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Thank you. And the government is going against de-regulating them by bailing them out. It was pretty much "we are going to leave you on your own" but now its" well we left you on your own, you got greedy and f****d up but we are going to bail you out". It's crap....plain and simple. Let them all go out of business.
Here's the truth. At least someone has some sense.
The liberals must be feeling pretty bad right now. They have caused this meltdown.
First and foremost, Jimmy Carter did it in 1976 and Bill Clinton did it in 1993.
Both of these Presidents are very much the reason for the mortgage crisis we are seeing.
Carter put into place a new way of people buying homes, he wanted the mortgage industry to make sure they do not forget the poor and inner coty people and therefore created this mess called sub prime lending to those people.
Reagan made sure it did not get out of control, Bush I did it and then came Clinton, he not only did what Carter did but he is almost 100% to blame for this mortgage crisis by creating the low end no qualification loans that we see are failing right now. Clinton went out of his way to make sure that low income, inner city and poor credit folks were given the right to be able to own a home.
In the long run, it has came back to haunt us. If you detailed "most" of the bad loans that are causing this is from the Clinton era where the people should have never owned a home and have never been stable enough to pay their payments when they get either laid off or fired.
So, get your facts correct, Clinton is to blame for this meltdown because those same people who under Clinton were given loans should not have, and when they lose their jobs or get fired, instead of moving on to another job they just give up. The rest of us move on to other jobs and keep paying our payments.
Just for your info, Fannie and Freddie failed only after your dem congress allowed them to become unregulated and greedy. This dem controlled congress lifted requirements on the loans therefore allowing more losers to get loans they could not afford.
As businesses, wouldn't it make sense, without the government having to tell you, to keep some deposits on hand?
I know mortgage lenders that are fine. The government didn't give them any special regulation, they simply made better choices.
What you don't seem to get is that taxpayers are on the dole for their losses.
So your free market fantasy scenario never was. WE are taking the hit. Not the mortage lending CEO's who walk away with millions.
That's why you have regulation of industry. If the industy going down the tubes effects the public. Then Govenment must be involved in keeping the greedy crooks out of the business.
But the GOP will not stand for that. They love the rich and powerful.
The know-nothings on this thread keep squawking about " It's the home owners fault"....... Well duh!!!
But you and I are paying for it thanks to the GOP taking on the risk of greedy multi-Billonaire mortgage lending CEO's because they were too lame to regulate their
lending practices.
What you don't seem to get is that taxpayers are on the dole for their losses.
I don't think the taxpayers should be covering it.
Quote:
Originally Posted by padcrasher
So your free market fantasy scenario never was. WE are taking the hit. Not the mortage lending CEO's who walk away with millions..
You're combining two issues. The first is the cause which was the original topic. You complained that mortgage lenders were not regulated. In that sense, there was more free market. Some were wise and some were not which landed them in trouble. The second point is about how to address it which is where the taxpayer came along and the business get bailed out which is not free market.
Quote:
Originally Posted by padcrasher
That's why you have regulation of industry. If the industy going down the tubes effects the public. Then Govenment must be involved in keeping the greedy crooks out of the business.
But the GOP will not stand for that. They love the rich and powerful.
I would prefer them to go out of business and let the ones who were smart and made good choices stay in business. The government regulation keeps the crooks there and gives more power to an even more powerful set of crooks, the government.
Given that the government shows no evidence of sound financial management, I really don't see them as the solution. The inter-twining of business and government leads to more ineffectivess and more corruption.
You Conservatives can stick your heads in the sand and pretend this isn't true, but the economic problems we're experiencing are DIRECTLY the result of the Bush and McCain Economic philosophy.
I'm a pro-regulation conservative.
I'm usually pretty open-minded to leftist arguments... I think being receptive to their opinions usually helps us all come to an understanding. However, I never feel like I get the same hearing from them. Take, for example, how the article opens. He comments on Smith's "invisible hand"... but he takes it out of context. Here's my question: Why do people who feel enough arrogance to voice their opinion, as this person does, so frequently speak about a subject they know nothing about?
Smith, the father of capitalism, in "The Wealth of Nations", is pro-regulation. Smith says that the unfettered marketplace runs into problems.
The most absurd misrepresentation is the concept of regulation the left presents. According to Greenspan, in "The Age of Turbulence", in the 70's, before the airlines were deregulated, the federal government had an office to field questions regarding the requirements airlines had to meet. Greenspan says this office was overwhelmed with questions like "A person wants to ship a goat overseas in the cargo-hold. What's the maximum weight a goat can be in this situation?"
We might run into trouble now and again with less regulation, but at least we have some freedom... because the left's form of regulation is smothering to business.
Why the Financial Meltdown Reflects the Fundamental Failure of the Bush-McCain Economic Philosophy
Well, thank the gawds it's an economic PHILOSOPHY that reflects the meltdown rather than, you know... actual action.
Quote:
But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."
Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.
Read my post "funamental problems with economy" under the politics and other controversies thread. Those are the true problems with this economy. Then, tell me what you think.
Last edited by Sunshine Chick; 09-16-2008 at 01:08 PM..
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