Professor:Tough to start economy with...

Professor:Tough to start economy without trust

There are 30 comments on the WIVB Buffalo story from Oct 3, 2008, titled Professor:Tough to start economy without trust. In it, WIVB Buffalo reports that:

Wayne Jones worries about the future. "I think everybody's looking for a quick fix and to wake up tomorrow and everything will be sunny and happy." So when exactly can we expect to see the results of the bail ...

Join the discussion below, or Read more at WIVB Buffalo.

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Bflo Chip

Lewiston, ME

#1 Oct 4, 2008
Why has WIVB/Lin removed all opportunities to comment on the TIme Warner situation? Their one-sided approach to reporting this story couldn't be more transparent (and questionable), and to shut down public comment on it is laughable. We're not stupid, Channel 4, and I won't miss your great line up of sit-coms glamorizing divorce - 2.5 Men, Christine, Gary Unmarried. Time Warner - thanks for looking out for your customers and replacing that trash that isn't worth a penny more than what you pay today and for adding two great channels - CBS College Football and HBO Family - in their place. I'll be getting out to support a local business to watch the Bills on Sunday (LIN is not locally owned (Rhode Island), by the way, so ask yourself who's benefiting from their ignorance). I have to go turn on Channel 2.
immature

Buffalo, NY

#2 Oct 4, 2008
there was never any. ever.
remember that when the domino effect begins.
Dave

Buffalo, NY

#3 Oct 4, 2008
Why would this bailout instill "trust"? there's NOTHING in the legislation that even attempts to correct the fundamental underlying issues that caused this problem; the "Community Reinvestment Act of 1977" & the 1999 Federal legislation which allowed for these "junk mortgages" to be "securitized" into worthless "collateral bonds" with bogus quality ratings that were backed by the full faith and credit of the U.S. taxpayer.
When questioned about this problem yesterday Democrat Congressman Barney Frank said, "That matter will have to be worked out by a future congress."
This bailout is a "Take the $ and run proposition".
Without a fundamental policy fix we're going to be right back to where we are now within five years, maybe less.
Burn me once

Rochester, NY

#4 Oct 4, 2008
If there were scores of top company officials sent up for HARD CORE jail time, like 20 years, I MIGHT start to trust again. But since there was an active fight to save their bonuses, we allll know that's not gonna happen.
Tip o the Iceberg to ya

Rochester, NY

#5 Oct 4, 2008
"The thing that's gonna hurt consumer confidence is a drop in income and a drop of employment," said Ganley.

Don't forget the HUGE tax increases coming down the pipe! On a federal AND state level. After all, that $700 BILLION +$150 BILLION in PORK + the $100 BILLION from the "economic stimulus" checks is coming out of your collective wallets!(What's that?$950 BILLION and counting??)

New York is $2 BILLION short (and counting). Yup. YOUR wallet.

California needs an emergency $7 BILLION dollar "loan". Don't worry... We'll gladly pay you Tuesday...

How about it folks? Are you feeling "trusting"

“Go ahead, make my day.”

Since: Jul 07

Venus, PA

#6 Oct 4, 2008
Why should the American people bail-out these free market capitalist institutions, when they would certainly foreclose on any one of us, as homeowners or business owners, if we became insolvent, forcing us into bankruptcy???

Nobody forced these greedy banking/gambling institutions to make bad loans!!!

Why should we purchase their trash to the tune of $700,000,000,000+???

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."-Thomas Jefferson, 1802

“Go ahead, make my day.”

Since: Jul 07

Venus, PA

#7 Oct 4, 2008
It isn't over yet, not by a long shot; this will only prolong the inevitable (Great Depression II), taking (creating) money from the taxpayers to give to the rich, thereby fueling inflation.

“Go ahead, make my day.”

Since: Jul 07

Venus, PA

#8 Oct 4, 2008
America is bankrupt; it simply hasn't registered with most people yet!!!

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."-Thomas Jefferson, 1802
BCI

AOL

#9 Oct 4, 2008
Doesn't matter who the next Prsident is.

The current congress needs to go!

Pleosi, Reid etc.

“Communism. It's everywhere!”

Since: May 08

Lockport, NY

#10 Oct 4, 2008
Man With No Name wrote:
Why should the American people bail-out these free market capitalist institutions, when they would certainly foreclose on any one of us, as homeowners or business owners, if we became insolvent, forcing us into bankruptcy???
Nobody forced these greedy banking/gambling institutions to make bad loans!!!
Why should we purchase their trash to the tune of $700,000,000,000+???
"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."-Thomas Jefferson, 1802
Man With No Name,

I hate to disagree with you but the Community Reinvestment Act REQUIRED these bad loans be made. These were regulations the banks had to follow. When regulators questioned the wisdom of these loans, they were portrayed as racist and trying to deny the poor opportunities. Here's a video link from the action on C-Span.

www.youtube.com/watch...

This bailout package does nothing to repeal the Community Reinvestment Act. This will happen again. Nobody wants to talk about the underlying cause. It's easy to blame greedy bankers....not the compassionate government which caused this.

The Commie

“Communism. It's everywhere!”

Since: May 08

Lockport, NY

#11 Oct 4, 2008
BCI wrote:
Doesn't matter who the next Prsident is.
The current congress needs to go!
Pleosi, Reid etc.
Yes....throw every last one of these SOBs out on their ear! Especially Barney Frank....you can't understand what he is saying most of the time!

The Commie

“Go ahead, make my day.”

Since: Jul 07

Venus, PA

#12 Oct 4, 2008
The banks could have said no to government interference and made the American people understand that it was a plan (making loans to those not able to pay) not based upon sound business principles. They (banks) didn't do that and let greed cloud their judgement, so, IMHO, they, along with their political lapdogs (politicians) are responsible, not the American people.

Do you, Emmmm, feel responsible enough to cheerfully pay higher taxes and higher prices, due to the Federal Reserve creating more and more money out of thin air, by fiat, for years and decades to come???

Do you enjoy knowing that our children and grandchildren will be saddled with this huge economic burden???

When I was young, America was a net creditor nation (other nations owed us), but we became a net debtor nation for the first time in the 1980's owing a then unprecedented 1 trillion dollars to other nations when Ronald Reagan left office, but now our debt is nearly 10 trillion dollars, ten times the debt!!!

When will this insanity end?

We need a third party in American politics, because both the Democrats and Republicans are in bed with big business and not loyal to the American people any longer. That is why I was a supporter of Ron Paul, when he was running for President, and it is why I now support Chuck Baldwin of the Constitution Party.

“Go ahead, make my day.”

Since: Jul 07

Venus, PA

#13 Oct 4, 2008
The banks could have said no to government interference and made the American people understand that it was a plan (making loans to those not able to pay) not based upon sound business principles. They (banks) didn't do that and let greed cloud their judgement, so, IMHO, they, along with their political lapdogs (politicians) are responsible, not the American people.

Do you feel responsible enough to cheerfully pay higher taxes and higher prices, due to the Federal Reserve creating more and more money out of thin air, by fiat, for years and decades to come???

Do you enjoy knowing that our children and grandchildren will be saddled with this huge economic burden???

When I was young, America was a net creditor nation (other nations owed us), but we became a net debtor nation for the first time in the 1980's owing a then unprecedented 1 trillion dollars to other nations when Ronald Reagan left office, but now our debt is nearly 10 trillion dollars, ten times the debt!!!

When will this insanity end?

We need a third party in American politics, because both the Democrats and Republicans are in bed with big business and not loyal to the American people any longer. That is why I was a supporter of Ron Paul, when he was running for President, and it is why I now support Chuck Baldwin of the Constitution Party.

“Go ahead, make my day.”

Since: Jul 07

Venus, PA

#14 Oct 4, 2008
"Posted on October 4, 2008
Congress doesn’t live in real world
Instead of American companies supporting the U.S. economy, they opted to moved overseas to avoid paying taxes. Corporate America is still screaming for more immigrant workers while hard-working Americans are pounding the pavements looking for work and struggling to keep their homes
The events on Wall Street have forced this senior citizen to come to terms with a multitude of feelings. Shock, fear and uncertainty were soon replaced by reality and anger. After a lifetime of working hard, saving wisely and planning for a good retirement, it could all be for naught.

Why? Because our government “of the people, by the people and for the people” is anything but. Be it Republican or Democrat, it makes little or no difference. Instead of addressing the problems, members of both parties were too busy shifting the blame away from themselves.

I certainly have no experience in government, politics or world finances. But I do live in the real world. In the real world, we work for a living. We work to feed and clothe a family, put a roof over our head and perhaps manage a few luxuries. One would expect that our elected officials would be supportive.

In their desire to stay in office, Democrats and Republicans alike have become the shills of Big Business, Big Banking and Big Oil. Of course, they refer to it as progress, free trade and globalization. The reality is they took our good-paying jobs away from hard-working Americans and handed them to China and India, etc. Even some X-rays are being read abroad and even tax returns are sent overseas. Instead of addressing the impact mass immigration will have on our economy, our government continues to export jobs and import cheap labor."-National Policy Institute

“Communism. It's everywhere!”

Since: May 08

Lockport, NY

#15 Oct 4, 2008
Man With No Name wrote:
The banks could have said no to government interference and made the American people understand that it was a plan (making loans to those not able to pay) not based upon sound business principles. They (banks) didn't do that and let greed cloud their judgement, so, IMHO, they, along with their political lapdogs (politicians) are responsible, not the American people.
Do you, Emmmm, feel responsible enough to cheerfully pay higher taxes and higher prices, due to the Federal Reserve creating more and more money out of thin air, by fiat, for years and decades to come???
Do you enjoy knowing that our children and grandchildren will be saddled with this huge economic burden???
When I was young, America was a net creditor nation (other nations owed us), but we became a net debtor nation for the first time in the 1980's owing a then unprecedented 1 trillion dollars to other nations when Ronald Reagan left office, but now our debt is nearly 10 trillion dollars, ten times the debt!!!
When will this insanity end?
We need a third party in American politics, because both the Democrats and Republicans are in bed with big business and not loyal to the American people any longer. That is why I was a supporter of Ron Paul, when he was running for President, and it is why I now support Chuck Baldwin of the Constitution Party.
Man With No Name,

When the government interferes, you can't say no! The government makes the rules. If you break the rules the government makes, by definition you are a criminal. The banks couldn't refuse to make those loans any more than I can refuse to pay my income taxes or property taxes. That's the game. They hold all the cards. You're right...when will this insanity end? We had no choice with this bailout. We were robbed....and this time, it was legal.

The Commie

“Go ahead, make my day.”

Since: Jul 07

Venus, PA

#16 Oct 4, 2008
thenycommie wrote:
<quoted text>
Man With No Name,
When the government interferes, you can't say no! The government makes the rules. If you break the rules the government makes, by definition you are a criminal. The banks couldn't refuse to make those loans any more than I can refuse to pay my income taxes or property taxes. That's the game. They hold all the cards. You're right...when will this insanity end? We had no choice with this bailout. We were robbed....and this time, it was legal.
The Commie
When I wrote that banks could have said no to the politicians (government), I was referring to their virtually incredible, nearly unlimited influence on legislators and the legislation they pass, hence my reference to the politicians as lapdogs of big business. This all could have been avoided if the bankers had only used their persuasive powers to convince Congress and the American people that sound business principles preclude making loans to those known to be unable to pay. Unfortunately, greed clouded the judgement of the bankers and bleeding-heart liberalism reigned over Congress.
Joseph Stalin

Lancaster, NY

#17 Oct 4, 2008
thenycommie wrote:
<quoted text>
Man With No Name,
When the government interferes, you can't say no! The government makes the rules. If you break the rules the government makes, by definition you are a criminal. The banks couldn't refuse to make those loans any more than I can refuse to pay my income taxes or property taxes. That's the game. They hold all the cards. You're right...when will this insanity end? We had no choice with this bailout. We were robbed....and this time, it was legal.
The Commie
If you don't like it in the USA, come on over here. We'll treat you real good.
Benito Mussolini

Lancaster, NY

#18 Oct 4, 2008
thenycommie wrote:
<quoted text>
Man With No Name,
When the government interferes, you can't say no! The government makes the rules. If you break the rules the government makes, by definition you are a criminal. The banks couldn't refuse to make those loans any more than I can refuse to pay my income taxes or property taxes. That's the game. They hold all the cards. You're right...when will this insanity end? We had no choice with this bailout. We were robbed....and this time, it was legal.
The Commie
Va fan culo!!!!

“Communism. It's everywhere!”

Since: May 08

Lockport, NY

#19 Oct 4, 2008
Man With No Name wrote:
<quoted text>
When I wrote that banks could have said no to the politicians (government), I was referring to their virtually incredible, nearly unlimited influence on legislators and the legislation they pass, hence my reference to the politicians as lapdogs of big business. This all could have been avoided if the bankers had only used their persuasive powers to convince Congress and the American people that sound business principles preclude making loans to those known to be unable to pay. Unfortunately, greed clouded the judgement of the bankers and bleeding-heart liberalism reigned over Congress.
What influence does any banker have over the likes of Obama, Biden, Hillary, Barney Frank, Maxine Waters and the other gaggle of bleeding hearts? The liberal game is "negative control". They can pass nothing, but stop everything because there is not a filibuster proof majority in the Senate. The liberals don't care if the bankers and the productive support them. That is why ACORN is registering winos to vote. In this country a winos vote counts every bit as much as a banker. Yes greed was in play.....greed for power, not money.

The Commie
Half a dozen of the other

Rochester, NY

#20 Oct 4, 2008
thenycommie wrote:
<quoted text>
What influence does any banker have over the likes of Obama, Biden, Hillary, Barney Frank, Maxine Waters and the other gaggle of bleeding hearts?
That was a joke, Right?? Big money has TOTAL control over BOTH side of congress!
...In this country a winos vote counts every bit as much as a banker...
The Commie
Lately, the bankers are doing as good a job as any random wino. So, why shouldn't their votes be equal? At least I won't wake up to announcement that winos stole a trillion dollars! Drunks are consistent and we know, more or less, how much they are going to cost us. No surprises.

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