Thread: For those not yet thoroughly disgusted with US banks, this should do it...

The problem is, the Fed Res is the one that was supposed to be regulating the bank, yet was complicit in the collapse of the industry. If the fed hadn't held interest rates at artificially low levels for years and years, the credit bubble never would have happened. I saw it everyday, people borrowing more money than they needed to do risky deals just because it was easy to float the debt for years when they were only paying 4%.

The Fed really needs to be replaced and another regulatory agency established. Only problem there is we'd just end up with another ineffective bureaucracy, like the fed.

HEY! I WORK FOR A BANK BUDDY!

yeah, its the price you pay for free market man. Economy comes and goes in cycle. Surplus and want.

To be honest .... not that I'm a expert or hardly an amateur but would like to think I know enough (more than most people), I think with in the next year to two we're going to see a dramatic shift in peoples quality of life. Enough of this frivolous wasted spending. A lot more saving and worrying about essentials.

Time to pay off the last 3 cars you traded in finally and keep one for the next several years.

Its just as much peoples own fault for there wreckless spending and "lifestyles" to blaim as it is stupid banks for loaning idiots money. People are upset they're losing there home, well why the hell did you buy a $200,000 home when you barely make 50-60 k a year, max out your credit cards, and buy two cars? to keep up with the jones...

Originally Posted by GearsMcGilf

If the fed hadn't held interest rates at artificially low levels for years and years, the credit bubble never would have happened. I saw it everyday, people borrowing more money than they needed to do risky deals just because it was easy to float the debt for years when they were only paying 4%.

The Fed really needs to be replaced and another regulatory agency established. Only problem there is we'd just end up with another ineffective bureaucracy, like the fed.

credit markets were opened up so consumers "could" use the equity in there house to spend. the Fed and US gov is well aware that the middle class is broke, they just didn't expect everyone to blow through the equity so fast. right now the US economy depends on consumer spending and consumption.