JPF Home Page Forums General Messages Musician Message Forum Rally To Support Gibson Guitars

Big Jim
I love the new look. You should do very well in your new job.

John
I can't argue with you on those points. I think it deplorable that these people can keep making millions from these defaults and failures.

But, IMHO, this mess was caused by progressives and Socialist views. Trying to force the financial institutions to loan money to people who could never pay the debt. They allowed a system to get started where people were refinancing their home for more than they were worth which artificially increased the value of the real estate on paper.
People were buying houses with creative financing to get the lowest payment possible to make it appear they could afford the mortgage. Creative financing, ARM's, Interest only, etc. these mortgages would come due and the people could not make the new payment.
They had the illusion that they would simply refinance at a new lower rate or sell the house because it would be worth more. Banks were appraising the house for whatever they needed to make the loan. It was a house of cards.

Of course the slow and steady loss of jobs didn't help either.

As far as the financial institutions getting rich goes. Yes they did. It was their job to make a profit. And they did. Until the bubble burst. And it was inevitable.
But the blame isn't only on Wall Street. Our Government was right there in the mix and the people who fell into the keep up with the Jones trap were just as culpable.

But to say the only people who should be in prison is the Wall Street big cats is, IMHO, wrong. They need to start with the people who allowed them to do it and actually forced them to do it. But we don't do that. We find a scape goat and the guys that really caused it get a free ride. Then the people are happy because someone got punished. Even happier if it happens to be a rich guy. Then they go to the polls, or stay home, and let the same assholes stay in office who caused the problem to begin with.
Then those same assholes find companies like Gibson to use as a way to flex their muscles and make it seem like they are doing something good. Taking down another rich guy. It's a great system.

I just watched Michael Moore leading a rally at the Wall Street demonstrations. That's all I need to see. If anyone really takes that guy serious they deserve to get what ever comes their way.