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Thread: The 1% will own more than the 99% by 2016, report says

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Papa bull View Post
    I tend to agree. I do believe things would have been much, MUCH worse if we hadn't bailed out AIG and a few of the other big players. But maybe we needed to feel the pain a little more. As it stands, I'm not sure we learned a damn thing. I know a lot of people on this thread certainly didn't , anyway.
    That's my point. We didn't learn a thing as a nation. We should have made such a large point, that it never happens again.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by whysoserious View Post
    That's not liberal logic... it's the truth. There is no attribute other than his income keeping him from qualifying for those programs.

    There are a lot of programs that I don't use that I understand need to be funded. I don't bitch about it, because I'm not childish.
    sure it is. he is funding a program he can't use. that the end of it.
    it has no benefit to him other than taking his money and giving it to someone else that did nothing for it.

    no you just don't care other people that like to keep what they earn do care.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Papa bull View Post
    You really don't know the difference between a loan and a handout. That explains a lot.
    Sure, and I get that in the circumstances, the "loan" WAS a handout? It was a lifeline, without which, in the FREE MARKET they'd have collapsed to rubble.

    Again, we have someone who calls himself a "conservative" defending crony capitalism - government picking winners and losers. I'd think you'd be embarrassed. As you said, many banks DID go under. How many could have made it if they got a loan from Uncle Fed for whatever it took to get them through the rough spots? Hundreds? That's my guess....

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by JasperL View Post
    Sure, and I get that in the circumstances, the "loan" WAS a handout? It was a lifeline, without which, in the FREE MARKET they'd have collapsed to rubble.

    Again, we have someone who calls himself a "conservative" defending crony capitalism - government picking winners and losers. I'd think you'd be embarrassed. As you said, many banks DID go under. How many could have made it if they got a loan from Uncle Fed for whatever it took to get them through the rough spots? Hundreds? That's my guess....
    The free market would not have collapsed. The banks that did things right would have grown to fill the void.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Papa bull View Post
    I don't think you understand what really happened. The bad "securities" were homes they couldn't sell for enough to cover the defaults. And AIG insured them and those swaps were all over the world. If AIG was allowed to go bankrupt, the swaps would have become worth exactly zero and then the damage is global and unrecoverable. Loan AIG and other institutions enough to cover their obligations and the crash doesn't hit the whole world (and pensions and retirement plans for everyone). And the thing is.... All those financial instruments made sense and would never have been a problem in any normal circumstances.
    You've got to be joking. That's like saying, "selling flood insurance to ocean front houses in Florida at low, low rates makes total sense, except when there's a hurricane."

    But circumstances weren't normal. People bought into the idea that a home will only go up in value and so they bought whatever they could at any price asked and felt all fat and happy. The market overheated and housing prices dropped and now they're not so happy and figure that since they paid more than the house is worth, they just walk, take the credit hit and stick the banks (and ultimately, all the rest of us) with the losses. THAT was the basis of the crash.
    You must be a banker of some sort or have family in banking, because I've never seen anyone so unwilling to place blame at the feet of lenders who BEGGED deadbeats to borrow, stripped out record pay and bonuses, then left taxpayers with the task of bailing out their FAILED institutions. It's remarkable, really.

    And you put the "people bought into the idea that a home will only go up in value" as if this was a popular movement. It was $billions in PR by the home builders, realtors, lenders, magazines, TV shows, newspapers, and more who convinced them, then appraisers justified those prices, lenders begged them to take out more loans, then took those loans, agencies rated them AAA, etc.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Lord of Planar View Post
    The free market would not have collapsed. The banks that did things right would have grown to fill the void.
    Maybe I was unclear - BoA would have been reduced to rubble. I wasn't making a comment on the banking system as a whole.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by JasperL View Post
    Maybe I was unclear - BoA would have been reduced to rubble. I wasn't making a comment on the banking system as a whole.
    I have no problem with BOA being extinct.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Papa bull View Post
    Wow. You really do think the purpose of the military is to be global corporate security guards. That explains a lot.
    Not its purpose, just one of its many roles. Seems fairly obvious that the global stability and influence we 'purchase' with the world's largest military force is a direct and intended benefit to U.S. corporate interests abroad, and that's a good thing overall. Do you think otherwise? Do you not think that our immense military capabilities substantially reduces the risk of businesses investing $billions in some fairly unstable locations across the globe?

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by JasperL View Post
    Not its purpose, just one of its many roles. Seems fairly obvious that the global stability and influence we 'purchase' with the world's largest military force is a direct and intended benefit to U.S. corporate interests abroad, and that's a good thing overall. Do you think otherwise? Do you not think that our immense military capabilities substantially reduces the risk of businesses investing $billions in some fairly unstable locations across the globe?
    It's not one of their many roles. US corporations have lost properties, factories, plantations, etc., numerous times due to instability of foreign governments and the military isn't there to protect their properties. We might send in the military to extract US citizens if war breaks out around them but they don't have to be factory owners for that. You need to use a different argument if you want to ply Obama's retarded "you didn't build that" pinkoism.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Lord of Planar View Post
    The free market would not have collapsed. The banks that did things right would have grown to fill the void.
    A very naive view.. text book sure, but in reality no. To have this happen, you would actually have to have a free market.. which we dont.
    PeteEU

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