163 replies to this topic

[Dark.Matter]

Yes theres corruption in politics but this isn't politics. These are CEO's and other executives that whined for us to bail them out of their stupid mistakes and then when we do they piss away the money and then the very next month ask for MORE money. I'm going to assume you dont pay taxes yet so you may not care, but for those that do its just outrageous and I have no doubt that many other companies that "needed a bailout" will piss away the money to the benefit of their executives. It's theft on an epic level.

Of course it's politics. How the fuck do you think they are getting the bailout in the first place? They are in bed with the government.

[Weiman]

Shit's fucking collapsing.. Icesave just went down, and the goverenment here had to bail out Fortis..

[Dark.Matter]

If we fall, we are taking all of you with us

[way2lazy2care]

ya, I suppose 400,000 spa/resort stays are totally acceptable. I really wanted my tax dollars to go to those CEO's comfort... they've been trough a lot they have... millionaires toally have to be pampered at the tax payers expense every once in a while...

do you have any way to back up that it all went to the CEOs? it doesn't really matter as the government owns a controlling stake in the company.

[Sir_Slik]

Dow just closed down 678 points... 2nd highest low closing point for the dow is 684 after 9/11. If the Dow dips into -800 tomorrow expect a world wide great depression. Joyous times we live in eh?

[It's ME!]

there must be some limitations to what the banks can do, like giving mortages away. The banks went crazy with mortages since there were "zero-down mortages" and stuff. Like how the hell is the economy going to survive if the banks lend out money? This crisis proves that banks cannot limit/regulate themselves, so therefore some government imposed regulations and limits, altough not many, should be created. i think we're on the same page aren't we?

[Sir_Slik]

Also this crisis couldn't come at a worser time in the year. The holidays are coming and this is the time where businesses get the majority of their profits. Generally people watch the top dogs in a market to get an indication of how that market is doing. So if the Dow and other big players continue to tank people who have stocks in many other smaller companies and such will continue to sell. Many business will go down, people are then out of jobs. Holiday time comes and businesses are not prepared to take such a huge hit from the lack of people spending as they are out of jobs. This means more businesses go down and yet more people are out of jobs. This will continue to spiral and the further down you go, the quicker the ice the market is standing on melts. Banks close, people can't get money, more businesses close. Eventually entire markets seize up all together. This reverberates throughout the world causing the very same thing to happen to all country's markets. And just like that you have a world wide total economic collapse.

[DethFanatic]

regulations are a big part of the reason this fuckup happened. The less regulated they are the better. The only thing that needs to be regulated is insuring that the consumer's rights are looked out for. Those rights being if you pay for something you get it.

The problem with our market (the US, I'm guessing urs was caused similarly) was that loans got too easy to get.

Freer Trade + Market = thx

I wasnt aware that your government had passed legislation forcing banks to give sub-prime loans! What the fuck were they thinking -.-

[Plasmic Fury]

Markets are dropping quite steadily now.

its going to be a long recovery.... if we recover.

It is somewhat the peoples fault too for taking out fucking huge loans that they couldn't pay. but from my knowledge the US doesn't require much if any down payment so they are basically taking free money.

It is not the peoples fault per say, more the Financial groups, giving out loans to people who don't even have the money to pay it back, and have no jobs. The Financial groups dont care though, because they are getting commission on their sale, and it only directly effects the banks and the people. But now they realize this isn't working and now everyone's covered in shit.

Now we have to bail them out of their retarded greedy schemes to make quick money.

In Canada you need 10-20% of a downpayment in order to even get your loan. This prevents all the sticky shit the Americans found themselves in over the course of 2008 and now.

[It's ME!]

when did the "zero-down mortages" period start in canada? good thing that harper cancelled it.

[Plasmic Fury]

when did the "zero-down mortages" period start in canada? good thing that harper cancelled it.

isnt happening in Canada. I think its 10% down.

[It's ME!]

isnt happening in Canada. I think its 10% down.

i did happen, but it's not happening anymore. we were heading the same way the united states are. I live in Vancouver and housing prices went up because of the zero-down mortgages.

[Plasmic Fury]

i did happen, but it's not happening anymore. we were heading the same way the united states are. I live in Vancouver and housing prices went up because of the zero-down mortgages.

WTF, this is new to me. Sounds retarded.

[Dark.Matter]

This is what happens when we decide bunnies should be able to own homes.

VERBAL WARNING - NO RACISM IN MY SODDING THREAD RETARD! ~\/íƦù§52~

[It's ME!]

Not many places did it and there were certain factors you had to have. Certain credit rating, no bankruptcies had to prove they had a certain % of money in there bank account, had the same job for over 2 years. but on Oct 15 this will n longer be allowed in Canada.

yea, i not sure exactly how it was, but people were getting zero-down mortages and stuff like down. There was a house-buying frenzy here in vancouver, and housing in vancouver has now become a money-killer. My mom pays $1400 for a two-bedroom 1000 sq foot aparment. the apartment building next door charges $2050 for something similar.

[It's ME!]

AFAIK the only places in Canada that did it were ones backed by AIG

i'll look into it.

[Shaun.]

They spend over four grand... on GOLF.