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Old 10-04-2008, 06:43 AM
 
19,183 posts, read 27,741,368 times
Reputation: 4000

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Quote:
Originally Posted by Refugee56 View Post
The governments role is to protect us from ourselves. Bush's policy of deregulation killed us.
Deregulation is a policy that Bush merely furthered...in tandem with refusing to exercise such oversight and regulatory responsibilities as remained on the books.

Quote:
Originally Posted by Refugee56 View Post
Political Correctness from Clinton's rules requiring banks giving loans to people without jobs or income did too.
This is a political hoax built upon an invalid meme thought up by Thomas Di Lorenzo who decided to paw through the past to see if he could come up with some way to shift blame for this mortgage-driven mess onto Clinton rather than Bush. If you fall for it, you'll fall for about anything...
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Old 10-06-2008, 08:26 PM
 
225 posts, read 613,684 times
Reputation: 44
That potato head Rush Limbaugh
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Old 10-06-2008, 08:46 PM
 
13,779 posts, read 23,211,008 times
Reputation: 7378
The Americans who wanted more than they could afford, the Americans who helped them out by helping them get no doc loans on an ARM, the Americans who defaulted when the ARMs were due...
Greedy Americans who live outside their means because they think they deserve it.
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Old 10-06-2008, 09:09 PM
 
Location: Sarasota FL
6,519 posts, read 8,605,050 times
Reputation: 6031
To get back to the original thread title, - what current depression? We haven't even had a recession. But when all fails, can't agree on who caused the mess, a mess, blame it Bush. For the 12,456,946 time 'It's Bush's fault'. So next month let's give socialism another try. It's failed every time it's been tried. But there are those that think they can make it work this time.
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Old 10-06-2008, 10:16 PM
 
2,652 posts, read 7,640,420 times
Reputation: 1873
Quote:
Originally Posted by Tricky D View Post
Originally Posted by Luke9686 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.
If you owned a company that was required by the government to do a specific thing, or else you wouldn't be in business anymore, you would do the same.

Sure blame the rich. They do nothing and are bad right? They are the ONLY ones to blame, am I correct?
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Old 10-07-2008, 12:57 PM
 
Location: Phoenix, AZ
3,088 posts, read 4,544,006 times
Reputation: 1598
There is enough "blame" to go around, here. . . between the "lenders" that got rich without taking any personal risks and the consumers who wished to believe that homes would continue to increase in value out of proportion to all reality. . . so that even those with very modest incomes could "afford" to live in a luxury enviornment. Let's not forget the deregulators who made all of this possible by insisting that "market forces" would always make the best possible decisions for the economy as a whole. Speaking as one who has had nearly my entire retirement account "wiped out"
in the past 8 years. . . well. . . . at least I own my home, free and clear, have NO debt, and am committed to living within my means! Makes me a "rare bird" in our current economy, doesn't it?
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Old 10-07-2008, 02:58 PM
 
Location: Yootó
1,307 posts, read 3,192,111 times
Reputation: 791
A) It was the banks and the consumers. They both share in the blame. Right now we are experiencing the pain of the bad mortgages, which by the way, might be only 10% of the mortgages, but they are linked to the rest of the economy. Because of those bad mortgages, banks are going to be tight-fisted with money, and loans are going to be hard to get.

B) It is also wages being paid by misers. CEOs and upper executives seem to think that the cost of living can continue to go up without wages keeping up. To me it is fundamental reasoning that when you see your employees' cost of living go up, you provide them with more pay, even if you yourself have to take a hit. Maybe we need strong unions in the workplace again to remind corporate America that workers cannot just be taken for granted.
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Old 10-07-2008, 03:26 PM
 
13,779 posts, read 23,211,008 times
Reputation: 7378
When we bought our current home, we bought it before our other home was on the market. When the mortgage lender came to the house she said "To save time, why don't we do a 'no doc' loan?"

I had never heard of this and she explained it to me...my first thought was "This is sketchy". Who on earth would give loans out without ANY information???

We did not take out a no doc loan because it was too strange for me, but I had a feeling we were going to have problems 3 years ago.
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Old 10-07-2008, 03:46 PM
 
28,906 posts, read 45,211,944 times
Reputation: 45815
Everybody.

The Democrats for dreaming up FHA, Fannie Mae, and Freddie Mac and refusing to reform it when the alarm bells started going off 4-5 years ago. Oh, and creating laws that actually punished banks for refusing to lend to people with marginal credit.

The Republicans for not enforcing current laws, which was the equivalent of walking into a group of raging alcoholics and giving them the keys to the liquor cabinet.

The Federal Reserve for keeping interest rates too low too long and not paying attention to the balance sheets of banks.

Banks, for loosening their underwriting standards to the point of ridiculously low expectations, and then selling their bad mortgages to investment banks.

Investors for not performing due diligence on the bad paper the banks were pushing.

The American People who never figured out 1) That you can't keep borrowing money forever to support your appetites and 2) Ignoring the mushrooming entitlement crisis in this country, tuning in to American Idol, rather than C-Span.


Seriously. Here we are in an election that demands that we put a serious person in the Oval Office, and what do we get? A guy with four years in the Senate, who has spent two of those years running for office, and a guy whose hands are anything but clean.

Anybody who believes that either of these chumps are going to pull us out of the hole that we ourselves dug is deluding themselves.
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Old 10-07-2008, 09:42 PM
 
13,779 posts, read 23,211,008 times
Reputation: 7378
Quote:
Originally Posted by cpg35223 View Post
Everybody.

The Democrats for dreaming up FHA, Fannie Mae, and Freddie Mac and refusing to reform it when the alarm bells started going off 4-5 years ago. Oh, and creating laws that actually punished banks for refusing to lend to people with marginal credit.

The Republicans for not enforcing current laws, which was the equivalent of walking into a group of raging alcoholics and giving them the keys to the liquor cabinet.

The Federal Reserve for keeping interest rates too low too long and not paying attention to the balance sheets of banks.

Banks, for loosening their underwriting standards to the point of ridiculously low expectations, and then selling their bad mortgages to investment banks.

Investors for not performing due diligence on the bad paper the banks were pushing.

The American People who never figured out 1) That you can't keep borrowing money forever to support your appetites and 2) Ignoring the mushrooming entitlement crisis in this country, tuning in to American Idol, rather than C-Span.


Seriously. Here we are in an election that demands that we put a serious person in the Oval Office, and what do we get? A guy with four years in the Senate, who has spent two of those years running for office, and a guy whose hands are anything but clean.

Anybody who believes that either of these chumps are going to pull us out of the hole that we ourselves dug is deluding themselves.
I thought Obama was only in senate for 2 years...or am I wrong again?
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