Inside USA - The financial crisis - 31 Oct 08 - Part 2

[actvm]

Great report, i love it.

[FromBoomTown]

Most of the bankers and the rich come from dynasties. Like the Rockefellers etc. We work, they onlly invest and sit back and sip champaigne.

[nowayasway89]

this is a prime example that the american dream is not possible for all americans. the american dream is bullshit. it is also an example of how sedate the american people have become in terms of the goings on in their country (myself included). the government runs roughshot over the unthinking majority. open your fucking eyes. the fed just blindsided a whole nation, with an inevitable knockout coming soon. get ready.

[music4loosechange]

EDITORIAL: What is there to love about USA? The Government uses covert methods to torture those found in opposition, it also srecretly maims, poisons, and then some. Hence, American soldiers -- as professional killers -- are better dead then alive. Anyone cought fighting for American terrorist government is better off dead...

Signed,

The Serbian

[MondoBeno]

I have lost nothing in this economic crisis. I had very little money in stocks, and diversified my money in safe things. I have 2 bank accounts, and bought risk-free treasury securities.

I own my home free and clear, with no mortgage and no student loans. I don't have a car, a TV, or and Ipod. I don't drink alcohol and I spend nothing on Christmas.

I'm surviving because I'm a cheap, stingy, miser.

[Gollywog]

treasury securities aren't risk free if the dollar collapses

[MondoBeno]

There is risk if the dollar value drops, which is why I didn't put all of my money into them. My goal is to have a fraction of my money in different places. If by chance someone tries to clean me out, my assets won't all be ready for them to grab.

But there's different kinds of treasury securities, with different maturity dates. Regardless, it's important not to have your money all in one place.

[NoJusticeInThisWorld]

I know a lot of stingy people who are rich.

[jdesai18]

america is falling... its post american world n thank god i m indian.. india n china r rising... i'll be grateful to witness n contribute to my country's growth.. go india... yyiiiippppeeeee

[BullGuy87]

*****************A good one;

however, china has enormous market place of 1.2 billion people, about $2 trillion in liquid assets, healthy banks and high enough interest rate to give them room if they have to cut their base interest; therefore, they can mitigate the effects of this financial crisis.

India DOESN'T HAVE MUCH TO SHOW FOR..

Besides large population which is also a significant plus.

[jdesai18]

its coz china is communist, so if they want to change some part of china or their economy or whatever other thing, they can do it instantly. However, India is democracy, n as u may kno its hard to change things if ppl hav probs wid it..

[jdesai18]

its jus few days, n india n china wil be d part of G8, so u c world's financial n economic structure is also changing, so i think jus wait n watch who wil get ahead in this race. n also china's population wil get old faster than india's, coz of der one child rule...

[BullGuy87]

"Democracy doesn't govern: money governs..." (undefined).

It might be;

yet we need the market to sell to and the only market able to purchase world goods will be china in close future.

forget America for now, they had a great financial leverage which enabled them to become such a powerful and pride nation. but, through their monetary and fiscal irresponsibility; America is what it is today.

It's a sad situation--no one will be left intact from this crisis; not even India.

[MondoBeno]

Credit Card debts and student loans are factors that don't receive as much attention. When you have those debt, you have less money to pay back the mortgage.

Student loan providers are equally preditory. I've seen them ripping off college students to six-figure levels.

[xxashyy]

Also this idea that the government should fix the economy, or Obama will fix the economy is laughable. Government did try to "fix" the economy what did you think the bailout was for? No government really cant fix the economy in a global market. This is why voters who don't understand the real issues in my view shouldn't vote. This idea that some voters believe that the government should do for them ALWAYS is a good example.

[annarboriter]

Inspiring journalism as though people matter

[xxashyy]

Both parties are at fault for this mess. They re pointing the fingers at each other. The democrats with they're misplaced reckless regulations. The republicans with there anything goes because the banks are great attitude. Third party all the way for me.

[xxashyy]

Why are these so called community organizers like Acorn allow low income people who CANNOT afford a house to get one by forcing the banks using government blackmail i.e. "the democratic party"? The same people who did this, then turn around and complain about so called predatory lending know full well these banks had to meet quotas in order to avoid fines and other penalties from the government.

[Cellularwakeup]

This is a great report. Thank you.

[curiousEGM]

Felt compelled to comment, but buried in this two-part documentary is the FACT that money is dictating policy instead of democracy. Democracy has filtered out of this capitalist system and the voices of a democratic nation have drowned. I notice that no longer do I feel convinced at anything that anyone says on a microphone anymore. The trust in the system has been lost and we are now ready to feel the effects of losing that trust. It will take a gargantuan effort to return to normal conditions.

[minstral2]

A very good report, well done! Heaven help us all, except the extremely Wealthy...they can go to hell.

[brile420]

Amercian revolution II

[covertcovenant]

Great, as always! Thank you Al Jazeera!!!

[mynewschannel]

These thieving bankers not only got your hard earned cash and tax dollars, they now take away your homes and your possessions.

They should be jailed like every other common criminal.

WAKE UP AMERICA!!!!!!

[TVParkdale]

"They did this to themselves"???? WTF?

Why wouldn't someone buy a house rather than pay rent to someone else?

You can't blame people for doing what they've always been told is the right thing to do. Homeowners didn't bankrupt the country--the banks and Wall Street did.

Blaming the people they screwed is the height of arrogance.

[FortoneND]

They signed the home mortgage notice though. If you can't back your home with your finances, then it isn't a smart buy. The smarter you are with your money the better you will survive situations in the economy like this.

[TVParkdale]

FortoneND:

What is the most sensible financial move? Paying a landlord 2x as much for rent and hoping s/he does not sell the property and leave you high and dry, or attempt to buy a property for less money?

This wasn't caused by buying houses, it was caused from greedy banks mortgage flipping and selling draughts on those mortgages with money they had not yet collected.

Renting is LESS of a guarantee against homelessness than property debt.

[vaudree]

I am sure that the Heritage Institute (and its Canadian counterpart, the Fraser Institute) have not yet reached their ultimate height in that regard. Naomi Klein (Avi's wife) had predicted before this that the big guys plan to use the debt caused by the "bail out" to cut way back on social services.

Arrogance does not reach its height of harmfulness unless the wrong people buy into it.  Make sure Obama knows who supported him and why - and what he must do if he wants a second term.

Avi Rocks!

[grubalcava]

Thank you for posting this...AWESOME CLIP!

[teemuruskeepaa]

This clip is religiously biased. It gives a unproblematic and one-sided picture of religious preachers.

[FortoneND]

It's not biased in that fashion. We all know about the public services that communities provide to troubled homeowners. I payed more attention to the financial analysts speaking. Tolerance people...

[Renegen1]

very nicely done Avi

[pinkpuma1213]

Very nicely done AlJazeera.