly question?
@Chris Allen: What institute awarded you a masters degree in Business Administration?
The fact that he's trying to prevent criminal activity is a plus. The big question is, would he treat white predators the same as black predators? I'm betting he would if they were a problem and he could find them.
@davidlongfellow: You must be Islamaphobic. Otherwise you would ignore those sort of things.
@Kosh III: If you had ever read the Book of Mormon you'd have a better idea of what you're talking about. Whatever, historically Mormons are the most persecuted religion in America even though its members as a whole are the epitome of what successful citizens are all about. (No, I'm not a Mormon.)
@Jim Collins: Find one factual error in the link from the Cato Institute. You can't. You won't. Of course you didn't read it and won't read it because you're lazy. You're still wishing all the idiocy about Wall Street was true. Most of the Wall Street blame traces back to Democrats blowing smoke to obscure the roles played by Dodd and Franks which most of the news media refused to air - didn't fit their agenda. And gee whiz, why don't you still live in good old California? Tennessee wouldn't miss you at all. There is nothing that links California's problems to their referendums. As far as ranking the states, you do have a source for your own financial rankings, right? Oh, you don't? Why am I not surprised? Why do you bother to argue when the facts make you look like an idiot?
@More cowbell: The bankers didn't ruin the economy, the freakin government did. The bankers were dealing with cards from the government's deck. Read this (takes ten minutes): http://www.cato.org/pubs/journal/cj30n2/cj… It's factual and it follows exactly what I learned day by day watching CNBC (money channel) during the meltdown. (CNBC was good about reporting facts and keeping spin out of their summaries.) When you get done reading you'll have an equivalent of a Masters on the meltdown. I can't believe all the BS people believe about the causes and effects of the situation. Of course, you may want to stay dumb - many do - but that's your prerogative. P.S. Million dollar bonuses have nothing to do with the situation. The banker's compensation may piss you off but the bonuses were contractual - legal - obligations. Unlike GM and GMAC, Wall Street bankers have paid back TARP money with interest.
@OMFUG: I lived in California many years and referendums have nothing to do with their current situation. Check out that link I provided in the previous comment and you'll see that nearly all the badly run states are blue, blue, blue and nearly all the well run states are red. Maybe there's a message in the order of their listing. Hmmmm....
Commenters keep making comments without checking and hoping others don't check. Here's a link from NBC (there's other sources ,too): California ranks LAST in "best run states." Texas? Number 13. Tennessee? Number 12. There's a half dozen cities in California declaring bankruptcy or at least crossing their fingers hoping to avoid it. The main reason? Retiring government workers. Retiring UNION government workers. And in Los Angeles the world is upside down. Democrat contenders for Mayor proposed tax breaks to attract new businesses. Shazamm!!
@Tony Clifton: It only took a week and a half to ring my bell. Funny. (Not the comment to Betsy)
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