you're thinking of socalism sorry

It has been said that capitalism is the worst form of NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER NIGGER
-Winston Churchill

>>6714692
This.

Also you fail for going to that abomination of a site.

do you fags even try anymore

btw I would sage even if OP said "socialism is still a viable economic system"

>HE STILL DERIDES CAPITALISM

>>6714674
LOL at people who think the banking collapse was the result of capitalism, and not from state intervention (lul banks you must give mortgages to niggers who will not pay back - Clinton) and economic fuckupery due to Bush's war in Iraq.

>implying America is purely capitalist

>>6714714
They weren't giving out irresponsible loans because the state told them too, it was because they were deluded by the profit motive. You could almost see the dollar signs light up in their eyes,

"We giving you this loan we know you can't pay back so we can repossess your house and sell it at a tremendous profit because housing prices are never going to go to down. We're too blinded by our greed to realize that this happened in Japan in the 80's and Japan has been stagnant ever since."

>>6714714
Yeah, sure. because the banks weren't making a goddamn mint selling those loans through the CDS system, and they weren't making a goddamn mint selling 'ultra-safe' bonds from there. It was all that evil government forcing the banks to take on bad loans.

>>6714674
lol at people who still think there exist more viable economic system than the capitalism

>USA
Public education is a joke.

>Democratic
Sorry. You're sheep without free GOOD public education.

Also
>two party system.

If you're using USA to judge capitalism, then your focus is off.

>>6714750
...I've never chimed in on any of these threads, but holy shit this is so not true.

WHAT REALLY HAPPENED:
Banks gave loans to subprime debtors. The banks figured that the price of houses would keep going up, so if anything happened to the debtor's income stream, they could always refinance at a lower rate since the real property value went up. The banks figured they would pay back these loans eventually through a string of refinancing.

>>6714714
Everything would have been fine had the government used the cash to PAY OFF THE LOANS/GIVE BACK TO PEOPLE instead of BAILING OUT THE BANKS.

I can't believe how no-one could see that just giving people the bailout money was such an elegant solution!

>>6714757
>>6714750

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending:

http://www.businessinsider.com/the-cra-debate-a-users-guide-2009-6

Someone makes a cute image macro and freshman economics aspie fucks have to come and rage about it. Economics isn't a real science you niggers.

wild west, anything goes capitalism hasn't been around in america since the 30's

enjoy your fascinating discovery 80 years later, OP

>>6714832
I am familiar with the CRA and its effects, are you aware of CDS and it's mass compounding of the problems into a bubble?

>>6714674

capitalism simply exists, like gravity. when you fuck with it, it fucks you back. this crisis was caused by government sponsored companies, Fannie and Freddie, going under. government removed risk to get more minorities in houses, and the market responded by fucking everyone.

>>6714943
DURR HURRR MINORITIES DID EVERYTHING THEIR ETHNICITY IS NOT LIKE MINE

No dumbass. Most defaulted mortgages belong to middle class whites. The economic problems were a cause of deregulation in the financial industry including the repeal of Glass Stegal

>>6715006
They were all factors. 30 little things collided to fuck the whole system over. If any one of a number of factors hadn't occurred, the bubble and collapse wouldn't have happened (or at least would have been delayed).

lol@everyone in this topic trying to pin the current economic crisis on brown people. Brown folk weren't the only ones getting sub prime mortgages, if it were possible to find out I guarantee you that they weren't even in the majority of sub prime mortgage owners. It doesn't matter who bought them, though, because this entire crisis would not have even happened if not for greedy banker fuck's refinancing. If the banks were actually being regulated (too many banks; not nearly enough regulators who are actually qualified to be regulating banks) they would never have even been able to get us into this mess.

>>6715006

HUR DURR when you remove risk everyone takes advantage. the original intent was to help minroites and poor people get houses.... but over the years these policies led to this because risk was removed. sketchy mortgages get insured and the government looked the other way. ie, house flippers.

The problem everyone has is thinking that any system doesn't have cycles of booms and crashes

Was this past one pretty bad? Yeah.

Numbers wise it was huge but it was gutting a lot of excess surplus that probably shouldn't have existed in the first place.

But as to true total effect on the lives of people, and I'm not saying this without compassion for the millions who are and have suffered because in the finite they are certainly suffering, but in overall terms, compared to almost any other market crash of the past 50 years, it really hasn't been that bad in totality.

So when "socialists" go "OMFG ECONOMIC BUBBLE BURST OBVIOUSLY CAPITALISM IS A FAILED SYSTEM" that's just a lot of political hyperbole hogwash

and when Republicans blame the whole thing on dem poor niggers and spics bein too stupid to pay them dam mortgag bills they're being just as retarded in their own special way

Bubbles burst, markets recover, shit happens, stop trying to remake the wheel and accept instead that it will always revolve when being ridden upon and without it the cart don't move outta the mud and the horses get antsy

>>6715109

Maybe a tween socialist filled with teenage angst would say something so retarded, but that's only because they've just read the communist manifesto and have absolutely no understanding of economics.

>>6715099
DUR? HUR DUR HUR?

There's a ton of factors, blaming it on brown people is fucking retarded. Shit, another bigger factor that's colorblind is Adjustable Rate Mortgages, which made payments soar with the burst of the housing bubble and banking collapse.

>>6715109
The market never corrected itself. None of the policies that led to this bust have been removed or altered. Many of the banks got bailed out. There is nothing stopping this from happening again in a few years. Not saying this is an inherent flaw in capitalism, but if it sinks America it's going to be as big of a black mark on capitalism as the failure of the Soviet Union was on Communism, fair or not.

>>6715143
angsty teenage filled socialist would decry the wickedness of a system that allowed crashes to occur, as if it were possible to never have a market cycle

also, butthurt much?

>>6715163
They were not actually colorblind at all, ARMs were promoted to and for minority first time homebuyers by law. Citibank was actually sued successfully for not giving out enough subprime mortgages to minorities. that is the opposite of colorblind.

>>6714674
>lol at butthurt faggots who can't get their act together and blame all their problems on other people

fixed.

>>6715175
completely agree on that point but bank bailouts aren't capitalism

capitalism would have been "let it collapse as far as it'll go and let it rebuild itself"

which I would have been perfectly fine with me

The freer the market, the more enslaved the working man. The free market only makes a small, highly exclusive percentage of the population free, or even prosperous at that (i.e. the bourgeoisie). The only people who support Capitalism are those who profit from it, and those who are foolish enough to buy into the promises of wealth if you work hard enough.

Stop replying to troll bait, you faggots.

>>6715212

Capitalism would be everyone in the US living in the factory housing getting paid with company coupons that are only redeemable in the company store working 15 hour days from the moment you are able to hold a wrench in your hand until you die.

>>6715205
http://www.newyorkfed.org/research/staff_reports/sr368.pdf

Page 28. Out of 76744 borrowers with ARMs, A combined 28,539 were black/hispanic. CRA wasn't really that much of a factor, by those lines you might as well generalize and say women caused the housing bubble collapse because they are only behind the black/hispanics by 100 people.

>>6715212
I somewhat disagree insofar as that a freer market wouldn't have let the government interfere as much in bank regulation. Although I have to say that regulation is a double edged sword here, it would have been very appropriate for the government to have stepped in to prevent banking "innovation" like collateralized mortgage obligations, the tight coupling of banks and ratings agencies that led to fraudulent AAA ratings, or enforce antitrust to the extent that banks couldn't grow to "too big to fail" status.

>>6715274
Sucks for them, they should have gotten an education so their skills would be rare and in demand. Which is why I withdrew from uni a few days ago.

>>6715405
I personally am restricting my argument only to the claim that CRA was colorblind. It absolutely was not, this is a fact. The government authorized and promoted these mortgages to minorities and lower thresholds were accepted for granting them to minorities, enforced by the government. I am agnostic overall on minorities "causing" the meltdown, although I think if you look specifically at California a better case can be made for that market.