East Meets West 141

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Roger and Tom are joined by the excellent Patrick Beja from France. They discuss video games, foreign perception of the US, taxation, health care and gay marriage.

Get the show at this link: http://www.archive.org/download/EastMeetsWest141/eastmeetswest141.mp3

P.S. If you like East Meets West you’ll probably love Patrick Beja’s The Phileas Club podcast

Vance

But Matthew, it was Clinton who MANDATED that lenders provide loans to people who are less qualified to pay it back, IIRC. And it was the Democrat-controlled committee (forget off-hand which it is, I am sure Roger or Tom knows) who was in charge of the regulation since then. Yes, then greed took over and the banks were able to play within these rules to squeeze as much out as they could with goofy rates, etc. But, from what I have gathered in my reading of the subject, it can all be traced back to that Clinton mandate.
Vance

But Matthew, it was Clinton who MANDATED that lenders provide loans to people who are less qualified to pay it back, IIRC. And it was the Democrat-controlled committee (forget off-hand which it is, I am sure Roger or Tom knows) who was in charge of the regulation since then. Yes, then greed took over and the banks were able to play within these rules to squeeze as much out as they could with goofy rates, etc. But, from what I have gathered in my reading of the subject, it can all be traced back to that Clinton mandate.
Matthew

Vance, there are various loan schemes for people that are less qualified to pay it back around the western world and in of themselves its not an issue as the people holding the loans know they are not of the best type. Its the issue that allowed banks to package these loans into something that then gets rated as AAA when they are nowhere close to that grade. In regards to which committee that was responsible I think its important to remember that it was the prevalent ideals of deregulation and free market drove the lack of regulation into these complex areas. At the end of the day this occurred under the watch of President Bush and so as the leader needs to take the responsibility and not come up with excuses.

The real issue at present is that no one in the market trusts what other people are saying. That is even if people are saying the CDO’s are AAA they are no believing them and this distrust of what others in the market place is saying is ‘infecting’ everything to the extent that good blue chip companies like Berkshire Hathaway have lost half its value. Personally I am of the opinion that the perpetrators of the lies and deceptions should pay for all that has occurred.

That would be the investment banks and the rating agencies.
Matthew

Vance, there are various loan schemes for people that are less qualified to pay it back around the western world and in of themselves its not an issue as the people holding the loans know they are not of the best type. Its the issue that allowed banks to package these loans into something that then gets rated as AAA when they are nowhere close to that grade. In regards to which committee that was responsible I think its important to remember that it was the prevalent ideals of deregulation and free market drove the lack of regulation into these complex areas. At the end of the day this occurred under the watch of President Bush and so as the leader needs to take the responsibility and not come up with excuses.

The real issue at present is that no one in the market trusts what other people are saying. That is even if people are saying the CDO’s are AAA they are no believing them and this distrust of what others in the market place is saying is ‘infecting’ everything to the extent that good blue chip companies like Berkshire Hathaway have lost half its value. Personally I am of the opinion that the perpetrators of the lies and deceptions should pay for all that has occurred.

That would be the investment banks and the rating agencies.
cliff

Here are a few thoughts in regards to your topics of discussion:

Gay Marriage: The tyranny of the masses in action. How can a state have a mechanism to change its constitution with a simple majority? Ridiculous.

Foreign perception of US: I wonder how much of the perception of the US is based on the activity of American military and intelligence operations, especially in third world nations? I’m sure there are actions that are seen as necessary to state security that many Americans would find repugnant.

As far as health care and taxes go, many people question whether Obama can do all the changes he promised from the campaign. Based on how the problems seem to be cascading from one industry to another, I believe changes will be more encompassing than the new President planned for any chance to get this crisis under control. Instead of throwing money at putting out fires, common issues impacting multiple sectors of the economy will have to be fixed first, then work on problems specific to individual industries.

Thanks for a great show, guys. Patrick was a fine guest who should participate regularly.
cliff

Here are a few thoughts in regards to your topics of discussion:

Gay Marriage: The tyranny of the masses in action. How can a state have a mechanism to change its constitution with a simple majority? Ridiculous.

Foreign perception of US: I wonder how much of the perception of the US is based on the activity of American military and intelligence operations, especially in third world nations? I’m sure there are actions that are seen as necessary to state security that many Americans would find repugnant.

As far as health care and taxes go, many people question whether Obama can do all the changes he promised from the campaign. Based on how the problems seem to be cascading from one industry to another, I believe changes will be more encompassing than the new President planned for any chance to get this crisis under control. Instead of throwing money at putting out fires, common issues impacting multiple sectors of the economy will have to be fixed first, then work on problems specific to individual industries.

Thanks for a great show, guys. Patrick was a fine guest who should participate regularly.
Dave

Well, I am halfway thru the show, having been lured to it by way of Patrick’s Howiwow podcast, and as I knew I would, I began to get irate about the health care discussion. Having had a number of frustrating experiences with the US heath care system. The problems I have encountered personally involve the fact that although you can not be turned away from treatment in a hospital for an emergency service, there is little help as far as preventative medicine.

Let me give an example- someone goes to an emergency room for a condition that is not quite severe enough to require surgery, and is given medication and then sent away. several months later they return with the same condition, and same results. This happens repeatedly over several years, for a grand total of over $12,000 in unpaid medical expenses, for a condition that could have been treated for $4,000 in the very beginning, were it judged ‘serious’ enough to warrant that operation.

This is something that has happened to me personally, and I do not qualify for any government assistance on medical bills, despite the fact that I and my family of 3 subsist just above the Poverty line (defined in the HHS poverty guidelines as earning under 17,600 annually with a family of 3). There do exist some private ‘patient advocacy’ programs to help people like me, but when I made these inquiries, I was told that I had a deadline of 5 days from the date of treatment to provide 10 years worth of income documentation, and that I had missed the deadline.

Now, just think how things might be if there were no outward symptoms of these illnesses. What then? Should poor americans resign themselves to not getting treatment or check-ups until the point that their condition becomes a life-and-death situation, at which point the options for treatment become more and more narrow? On top of that add on the fact that persons in the US who are treated in Hospitals and have no insurance are NOT given the same degree of care as those who do, and that I personally have known people who have been misdiagnosed, insulted and discouraged from getting care because of there financial status in the world, including myself and my family members. We are told things such as ‘you are just seeking drugs, your symptoms are the result of drug use, you probably have an STD (my wife was told this the first time she went to the ER with kidney stones, they took a blood sample and sent her home to suffer, perscribing needless anti-biotics). If you think I am exagerating, perhaps next time you’re asked ‘do you have insurance’ at a medical facility, try answering ‘no’ and see the reaction.
Dave

Well, I am halfway thru the show, having been lured to it by way of Patrick’s Howiwow podcast, and as I knew I would, I began to get irate about the health care discussion. Having had a number of frustrating experiences with the US heath care system. The problems I have encountered personally involve the fact that although you can not be turned away from treatment in a hospital for an emergency service, there is little help as far as preventative medicine.

Let me give an example- someone goes to an emergency room for a condition that is not quite severe enough to require surgery, and is given medication and then sent away. several months later they return with the same condition, and same results. This happens repeatedly over several years, for a grand total of over $12,000 in unpaid medical expenses, for a condition that could have been treated for $4,000 in the very beginning, were it judged ‘serious’ enough to warrant that operation.

This is something that has happened to me personally, and I do not qualify for any government assistance on medical bills, despite the fact that I and my family of 3 subsist just above the Poverty line (defined in the HHS poverty guidelines as earning under 17,600 annually with a family of 3). There do exist some private ‘patient advocacy’ programs to help people like me, but when I made these inquiries, I was told that I had a deadline of 5 days from the date of treatment to provide 10 years worth of income documentation, and that I had missed the deadline.

Now, just think how things might be if there were no outward symptoms of these illnesses. What then? Should poor americans resign themselves to not getting treatment or check-ups until the point that their condition becomes a life-and-death situation, at which point the options for treatment become more and more narrow? On top of that add on the fact that persons in the US who are treated in Hospitals and have no insurance are NOT given the same degree of care as those who do, and that I personally have known people who have been misdiagnosed, insulted and discouraged from getting care because of there financial status in the world, including myself and my family members. We are told things such as ‘you are just seeking drugs, your symptoms are the result of drug use, you probably have an STD (my wife was told this the first time she went to the ER with kidney stones, they took a blood sample and sent her home to suffer, perscribing needless anti-biotics). If you think I am exagerating, perhaps next time you’re asked ‘do you have insurance’ at a medical facility, try answering ‘no’ and see the reaction.
http://www.rightsideoftech.com/ Russ

Guys,

Great show I wanted to make some comments based on my simpleton mind. FirstTom most flat tax proposials involve elimination of tax payers on the lower end thus eliminating much of the regresive effects. Also having a lower corporate and personal tax rate helps encouge repatroitation of foriegn funds and encouge investment. Nick mentioned Fair Tax and I think thats a good option also. Anything for a smaller less intrusive government.

I don’t agree with the idea that spreading the wealth around is eqivallent to emergency services in regards to socialism. Well that is my simpleton view.

While I didn’t totally agee with Patrick but he was anexcellent guest.

PS
Appologies for spelling I’m doing this from my N810.
http://www.rightsideoftech.com Russ

Guys,

Great show I wanted to make some comments based on my simpleton mind. FirstTom most flat tax proposials involve elimination of tax payers on the lower end thus eliminating much of the regresive effects. Also having a lower corporate and personal tax rate helps encouge repatroitation of foriegn funds and encouge investment. Nick mentioned Fair Tax and I think thats a good option also. Anything for a smaller less intrusive government.

I don’t agree with the idea that spreading the wealth around is eqivallent to emergency services in regards to socialism. Well that is my simpleton view.

While I didn’t totally agee with Patrick but he was anexcellent guest.

PS
Appologies for spelling I’m doing this from my N810.
http://www.irodrigo.com/ Rodrigo

I came here to say one thing and one thing only.
Happy Birthday Roger!!!
40 is not old if you are a …. tree! :D
http://www.irodrigo.com Rodrigo

I came here to say one thing and one thing only.
Happy Birthday Roger!!!
40 is not old if you are a …. tree! :D
sdf

it’s amazing how intellectually dwarfed roger is in this episode.
sdf

it’s amazing how intellectually dwarfed roger is in this episode.
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