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TESTfunda
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22-Nov-2008, 12:57:29 AM
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TestFunda
Posts 1917
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The Subprime Mortgage Crisis
The fall of housing rates in the US escalated into a major financial crisis, with borrowers choosing to default on home loans. This led to the collapse of banks, financial institutions, and insurance companies. Finally, the federal government had to step in with a rescue plan to save the collapsing financial institutions and bail out the economy. As expected, the economic situation in the US had far reaching affects across the globe. But what was the root cause of this crisis?
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22-Nov-2008, 12:57:29 AM
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aruns
Posts 3
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Hail the capitalists who believe in helping the rich get richer and bail them out from getting poorer. Hail the socialists who will try everything to stop poor from getting richer (wait for another 5 years and see what summersault China does). Hail the Indians where the country is run by whims and fancies of a few (or is it god?). Which is the better system? There is no utopia here I guess. It's all about what is convenient at what point of time. Doesn't matter.
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24-Nov-2008, 12:03:33 PM
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SirIssac
Posts 52
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@ aruns: You seem to be making quite a habit to miss the point. The article is not about capitalists and socialists and their many disagreements or differences of opinions. (As a socialist myself, I must point out that they have never stopped the poor from getting richer. Yes, their policies for equal distribution are quite perplexing at times, but I didn't really understand your reference to China, whose model I do NOT support, by the way. Also, it's spelt somersault. Spellcheck is a beautiful thing, yes?) It is all well and good to sit back on one's high horse and say that things don't matter. You couldn't, however, be farther from the truth. There is no utopia here, true; there isn't utopia anywhere, and I don't expect there to be for a long, long time. To claim, however, that India is run by the whims and fancies of a few shows an ignorance that I can't find a metaphor for, at this point of time. (I shall think of one later and get back to you.  ) Major economic policies wouldn't be so heavily debated if things were, in fact, run on the whims and fancies of a few. Let's not make such unfounded statements here, shall we?
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30-Nov-2008, 07:19:04 PM
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Guest
Guest
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Everyone thought the housing rates would always go up. How much havoc one faulty assumption can cause! Even in India we always say "property rates will always go up." Who can say if we are going to face such crisis in near future! Who knows Indian banks and finance institutions could have done same thing as American banks.
It is unfair that commoners have to pay for foolishness and greedy plans of banks. But right now there is no other way to save American economy. We have to wait and se if the plan will save American economy.
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10-Dec-2008, 01:10:58 PM
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arpitgoyal_cat
Posts 1
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i reckon
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