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Date Posted: 10:23:37 10/12/11 Wed
Author: bill
Author Host/IP: 141.153.227.10
Subject: Re: That's not what this about..
In reply to: Lori 's message, "That's not what this about.." on 04:18:27 10/12/11 Wed

In post Katrina N Orleans most people who were taking stuff were after food and essentials they needed after everything they had was either lost or out of reach thanks to the flooding.
Yes there were some people who took advantaqge of the situation to steal things they could sell just as in any such situation ( remembver the riots in california where people were taking things like this , TVs ,tires, anythng they could get away with , same for the riots in Newark way back when where they put people from the community out of business by stealing all of the inventory.
But there were any a few individuals who would have stolen things under other circumstances as well but saw the oportunity and took it.
The majority of people in New Orleans were taking food etc because the relief efforts were too slow and they more likely than not were taking most of it to share with others who were in the areas where people gathered to take shelter from the flooding.

Wall street did not create the enourmous underwater residential property market with loans not backed by anything and neither did the banks. they were either the agents of shifting the bad assets away from the people who did the loans which is standard practice to protect the company assets that has been used for decades or they were the banks who were specifically told to offer the loans under a governemnt mandated program that was cooked up by fannie and Freddie to satisfy the demands of a congress who was pushing the idea that anyone should be ale to own a home even if they could not afford to pay for it.
The oly people other than those with no assets who took advantage of these programs were those buying a second home like a vacation home most of which could afford to pay for them and most of whom eventually refinanced or payed off the loans.

No one eems to mention that busineses have been doing the same thing for decades taking out sub prime loans on the strength of future income from profits expected from what the loans payed for mainly because the majority of the businesses that do this eventually pay off the loans or , if they fail ,get sold by the bank or financial institution that made the loan when they foreclose.
Doing it for residential real estate with no assets needed was a stupid idea pushed by a populist ideology that is simply not supported by any logical methodology.

Almost nothing that has been done recently by government to " stimulate " the economy has worked mainly because it was done in the wrong way and no where near enough of the money actually gets to where it is needed.
The government would have been better off giving all that money out to the individuals with no strings attached to spend as they wanted which would have at least gotten it back into circulation instead of into cash reserves now needed to cover future expenses that no one is sure of how expensive those will be.

Anyone notice that the first thing the Obama admin did was to print an extra three trillion that had no backing even before they did anything , then passed the stimulus bill etc and borrowed more money to fund it ?
Presumably the extra cash was there to pay for the interest they were expecting to be paying which , since it has no backing , lowered the value of the dollar again and which we are still not gaining on in either dollar value or debt reduction.

This ain't rocket science people it's simple economics that is not being pursued in a logical manner....

b

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