tommyj4 Posted October 19, 2008 Share Posted October 19, 2008 All G Bushes fault for wearing that baseball cap....cant be anyone elses fault so point the finger at him Link to comment Share on other sites More sharing options...
Carib Posted October 19, 2008 Share Posted October 19, 2008 Chef Heat Can americans ever read something without jumping to the conclusion that they are under attack?? This crisis didn't start due to Thai or other influences , now did it?? And all you mention in your defence of america is the aftermath, the consequences it does have for others, and about what they had, and still have to do about it. If not in america, due to overspending and unlimited credits, where did it start if I may ask?? Link to comment Share on other sites More sharing options...
NanaFoods Posted October 20, 2008 Share Posted October 20, 2008 (edited) Chef HeatCan americans ever read something without jumping to the conclusion that they are under attack?? Explain to me where I "jumped to a conclusion" regarding the quote, "the reasons for worldwide financial crisis originated due to junk loans and overspending of the US". The reason for the US meltdown is due to irresponsible subprime loans. The "worldwide" part is another matter entirely and what I take issue with. This crisis didn't start due to Thai or other influences , now did it?? argumentum ad ridiculum. Dismissed. And all you mention in your defence of america is the aftermath, the consequences it does have for others, and about what they had, and still have to do about it. Just where did I "defend" America? I never said America is not at fault for anything. Straw man argument. Dismissed. America has its problems, for sure, and the associated institutions are at fault; and perhaps a lapse in regulatory agencies is also contributory. If not in america, due to overspending and unlimited credits, where did it start if I may ask?? Do you understand just how an American mortgage problem might affect Europe? Recall Northern Rock, for example: In 2006 the bank moved into sub-prime lending via a deal with Lehman Bros. Europeans seek profit in American markets during times of boom. But should the markets go south, it is all America's fault. Nice deal, eh? Isn't Europe responsible for their own investments and partnerships? "Where did it start?", you ask... Straw man argument. I never said the crisis didn't start with the US subprime housing bubble bursting. Dismissed. The problem I have is Europeans blaming the US for their problems. No one put a gun to their heads to invest in, or partner with, US companies and markets. They seek profit, but blame others for any losses. European banks are not blameless either....and there were also housing bubbles in Europe. Some of these banks suffer a form of guilt by association by being in the home lending business. Others, like Fortis, lack a strong base of deposits, which acts as a buffer against credit-related jitters.Countries that suffered housing bubbles — like Ireland, Britain and Spain — are especially vulnerable, as are several Eastern European countries and other emerging markets, which are running steep current account deficits and low foreign currency reserves. http://www.nytimes.com/2008/10/01/business...s/01global.html Edited October 20, 2008 by ChefHeat Link to comment Share on other sites More sharing options...
Scott Posted October 20, 2008 Share Posted October 20, 2008 Lets not be overly sensitive. The mess started in the US and has since spread to other parts of the world. The US has a level of culpability and I don't think that is in dispute. The rest of the world bought into the situation--with eyes wide open and thus have a level of culpability. This is't about nationality or gov't per se, it's about learning to understand and regulate finances in a global world. Link to comment Share on other sites More sharing options...
NanaFoods Posted October 20, 2008 Share Posted October 20, 2008 Lets not be overly sensitive. The mess started in the US and has since spread to other parts of the world. The US has a level of culpability and I don't think that is in dispute. The rest of the world bought into the situation--with eyes wide open and thus have a level of culpability. This is't about nationality or gov't per se, it's about learning to understand and regulate finances in a global world. Thanks for summing up what I essentially said above. Link to comment Share on other sites More sharing options...
JimsKnight Posted October 20, 2008 Share Posted October 20, 2008 So now its time to cut interest rates , and not to intervene in the exchange rate please . Meddle away if it means the baht weakens is what I say Kickstart their export revenue and brings home the bacon for the expats (those that have outside funds that is) Link to comment Share on other sites More sharing options...
Carib Posted October 20, 2008 Share Posted October 20, 2008 Lets not be overly sensitive. The mess started in the US and has since spread to other parts of the world. The US has a level of culpability and I don't think that is in dispute. The rest of the world bought into the situation--with eyes wide open and thus have a level of culpability. This is't about nationality or gov't per se, it's about learning to understand and regulate finances in a global world. Thanks for summing up what I essentially said above. Yes.. You could have saved you the trouble of dragging in links, and sounding `non` defencive by using the caps lock and larger fonts, in your posts . (it is called shouting on the internet, just in case you didn't know) It really makes a nice soft impression, touch of class and now you ad denial by word games. Well I left that behind me a long time ago. Don't need it and never play along. But you don't feel attacked, and you don't defend. Oh well.... it must be something else then. Read the question again, but with a non defencive look, and also try to do that with some other posts, which made me ask the question. It is all very simple, really. Have a nice day, and don't let this bank/money situation spoil your sense of humour, it most certainly doesn't spoil mine. Link to comment Share on other sites More sharing options...
Cuban Posted October 20, 2008 Share Posted October 20, 2008 1. Naam, if Somchai & Tingtong Rungnapawattanapornthip are feeling the pinch, how come I see so many of their ilk flashing around in brand new Vigos and Tritons? 1. you see only a limited number of Somchais in their financed cars and overlook the masses. Getting credit is extremely easy for Thais employed by the government, I think you will find that the new vehicles tend to gather in the car parks of such offices. FWIW. Link to comment Share on other sites More sharing options...
animatic Posted October 20, 2008 Share Posted October 20, 2008 (edited) I don't mind the finger pointing at my home countries stupidities. I no doubt have been MUCH harsher than you in commenting, for decades. What IS bothersome is: a ) the blanket assumptions that ANY American had something to do with this. Since they obviously have so much control of their OWN governments decisions... b ) That Bush was elected and the half all Americans voted for him twice. So there is more than 50% chance they are slagging off at a died in the wool Bush support c ) That Americans abroad neccesarily biundly back our leaders. for nationalist reasons no matter HOW stupid that act. d ) That we GET this verbal abuse and are expected to take it. Like hectoring an American abroad will have any affect in the great mid-west of people so parochial that DISLIKE other americans that travel aboroad e ) we are expected to take it for petty nationalist reasons from other countries. My country is OLDER, we have HISTORY, we are not ARROGANT, and on and on. d ) the ones MOST obnoxious about it all are our supposed closest allies citizens. I won't list them. Yes, the sub-prime loans were a cockup for sure. Yes, the pacjaging of the grouped sub-prime loans into negociable instruments was bad practice and a time bomb. Yes, Bush was a sleep at the switch, but it was based from fundamental issues in place well before. Yes, Europe and Asia bought in whole hog, and are p[aying the price Yes, It will affect Thailand. No, I couldn't do a dam_n thing about it, even though I made efforts to elect people who DID think about these issues. People like Thaksin, threw so much money AGAINST those candidates and policies, that they never got elected. People like Thaksin paid to jigger the system to prevent these bad financial instruments from being properly regulated. This easily explains why I came to dislike him so much.... Edited October 20, 2008 by animatic Link to comment Share on other sites More sharing options...
NanaFoods Posted October 20, 2008 Share Posted October 20, 2008 Lets not be overly sensitive. The mess started in the US and has since spread to other parts of the world. The US has a level of culpability and I don't think that is in dispute. The rest of the world bought into the situation--with eyes wide open and thus have a level of culpability. This is't about nationality or gov't per se, it's about learning to understand and regulate finances in a global world. Thanks for summing up what I essentially said above. Yes.. You could have saved you the trouble of dragging in links, and sounding `non` defencive by using the caps lock and larger fonts, in your posts . (it is called shouting on the internet, just in case you didn't know) It really makes a nice soft impression, touch of class and now you ad denial by word games. Well I left that behind me a long time ago. Don't need it and never play along. But you don't feel attacked, and you don't defend. Oh well.... it must be something else then. Read the question again, but with a non defencive look, and also try to do that with some other posts, which made me ask the question. It is all very simple, really. Have a nice day, and don't let this bank/money situation spoil your sense of humour, it most certainly doesn't spoil mine. Caplocks? Where? Color and bold are commonly used to highlight the main points, in case you weren't aware. ...and so sorry for providing too much detail. Nice try to smear, however. But I see this all the time from those not familiar with logical discussion. Link to comment Share on other sites More sharing options...
jimbeam1 Posted October 20, 2008 Share Posted October 20, 2008 So now its time to cut interest rates , and not to intervene in the exchange rate please . Meddle away if it means the baht weakens is what I say Kickstart their export revenue and brings home the bacon for the expats (those that have outside funds that is) Well said JimsKnight. My sentiments exactly. Im running low on baht in bank. Lel, lel. jb1 Link to comment Share on other sites More sharing options...
animatic Posted October 22, 2008 Share Posted October 22, 2008 A friend sent me this: The corridors of power won't like it, but I might solve several issues at a stroke. The nutshell is highlighted. There is an international debt problem which is being sold to thepeople of the world as a bank liquidity problem. There is too much debt and it is way out of line with the value of the assets that the debt has purchased. The current economic bail out plan is based on bailing out the lenders side of the equation as opposed to the debtors side. Why? Not because it is a good Idea but because in general the people in power are the lenders. The real solution to the current global economic crisis is to write down all debts to put debt more in line with value. This needs to be done globally, simultaneously and in equal proportion for all people and institutions, for the rich and the poor, for banks and bad mortgages . This would be fair and would not cost any one a dime in it's execution. The only people who would loose anything are the very very rich and even they would loose not a dime out of pocket; only from future earnings earned from unfair and ridiculous interest rates. This is condensed from several other thinkers works with annotation, but this version made small enough for a radio talk show call in. 10% of ALL interest rates world wide. Now THAT is a stimulous package.... Food for thought. Link to comment Share on other sites More sharing options...
khunjamespittman Posted October 22, 2008 Share Posted October 22, 2008 Chef HeatCan americans ever read something without jumping to the conclusion that they are under attack?? Explain to me where I "jumped to a conclusion" regarding the quote, "the reasons for worldwide financial crisis originated due to junk loans and overspending of the US". The reason for the US meltdown is due to irresponsible subprime loans. The "worldwide" part is another matter entirely and what I take issue with. This crisis didn't start due to Thai or other influences , now did it?? argumentum ad ridiculum. Dismissed. And all you mention in your defence of america is the aftermath, the consequences it does have for others, and about what they had, and still have to do about it. Just where did I "defend" America? I never said America is not at fault for anything. Straw man argument. Dismissed. America has its problems, for sure, and the associated institutions are at fault; and perhaps a lapse in regulatory agencies is also contributory. If not in america, due to overspending and unlimited credits, where did it start if I may ask?? Do you understand just how an American mortgage problem might affect Europe? Recall Northern Rock, for example: In 2006 the bank moved into sub-prime lending via a deal with Lehman Bros. Europeans seek profit in American markets during times of boom. But should the markets go south, it is all America's fault. Nice deal, eh? Isn't Europe responsible for their own investments and partnerships? "Where did it start?", you ask... Straw man argument. I never said the crisis didn't start with the US subprime housing bubble bursting. Dismissed. The problem I have is Europeans blaming the US for their problems. No one put a gun to their heads to invest in, or partner with, US companies and markets. They seek profit, but blame others for any losses. European banks are not blameless either....and there were also housing bubbles in Europe. Some of these banks suffer a form of guilt by association by being in the home lending business. Others, like Fortis, lack a strong base of deposits, which acts as a buffer against credit-related jitters.Countries that suffered housing bubbles — like Ireland, Britain and Spain — are especially vulnerable, as are several Eastern European countries and other emerging markets, which are running steep current account deficits and low foreign currency reserves. http://www.nytimes.com/2008/10/01/business...s/01global.html Sure the problem began in the US with the proposition ( in 1994 )that every family should own their home even if they could not afford one. Rules and regulations were relaxed and down payments were waived. Over time the debt cascaded and derivative were created form pieces of the loans and Europe and Asia saw this a lucrative market and bought up many of the mortgages and their derivatives. They also further split up these derivatives (which then were just paper with no underlying assets) and sold and resold them. Financial institutions all over the world were having a merry old time and making trillions of dollars. Then there were trillions of dollars of worthless paper backed by not assets and the debt on the original mortgages had cascaded to the point that many defaults began to occur. There wasn't enough money to pay the debt on the defaulted mortgages and now way possible to cover the trillions of debt in the derivate markets' worthless paper. The net of all this is that the meltdown started in the US. It would have been contained to the US if the European and Asian financial sectors had not been so greedy that the were willing to take a risk on dealing in the derivatives which have no real assets. The gambled that there would never be defaults on the mortgages and lost. All financial groups that got involved in this mess for greed are responsible for their own failure. Take not the banks that refused to buy into this ridiculous extremely risky venture are quite strong an only affected to the extent that inter bank loans may affect their ability to finance all the reasonable business venture that they would like. Stop pointing fingers. Simply put GREED caused most of the problem. Without all the derivative debt the US should have been able to easily end the problem. Link to comment Share on other sites More sharing options...
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