Financial Meltdown due to Bush-McCain Economic Philosophy (voters, Congress, thought)

[LexusNexus]

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.

Robert Creamer: Why the Financial Meltdown Reflects the Fundamental Failure of the Bush-McCain Economic Philosophy

[paullySC]

Please think for yourself instead of believing what you read on liberal websites.

[luzianne]

Oh, BULLCRAP! What is going on right now is a result of BANKS loaning money to people who couldn't afford a house. And actually CLINTON is a big part of that because he thought everyone should be able to own a home and he tried to make sure everyone could, even if they couldn't afford it. But basically it comes down to banks being greedy and loaning money to people who really couldn't afford to make the payments.

But how does this affect us? It doesn't.

[jmarquise]

the thread and article lose credibility when they hyphenate bush-mccain. what a joke.

[sanrene]

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

Five years ago bush tried for more regulation, to no avail, thanks to the dems. The dems, including hill and obama are in the pockets of fanny/freddie, lehman and other financial entities. It was the democrats who pushed forward more home loans for poor and low income people.

[padcrasher]

Originally Posted by luzianne

Oh, BULLCRAP! What is going on right now is a result of BANKS loaning money to people who couldn't afford a house. And actually CLINTON is a big part of that because he thought everyone should be able to own a home and he tried to make sure everyone could, even if they couldn't afford it. But basically it comes down to banks being greedy and loaning money to people who really couldn't afford to make the payments.

But how does this affect us? It doesn't.

No luzianne banks are safe. To the extent they stayed out of mortage lending.

You see back in the 1990's the GOP failed to deregulate banks. Banks are still required to have a certain amount of deposits on hand in relation to their loans.

The GOP did manage to lift this requirement for mortage lenders and now we're on the hook for Hundreds of Billions.

Thank you luziane and fellow GOP voters for not knowing what the hell is going on......once again.

[sanrene]

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

Here you go; from FIVE years ago. See what the dems were saying then.

[luzianne]

Originally Posted by padcrasher

No luzianne banks are safe. To the extent they stayed out of mortage lending.

You see back in the 1990's the GOP failed to deregulate banks. Banks are still required to have a certain amount of deposits on hand in relation to their loans.

The GOP did manage to lift this requirement for mortage lenders and now we're on the hook for Hundreds of Billions.

Thank you luziane and fellow GOP voters for not knowing what the hell is going on......once again.

They got into mortgage lending TO BAD RISKS because they were greedy. That is not the government's fault. Lehman's Brother's had debt and NO CASH. That's why they went bankrupt. How is that the government's fault? Bush let them go bankrupt and did not bail them out. Which is exactly what he should have done.

[Sunshine Chick]

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.

[southernnaturelover]

Originally Posted by Alexus

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.

Robert Creamer: Why the Financial Meltdown Reflects the Fundamental Failure of the Bush-McCain Economic Philosophy

HuffingtonPost, puleeeze! I'm glad Chuck Norris got to tell that loon off on national TV, he made her look like the fool she is.