Message from @Cortah

Discord ID: 667533483824119819


2020-01-17 00:09:37 UTC  

MUH ROADS

2020-01-17 00:21:26 UTC  

https://cdn.discordapp.com/attachments/257355998065459200/667523843098673162/82464482_2579306202341724_5389892658913083392_n.png

2020-01-17 00:34:26 UTC  

https://cdn.discordapp.com/attachments/257355998065459200/667527115071291402/EOb6C20XUAACdjC.png

2020-01-17 00:36:57 UTC  

I mean

2020-01-17 00:36:58 UTC  

I like money

2020-01-17 00:36:59 UTC  

gimmie

2020-01-17 00:52:54 UTC  

@Cortah by your logic then Boeing and Lockheed by extension are sub-branches of the US military because they develop jets used by the US military. They use federal loans to help develop said jets as well.

2020-01-17 00:53:49 UTC  

So let me ask you guys this. What caused the 2008 subprime mortgage crisis?

2020-01-17 00:55:03 UTC  

The exact same thing interest rates being set to 1% and increased liquidity being pumped into housing through subprime incentives.

2020-01-17 00:56:24 UTC  

Not glass stegal repeal

2020-01-17 00:56:28 UTC  

And who were the ones handing out these mortgages with 1% interest rates to people who could not afford them?

2020-01-17 00:56:45 UTC  

The interest for mortgages werent 1%

2020-01-17 00:56:50 UTC  

That was the fed funds rate

2020-01-17 00:57:02 UTC  

Where banks borrow from

2020-01-17 00:57:48 UTC  

So you're basically saying that the feds enabled this bad business practice of the banks due to their low-interest rates to the banks themselves?

2020-01-17 00:58:17 UTC  

Yes

2020-01-17 00:59:03 UTC  

And governments forcing subprime motgages

2020-01-17 00:59:04 UTC  

But you admit that the banks were the ones who were actually doing the bad business practices that lead to the crash correct?

2020-01-17 00:59:08 UTC  

Yes

2020-01-17 00:59:44 UTC  

Im not pro government business mixing

2020-01-17 00:59:51 UTC  

So then you agree that both the 08 crash and the great depression were caused because the banks got greedy.

2020-01-17 01:00:00 UTC  

They shouldnt have bailed them ouy

2020-01-17 01:00:14 UTC  

On that we can agree.

2020-01-17 01:00:17 UTC  

To an extent yeah

2020-01-17 01:00:38 UTC  

But i blame the root cause

2020-01-17 01:00:48 UTC  

The fed and the government

2020-01-17 01:01:00 UTC  

Sure. But the root cause was lack of government oversight and lack of consumer protections.

2020-01-17 01:01:56 UTC  

The root cause was governments in uk and us mainly getting banks to lend to people who couldmt repay the loans without teaser rates

2020-01-17 01:02:25 UTC  

They gave the banks access to very cheap money

2020-01-17 01:02:40 UTC  

and got them to lend to basically anyone who wanted to buy a home

2020-01-17 01:02:50 UTC  

Government guaranteed it which is the issue

2020-01-17 01:02:56 UTC  

And insured all the banks

2020-01-17 01:03:05 UTC  

So the banks had free reign without any risk

2020-01-17 01:04:13 UTC  

There is an innate selfishness in everyone and that can be seen in the banks, but the crash of 2008 was worsened by the guarantees made my government

2020-01-17 01:04:25 UTC  

by*

2020-01-17 01:04:33 UTC  

Ye

2020-01-17 01:04:46 UTC  

Alfie

2020-01-17 01:05:00 UTC  

hit em with that 1921 recession that blew over

2020-01-17 01:05:04 UTC  

Guaranteed accounts of the banks clients meant if they crash and collapse the government will be there to bail it out

2020-01-17 01:07:09 UTC  

Im not saying the banks are innocent Im just saying the answer to these issues isn't more government involvement because thats where these issues get exacerbated