Don't let private sector overtake nation

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The cry has gone up to "unleash the private sector" to correct our floundering economy, and all I could think of was, "Why?"

We gave the private sector the go-ahead, and they stole the American people blind, even betting, through derivatives, that they would foul up.

Through the misguided idea that a nation, like a business, should never use its capital but borrowed money for day to day activities -- and to create that vast amount of borrowed cash -- our private sector started bundling mortgages and selling these little packets of the United States as securities -- collateral for loans.

In 2003, American jobs were disappearing at an astounding rate while the Congress and president passed laws giving tax breaks to American corporations if they would move offshore. Home foreclosures started to mount.

The American private sector -- corporations -- still made money hand over fist, so from their point of view we were not in a financial bind.

This vast amount of money flowed uphill from American homeowners. The failing mortgages started to falter, finally rendering these securities as trash. Entire nations had bought these things for trillions of dollars, using this new wealth they had spent like drunken sailors, all on credit -- and they are still going down.

The private sector started to go under. Greed is a force that lives in all of us, and without oversight we can act like a drunken mob. The public sector -- our people, through our government -- paid the gambling losses of the private sector. If we give total power to the private sector, we will cease to exist as a nation.

The only reason for any corporation to exist is to make money, but somehow these machines have been given the rights of men and women of our nation, and have been deemed too big to fail.

Do not allow our nation to fail. Keep the power out of the hands of the private sector.

Michael Ferguson

Augusta

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Insider Information
4009
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Insider Information 07/02/11 - 10:32 pm
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"Keep the power out of the

"Keep the power out of the hands of the private sector"?

That is absolutely frightening.

If you want to point fingers at the "private" sector, point them at each and every person who bought a house they couldn't afford.

When I bought my house in Augusta just before the collapse, the local bank pressured me to get a house for a lot more than I could afford. What did I do? I said "No."

Those who spend without thinking and but houses out of their price range are the real ones to blame.

Insider Information
4009
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Insider Information 07/02/11 - 10:34 pm
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Oh, and if you're waiting for

Oh, and if you're waiting for the government to save you, remember that it took the goverment one full week to do the simple task of bringing bottled water to the Superdome after Katrina.

Good luck in putting faith in the government to be your savior with more complex problems.

Taylor B
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Taylor B 07/02/11 - 11:13 pm
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Greed is why I get out of bed

Greed is why I get out of bed in the morning. If someone doesnt want "theirs" id be more than willing to earn it from out under them.

Fundamental_Arminian
1833
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Fundamental_Arminian 07/03/11 - 12:13 am
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Michael Ferguson writes as if

Michael Ferguson writes as if the whole private sector were like the corrupt mortgage, lending, and investment companies that triggered our recession. As a whole, private enterprise is good. It creates jobs and provides the revenue necessary to run our government.

paulbaughman28
215
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paulbaughman28 07/03/11 - 02:39 am
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1996 called and they want

1996 called and they want their rage regarding corporations back.

wribbs
412
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wribbs 07/03/11 - 08:17 am
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It is truly stunning to me to

It is truly stunning to me to know there are people who think like this. If this guy worked for me and had written this I would show him just how bad the private sector could be. I'd fire him.

Carleton Duvall
6305
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Carleton Duvall 07/03/11 - 08:25 am
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Reactions to this letter are

Reactions to this letter are what I prayed for after reading it. Thank God there are a number of sensible people left that recognize the folly of it. Sadly, there are some that will agree with it. They just haven't gotten up yet.

seenitB4
85392
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seenitB4 07/03/11 - 08:36 am
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scooby you are

scooby you are right.......they are still in bed snoozing waiting for the beeeg government to handle everything....
lawdy-lawdy miz claudie------always blame the other person----never ever admit they bought more than they could afford......when the freebies go bye-bye we will riots in the street.....

belle
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belle 07/03/11 - 08:36 am
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Mr Ferguson...would love to
Unpublished

Mr Ferguson...would love to hear who you work for.......

sconservative
61
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sconservative 07/03/11 - 09:06 am
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Note the 2003. Ferguson

Note the 2003. Ferguson blames everything on Bush. There was no greed before Bush! Really!!! The other recent banking crisis had to be resolved by the Resolution Trust Corporation created by Feds. Then we had Barney Frank: There is no housing crisis; and Friends of Angelo like Chris Dodd; and now Dodd-Frank to fix everything! Gordon Gecko in Wall Street said "Greed is good" I agree it got me out of bed for 40+ years because advertisers convinced me that I needed stuff.

southernguy08
499
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southernguy08 07/03/11 - 09:24 am
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MIKE, how many Obama 2012
Unpublished

MIKE, how many Obama 2012 stickers do you have on your car?

hounddog
0
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hounddog 07/03/11 - 09:40 am
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And people like Mr. Ferguson
Unpublished

And people like Mr. Ferguson are allowed to vote!

harley_52
22989
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harley_52 07/03/11 - 09:44 am
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I'm thinking this is a spoof.

I'm thinking this is a spoof. Tongue planted firmly in cheek. It must be. Nobody has their head buried that deeply in the sand. Well, on second thought.....

dichotomy
32071
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dichotomy 07/03/11 - 09:53 am
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Mike, you fail to mention

Mike, you fail to mention that the invention of derivatives and the trading thereof was forced onto the financial markets as a way of dealing with all of the faulty mortgages the government, via Fanny Mae, forced onto the banks. I do not blame the financial institutions for trying to get rid of (sell) those bundles of potatoes, many of which were starting to rot. If there had been a free and open market at the time, there would not have been so many bad mortgages. It wasn't the private sector that caused this problem, it was the government interference in the marketplace at the behest of liberal politicians who thought it was a good idea to pressure banks to make $250,000+ mortgage loans to unemployed and low income minorities. Most everything bad that happens in the economy can be traced back to government interference. The financial institutions merely figured out how to take government issued lemons and make lemonade.....i.e. derivatives. And when the same liberal politician's policies of not allowing us to develop our energy resources caused gas to go to $4.00 a gallon, which caused the economy to contract, and those low income people quit making their mortgage payments......well, there you go. Putting the liberals in charge of the economy via government policies and regulations is MUCH worse than putting the private sector in charge.

seenitB4
85392
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seenitB4 07/03/11 - 10:04 am
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I agree with dichotomy....How

I agree with dichotomy....How many banks were forced to give loans to any & all....remember the commercials on tv....buy this house with little or no money down....well they did & we have the results now.....no money down on a house costing $300,000......crazy-insane-business forced down the throats by both parties.....

david jennings
571
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david jennings 07/03/11 - 10:36 am
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I agree with insider

I agree with insider info,what is lacking in Fergersons logic is the personal responsibility thing.Ill be 62 in a couple weeks and medicare and so/sec are not on my mind.I rent,work and pay as I go or do without.And drive a 97 chevy s10,and Im happy.Have a good 4th.

harley_52
22989
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harley_52 07/03/11 - 10:46 am
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The banks were "encouraged"

The banks were "encouraged" by the government to loan money as follows: They were called "racists" and "greedy" if they didn't approve loans to the "poor and minorities." The "poor and minorities" were defined as anybody who was black, white, or any other color, and otherwise couldn't qualify for a loan. Being publicly denounced as a "racist" or "greedy" isn't good for business.

Not only that, but the government has the power to make things even more really, really miserable for banks because they have the power to inspect and regulate them, including the very licensing of their existence. Maybe they didn't make the threat directly, but the federal government made it pretty clear would be the result of not making the questionable loans.The government badmouthed them and worse, agreed to guarantee all these otherwise bad loans through Freddie and Fannie.

Bankers don't like making bad or risky loans. It's not natural for a banker to loan money to people who can't/won't pay it back. That's what makes their banks lose money and them to lose their jobs. But if the government is going to make sure they don't lose money and ultimately get business booming then....what the hay... They'd be fools NOT to make the loans. So they did. The rest is history.

seenitB4
85392
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seenitB4 07/03/11 - 10:56 am
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harley....You are so

harley....You are so right......banks were forced in so many ways.....they did & got rid of the hot loans as fast as they could....they knew the bottom would fallout.....I remember talking to mortgage lenders at that time & some of the "stuff" that was coming from the Gov.

harley_52
22989
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harley_52 07/03/11 - 11:14 am
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The more interesting question

The more interesting question is "why?" Why did the government want all these bad loans made? Even more, why did the government want to buy and hold all these bad loans? Even more...why did the democrats in Congress insist everything was okay with Freddie and Fannie when it wasn't and why did they refuse to accept tighter regulation of those two agencies? Did they want the government to fail? Did they want to add this crisis to all the other financial crises in progress and on the horizon? Why? Anybody ever hear of Cloward and Piven?

seenitB4
85392
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seenitB4 07/03/11 - 11:26 am
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Not just 1 political party

Not just 1 political party suggested this...remember Bush saying after 9-11 ...Go out & spend money...buy-buy-buy....he also wanted home loans easier for all......this makes the economy thrive (for awhile)makes them look like good leaders & to heck with the aftermath......votes on the back of make believe spending.....charge away.

seenitB4
85392
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seenitB4 07/03/11 - 11:28 am
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The very same reason the

The very same reason the Democrats are courting the hispanics right now.....VOTES-VOTES...I don't believe they really give a rats rear end about doing something about illegals..

CorporalGripweed
0
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CorporalGripweed 07/03/11 - 11:29 am
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This rationale is obviously a

This rationale is obviously a by-product of a government education.What's worse is that there are many, many people in this country who believe this drivel. I especially love the last line. "Keep the power out of the hands of the private sector". As opposed to giving it all to the state? Scary stuff indeed.

harley_52
22989
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harley_52 07/03/11 - 11:32 am
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I'd like to think the answer

I'd like to think the answer was "votes." I don't. I think there's a deeper, more sinister reason. The Cloward and Piven strategy is the key, I think.

Sentinel
1
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Sentinel 07/03/11 - 11:36 am
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@harley_52... the whole nasty

@harley_52... the whole nasty ball got rolling under the Clinton administration who believed 'everyone' deserved to own a home, whether they could afford it or not. Real down payments were a joke and lenders let buyers tack the down payment on the back of the loan, which meant ZERO dollars going in.
Add to that the ridiculous housing bubbles in CA, NV and FL and people who truly didn't qualify for loans under traditional standards and you have folks who trapped themselves with properties that deflated like a popped balloon, and zero equity in a home that they couldn't afford in the first place.

It was nothing more than a feel-good social experiment that went terribly wrong. I'm not suggesting that the Bush administration didn't keep the ball rolling to a degree... they did. But it started under Clinton. The fallout from that disaster has been epic.

seenitB4
85392
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seenitB4 07/03/11 - 11:43 am
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Where the Rumor Got

Where the Rumor Got Started
So if Bush didn't ask Americans to "go shopping," who did?

A guy named Frank Pellegrini. A writer for TIME magazine.

Referring to Bush's Sept. 20, 2001, speech asking Americans for "continued participation and confidence in the American economy," Pellegrini added his own commentary and translation: "And for God's sake keep shopping."

The rest, as they say, is history.

The false claim nags at former Bush administration officials.

In a scathing letter to the Times in June of 2010, former White House senior adviser Karl Rove wrote: "Suggesting Bush simply urged people 'to shop' is factually wrong - and may be intellectually dishonest."

I had to look this up....he said to go shopping & do whatever you normally do & don't live in fear.....(so forgive me Bush)

CorporalGripweed
0
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CorporalGripweed 07/03/11 - 11:51 am
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Also don't forget that Bush

Also don't forget that Bush begged for the reorganization of FannieMae and FreddieMac, but those in charge of those programs blocked him at every turn. Even going so far as to say these programs were "in great condition and in no need of reform". Who were those people in charge? Barney Frank and Chris Dodd. The real architects of the housing debacle.

Pu239
284
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Pu239 07/03/11 - 11:54 am
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Mr. Ferguson....I can only
Unpublished

Mr. Ferguson....I can only think of one word to summarize your letter....UNBELIEVEABLE.

harley_52
22989
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harley_52 07/03/11 - 12:19 pm
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Actually, the whole ball got

Actually, the whole ball got rolling a long time ago. The late sixties at least. That's when you had the Saul Alinskys, professors Cloward and Pivens, and others of their ultra-left ilk influencing, then overrunning, major colleges and universities across the land, especially the Ivy League schools. They brought us the John Kerry, Al Gore, the Clintons, Bill Ayers, and a host of others who were convinced our Constitution and form of government was outdated and ineffective and that our economic system was inherently "unfair" in favor of the "rich."
This notion that everybody "deserves" a house, regardless of their ability to pay for one, is a product of that kind of thinking and can be traced within our legal system at least as far as Jimmy Carter.

harley_52
22989
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harley_52 07/03/11 - 12:28 pm
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They want to bring our system

They want to bring our system down. They want the economy to crash and the government to fail. Promising too much to too many people for too long is but a method. Promising everybody their own home, free medical care for life, free food if they're too sick or lazy to work, all together with a generous retirement system, even for those who haven't contributed much are all methods of achieving the same ends.

Darby
25038
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Darby 07/03/11 - 12:31 pm
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Just can't escape the

Just can't escape the feeling that this guy is pulling our collective leg. No one in his/her right mind could possibly, seriously believe this kind of mindless drivel. On the other hand, it takes all kinds doesn't it? One writer suggested that Ferguson had his head in the sand. If he's serious (Still can't believe that.) then I'd have to go with the idea that he has his head firmly lodged in a much darker, warmer place.

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