Comments on: Nationalizing a Bank?? You Really Should Read This!!

By: Sammie

Sammie — Sat, 24 Jan 2009 05:18:50 +0000

http://finance.yahoo.com/real-estate/article/106472/Tough-Workouts

A little off topic, but this relates to LD’s everything is negotiable post a little while back. I guess some people have found the banks to not be that responsive.

By: MBC

MBC — Sat, 24 Jan 2009 05:14:53 +0000

I am not sure, no I am positive, that this gives me no comfort. How can we trust Geinther to give us the tools to move out of this mess when he has difficulty using Turbo Tax. I am not buying his lame excuses one bit. Had I or anyone I know overlooked payment of $40K in taxes we would have been provided with a “friendly” reminder from the IRS to the tune of garnishments, attachments, etc.

By: LD

LD — Fri, 23 Jan 2009 22:19:18 +0000

Choo Choo…I have not seen that movie but will put it on the list.

I agree that the changed approach needs to be all encompassing. I do think though that the followers take their cue from the leaders.

We are all in this together, whether we like it or not.

By: ChooChooMagoo

ChooChooMagoo — Fri, 23 Jan 2009 22:02:01 +0000

LD – A bit of a chicken and egg dilema. What we most need in our current crises is leaders of independent thought and unquestioned integrity. And yet they are in such short supply because we have valued conformity and speciality (narrow focused outlook) over personal responsibility and integrity because that is what better served our enshrined corp interests.

Have you seen the movie King Corn? Two college student show how firmly immeshed gov’t and corp have become in the growing of corn and the absurd degree to which we as a society lose out in every way possible through out the process is truely amazing. And all along the way, everyone shrugs their shoulders and go along with the process because they feel it is in their best interest. Corp, govt and personal interest are aligned.

To change the way we do business and conduct our lives, is going to take more than leaders. Its going to take all the average joes & jos saying enough. It’s in our best interest to look for a better way. To re align our priorities. We all have to think beyond the here and now and me and mine.

By: LD

LD — Fri, 23 Jan 2009 21:01:38 +0000

Choo Choo….I understand from where you come. I am definitely a believer that eevrybody is and can be the “master of their own destiny” but that process is LOOOONG and will go through plenty of ups and downs. We need individual character with unquestioned integrity. Regrettably those qualities are in short supply but each individual can do the best job within their own circumstances. I am not intentionally trying to be harsh, anything but, as these values are ALWAYS vitally important.

By: ChooChooMagoo

ChooChooMagoo — Fri, 23 Jan 2009 20:52:04 +0000

LD – Sorry. Missed your post just above mine the first time around. You and Interested party seem to be on the same wave length – core social values, honesty, humility, commitment …

I am trying to be hopeful, but wonder if we have trained ourselves to be sheep too well. What I’m mostly hearing now is gloomier than over the holidays, but still pretty reflective of a “The current melt down has left us shorn, but no need to panic, we’ll simply waiting for our wool to grow back” mind set.

Can we empower ourselves to be independent thinkers, leaders, workers and learners again? Not as a means to advancement, but as a life style of personal growth and personal acheivement. It would mean reclaiming personal responsibility as a badge of honor. And it would mean forsaking corp and gov’t training wheel for our own two feet. And that may be the sticking point. We’ve evolved into a society that generally likes to think and walk as little as possible.

Sorry, a bit gloomy after yet another “yeah, but” conversation.

By: LD

LD — Fri, 23 Jan 2009 20:04:04 +0000

I would not go so far as to say that they did not have a crisis. Your analysis is largely accurate but there were plenty of dislocations in the process.

When a banking institution is nationalized and shareholders are wiped out that does present a whole set of issues.

Ultimately, though, the Swedish authorities handled their banking crisis with great dexterity.

Our economy nad banking system is much larger but I am proposing a similar approach.

By: Interested party

Interested party — Fri, 23 Jan 2009 19:55:34 +0000

LD/
I’ve read several months ago about Sweden’s approach to their economic problems of the early 90′s. My understanding is that assets where seized, failed one’s liquidated, with the remaining assets sold (back to private enterprise)several years down the road after their value, unladen with unknowns, had appreciated. The eventual costs where very little to Sweden’s taxpayers, some even arguing the government passed the break-even point on cost/return.
Also of note, not all banks participated in the scheme. Some didn’t want the government interfering in their affairs, and chose to tough it out alone. In any case, there was no bail-outs. Bad debts where written-off balance sheets and while some investors lost money, the country as a whole, adverted crisis.

By: wodiej

wodiej — Fri, 23 Jan 2009 19:53:44 +0000

well said and unfortunately many who are ignorant of the real facts.

By: wodiej

wodiej — Fri, 23 Jan 2009 19:51:22 +0000

gee…that’s reassuring. Change? NOT.

By: cynic

cynic — Fri, 23 Jan 2009 19:44:07 +0000

We're in this godawful mess because of the lack of effective government oversight and regulation, that was methodically brought about by overselling the wonders of a free market economy to a gullible nation. It left us wide open to unrestricted predation by the powerful and greedy. Non-partisan regulatory agencies are supposed to act as fair and unbiased referees. Basically, the fraudulent argument we've been sold is that referees only get in the way of the game.

By: Sonic Ninja Kitty

Sonic Ninja Kitty — Fri, 23 Jan 2009 19:33:55 +0000

You may be on to something, unfortunately. Why are we deliberately traveling down an economic path that has been demonstrated to end in misery and poverty?

By: Sonic Ninja Kitty

Sonic Ninja Kitty — Fri, 23 Jan 2009 19:23:58 +0000

I have learned a lot from your comments. Thank you!

By: Interested party

Interested party — Fri, 23 Jan 2009 19:18:29 +0000

Enthusiastically and exactly yes!!
This is at the core of the problem. This applies to everyone, from welfare recipients to CEO’s. In borrowing the three legged stool analogy what’s needed is production, savings and honesty. Government can supply the bracing for these legs, but it is not the legs itself, which are stuff of private enterprise, whether that be an individual, a family or a nation.

By: Sonic Ninja Kitty

Sonic Ninja Kitty — Fri, 23 Jan 2009 19:12:15 +0000

Er, I mean, bailed out!