Ray weighs in on Merrill Lynch, Lehman Brothers, and the Wall Street crisis, wondering why some industries receive government bailouts and some don't.
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About Me
- Ray Richardson
- I live in Westbrook with my wonderful wife Dee Dee and our four children. We have been residents of Maine for a little over 22 years, moving here from Florida in 1985.
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- And So The Beat Goes On
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10 comments:
Ray you need to listen to Jim Cramer more
I cannot figure out how your poli sci degree has made you into such an economics guru.
Typical liberal comment.
I don't need an economics degree to understand how economics work.
I believe in the free-market. Most politicians, on either side, and apparently a lot of Americans, do not.
Sometimes you win big. Sometimes you lose big.
When you take big risks, the rewards or the failure will be big.
The more we regulate our markets, the less free they are and the less innovation we have.
Our government should not be bailing out the these businesses. We the people bear the brunt of these bailouts and the fact is, the world is not about to collapse.
The free-market is at work and it is working, yet politicians can't stand that. They have to dabble.
It is not the role of government in America to protect us from ourselves.
I suspect, in a supreme court that actually appreciates and understands what the Constitution says, that these actions would not pass the mustard.
These bailouts are fundamentally wrong. Just because it saves someone's behind, does not make it right.
Typical liberal comment.
I don't need an economics degree to understand how economics work.
I believe in the free-market. Most politicians, on either side, and apparently a lot of Americans, do not.
Sometimes you win big. Sometimes you lose big.
When you take big risks, the rewards or the failure will be big.
The more we regulate our markets, the less free they are and the less innovation we have.
Our government should not be bailing out the these businesses. We the people bear the brunt of these bailouts and the fact is, the world is not about to collapse.
The free-market is at work and it is working, yet politicians can't stand that. They have to dabble.
It is not the role of government in America to protect us from ourselves.
I suspect, in a supreme court that actually appreciates and understands what the Constitution says, that these actions would not pass the mustard.
These bailouts are fundamentally wrong. Just because it saves someone's behind, does not make it right.
it was so obvious this was going to happen...the writing on the wall could not have been bigger...unfortunately no one can read anymore because of those over-worked under-paid leftist teachers and professors...1998 i knew of a person(and many others) that had not only bad credit but absolutely "no" credit...a taker and user his whole life...never had anthing because it was always being repo'ed...in 2004....somehow...and somewhere he qualified for a house loan...while qualifing he lost his job...and before his house was finished...he lost another job...of course this summer his house went to foreclosure...now multiply that by millions....how did this happen...bill clinton and his gang wanted these oxygen thieves to own a house just like you and me...the ones that carry this economy....duhhhh....remember..2 and 2 is 4..facts...facts...facts...yes there's repub's in the mix too...but no conservatives...just wish our gals in the senate would grow a backbone...commrades... didn't you ever take economics...remember the "widget"...what it took to make it...sell it...deliver it...make a profit...assets...liabilities...oops...!..there i go again...talking about education with a purpose instead of rewriting history and feeling good about myself...and it's everybody else's fault never mine and....ray......too many people in this country...not enough "real" jobs...government creates "make-believe" jobs...the people with these jobs and people with degrees in uselessness...unfortunately they can vote...voters have to be qualified...3-1040's...how simple...i'd love to add no local...state...or federal employees to the list too...oops...!...there i go again...the incredible gene i was blessed with....common sense...something a lib does not have...the gene they all have in common is that hand either stuck out...or in my wallet...
p.s....the common sense was no local..state...or federal employees should be able to vote...talk about conflict of interest...wow...if peter works for paul...who will peter vote for...mmmmmmmm....
So Ray
Does this mean you are against govt regulations such as Sherman anti -trust laws?
I am amazed that you would even use the term " greedy' in your last diatribe, isn't the profit motive what we are all about?
You must have loved George Will's pencil story last week.
I guess he is running out of material. That one has been around for years.
sign me
typical liberal
Bruce,
Greed drove this situation. It was driven by those in the banking industry, by politicians and by we the people.
The politicians wanted lending institution to make loans available to anyone, regardless of their qualification because they wanted to appear even-handed and fair to those whose votes they sought.
The lenders wanted to loan money so they made loans that did not make sense, securing favor with politicians and driving profits as long as the economy remained sound.
Loan brokers helped individuals qualify for loans because that is how they get paid. Once the loan funded, they got a commission check, but did not own the paper so they had no risk.
We the people are also complicit. We the people sought and took loans that made no sense. When you make forty grand and you take a 300 thousand dollar mortgage, you know that loan is destined to fail. We the people wanted big houses, houses that were more than we could afford.
We the people also used the equity in our homes like it was an ATM. I actually wrote about this in 2003 in my newspaper column saying that if the home equity market ever dries up, our economy would be in trouble because we the people are using our homes like ATM machines.
At the end of it all, greed drove this situation.
And the free-market punished it.
The free-market worked.
The market loves innovation, creativity and sound business decisions. The market rewards those ideas with profit and wealth.
The market hates greed and fraud and it punishes those that engage in such activities.
Gordon Gekko was wrong. Greed is not good. Greed is ill gotten.
The financial boys on Wall Street got greedy. They failed to heed the example of Bill Gates and Warren Buffet.
Unfortunately, our government is nine trillion dollars in debt and now they are bailing out those who do not deserve to be bailed out.
The market worked. It weeded out the trash. Unfortunately, the government is stepping in and sweeping up the mess.
Ray said
"Gordon Gekko was wrong. Greed is not good. Greed is ill gotten."
Ray you are watching too many movies. I thought the ending was good though.
And yet you hate the awards shows that the actors throw for themselves.
I agree greed is not good,But then i am a left wing bleeding heart liberal.
Greed is not a conservative value. Warren Buffett and Bill Gates are not greedy. They are good businessman who have made sound decisions that are rewarded by the natural order of the free market.
Manipulating the market, using faulty practices for the quick buck, those ideas are almost always punished by the market.
Gekko was a great example. He made money by violating the rules ..... and he was punished.
The financial markets are being punished now for their lack of sound business practices.
The market worked. Now the Feds, who did not like it are intervening.
I hope what they are doing works because if it does not, the result of their actions will make this situation far worse if they are wrong.
Ray said
"Greed is not a conservative value. Warren Buffett and Bill Gates are not greedy. They are good businessman who have made sound decisions that are rewarded by the natural order of the free market".
Interesting you should mention Buffet and Gates. They are two good examples of capitalists who also believe we should not be lowering or doing away with the inheritance tax.
Or the "Death Tax" as you guys like to call it
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