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Blame Great Recession on greedy businessmen

Wednesday, November 4, 2009
(Updated 3:00 am)

Millions of newly poor Americans, their jobs gone, savings exhausted, wonder how they’re going to pay their bills and save homes.

The chief perpetrators of this tragedy are a small group of financial “wizards” who shipped whole industries overseas, made reckless, foolish bets with money that was not theirs, collected obscene bonuses and have since retired with their fortunes to palatial estates.

The companies left behind had to be bailed out by TARP 1 and TARP 2, funded by the taxpaying public. Not content with this, these companies have since raised their interest rates, yet another burden to be shouldered by all of us.

In effect, our system now rewards the criminals and punishes the victims. Until this problem is fixed, our tragedy will continue.

Albert M. Carter
Greensboro

 

Comments

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danagain

November 4, 2009 - 6:58 am EST

JDR coulda written this one.

J Peterman Reality Tour

November 4, 2009 - 7:15 am EST

Gordon Gekko: Greed is good

Sawdust

November 4, 2009 - 8:06 am EST

I have to agree. Greed has brought more people out of poverty and more affordable goods to the consumer than all the good intentions in the world.

Left Wing Troll

November 4, 2009 - 8:30 am EST

What a f@@@ing idiot you are Sawdust. You and Colonel Jones would make a happy couple

rahrah

November 4, 2009 - 11:09 am EST

"Please leave civilization in the hands of those who would make attempts to remain civilized."

"What a f@@@ing idiot you are Sawdust. "

9 minutes. Good job making a fool of yourself.

J D R

November 4, 2009 - 2:35 pm EST

as they say ... Ya'll need to read the Rest of the Story ... as developed by Adam Smith

Badgolfer1

November 4, 2009 - 4:51 pm EST

But Adam Smith did not really think of capitalism in a global economy existing today. What was the phrase that you used recently to describe this? I remember you said European nations had tried to fund enterprise in other countries and were now bankrupt and the US was on their same path that they went down.

J D R

November 4, 2009 - 5:26 pm EST

Financialization (?)

Making money off other peoples money .. took down Imperial Spain, "Europe's leading power throughout the 16th century and most of the 17th century" ... then The Dutch Republic "operating the largest fleet of merchantmen ... the wealthiest and most urbanized region of Europe" .. then the British empire.

The theory (my simplistic understanding) is these countries did well when they were doing it themselves, but with success came the fat and lazy attitude, "We'll just pay others - and collect the royalties." Of course the others then gain the technology and eventually stop paying the royalties.

Sound Familiar?

Badgolfer1

November 4, 2009 - 6:50 pm EST

Yes I remember you discussing this before now. Just researched corporatism and that also describes what is going on now within the US better than those people hung up so much on the gloried and much misunderstood word capitalism.

dcolin

November 4, 2009 - 11:26 pm EST

You obviously read bad money

J D R

November 4, 2009 - 8:59 pm EST

The actual statement by Adam Smith:

"The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.” (WN V.ii.b.3: p 825)

Badgolfer1

November 4, 2009 - 11:41 pm EST

I am amazed a flat tax proponent has not jumped in yet claiming that is what they have been saying all along. That it would be the most fair way to tax people and Adam Smith said so. ---Regarding proportion

If subjects of the state were used in a group term then what you keep saying over and over again about oil companies should be paying the government for their security is another thought that comes to me here.
---Regarding protection of the state

Sawdust

November 4, 2009 - 7:58 am EST

Those businessmen moved their operations overseas for a reason, and the reason was not so they could stiff the American worker. They would have preferred to keep them close to home, to avoid language barriers and travel that comes with locating in a foreign country.

Albert evidently believes that the greedy businessmen just woke up one morning and thought, "I'll move my factory to China today", just a thought out of the clear blue. It doesn't work that way, Albert. There is a reason why they do such things. Some reasons are excessive taxation (think: Democrats), excessive regulations (think: Democrats), and excessive labor costs (think: labor unions, great pals of Democrats).

I'll bet Albert voted for Obama. How about it, Albert?

Sawdust

November 4, 2009 - 8:01 am EST

And, as the saying goes, you ain't seen nothing yet. Just wait till Obozo gets his health care and his cap and trade and his card check passed. They'll be waiting in line at the border to get to China.

mawmaw

November 4, 2009 - 8:08 am EST

Comments made by the truly uninformed. Suggest you see Michael Moore's new movie. Greed and more greed is absolutely the cause of all the economic woes we face today. You defend the rich and blame the poor. How blind you are. Bet you all watch Rush and think he's right.

danagain

November 4, 2009 - 8:17 am EST

"Suggest you see Michael Moore's new movie."

Now there's a totally non-partisan, objective source.

That's funny mawmaw, you chide those who "watch" (kinda hard to do as he's a radio broadcaster) Rush and then suggest Michael Moore as a source of information.

rahrah

November 4, 2009 - 11:11 am EST

I haven't seen it, but I've heard that the newest Michael Moore is fairly balanced in criticizing both parties.

J D R

November 4, 2009 - 2:02 pm EST

That's the thing, rahrah that most here do not see. Both parties are equally guilty.

J D R

November 4, 2009 - 2:02 pm EST

Dan:

Last night, how many times did Hannity mention Manufacturing?

Yvonne

November 4, 2009 - 8:18 am EST

"Bet you all watch Rush and think he's right."

The only thing I would add to your comments, mawmaw, is "Bet you all watch Rush and think he's right while he makes millions off ignorance."

firerescuechick

November 4, 2009 - 8:45 am EST

Part of what got us into this mess is people living beyond their means. Kind of like what the voter's of this city have decided to do yet again with the passage of the Science Center bond. It's economics 101.....don't spend money you don't have, especially on something that isn't a necessity.

jones

November 4, 2009 - 10:52 am EST

"don't spend money you don't have, especially on something that isn't a necessity."

I agree wholeheartedly. Don't live beyond our means (i.e., democrat health insurance reform).

J D R

November 4, 2009 - 2:03 pm EST

You're right, Jones. If only the Republicans had ever had control, we'd never be in this pickle.

mawmaw

November 4, 2009 - 9:20 am EST

Agree, Fire. Dan I have watched Rush to see what he has to say...have you ever watched a Michael Moore movie? While he is definitely not Rush's kind of guy, he has a lot to say that the American people need to hear. Basically, we are all pawns. I see this more in the "Republicans"...most must think they are rich. Again the GOP is spreading lies and fear and sadly many don't bother to check out anything.

danagain

November 4, 2009 - 9:43 am EST

Sorry mawmaw, I'm not spending my money to support Michael Moore. The guy is a hypocrite, making millions off the very system he claims to detest. He owns stock in companies he claims to detest.

And it appears he hires non-union labor.

http://www.nypost.com/p/pagesix/union_teaches_michael_moore_lesson_sCK9A...

And it appears Esquire threw a swank party in celebration of his film:

http://www.620wtmj.com/shows/charliesykes/60324797.html

I suggest you read "Do as I Say Not as I Do, Profiles in Liberal Hypocrisy". Your man Micheal is in there.

dcolin

November 4, 2009 - 10:28 pm EST

Ah,

Dan Dan the mystery man.

No Name.
No Expertise
No College major

Lots of opinions

Course thats just my opinion

ghost from white oak

November 4, 2009 - 9:52 am EST

I would suggest this is a rather myopic view of things. While there is plenty of greed to go around, it doesn't all belong to the CEO's, financial wizards nor the republicans.
This very day DC is full to the top with democrats who are as greedy, crooked and self serving as any of the above mentioned bozos.
Please, don't leave out the greedy home buyers who tried to "beat the system" by buying more than they could pay for.
Just remember the golden rule " The only difference between a democrat and a republican is to whom they give YOUR money .

tonymo

November 4, 2009 - 10:53 am EST

The inane chatter on these pages is truly laughable. Just about two weeks ago PBS's great series "Frontline" did a wonderful show on this very subject. It was called, "The Warning." It detailed one woman's valiant attempts to head off what she saw coming, the finacial meltdown. She was the head of the CFTC (Commodities Futures Trading Corp), and began warning many years ago about the inherent dangers of the unregulated derivatives market.(she was an attorney, and a derivatives expert)

She was crushed by Alan Greenspan (who believe there should be NO regulation of the financial markets), Larry Summers, Robert Rubin, Phil Gramm, and Richard Lugar when she tried to regulate this secret market done mostly in back rooms with little or no record keeping. It was a fascinating, informative documnetary. Even after the blow up of the massive Long Term Capital Management Hedge Fund, these same people continued to try to protect this dangerous market.

So instead of the many moronic opinions stated above, you can, if you care to, discover what really happened, and who was responsible, and who tried to stop it!

J D R

November 4, 2009 - 2:05 pm EST

DAMM Democrats .. I KNEW it.

J D R

November 4, 2009 - 2:30 pm EST

opps .. meant DAMM Liberals .. I KNEW it.

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