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US Is "More Communist than China": Jim Rogers

Discussion in 'Political Discussion' started by maverick4, Sep 10, 2008.

  1. maverick4

    maverick4 Banned

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    http://www.cnbc.com/id/26603489/

    The nationalization of Fannie Mae and Freddie Mac shows that the U.S. is "more communist than China right now" but its brand of socialism is meant only for the rich, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe on Monday.

    "America is more communist than China is right now. You can see that this is welfare of the rich, it is socialism for the rich… it's just bailing out financial institutions," Rogers said.

    "This is madness, this is insanity, they have more than doubled the American national debt in one weekend for a bunch of crooks and incompetents. I'm not quite sure why I or anybody else should be paying for this," Rogers told "Squawk Box Europe."
     
  2. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    Absolutely, this is what happens when Congress tries to run business. All this mess was started by the Dems crying about "red-lining" and banks not giving out mortagages to the poor. So Congress stepped in, and created these agencies and MANDATATED that they lend people, who have no business getting loans, money. And lo and behold, what happened? The banks let money out without oversight or underrights, because these loans were "guarenteed" by the US government. Of course, the people, who should have never been given loans in the first place, defaulted, and now we have this mess.

    Bottomline, if Congress had not intervined, the banks would have never approved these loans, becuase they would have to assume all the risk.

    Once again, proving, that the governemtnn runs nothing well, and screws up everything it touches, and some people want to turn their healthcare over to them!!!
     
  3. maverick4

    maverick4 Banned

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    These two orgs are on the hook in obligations for 6 TRILLION dollars... I doubt the government-estimated-max cost of 850 billion is even close. The US government just doubled its national debt in one day. 75% of American housing is now directly or indirectly Government involved.
     
  4. maverick4

    maverick4 Banned

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    Jim Rogers lives in Singapore now btw.
     
  5. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    surely govt has a role in this fiasco but people need to take ownership of getting ARMS vs Fixed mortgages. what about homequity mortgages so people bail out their spending habits?
     
  6. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    so when goverment bails out it means they own it or is it going to the investors free of charge?

    where is this money going exactly?

    isn't it just inventing money while devaluing existing money?
     
  7. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    What you don't understand is that these banks would have never lent these people the money, if they did not know that their "investment" had the full backing of the US Government.

    Drive by any bus stop, and you will see almost everyone has a cell phone. Most poor people are poor, because they lack the disipline to "not spend". My brother is a perfect example, 3 big screens, 2 SUVs, 1 giant dog, and a condo that is not worth what he paid for it, and is mortagaged to @120% of it's previously overinflated price(on an ARM). He should have never been given that loan (although he is not a Freddie/Fanny loan guy) but he is the perfect example of what I'm talking about. I work in a federal building, and the bankruptcy court is on the same floor, and you don't even has to ask the people if they are looking for the bankruptcy court, you just "know".
     
  8. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    The government "had to" do this. What Fannie/Freddie is/are is sort of a bond market for mortgages, they guarenntee them for banks, and other banks buy them in bulk on the bond market. So if Congress had let both of these entities go belly up. The entire banking system would have been tossed into chaos, banks would have failed left and right, and the FDIC does not have enough money to cover the lossess to the public if thier were to be a massive bank failure, and once again the country would be in fianancial collapse.
     
  9. maverick4

    maverick4 Banned

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    Actually this is still probably going to happen, they are just delaying the inevitable, which will now be worse than before
     
  10. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Ted...get a clue. This "all" started when the economy was tanking after 9/11. The fed lowered rates and our federal government encourage more relaxed standards for home buyers trying to get a mortgage. But the reason it all happened was to "fix" a minor recession in 2001/2002.

    Thus the real estate bubble was created. It was the single most stupid act our government has committed. It screwed up the financial industry on a world-wide scale and created false wealth for home owners who acted like idiots and refinanced themselves to the gills so that they could by more "STUFF".

    It devalued the dollar and is the single most important factor contributing to todays sad state of the world economic crisis.

    I laugh out loud when I read people saying "we aren't OFFICIALLY in a recession" when our government is doing more than any other time in our history to fix it..... This year, our government has done more and spent more than it did to correct the Great Depression...but we're not in a recession, huh?:rolleyes:
     
    Last edited: Sep 10, 2008
  11. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I believe the stock values will become worthless, as they should. I don't think this bailout will save stockholders from losing everything and I'm grateful for that. They don't deserve to be bailed out.
     
  12. Michael

    Michael Moderator Staff Member PatsFans.com Supporter

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    #12 Jersey

    You can see it in it's welfare of the illegal aliens too. Wasn't it Reagan who said, I didn't leave the Democrat party. It left me. We keep moving so far left that Republicans now are father left than JFK was. This is what kills me about all the limousine liberals who want big government and big government programs to fix everything. If they get their way and we go straight out commie they lose all their money. You'd see how fast they'd change their tune then.
     
    Last edited: Sep 10, 2008
  13. MrBigglesWorth

    MrBigglesWorth Veteran Starter w/Big Long Term Deal

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    So it's kind of like the person who has 10 credit cards and is in the process of maxing them out and says "I'm not broke!"
     
  14. maverick4

    maverick4 Banned

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    Good analogy.

    I used to be concerned about a recession or depression, but with this nationalization of Freddie and Fannie and their 6 TRILLION in obligations, I am more concerned with the long term viability of the US government now.
     

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