“According to preliminary calculations, the Dow dropped 250.89, or 3.41 percent, to 7,114.78. It last closed this low on Oct. 28, 1997 when it finished at 6,971.32. The Dow hasn’t traded below the 7,000 mark since October 1997.”
The good news is, the stock market was at these levels when Hip-Hop was good, and nightlife wasn’t completely gay (Bottle Service, girls always dressing in jeans and flip flops, guys wearing clothes without rhinestones on them (Ed Hardy and Christian Audigier).
So maybe we can turn back the clock on this stuff too!
“Let me kick it, about the digits, that I’ve collected
Long distance, and disconnected, it’s gettin hectic
Before my record, they didn’t show it
But now they throw it, hopin that they’ll get drunk off Moet
or Cristal, but that’s not my par-ticular style and taste My name ain’t Puff and I ain’t got loot to waste
I ain’t got time to waste, bad bitches is all up in my face
Crazy ignorant, sweatin links minks and shit
Cosmetic, but deep down, derelict
Fake players, never get out the projects
It’s pathetic — the way she bends for dividends
I tried to jewel her but she tried to get a drink at the end
of our con-vo-sation, I did not have the patience
Slid off to the next Asian
She said, “What you do?” I said, “What?”
She said, “You know your occupation?”
So I broke the fuck out
In nineteen-ninety-six that’s what it’s all about, but
I won’t go that route
Back in the days Biz said it was The Vapors
But today, I realize that it’s the papers”
With millions of homeowners now struggling to repay money they clearly never should have borrowed, our leaders have been righteously wagging fingers at predatory lenders who allegedly enticed innocent borrowers, and the country, into a financial snake pit. While the mortgage industry clearly deserves a good share of the blame, unindicted co-conspirators abound. The ringleaders are still at-large and are, in fact, busy hatching a plan to dwarf the earlier mistakes.
Contrary to the message bouncing off the marble walls of the Capitol, most borrowers in the inflating housing bubble clearly understood the terms of their loans. Most knew that they could not afford their mortgage payments once their teaser rates expired, but enthusiastically jumped into the debt pool anyway believing that guaranteed real estate appreciation, or a quick and profitable sale, would keep them afloat.
Although both lenders and borrowers were acting in their own perceived self-interest, what can we say of our economic policymakers who are expected to protect the good of all? Their actions encouraged the whole sad circus. Were it not for the excessively low interest rates provided by the Fed, the lax lending standards and moral hazards supplied by Congress courtesy of Freddie, Fannie, and the FHA, and the many real estate subsidies built into the tax code, none of these predatory loans would have been possible.
Had lenders exercised better judgment and had borrowers avoided overly burdensome debt loads, both parties would clearly be in better financial positions today. Instead, as borrowers were demanding the credit to fuel their dreams of instant real estate riches, lenders were being ordered to accommodate them.
In past generations, homebuyers were required to save for down payments and postpone their purchases until they could actually afford conventional 30-year fixed mortgages. But in recent years, as home ownership became a matter of public policy, the government accused lenders of discrimination and urged lower standards and easier terms. With government guarantees in place, the mortgage industry was happy to both expand their revenues and promote a better society.
Q: Does The G Manifesto think pot should be legalized?
Michael Mason: Great question. On paper I would say “Yes, all drugs should be legalized”. But then again, The Drug Game employs so many people in this world, that if we legalized drugs, our unemployment rates would skyrocket. I wouldn’t want to see the government or Wal-Mart make all that money, I would rather see the money in the hands of The People. I am kind of on the fence on this one (one of the few instances you will see me on the fence).
I am not on the fence anymore.
The only way out of The Down Economy is to Legalize Drugs. (This would be good for America not necessarily your humble Author…see, I am not completely selfish).
America need to get off its moral high horse.
We need to create things (read drugs) and make America a place again that Rich Foreigners want to visit.