There is nothing wrong with sharing. But with whom and how much I "share" shouldn't be decided by the government.

But it is okay for the government to bail out people but get nothing in return. Yeah it is time for the government to step in because people have lost a lot lately. ENRON, Mortgage Lenders, have killed people and it was because of not enough regulation. As a matter of fact Mustang talk to some of the ENRON people who worked their butts off to retire to nothing and then you and the rest of these conservs come back and talk to me.

But it is okay for the government to bail out people but get nothing in return. Yeah it is time for the government to step in because people have lost a lot lately. ENRON, Mortgage Lenders, have killed people and it was because of not enough regulation. As a matter of fact Mustang talk to some of the ENRON people who worked their butts off to retire to nothing and then you and the rest of these conservs come back and talk to me.

 

I may have just missed it, but when did anyone say it was ok for the government to bailout everyone?

But it is okay for the government to bail out people but get nothing in return. Yeah it is time for the government to step in because people have lost a lot lately. ENRON, Mortgage Lenders, have killed people and it was because of not enough regulation. As a matter of fact Mustang talk to some of the ENRON people who worked their butts off to retire to nothing and then you and the rest of these conservs come back and talk to me.

 

 

It's not okay for the government to bail people out. Who said it was?

 

Seriously, where do you come up with this stuff? You bring up stuff that no one on here has said, and act like that's how everyone thinks.

 

The Enron people were stupid. They put all their eggs in one basket and the basket broke. It's called diversification. Putting all your money in one company/fund is ignorant.

But it is okay for the government to bail out people but get nothing in return. Yeah it is time for the government to step in because people have lost a lot lately. ENRON, Mortgage Lenders, have killed people and it was because of not enough regulation. As a matter of fact Mustang talk to some of the ENRON people who worked their butts off to retire to nothing and then you and the rest of these conservs come back and talk to me.

First, wasn't Enron like 8 years ago? What the crap does that have to do with Obama? Also Enron was under Clinton's watch. The may have folded after Bush took office but a company that size doesn't go down the tubes in a year.

It's not okay for the government to bail people out. Who said it was?

 

Seriously, where do you come up with this stuff? You bring up stuff that no one on here has said, and act like that's how everyone thinks.

 

The Enron people were stupid. They put all their eggs in one basket and the basket broke. It's called diversification. Putting all your money in one company/fund is ignorant.

Are you sure about what happened here. I know for future considerations to avoid this from happening again, and besides I'm talking about the workers at Enron more than the investors. Now back to future consideration for this to not happen again is that the government has to regulate more and not soften on the subject. Check on this. What I'm saying is that we can't depend on each other to regulate anymore because of greed. Big Brother has to watch over now!!!

Are you sure about what happened here. I know for future considerations to avoid this from happening again, and besides I'm talking about the workers at Enron more than the investors. Now back to future consideration for this to not happen again is that the government has to regulate more and not soften on the subject. Check on this. What I'm saying is that we can't depend on each other to regulate anymore because of greed. Big Brother has to watch over now!!!

 

I'm an accountant, I know EXACTLY what happened with Enron. It's because of them, I have to do twice as much work when conducting an audit. We don't need the government watching over us, companies just need to have better internal controls and checks and balances to make sure that kind of stuff doesn't happen again. That's what SOX accomplishes.

 

I'm talking about the workers too. They lost everything because they invested all their money in one company. If they had diversified, like a good investor should, they would have lost some, but would have still been afloat.

I'm an accountant, I know EXACTLY what happened with Enron. It's because of them, I have to do twice as much work when conducting an audit. We don't need the government watching over us, companies just need to have better internal controls and checks and balances to make sure that kind of stuff doesn't happen again. That's what SOX accomplishes.

 

I'm talking about the workers too. They lost everything because they invested all their money in one company. If they had diversified, like a good investor should, they would have lost some, but would have still been afloat.

 

It would be naive to leave out Arthur Anderson when passing blame for Enron. Their role in this fiasco is also one of the reason SOX was passed.

 

Secondly, you can't say "we don't need the govt watching over us" when a)its been proven by this episode that we do and b)you then explain why SOX is a good thing.

 

For the record, I am NOT an accountant.

It would be naive to leave out Arthur Anderson when passing blame for Enron. Their role in this fiasco is also one of the reason SOX was passed.

 

Secondly, you can't say "we don't need the govt watching over us" when a)its been proven by this episode that we do and b)you then explain why SOX is a good thing.

 

For the record, I am NOT an accountant.

 

Maybe I'm misunderstanding his definition of "watching over us" then. I'm talking in terms of companies and their everyday activties, and so forth. I have no problem with there being reporting regulations and requirements.

I'm an accountant, I know EXACTLY what happened with Enron. It's because of them, I have to do twice as much work when conducting an audit. We don't need the government watching over us, companies just need to have better internal controls and checks and balances to make sure that kind of stuff doesn't happen again. That's what SOX accomplishes.

 

I'm talking about the workers too. They lost everything because they invested all their money in one company. If they had diversified, like a good investor should, they would have lost some, but would have still been afloat.

 

 

Totally agree with the entire post, but particularly the bolded part. Heck, I've heard for over 30 years the need to diversify investments so that's not new news. Furthermore, in this day and age of information, it's amazing to me just how stupid people are about their finances. I'd bet that more people on this site spend more time reading about high school sports than they do reading and learning about their own financial matters. But when their 401K's go crashing down because they remained heavily invested in growth stocks or have a large concentration in the stock of one company, they scream "it's somebody else's fault". When they borrow money with an adjustable rate feature and aren't in any way able or prepared to repay the loan if the interest rate goes up on an adjustment date, they scream "it's somebody else's fault". When a roofing contractor knocks on the door, is able to convince a home owner that his/her roof needs to be repaired, then rips off the home owner and the home owner fails to check out the contractor or get bids from other contractors before giving the contractor money, the home owner screams "its somebody else's fault". When someone buys a home and fails to get an attorney to present him or her, the person fails to get an owner's title insurance policy because the person didn't know about owner's title insurance, after closing finds out there are title problems and now the person may not actually own the home or there are liens still on the property affecting the title, the person screams "it's somebody else's fault".

 

And when that happens, what does the govt do? Instead of telling the screamers "hey morons, you failed to learn about financial matters or failed to take prudent actions", the politicians wanting to coddle the voters, blame someone else and place more regulations in place to protect the stupid and/or un-informed from themselves. Which of course results in the lazy and un-informed feeling they have even less need to be responsible for their own decisions because the govt is going to take care of them and the cycle spins faster and deeper. Many laws passed to protect consumers in my opinion does just the opposite in the long run.

 

Sorry for the tirade. The ever growing lack of personal responsibility culture in this country is a hot button issue for me.

The ever growing lack of personal responsibility culture in this country is a hot button issue for me.

 

I never would have guessed that. :lol:

I never would have guessed that. :lol:

 

I just thought I had to spell it out for those readers educated at CovCath. :D:D Just kidding my friend. :thumb:

Totally agree with the entire post, but particularly the bolded part. Heck, I've heard for over 30 years the need to diversify investments so that's not new news. Furthermore, in this day and age of information, it's amazing to me just how stupid people are about their finances. I'd bet that more people on this site spend more time reading about high school sports than they do reading and learning about their own financial matters. But when their 401K's go crashing down because they remained heavily invested in growth stocks or have a large concentration in the stock of one company, they scream "it's somebody else's fault". When they borrow money with an adjustable rate feature and aren't in any way able or prepared to repay the loan if the interest rate goes up on an adjustment date, they scream "it's somebody else's fault". When a roofing contractor knocks on the door, is able to convince a home owner that his/her roof needs to be repaired, then rips off the home owner and the home owner fails to check out the contractor or get bids from other contractors before giving the contractor money, the home owner screams "its somebody else's fault". When someone buys a home and fails to get an attorney to present him or her, the person fails to get an owner's title insurance policy because the person didn't know about owner's title insurance, after closing finds out there are title problems and now the person may not actually own the home or there are liens still on the property affecting the title, the person screams "it's somebody else's fault".

 

And when that happens, what does the govt do? Instead of telling the screamers "hey morons, you failed to learn about financial matters or failed to take prudent actions", the politicians wanting to coddle the voters, blame someone else and place more regulations in place to protect the stupid and/or un-informed from themselves. Which of course results in the lazy and un-informed feeling they have even less need to be responsible for their own decisions because the govt is going to take care of them and the cycle spins faster and deeper. Many laws passed to protect consumers in my opinion does just the opposite in the long run.

 

Sorry for the tirade. The ever growing lack of personal responsibility culture in this country is a hot button issue for me.

 

While I agree with many points you make this particular case was a prime example of why govt needed to get involved in passing new regulations. Sure, the people that lost money may have made poor decisions but that's not the real issue. The real issue is that a company that is publicly traded lied and hit liabilities/debt. It screws the concept of the market.

 

Secondly, you have one arm of an accounting firm giving investment advice while the same firm is also doing audit work where these shenanigans should have been discovered and disclosed.

 

I'll be totally responsible for my investments. I just want the govt to make sure that companies like Enron can't lie and companies like AA don't fail the investors.

While I agree with many points you make this particular case was a prime example of why govt needed to get involved in passing new regulations. Sure, the people that lost money may have made poor decisions but that's not the real issue. The real issue is that a company that is publicly traded lied and hit liabilities/debt. It screws the concept of the market.

 

Secondly, you have one arm of an accounting firm giving investment advice while the same firm is also doing audit work where these shenanigans should have been discovered and disclosed.

 

I'll be totally responsible for my investments. I just want the govt to make sure that companies like Enron can't lie and companies like AA don't fail the investors.

 

Someone can correct me if I'm wrong, but if I recall using SPE's,( I believe that's what they were) how Enron hid their debt, wasn't illegal at the time.

Someone can correct me if I'm wrong, but if I recall using SPE's,( I believe that's what they were) how Enron hid their debt, wasn't illegal at the time.

 

Possibly.

Someone can correct me if I'm wrong, but if I recall using SPE's,( I believe that's what they were) how Enron hid their debt, wasn't illegal at the time.

 

 

I think you are correct, but also am not certain.