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Old 10-04-2008, 12:53 PM   #21
Golden Master
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Join Date: Oct 2006
Posts: 6,928
Default Re: Thank You Congres

there are already standards on giving away credit , thats why you have credit rating agencies so that someone with bad credit has a bad credit rating and dosent get given credit , the only problem was wwhen the house prices where going up morgage companies where giving away credit to people they really shouldnt have been giving credit too

now im at mixed as too what is happenieng
i dont think its very fair that the taxpayer should be picking up the pieces when a bank fails due to bad management such as in the case of northern rock , Fannie Mae and Freddie Mac and it has been alleged a lot of the problems with theese banks is exutives taking risks to try and increase profits so they can collect massive bonus's so i dont think the tax payer should pick up the pieces when a bank like this has been reckless
however i do think the government should protect all the savers savings up to a reasonable limit which i think $100k is a good limit in my view
i think what the irish are doing right now is a good idea they arent saving any of their banks in trouble but they are guranteeing all of the savers money and you know what not a lot of their banks are suffering from the problems of people panicking and rushing to the bank to withdraw their savings and the tazpayers arent taking liability for bank mismanagement as in the case of all the banks i mentioned before

however this 700billion has been accepted now and i think that it needs to be used carefully to save the economy i think a lot of bank boards of executives need to be taking responsability for their mistakes and just sheer reckless banking and in some cases even removed and banned from being an executive ever again
i think the irish system works because people are calm and know their money is secure so they are calm and arent worrying so everything is running smotth for them but in the uk and usa a lot of people are paniicking especially if they have savings in excess of government gurantee limits

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