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Old 10-02-2008, 03:36 PM
 
2,652 posts, read 7,646,323 times
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It's everyones fault. But mostly, yes congress. They actually required banks to write a certain amount of loans to people that ultimately could not afford them. Let me say that again, they REQUIRED banks to write a certain amount of loans.

What did they think would happen.
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Old 10-02-2008, 04:23 PM
 
372 posts, read 761,399 times
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Quote:
Originally Posted by Luke9686 View Post
It's everyones fault. But mostly, yes congress. They actually required banks to write a certain amount of loans to people that ultimately could not afford them. Let me say that again, they REQUIRED banks to write a certain amount of loans.

What did they think would happen.
ummmm ummm.... see the post about John Lennon above?
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Old 10-02-2008, 05:03 PM
 
12,870 posts, read 12,783,283 times
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Quote:
Originally Posted by kickchick2000 View Post
The people who could not afford the homes they bought and the banks who gave loans to people without even asking about income.
i would go with that, but i would assess the higher level of blame to the banks because they are supposed to be in the business of understanding finance. therefore, they should be assessed the higher level of culpability for this mess. the highest level of blame should be with our own government for looking the other way while all of this was going on and even encouraging more risky loans.
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Old 10-03-2008, 11:13 AM
 
Location: In my view finder.....
8,521 posts, read 13,564,115 times
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What depression?

Quote:
Originally Posted by artsyguy View Post
Who is to blame?
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Old 10-03-2008, 12:42 PM
 
2,652 posts, read 7,646,323 times
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How could you blame the banks when the government required the banks to write a certain number of loans to be who were less than qualified? I guess it's just a double edged sword.

Anyway, who cares who is to blame? Does blaming anybody do any good? Let's figure out how to fix it and never do it again.
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Old 10-03-2008, 11:30 PM
 
2,141 posts, read 7,043,122 times
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Well as far as the mortgage mess, there are a lot of groups to blame. Those who bought homes with no document or interest only mortgages. Those who took out risky adjustable mortgages. Those who bought more than they could afford if they lost their job and could not find another one in 6 months, the realtors who sold them those homes, the mortgage brokers and banks who gave them the loans up to the CEOs at the banks and both political parties. There are 2 mantras that will always hold true for 2 of some of the most common challenges people face:

Live within your means. Don't charge what you can't pay off and set your budget up so that you can maintain your bills for 6 months in case your lose our job, get ill, etc. If people did this, the current situation would not adversely effect them. They may have to tweak their budget, but they surely would not foreclose or go bankrupt.

The 2nd: If you want to lose weight, take in less calories and exercise.
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Old 10-03-2008, 11:45 PM
 
Location: The Netherlands
8,567 posts, read 14,529,077 times
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Originally Posted by Luke9686
Quote:
Let me say that again, they REQUIRED banks to write a certain amount of loans.
Only the greedy rich would exploit this, because that is the only way to become rich.
Since I have no need of becoming rich I also have no need to exploit this particular weakness.
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Old 10-04-2008, 03:26 AM
 
Location: Dallas
4,625 posts, read 8,542,676 times
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A lot of people are overlooking an obvious fact here.

Estimates for the final cost of Bush's misadventure in Iraq are 3 to 5 trillion. Americans have not been suffering the 99% tax rates of WW2, in fact I think it's fair to say we haven't paid a dime yet. The whole entire cost, or much of it, is underwritten by loans from China and a multitude of other nations. The national debt is at an all time high, 10 Trillion. There was a surplus when Bush came to office. That debt devalues the dollar.

Secondly, with the increase of gas prices, every sector of the economy suffers except for oil companies. This burden over the course of time saps consumer spending, which is why Bush's Tax Refund in July was an economic dud. We have no money to blow, we gave it all to Exxon.

Third, Banks have hundreds of years of experience in macroeconomics and their high priced lobbyists were the ones who went to congress to deregulate variable interest rates. The banks knew damn well that when mom and pop took a 4% interest rate on their mortgage, that as soon as the variable rate (as set by the unconstitutional FED) went up, mom and pop would be homeless. Mom and pop aren't smart enough to understand this, but the banks, the fed, and Congress all knew. C'mon, get real.

Not to mention Katrina, 9/11, and war war war. It's sapping the economy, although Haliburton is doing just fine selling our brave soldiers in Iraq a case of coke for $45 a piece.

No need to look behind the curtain folks, move along, Uncle Sam will take good care of you all. God Bless America.
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Old 10-04-2008, 06:02 AM
 
485 posts, read 1,628,828 times
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The governments role is to protect us from ourselves. Bush's policy of deregulation killed us. Political Correctness from Clinton's rules requiring banks giving loans to people without jobs or income did too.
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Old 10-04-2008, 06:20 AM
 
Location: Democratic Peoples Republic of Redneckistan
11,102 posts, read 12,812,254 times
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Anyone who voted for Bush has the blood of our economy on their hands plain and simple.Now the question is,are you stupid enough to do it all over again with McLame?
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