Financial Crisis

[sarahbina]

Has anybody been following the news lately about financial matters? It is pretty bad. But an upside is that the the global financial community is seeing itself as connected and is working together to find solutions. I have been reading about all the people who are not able to pay their mortgages and getting kicked out of their homes. This is happening all over the world, not just the US. And their was a big meeting of people from 20 different countries. It used to be that just 7 countries would be making the decisions for almost the whole world financially. Now they have grown to 20 countries. And some of the included countries aren't the strong economic powers in the world, but are developing countries, the little guys. I like this idea of inclusion, paying closer attention to and listening to the little guy. Also that they are realizing that we are one connected. Here is a good link for more G20 summit analysis

[Eugene]

It used to be that just 7 countries would be making the decisions for almost the whole world financially. Now they have grown to 20 countries.

I don't mean to disrupt the positive tone, but all the decisions that led to the financial crisis were made in the United States. The rest of the world is just doing what it can to minimize damage.

The idea that mortgage defaults are the root cause of the problem is misleading. The problem was caused by American-made financial instruments that greatly magnified (and continue to magnify) losses due to mortgage defaults.

I've heard the excuse that this is happening all over the world. I think I once heard Alan Greenspan say that. But in my opinion, it is just a flimsy excuse. The crisis began in the United States, and it was created by rampant greed in the American financial sector.

It is ironic that American capitalists have done to America what foreign terrorists could not do.

[Rick336]

Originally Posted by Eugene

The crisis began in the United States, and it was created by rampant greed in the American financial sector.

I agree. It's all about greed. The more money they can get, the more expensive car they can buy. The more expensive car they own, the greater they believe their worth as a person. Screw the rest of the world. It's all about them.

It never occurs to them that in 50 years they'll be all alone in a nursing home somewhere staring out the window waiting for visitors who never come because nobody really gave a damn what kind of car they drove.

Rick

[Gennee]

There were controls that Greenspan should have implemented but didn't. I worked in the financial sector for 24 years and learned that these things go in cycles. What we have here is bad business practices being put out into the open for all to see. Many of these things could have been prevented. Unfortunately, greed ruled the day.

Gennee

[sarahbina]

Hey,

It seems like we really all agree that it is Greed that is at the center of the problem and essentially the cause of all the problems in the world. Over developed egoism.

You know the basic Love Thy Neighbor as Thyself is the key to unravel all the problems in the world. It encapsulates the notion of perfect and real altruism.

Imagine how the world could work in peace and harmony with everyone caring for all other people like they were a beloved family member. If everyone treated everyone else like cells of our body treat for the body as a whole. Each cell and organ works to benefit the rest and the whole body can function beautifully. It is the way all of nature works - in balance unless of course people mess it up.

[Rick336]

Originally Posted by sarahbina

Imagine how the world could work in peace and harmony with everyone caring for all other people like they were a beloved family member.

Imagine there's no heaven
It's easy if you try
No hell below us
Above us only sky
Imagine all the people
Living for today...

Imagine there's no countries
It isn't hard to do
Nothing to kill or die for
And no religion too
Imagine all the people
Living life in peace...

You may say I'm a dreamer
But I'm not the only one
I hope someday you'll join us
And the world will be as one

Imagine no possessions
I wonder if you can
No need for greed or hunger
A brotherhood of man
Imagine all the people
Sharing all the world...

You may say I'm a dreamer
But I'm not the only one
I hope someday you'll join us
And the world will live as one

- John Lennon 1970

[sarahbina]

I love that song -

Have you ever imagined that we are all really interconnected; that we really are all one?

I mean really have you ever tried to imagine that we - all of humanity are One soul, One man with One heart?

[ladyinred]

I read where deregulation of banks actually lead to the downfall of our financial system here. While I know too much regulation is not always a good thing , if banks don't regulate themselves we need laws to protect the consumer or the average Joe. Now I 'm hearing that even if you have excellent credit and pay your bills on time , they can still jack up your interest rate,it happened to my ex, when they made his interest rate go from 12% to 29%. How the heck do they expect people to pay their bills then?

[sarahbina]

You are right. The credit crunch is crazy. That's what started this whole huge problem. Bad mortgages - and now too many people are losing their homes. Banks are folding because they made too risky loans, banks aren't lending money to each other or to companies and people. The squeeze on liquidity is squeezing everything - especially people who can't afford it most. And all the bail outs to the banks ... are any people getting to keep their houses yet?

[Eugene]

At least the financial crisis has the effect of unmasking fraud when greedy con men are rendered incapable of continuing the con game. It is incredible that this man was investigated by the SEC in 1992, and they couldn't find any wrongdoing!

[marutidas]

Have you ever stopped to think how many poeple were involved so you could make a cup of tea?

Lets start with the farmers, who planted the feilds, raised and harvested the crops.

Next the people who take the havested leaves to the plant to be processed, packaged and shipped to stores.

Then the people at the stores who stock the products on the shelves, and the cashiers at the store.

Then the people who made made your car so you could drive to the store.

The attendant at the gas station so you can power your car to get the store.

And when you get it home, all of the architechs, builders, electritians and plumbers who made you home.

The people who built and desined your coffee pot and tea cup.

The people who treat the water for to you drink and cook with.

after all that, we are talking about 1,000's if not 100,000's of people involved in making you cup of tea.

[sarahbina]