Finally, the truth about the meltdown

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Finally, someone has written an editorial that lays out in simple language where our country went wrong in the months prior to our current economic crisis ("The truth about the meltdown," Oct. 1 Augusta Chronicle ).

I want to commend the editorial department of your newspaper for laying out step-by-step the reasons behind the meltdown and for naming the ones whose foolishness foisted upon us this calamity.

I have read a lot of articles and editorials dealing with this sad turn of events, but none with the clarity presented by the Augusta Chronicle . Even an idiot (and that includes many members of our Congress) should understand now what happened.

I wish this editorial could be forced down the throats of each member of the Congress, the professors in finance, business and economic schools around the country and, above all, every liberal in the land who believes giving mortgages to people who can't, or won't, pay their utility bills is the first step toward a new society.

Somewhere our salvation lies, but it may be a long time in coming.

Carl Langley

Aiken, S.C.

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habersham100
177
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habersham100 10/13/08 - 05:40 am
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I agree, Mr. Langley, that it

I agree, Mr. Langley, that it might be a long time coming... and at my age, I may not live to see it... Is there hope for my grandchildren???

Ga Values
27
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Ga Values 10/13/08 - 05:42 am
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During the last 8 years

During the last 8 years Republican Congressmen tried to fix the Freddie Mac and Fannie Mae mess but they were blocked by Barney Frank and Chris Dodd. The Wall Street's Paulson along with Frank And Dodd wrote the $700,000,000,000.00 bail out Wall Street bill then added $153,000,000,000.00 of PORK for good measure. Our 7 Republican Congressmen voted against this RIP OFF of the taxpayer. Yet Saxby Chambliss (Socialist/RINO,Ga) voted for this waste. Why? He has received over $10,621,716.00 from special interest much of it from BANKS & INSURANCE COMPANIES. With Saxby MONEY talks & the Taxpayer walks. FIRE SAXBY NOW, HIRE ALLEN BUCKLEY, A HONEST LIBERTARIAN.

griesella
0
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griesella 10/13/08 - 06:25 am
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Sorry Ga values. The

Sorry Ga values. The Libertarian has no chance. I have no choice but Saxby.

trying to understand
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trying to understand 10/13/08 - 06:36 am
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It seems to me that the

It seems to me that the biggest problem that we have is our party system. Ga Values said that "Republican Congressmen" had tried to fix the problem. IF that is true, how many Democratic Congressmen voted against the "fix" because it came from the left wing? I know from personal experience that many people in this area are going to vote along party lines regardless of the issue. Our country will continue to have its apparent downward slide if we continue to look at political decisions like a football game (We won! We are better than you!)

patriciathomas
43
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patriciathomas 10/13/08 - 07:02 am
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trying to understand, a basic

trying to understand, a basic difference between the parties is philosophical approach. The hard core socialists have total control of the Dem party right now and virtually all of their policies are big government and nanny state programs, built on the back of the taxpayer. Redistribution of wealth will buy you more votes then personal responsibility. It's easy to choose sides when one side is geared toward enabling the looser at the expense of the achiever.

yak11
0
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yak11 10/13/08 - 07:27 am
0
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Sorry But I am thinking if we

Sorry But I am thinking if we at least send Sax the AX and get him going home at least this may see an end to the old boy Blue Blood incompetent Republicans and the rebirth of the Conservatives.

patriciathomas
43
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patriciathomas 10/13/08 - 07:49 am
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Saxby needs to be replaced

Saxby needs to be replaced with a conservative. He's part of the problem in DC.

ITDoc
1
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ITDoc 10/13/08 - 08:23 am
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PT: Wouldn't any reduction in

PT: Wouldn't any reduction in partisanship be a good thing? Congress has for years been stifled by right wing this and left wing that. Partisan politics produces poo. Our current two party system is broken, never has the American public had so little confidence in ANY politician. In our current system, it matters not what is good for the country, only what is good for the party. I don't believe there is any one person who TOTALLY agrees with either party. I DO believe that people believe in themselves. See the good in each side and let's take what's good for all.

dashiel
176
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dashiel 10/13/08 - 08:27 am
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The Wall Street wonks, geeks,

The Wall Street wonks, geeks, quants and algo traders are to blame. Them and their supercomputers. They fed a trillion dollars worth of subprime mortgage debt into their machines, threw in some derivatives, applied their algorithms and "made" $62 TRILLION in imaginary wealth. So instead of calling this "the truth about the meltdown," it should be called the meltdown about the truth. Bush was warned by his (then) secretary of the treasury in 2002 that more regulation was needed, but he decided another secretary of the treasury was needed. That position became a revolving door (a la Evita) until the most inept fat cat of them all bumbled through--Hank Paulson (C.E.O. of Goldman Sachs)--and robbed the American taxpayer of money and even credit that we don't have. This regime has stolen the soda out of every biscuit while us dumb porkers have been busy arguing about lapel pins and when life begins. Life begins when you become conscious and start looking around and paying attention. Recess is over, kids.

ITDoc
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ITDoc 10/13/08 - 08:48 am
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Dashiel, what does your post

Dashiel, what does your post do to help solve the problem? Can we quit pointing fingers and join hands to work to solve our problems? Or shall we [filtered word] our lives away assigning blame? I can admit I helped make the mess, why is it so hard for others to do the same?

patriciathomas
43
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patriciathomas 10/13/08 - 08:57 am
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tall2, I'm not sure what the

tall2, I'm not sure what the point of your 9:23 post is. Conservatism is bipartisan, if you're speaking about the constitution and not the manifesto.

ITDoc
1
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ITDoc 10/13/08 - 09:14 am
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PT: Point is too many

PT: Point is too many divisive labels. I, like most people, have opinions on EACH issue. Some may be conservative, some may be liberal. The way I see it, each "side" just wants to win. To consistantly harangue the "left wing" or the "right wing" solves absolutely nothing and just furthers the "blame game". The US was formed by 13 disparate colonies uniting for the common good. Today we are 300 million people who are never going to completely abandon our own beliefs. We are 300 million people who cannot see past the efforts to keep us divided. The only events that have united our country similarly were attacks on America. Why not turn your talents on this board to unifying people? It may just start a trend.

justthefacts
29084
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justthefacts 10/13/08 - 09:27 am
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tall2, good post. Way to much

tall2, good post. Way to much hate/jealousy in this country.

disssman
6
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disssman 10/13/08 - 09:28 am
0
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Carl I agree with you and

Carl I agree with you and would add that these people who lost their jobs and can't pay their mortgages and their utility bills should be taken into broad street and horse whipped to death! And I am sure someone like you wouldn't mind applying the lashes would they? My oh My you are one fine christian, aren't you. I wonder if you have ever sent big John a letter demanding he do something to get the Billions owed to the government by Keating, or did that just skip your mind. But anyway we really need to really put these dirty rotten mortgage users in their place.

dashiel
176
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dashiel 10/13/08 - 09:34 am
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You can relax now, tall2.

You can relax now, tall2. The Reverend Graham and the Dalai Lama are home from the hospital.

ITDoc
1
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ITDoc 10/13/08 - 09:36 am
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Your response to a message

Your response to a message calling for unity is to place me with Billy Graham and the Dalai Lama?

ITDoc
1
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ITDoc 10/13/08 - 09:38 am
0
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Too many people derive

Too many people derive entertainment from human suffering. It has permeated our media, our politics, and even our day to day conversations. I submit the fact that I have been trying to spur positive, unifying debate on three threads and yet some still wish to bait and attack.

ITDoc
1
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ITDoc 10/13/08 - 09:47 am
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Please note: I have foresworn

Please note: I have foresworn against any personal attacks on Obama, McCain or other posters. I have engaged in such in the past and won't be sucked in again. If you feel you must conduct yourself in such a way, I reserve the right to ignore your opinion or demands for more information.

justthefacts
29084
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justthefacts 10/13/08 - 09:52 am
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tall2, with dashiel, you

tall2, with dashiel, you should definately consider the source.

dashiel
176
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dashiel 10/13/08 - 10:26 am
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Sweet. The semi-literate

Sweet. The semi-literate comforting the semi-reformed.

no4word
0
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no4word 10/13/08 - 12:03 pm
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The only reason to put Saxby

The only reason to put Saxby back is to prevent Jim Martin from being elected. If we end up with Barrack Obama as President we certainly do NOT want to have 60 Democrat Senators. Let's hope that McCain does as good of a job getting the truth about the meltdown mess out there as his supporters are trying to do. It makes you wonder if he really wants the job.

imdstuf
10
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imdstuf 10/13/08 - 12:47 pm
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Again, the LTE misses the

Again, the LTE misses the point. Having a bad housing market is only a small part of the problem. The real question is why did all these financial institutions bet everything they had on the housing market continuing to grow? Apparently even they did not see the problem coming with subprime loans, and they are the ones who caused the financial crisis. The economy is not in trouble because some people cannot pay their mortgages. The economy is in trouble because rich people gambled all the money on these mortgages.

Niko Mahs
83
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Niko Mahs 10/13/08 - 02:03 pm
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Give me a break. If Phil

Give me a break. If Phil Gramm had not degregulated the banking industry with Bush & McCain's help, then Fannie & Freddie would not have had the where with all to conduct the flexible business that the Chronicle editors speak of in this case. Paul Krugman of the NY Times just won the Nobel prize for Economics. This guy knows about the cause of the current banking crisis, and while Fannie & Freddie and some Democrats were at fault, the GOP was also pushing very heavy for extended home ownership. In fact only 4 congressmen/women in the House of Representatives voted to review the expansion of loans by Fannie & Freddie, so the GOP was just as much to blame.

ITDoc
1
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ITDoc 10/13/08 - 02:04 pm
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Markets are surging. It takes

Markets are surging. It takes the entire world to cooperate to help the situation, just like it took the entire world to create the situation. Get off the blame game and let's get to work to fix this mess.

justthefacts
29084
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justthefacts 10/13/08 - 02:25 pm
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Gore won a Nobel, it don't

Gore won a Nobel, it don't mean much.

disssman
6
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disssman 10/13/08 - 03:42 pm
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How would you fix it Tall2?

How would you fix it Tall2? My idea is to either close the borders or sell the country. That may sound awful but if we don't do one or the other there won't be anything left in a couple of years anyway. In case people haven't noticed, there is no more heavy industry and state after state is asking for a bail-out!

ITDoc
1
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ITDoc 10/13/08 - 04:02 pm
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How would I fix it? Let the

How would I fix it? Let the bad loans fail, let the banks that made them fail and take the opportunity to restore the credit standards we had until the 70's. Assets that have value will be bought by private means. Assets that haven't any value will be losses. Assist those who couldn't afford to own a home to find affordable rental housing. Stop using Section 8 as income. Stop pushing the idea that every person has a right to homeownership or material possessions. I was denied mortgages 5 times over 7 years before I could finally get the downpayment I needed to buy a home. Restore accountability to both customers and lenders. Get away from fiat money and get back to the gold standard. We've become addicted to credit. If I don't have the money to pay for it, I'm not getting it anymore. And thanks for asking :)

Niko Mahs
83
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Niko Mahs 10/13/08 - 05:54 pm
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The Nobel is a very

The Nobel is a very prestigious prize, and it's worth $1.5 Million. What prize is Bush/McCain going to get for ruining the USA?

KSL
158456
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KSL 10/13/08 - 06:14 pm
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Niko, tell me you aren't that

Niko, tell me you aren't that ignorant? Say it isn't so. It has come to be a very political prize. Do you know anything about a man named Hitler? Do you know anything about people who have been nominated for the prize? You ought to check out the winners and the nominees. Notice I say ignorant, not dumb. Ignorance means you have not been exposed to the information. Dumb means you were exposed but couldn't absorb it. I'm giving you the benefit of the doubt. That's because you found my post on the website the other day interesting, but too late. I do realize you are not dumb. Not at all.

ThatOne
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ThatOne 10/13/08 - 07:08 pm
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EDUCATE YOURSELF READERS!!!

EDUCATE YOURSELF READERS!!! Don't rely on right-wing papers like the AC to tell you what to think..Don't even let left ones do it..Shame on you AC..FACTS: 94% of homeowners are paying their mortgages..6% bad loans ain't enough to crack the economy..The culprits was CREDIT DEFAULT SWAPS (CDS)..CDS are a contract where a buyer(bank) makes a series of payments to a seller (Int'l Derivatives Assoc, AIG,etc) for a promise that if a financial instrument fails (bad loan) the seller will pay off the loan...It's insurance, but it's not called that because if it were called what it is (insurance) it could be regulated..This $60 Trillion (YES TRILLION) CDS industry is what did the market in...When the home market slowed, and subprime mortgages started to fail, the Int'l Derivative Assoc. didn't have the principle to cover the bad mortgages ... To blame poor folks is wrong AC; let's blame the greedy bankers who took advantage of deregulation loopholes... The AC should do research before they print BS..RESEARCH IT FOR YOURSELVES FOLKS!!!My point is non-partisan, unlike the AC staff. 60 Min. did a story on this: http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454.shtml

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