The Ranting Room

 

This  stock market meltdown that has apparently been a more serious crisis than genocide in Rwanda for 's sake has been triggered because apparently reputable institutions have been lending loads of money to people with bad credit ratings, no assets etc (NINJA - No Income, No Job, no Assets) and now they're ing surprised that they can't pay it back when interest rates go up. So what happens? All those financiers who parrot 'you can't interfere with the market' and 'the unseen hand of the market will regulate things' expect central banks to bail them out - which in many cases the ing, ing s have actually done to the tune of billions of dollars. Is any of this going to help the poor s whose homes are going to be repossessed? Like arse it is. Effectively it's like going into a bookmakers, betting your entire salary on a 100/1 outsider and then expecting the bookmaker to refund you when the 3 legged donkey you backed finally limps past the finishing post about a week late. If the dozy s want to be unregulated they should accept the ing consequences of their bad decisions (despite frequent protestations that they know what they're doing). Let's see these so-called libertarian capitalists stick to their principles when it all goes  up for a change !

 

So creating, marketing and selling sub prime mortgages is perfectly acceptable, and if a hedge fund makes serious losses as a result they'll be bailed out with taxpayer's money anyway.

 

If, on the other hand, anybody falls for the hard sell and actually takes a sub prime mortgage, it's their own fault if interest rates rise and they can't meet payments.

 

I agree that people should read the small print very carefully before signing a mortgage agreement, but lenders should lso execise diligence. Those mortgages didn't spring spontaneously from the aether and they didn't sell themselves. Hedge funds were not blackmailed into creating them and estate agents (or realtors) did not draw them up with guns against their heads; why absolve them from any responsibility?

 

 

without electricity there would be hardship, without "gasoline" there would be severe hardship, and without clean water survival would be impossible - in any of these circumstances anarchy, looting and the law of the jungle rules

 

it happened here just last month..

 

 

Oh, right, right...

 

This reminds me of the failed Moody Noobs "project" in which we tried to, ecologically soundly, record a non-electric album. Which meant not devices to use electricity to capture the sounds we made.

 

Of course, considering the sonic mess, I'm glad nothing survived...