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From Enron to the Financial Crisis, With Alan Greenspan in Between

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What ever happened to duty,god and country. Are we going to be a nation of corruption.

B of Georgia of 7:46PM December 09, 2008

R.L. Schaefer of CA doesn't have a clue of what's going down. Read my lips! Financial derivative are financial weapons of mass destruction. You republicans are retards and clueless. For God's sake, look up CDS and OTC derivatives.
The value of derivatives at the end of 2007 was over $700 Trillion. The $700 bailout is only a down payment. Republicans are either ultra rich or bubba trailer trash.

John J of VA 6:48PM October 04, 2008

What about the savings and loan scandal? The only thing we learn from history, is that we learn nothing from history.

of CO 1:43PM September 29, 2008

The racism of Fan's comments is offensive ,inaccurate and inappropriate and should not have been printed.

Lass of CA 3:20AM September 29, 2008

Money mismanagement is such a crazy mess in this country. You can blame houseowners, minorities, or whoever you want, but the real issue is why are we spending so much for a war. I forgot two wars. Even the money given to contractors. A 19 year old got a $300 Million dollar contract to provide ammunition to Afghanistan. What did he deliver?-40 year old defective goods. Why are we wasting money? You don't think that money could be used at SEC? Our priorities are so screwed and we're trying to blame homeowners. What about the greedy folks we're bailing out? Those receiving multi-millionaire dollar packages for screwing up the economy. What happened to seizing of assets and 25 years in jail to set an example to others. If Ebbers can do the time, so can you!

We're screwed of IL 6:42PM September 27, 2008

Economic Situation In the U. S. A.
By: Jordan C. Fan, Prophet Of Environmrnt.
The Wall Street is currently continuing its drastic collapse and there is no light can be seen at this tunnel to Hell. Much of the U. S. economic problems are related to their current election. The following are my perspective to the the current economic situation in the United States:
(1) The current stock market collapse may be artificial which was cause by Blacks who want to create sight of economic downturn o force Americans to elect Barack Obama for a solution of their problems. Small investment groups of minorities could short sale in the stock market to bring about drastic Wall Street collapse.
(2) The U. S. housing could be caused by Black who might have relocated to other states and live with relatives and friends to generate favorable electoral environment and vote counts according to percentages of state population. This is to help Obama in their election. So there is a possibility that the housing crisis could be resolved after the election.
(3) The housing crisis was cause by the White people also for favorable election outcomes in a particular state. This is similar to situation number (2). In general, the American political system is now proven to be a great failure which has and will continue to affect the well being of Worldwide economy for long term. Whenever there is a election, one side always need to create economic downturn to blame on the incumbent government. Also, a change of governing party will create instability and insecurity to invite terrorist attacks such as the September 11, 2001 disaster. The U. S. should adopted new form of political system and learn from the Chinese before it is too late. Communism Chinese style is the best political system.
(4) On the other hand, the American economic crisis could be real and there will be no solutions in sight and the Great Depression II is imminent. So Environment help us!

Jordan C. Fan, Prophet Of Environment. 2:56AM September 27, 2008

It occurs to me that this is more about lessons forgotten than those never learned.
!. Bankers in the 19th century were well aware that equity, through a down payment, was the way to secure your investment. They understood that when times go bad that equity is a bulwark against declining values.
2. Bankers of past years understood that last years income tax statement or a credit score was not guarantee that the borrower would not lose his job or become disabled. Last years tax return or a FICA score are not negotiable instruments - Equity is.
3. Economic times change - Markets never go up forever. You'd think they'd cover that little tidbit at Harvard Business School.
4. Credit is a lot like drugs - It turns people into junkies. The more they spend the more they want to spend. A druggie seldom figures out that the white powder up his nose doesn't produce lasting happiness or peace of mind. The credit junkie seldom figures out that a Chinese big screen in every room does not fulfill his life or that the "new car smell" eventually wears off.
5. We, the people, have forgotten that is not our right to own a home or a new car. We have to earn it.
6. And, perhaps most importantly, we have come to believe that we are all victims...No one is responsible for their circumstances; a woman is not responsible for her pregnancy, it is inconvenient and now she wants it aborted. A home owner enters into a contract thinking his home value will continue to increase forever. Now he wants a bailout. A banker thought that he could abandon the conservative principles of finance and that the FED would ride to his rescue. A criminal is in jail because of his childhood. A person is fat because of their genes and it's not fair that some students are smarter than others so let's just forget about grades. A victim always expects someone to come charging in to save them - But when we are all victims...Who do we think is coming?

R.L. Schaefer of CA 11:43AM September 25, 2008

The war in Iraq is costing $720 million a day. We could fully fund both the SEC and the Smithsonian on about 1 week's worth of war funds.Think what they could do with 2 weeks worth of money.

gudrun of VA 7:31PM September 24, 2008