It was brought up in the debate last night..
Whose fault was it for our present crisis..the greedy lenders or foolish people living beyond their means..
My wife and I have seen this all along..Folks living in fancy homes and driving expensive automobiles making only 1/2 of our salary..We had no idea that their foolishness would effect the whole world..Now instead of shaking my head at them I feel like putting a foot in their butts..[:@]
But back to the question ..if you could only choose one..whose fault would it be?..I'd say the lenders..Someone needed to have rules regulating who should get credit and who shouldn't.
Lenders took advantage of impulsive spenders and even some mentally challenged folks who really are not capable of making sound judgements.
We had no idea that their foolishness would effect the whole world..
Good post. Politicalhacks in DCstarted this mess when they insisted that folks who did not qualify for loans should become "homeowners." Mortgage brokers were waiting in the wings with their adjustable rate mortgages. Senator Phil Gramm of TX rammed legislation through congress that changed the way that derivatives are handled, de-regulated the banking industry and prevented the fed from properly regulating the banking and mortgage industries.Clinton signed Gramm's bill into law. Clinton wantedthe poor to own homes and Bush II wanted it.
Yes, folks bought homes that they could not afford. They were able to buy those homes because the politicalhacks wanted them to be able to do so. It was a bi-partisan thing: Democrats wanted poor folks to own homes.Republicans in congress were in the pockets of the mortgage companies who wanted to make loans.
Location: On an Island in the west coast of New England
Posts: 13,133
RE: Greedy loan sharks or fools.
It issimple. If you answer this question you will have your answer. Almost every day in the mail what form of junk mail is there. Credit card applications are flooding everyone. They all put a 0 percent loan transfer balance as a come on. No wonder they are all going out of businesss they spend too much on junk mail. Someone who needs something and can't afford it gets a promise of instant and "free money" several times a week. It is like fishing. Put the right bait and presentation out there and you will catch a big one every time.
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Too busy with fishing to spend much time here.
It's the lender's business to know better, the consumer is just that - a person who buys a mortgage product etc.
The lenders are "supposed" to be professionals who know better - it is their JOB to know the difference between good loans and bad. If the borrower is/was at fault, so much more so the lending institution who did the deed!
Now, lets all just grunt and blame things on Clinton.
It'll make you feel better.
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"I would not support repeal of Roe vs. Wade, which would then force women in America to [undergo] illegal and dangerous operations." Senator John McCain
Source: Ron Fournier, Associated Press Aug 24, 1999
They need to put the blame on who started this whole mess. Does the name Bill Clinton mean anything? I heard a sound bite the other day of Slick Willy, saying that Republicans tried tohave Freddy and Fanny under more transparency, but the Democraps kept blocking it.
Now Obammy has Freddy and Fanny people on his economic staff... now the pot is calling the kettle black.. no pun intended, even though I really liked that.
It's the lender's business to know better, the consumer is just that - a person who buys a mortgage product etc.
The lenders are "supposed" to be professionals who know better - it is their JOB to know the difference between good loans and bad. If the borrower is/was at fault, so much more so the lending institution who did the deed!
Now, lets all just grunt and blame things on Clinton.
It'll make you feel better.
See, I told you it would,
Quote:
They need to put the blame on who started this whole mess. Does the name Bill Clinton mean anything? I heard a sound bite the other day of Slick Willy, saying that Republicans tried tohave Freddy and Fanny under more transparency, but the Democraps kept blocking it.
Now Obammy has Freddy and Fanny people on his economic staff... now the pot is calling the kettle black.. no pun intended, even though I really liked that.
__________________
"I would not support repeal of Roe vs. Wade, which would then force women in America to [undergo] illegal and dangerous operations." Senator John McCain
Source: Ron Fournier, Associated Press Aug 24, 1999
It's the lender's business to know better, the consumer is just that - a person who buys a mortgage product etc.
The lenders are "supposed" to be professionals who know better - it is their JOB to know the difference between good loans and bad. If the borrower is/was at fault, so much more so the lending institution who did the deed!
Now, lets all just grunt and blame things on Clinton.
It'll make you feel better.
See, I told you it would,
Quote:
They need to put the blame on who started this whole mess. Does the name Bill Clinton mean anything? I heard a sound bite the other day of Slick Willy, saying that Republicans tried tohave Freddy and Fanny under more transparency, but the Democraps kept blocking it.
Now Obammy has Freddy and Fanny people on his economic staff... now the pot is calling the kettle black.. no pun intended, even though I really liked that.
That's all you lib's are good at making a mess and pointing a finger.
Greedy loan sharks or fools.
