From: "Alan Cook" <alangregorycook-AT-msn.com>
To: puptcrit-AT-puptcrit.org
Date: Sat, 28 Mar 2009 19:08:36 GMT
Subject: Re: [Puptcrit] Pay attention to History


Jim-

It is not just socialism where you run out of other people's money. Mr Madoff, Citi Bank, Bank of America, AIG (which controls by car insurance company 21st Century) have also run out of other people's money. And speculators have contributed to unrealisic prices of real estate. It was not socialists who created the infamous TULIP Speculation in Holland (one of the Financial collapses of All Time), and the overdeveloped Baby Golf Craze of my childhood---it was those damned greedy capitalists. We have had "Enlightened Capitalists" but I don't know if many of them are left---if they are, they are outnumbered by all the fast operators---the take the money & run folks. And that is true even in CHINA.

Greed knows no bounds, is limited to no political spectrum, but the GOP these days has provided a home for a high percentage of the culprits who have ardently decimated the middle class which usually gets stuck with the bill. Rush Limbaugh & Dick Cheney are not our friends.

Love,

ALAN


-----Original Message-----
From: Jim Gamble
Sent: Saturday, March 28, 2009 11:53 AM
To: LSnyder262-AT-aol.com, puptcrit Bulletin Board
Subject: [Puptcrit] Pay attention to History

Dear Linda,

Thank you for your enlightening email.  Encouraging mortgages for people who clearly could not afford them, regardless of where they lived, their ethnicity, their level of education, or income, or job, or whatever, etc. wasA principle cause of the foreclosure crises, which in turn was a major cause of the current meltdown, but Congress in it's desire to "make everyone equal" has given all of us a problem exacerbated by a huge bailout cost that our children's grandchildren will be paying for for decades. And CRA loans have had a HIGH rate of default!!!  And there are many causes and enough blame to go around!!

 The Durants who wrote their multi-volume, well researched, "history of the world" as an afterthought wrote: "The Lessons of History" which stated, in so many words, that periodically, masses rise up to make things equal, but after re-distributing the wealth of a society, it only takes one or two generations to get back to the way things were in the first place...."  As Maggie Thatcher stated, "the problem with socialism is that sooner or later, you run out of other people's money (to spend).  Maybe we should all pay attention to history!!!

I've been in several countries whose currency was so devalued that it took a wheel barrow filled with currency to shop for a loaf of bread!!  This could happen to us! 

 Sincerely and respectfully (of all opionions)  Jim Gamble




________________________________
From: "LSnyder262-AT-aol.com" <LSnyder262-AT-aol.com>
To: jimsan777-AT-yahoo.com; puptcrit-AT-puptcrit.org
Sent: Saturday, March 28, 2009 11:01:15 AM
Subject: Re: [Puptcrit] Billion or trillion or Quadtrillion????


In a message dated 3/26/09 9:52:44 PM, jimsan777-AT-yahoo.com writes:



and you put the same people in charge of fixing the problem who voted IN the problem to begin with....remember the CRA at the end of Carter administration?)

Just to clarify a common misconception here... CRA was the Community Reinvestment Act, which was enacted to stop the practice of "redlining" wherein banks and other lending institutions could (and did) arbitrarily decline loan applications based solely on the applicant's address, without even examining other credit qualifications. Under CRA, millions of creditworthy Americans have been able to borrow DESPITE living in neighborhoods the bankers would never deign to enter. CRA loans have very low default rates.

The CRA has absolutely nothing to do with the subprime lending practices that led to our current economic woes, and which were begun due to deregulations championed by former GOP Senator Phil Gramm (among others).

There are multiple and nefariously interwoven causes for the current state of our economy, and plenty of blame to be shared by both major political parties. To point to one single factor or person -- no matter which one you choose -- as the sole trigger for the meltdown, is simplistic, shortsighted, and does nothing to improve the situation.

My 4 cents (adjusted for inflation)
Linda



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