Thursday February 16, 2012

JAPAN NEWS AND DISCUSSION

World leaders to meet on economy Nov 15 in Washington

World Oct. 23, 2008 - 05:21AM JST ( 9 )

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9 Comments

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adaydreamOct. 23, 2008 - 07:18AM JST

So george bush will make decisions or grand suggestions to this world financial summit to help fix what he caused. To make possible suggestions when he won't be the president in a month.

This is just a grand stage where he's trying to do something to salvage some creditability for his doom legacy. < :-)
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some14someOct. 23, 2008 - 08:36AM JST

"Time and Tide wait for none", will Dow Jones and Nasdaq ...?
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WolfpackOct. 23, 2008 - 08:40AM JST

The root of the financial mess is Fannie and Freddie - and therefore their liberal defenders in Congress and the quasi-public/private entities leadership (mostly Liberal Democrats). The blame for Bush is that he sat around and watched Democrats and ACORN bully banks via the charges of racism into stupid lending practices and didn't do anything about it. In that regard - it's poor leadership on his part. Once Rebublicans lost control of Congress, the writing was on the wall.
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adaydreamOct. 23, 2008 - 08:51AM JST

No it wasn't Wolfpack. The root of this are the swaps and derivative markets. Making loans and investments on uninsured and non-calateral paper swaps.

This was put together by Phil Gramm, passed by the republican congress and like a dumbass Bill Clinton signed it. < :-)
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reddragonguyOct. 23, 2008 - 09:54AM JST

a long and deep downturn

If the american people choosing Al Glore to be the president in 2000...sure this world wont deserving these woes! What a shame.....
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reddragonguyOct. 23, 2008 - 09:56AM JST

Bush warned that any international effort should preserve what he calls democratic capitalism—free markets, free enterprise, and free trade.

Thats all his faults!
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BetzeeOct. 23, 2008 - 11:15AM JST

The blame for Bush is that he sat around and watched Democrats and ACORN bully banks via the charges of racism into stupid lending practices and didn't do anything about it. In that regard - it's poor leadership on his part.

In fact it was Fannie and Freddie's share-holders who "bullied" them to get into the sub-prime mortgage market because it was so profitable. I have yet to hear anyone in the mortgage industry complain they were forced to make a loan to uncreditworthy applicants; on the contrary they complain they were under pressure to sign up everyone with a pulse regardless of income.
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SezWho2Oct. 23, 2008 - 01:05PM JST

Well, for what it's worth, I think the roots are credit, envy and greed.

We have lived for far too long with national and personal debt that was always going to fall due some day. Those with nice jobs, steady incomes and easy access to credit bought or built homes with very little difficulty. Those with less substantial incomes wanted a piece of that. Freddie and Fannie were political solutions for everyone--not just for Democrats. Then other mortgage lenders wanted a piece of that and the securities companies saw profit in swaps and derivatives.

The roots are credit, envy and greed. And because we have credit, envy and greed markets need to be regulated and solutions for low-income families need to be found elsewhere.
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smithinjapanOct. 23, 2008 - 04:11PM JST

This will accomplish nothing, particularly because the same thing accomplished nothing only earlier this month. Bush is merely trying to salvage a tiny part of his legacy -- which up to now for 7.9 years has been nothing but failure, and very much responsible for what's going on now. At the very least, he had plenty of chances to alter the tide, but instead opened the floodgates.

Basically, it'll go something like this:

Bush: "This is an INTERNATIONAL problem and calls for an INTERNATIONAL solution; so please everyone line up to give us money and bail us out of this crap."