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James
Joined: Mon, Apr 21 2008, 4:10 pm EDT
Posts: 129
Location: South Main Street
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Historically Fiscal
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 Posted: Wed, Sep 24 2008, 6:51 pm EDT Post subject: Re: Gov Corzine |
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| cranbury liberal wrote: | I often agree with your posts but I disagree on a couple key points this time.
First, while the origin of our troubles is greed, I strongly disagree that this mess was started not by the institutions who gave risky loans but by the people who received them. To be sure, both parties share responsibility. But if you have to define which is first in this chicken/egg scenario, it is definitely the institutions... |
Cranbury Liberal I do agree with many of your points, but you yourself proved an important one I made. You too were enticed by the very same banks and institutions to spend beyond your means, they wanted you to buy that larger house, bigger mortgage and you didn't - sound fiscal reasoning prevailed in your household. You lived within your means despite the offers and temptation to overextend, and others who are fiscally minded homeowners also figured out how to afford our lifestyle and home.
So who's fault is it? Who started it? Its moot, because as I see it, the individual is ultimately responsible for overextending.
I often get bombarded by Banks wanting me to get another Credit Card, get lower rates if I signup for another Card - Do I follow this advice and advertising - No I don't want to be in bigger debt so I only have 2 cards - little to nothing on the cards.
When the TV commercial is tempting me to buy more on my Capitol One Credit Card so that I earn points for Free Gifts, do I belive that its free? Do I max out my Credit? Nope Instead I see through the logic of the adverts.
So should we also regulate this type of temptations and fiscal hazards as well, and bail out the folks going bankrupt and overextended credit cards because of the Banks tempting them to overextend? NO WAY - but if we start doing this for "Main St" foreclosures then this is the next logical bailout crisis to come. So it doesnt mater how it started, its the individual who gets themselves into the mess.
The free market has a way to clean up a bad system, Crashes are the markets way of fiscal Darwinism. I hope its a soft Crash/Recession but ultimatly I see this foreclosure crisis helping at the individual level (i.e. Main St). If there was no demand for risky mortgages then there would be no supply. Same with penny stocks - sometimes the individual investor gets Greedy, drives up the stock and the Market is all to happy to capitalize on the opportunity. Is that the Market's fault? and how can we protect the individual from every financial hazard, only way I can think of is in the pocketbook and lessons learned by Main St.
It gets cold when you loose your shirt on the gambling table of life, so most dont put up their shirt right?
So you can see I'm not disagreeing, I mostly agree with all your points. But when it comes to GREEDY individuals or institutions, I'm totally against any protection or Bailout. I do understand for the greater good of the whole, we need to interveen in some special cases to save the stronger firms and re-create a healthy market. I dont see that at odds like TV depits. Its not a WallSt.vs.MainSt to me, its saving the strongest financial business so that MainSt can continue doing good business. Most of it is still good business and good loans out there. And its not a blank check either or unsuppervised, becuase better regulations has to be apart of the Bailout plan. Some firms will no longer exist after this (Lehman Bros) and also some overextended individuals will go into foreclosure - leasons to the worst offendors in both I hope will be ensured as a result of it. Hard lesson but necessary for both. |
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cranbury liberal
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| Posted: Wed, Sep 24 2008, 8:02 pm EDT Post subject: Re: Gov Corzine |
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I think we're saying the same thing at this point. As I said, I completely hold individuals responsible for the consequences of their actions and I favor zero bail out of individuals.
I was simply responding to who holds more blame and I still fault the institutions more than the individuals. We ay have to agree to disagree on that point.
I do think it would be unfair to bail out the institutions any more than it would to bail out the individuals though. |
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Wall Street Journal
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| Posted: Thu, Nov 13 2008, 11:33 pm EST Post subject: Corzine Emerges as a Candidate for Treasury Secretary |
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November 13, 2008, 4:48 pm
Corzine Emerges as a Candidate for Treasury Secretary
Elizabeth Holmes reports on the transition.
The buzz surrounding President-elect Barack Obama’s pick for Treasury secretary has focused on Larry Summers and Timothy Geithner. But a new name is emerging in the mix: New Jersey Gov. Jon Corzine.
Corzine,received praise Thursday from Andy Stern, president of the Service Employees International Union. Other handicappers are following Corzine because he has such a range of experience in both the public and private sectors. He’s a former head of Goldman Sachs, the same position current Treasury Secretary Henry Paulson held.
After more than two decades at Goldman, including turning the firm into a public company, he won a U.S. Senate seat. In 2005, he was elected governor. The latest polls have him at a 47% approval rating.
Corzine supported Obama’s primary opponent, New York Sen. Hillary Clinton, but has since been said to have a strong relationship with Obama and his inner circle. The New Jersey Star-Ledger reported last week that Corzine was being vetted for the position.
Stern, who leads a union with two million members in the U.S. and Canada, said he liked Corzine’s strong economic credentials. Plus, he said, experience in an executive branch position like governor offers an array of responsibilities, calling it a “rude awakening to life.”
Stern also said he would not object to Summers, who served as Treasury secretary under former President Bill Clinton and was forced to resign as president of Harvard University after a comment that gender differences might account for the small number of women with high-level jobs in math and science. Geithner, on the other hand, was not top on Stern’s list because his experience revolves solely around government-type positions.
http://blogs.wsj.com/washwire/2008/11/13/corzine-emerges-as-a-candidate-for-treasury-secretary/ |
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Guest
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| Posted: Fri, Nov 14 2008, 10:55 am EST Post subject: Re: Gov Corzine |
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| Given Paulson's handling of the crisis and the "Goldman Sachs" tag (which is a minus in today's environment), I think the chances of Corzine being picked as the next Treasury Secretary are slim. |
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joe the plumber
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| Posted: Fri, Nov 14 2008, 4:07 pm EST Post subject: Re: Gov Corzine |
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But, is it not The American Way to make our reach extend beyond our grasp? Everyman/woman a millionaire?
Those pesky regulations get in our way and keep us from getting rich at someone else's expense! |
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