Dockadams Wrote: Who was responsible for the last recession? Big banks and Wall Street.
A massive international trade imbalance, two wars on the credit card, unfunded tax cuts, and irresponsible lending and borrowing were also major factors. The Congressional repeal of Glass–Steagall in 1999 also played a major factor. Simply blaming Wall Street is naive and belies the facts.
Dockadams Wrote: Small banks failed too, lot's of them. That was just the tip of the bigger ice berg, think about the people who lost large sums of money who had invested in 401k's. During the 1980's s&l crisis, my spouse lost around $5,500 in her 401k because of it.
I think about them all the time and I don't blame them one bit for being angry.
Dockadams Wrote: You can't admit to yourself that big banks and Wall Street is rigged or they were 98% responsible for the great depression or the great recession? You think it's overly simplistic?
I can't admit it because it's not true. Congress has oversight authority over our financial sector, so I blame them just as much as I do the big banks. We get the legislation (or lack thereof) that we vote for in this country.
Businesses sole purpose is to make money and it's on the government to ensure they don't screw over the common man. If we keep electing people whose sole focus is to break apart the regulatory state then we shouldn't be surprised we the regulatory state is broken up.
Maybe Americans should look themselves in the mirror and ask themselves why they are so willing to vote for people who promise to gut consumer protections. I know that comes across as crass, but I have a hard time feeling sympathy for someone who voted straight party ticket Republican and then gets angry when regulation meant to reign in Wall Streets practices is repealed. What did they think they were voting for?
Dockadams Wrote: I hope you're not a small time investor or have 401k stock investments.
I'm considered a private contractor and have a roth IRA, traditional IRA, and a high yield savings account. My wife and I also meet with our financial adviser **who has signed a fiduciary duty agreement with us** on a quarterly basis.
Our investments are spread out across bonds, stocks, the money market, and index funds, but I'll admit that we are currently investing in higher risk areas since we are both still fairly young. Once we get closer to retirement or if there is an economic downturn then we will change our investment plan accordingly and go after the much lower risk investments.
Here's the thing - I'm not a socialist; I'm a quasi-socialist. I firmly believe in a single-payer healthcare system, an expanded Social Security program, a livable wage, guaranteed income, and programs that make it so every person in this country has food on the table.
What I don't believe in is allowing the government to determine how much money I can make or allow them to tell me how to invest that money. I have zero problem paying more in taxes, but I have a huge problem when the government comes in and says "we're going to tell you how much money you get to have."