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Remember when the banks were going to go under and the system was going to collapse??

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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-26-09 08:39 AM
Original message
Remember when the banks were going to go under and the system was going to collapse??
Well, that unthinkable crisis seems to have passed. The pay on Wall Street is returning to normal. The banks have survived the near-collapse of the system and some now want to give back their TARP money and get government out of their lives.

Also, the Republicans and the media are also returning to normal. They want to talk about Obama's first 100 days but they seem to forget how close we were to total collapse? Does he get any credit for bringing them back from this near-death experience?

Remember when the biggest problem facing our country was the danger that no one would spend any money? And there needed to be a stimulus package to return our economy to normalcy?

We seem to have passed these critical moments and now we can return to normal programming. The Repubs can talk about how much money Obama is spending. The media can analyze what promises he did not keep in the first 100 days. Never mind that we have survived a total collapse of our economic system...
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NightWatcher Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-26-09 08:44 AM
Response to Original message
1. have we heard back from the bank stress tests?
I dont think the banks are out of the woods yet. No one is getting credit. The banks are hoarding their bailout money. Consumer spending is still down. Home sales are still WAY down. No one's able to sell anything because no one else can get the credit to buy it. Orders for durable goods fell again last month.

We're not out of the woods yet.
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BeFree Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-26-09 08:53 AM
Response to Reply #1
2. Yep
And the wolves are still hungry. Not enough to have eaten GM and Detroit, the wolves will not stop until they've eaten all organized labor and anyone making over the minimum wage that isn't in the elite crowd.
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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-26-09 08:55 AM
Response to Reply #1
3. Supposedly only one bank still needs more capital?
And the rest are ready to get back to their normal shenanigans, ripping people off.
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MUAD_DIB Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-26-09 09:52 AM
Response to Reply #1
7. Also there appears to be a second round of home foreclosures

that are starting to happen: if I have heard right.
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madokie Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-26-09 08:59 AM
Response to Original message
4. The most important test of all is time
and time will show just how smart of a man we have in our President Obama. If ever there was a President who knew what he is doing that is the one we have now.
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SmileyRose Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-26-09 09:13 AM
Response to Original message
5. I think they should have lied to us - It worked for Iraq...
Edited on Sun Apr-26-09 09:17 AM by SmileyRose
if they would have told us everything was hunky dory (a lie) - this will pass in a couple of months (could be a lie or could be a self fulfilling prophesy) - just a bunch a rich people fighting over who gets to control rich people shit (absolutely true)

if they would have just dumped some dough on um, passed a few laws stopping them from using us as pawns (Dear really really valuable customer, unfortunately, in this unprecedented economy we have to trash your FICO score by cutting your credit limit to nearly nothing and jacking your rate - oh and fuck you sideways while we're at it - and we appreciate your business!)

The negative daily media news would have stopped by Christmas - the subprimes would have either been re-negotiated or foreclosed on by then and it would have stopped there. The predators who got us here would have already been made whole in the first wave of gooberment handouts to the rich. And a moderate correction in the credit market overall could have been achieved a little over time via a variety of methods.


It's my honest belief BushInc completely, and deliberately, fucked up the first wave of the crisis. They deliberately did everything in their power to make it last as long as they could and make it as bad as they possibly could.


so I think BushCo should have used it's propaganda machine the same way it did for Iraq - lie their fucking asses off, make shit up, parse words just right - catapult the propaganda - America fell for it with Iraq and except a few brave intelligent souls they would have bought it again. -- Mentally speaking, we would have all shook our heads at how stupid the predator class is and went on with our daily lives - did some bitching about gooberment handouts (if we even knew about them) and enjoyed our lives. -- and we all know gazzillions of $$ goes to the predator class every single day that is never reported by the media. If you mention to someone that ADM gets gazillions for NOT growing food they say "prove it".

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lefthandedlefty Donating Member (247 posts) Send PM | Profile | Ignore Sun Apr-26-09 09:19 AM
Response to Original message
6. Just another fake Bush crisis
Bush and Cheney are just like chicken little alway saying the sky is falling.Remember the old saying fool me once shame on you fool me twice shame on me.They fooled us 3 big times with the terrorist,oil crisis,and the banking crisis so who is the fool now.In my opinion when gas passed $1.50 a gallon that was the beginning of the end.
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