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Fred's Boys Let Him Down
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<blockquote data-quote="vantexan" data-source="post: 865396" data-attributes="member: 24302"><p>Well sure. More and more poorly paid service workers. Less and less better paid factory workers. Factories closing down also had a ripple effect on their communities, causing many small businesses to go under. At the heart of the housing bubble were millions of mortgages taken out by people who couldn't afford them. Many couldn't even understand what they were getting into but large banks were pushing these loans(and the banks were pushed into this by Barney Frank and Chris Dodd, who had close relations with Fannie Mae, Freddie Mac, and Countrywide Mortgage. These mortgages were bundled and sold as securities, and Wall Street firms developed complicated derivative investments that few understood. As the bubble built this became a huge house of cards that finally fell. The TARP bailout was the first of huge payouts in an effort to prevent a banking collapse and to stimulate a flattened economy. And now we're sputtering along with corporations making excellent profits due to investment in technologies which allow them to shed payroll. But with millions out of work and many millions more underpaid service workers where exactly is the money going to come from to pay for all the things that people want? The only way I see out of this mess is to institute something like the Fair Tax that'll encourage not only the wealthy here but but abroad to invest here. That creates jobs and increases overall revenue to the government. Doing what some propose, taxing the rich to the hilt, might be satisfying but you can't bring in nearly enough to improve things and it doesn't improve our overall situation. But a good start would be corporations dedicated to improving the economy by hiring, do whatever it takes, act like the country is under attack and pull together, and either hire more, or work on the debt, or whatever they can come up with to improve the situation. And government needs to do whatever it takes to assist them and then get out of the way. Until something like this happens it's not business as usual and our future is in real jeopardy.</p></blockquote><p></p>
[QUOTE="vantexan, post: 865396, member: 24302"] Well sure. More and more poorly paid service workers. Less and less better paid factory workers. Factories closing down also had a ripple effect on their communities, causing many small businesses to go under. At the heart of the housing bubble were millions of mortgages taken out by people who couldn't afford them. Many couldn't even understand what they were getting into but large banks were pushing these loans(and the banks were pushed into this by Barney Frank and Chris Dodd, who had close relations with Fannie Mae, Freddie Mac, and Countrywide Mortgage. These mortgages were bundled and sold as securities, and Wall Street firms developed complicated derivative investments that few understood. As the bubble built this became a huge house of cards that finally fell. The TARP bailout was the first of huge payouts in an effort to prevent a banking collapse and to stimulate a flattened economy. And now we're sputtering along with corporations making excellent profits due to investment in technologies which allow them to shed payroll. But with millions out of work and many millions more underpaid service workers where exactly is the money going to come from to pay for all the things that people want? The only way I see out of this mess is to institute something like the Fair Tax that'll encourage not only the wealthy here but but abroad to invest here. That creates jobs and increases overall revenue to the government. Doing what some propose, taxing the rich to the hilt, might be satisfying but you can't bring in nearly enough to improve things and it doesn't improve our overall situation. But a good start would be corporations dedicated to improving the economy by hiring, do whatever it takes, act like the country is under attack and pull together, and either hire more, or work on the debt, or whatever they can come up with to improve the situation. And government needs to do whatever it takes to assist them and then get out of the way. Until something like this happens it's not business as usual and our future is in real jeopardy. [/QUOTE]
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