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Yes he works for the FIRE sector. Now that they got housing and real estate at distressed prices its time to create demand . Anyone who did not see this coming is really slow on the up take.
As I have been saying, the solution is to balance the fiscal budget and have Americans borrow their way out of debt. They are following the plan. More private debt.
Obama was very much a part of the first meltdown and democrats do not hold him accountable so why wouldn't he try to get away with it again. He can just blame everyone else.
But its discrimination to not give those loans!!!!!!! And they already blamed Bush for everything, so they ignore the real causes of the first crisis which include the loans people like Obama wanting to force banks to give these loans.
The only difference is instead of greedy stupid bankers making those loans, the president is mandating that bankers make those loans. Did he not learn anything when the housing bubble burst? Seems to me the definition of stupid is doing the same thing that was done before and expecting different results. All that will happen is another housing bubbble burst when people who never should have been given loans in the first place default on those loans. We're having a hard enough time staggering back from the last bubble bursting. We do not need another one.
I'm in the process of refinancing my house at 65% of what I paid for it 18 years ago and I'm going to have to pay PMI because that doesn't give me 20% down. Seriously, we don't need to do this experiment again. We know how it ends.
Stupid is as stupid does...so much for needing a brain to be president.
The only difference is instead of greedy stupid bankers making those loans, the president is mandating that bankers make those loans. Did he not learn anything when the housing bubble burst? Seems to me the definition of stupid is doing the same thing that was done before and expecting different results. All that will happen is another housing bubbble burst when people who never should have been given loans in the first place default on those loans. We're having a hard enough time staggering back from the last bubble bursting. We do not need another one.
I'm in the process of refinancing my house at 65% of what I paid for it 18 years ago and I'm going to have to pay PMI because that doesn't give me 20% down. Seriously, we don't need to do this experiment again. We know how it ends.
Stupid is as stupid does...so much for needing a brain to be president.
You can avoid paying PMI by doing an 80/15/5 loan.
Obama's 1995 lawsuit against big banks started inflating the housing bubble that created the mess he says he inherited. Under pressure from groups such as Acorn, was transformed into the mandatory credit issuance based not of creditworthiness, but on the basis of "fairness." they insisted, everyone had the "right" to own a home. So the banks were forced to issue loans to people who couldn't afford to pay them back.
Obama in helping to plant the seeds of economic collapse that he would exploit to his own political benefit later. He is doing it again.
If it's their job why do we need the pres pushing them?
We don't.
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I'm quite ok with the current situation. I just refi'd at at a stupid cheap rate.
I thought you wanted deregulation? Maybe I misunderstood your position, because the current situation is very heavily regulated, with tremendous amounts of capital being shoveled into the banking system by the fed.
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The comment about people with credit ruined by the recession is hilarious. It's like saying a thief is incarcerated because of the money.
The Justice Deparment is being urged. The Justice Deparment is a part of the government, and they are being urged to assure the banks. Get it?
If you want to have an adult discussion, will engage.
If you want to get snarky and insulting, "Get it?" you can have a discussion with yourself.
You bold, "The Justice Deparment is a part of the government, " Is this supposed to make the claim that I am too stupid to know it?
Why would the Justice Department even be involved?
I can only go by what the Wash. Post article STATES. "The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit,"
When the fed. gov't adopts a position and "pushes" for business to comply, they had better comply.
In order to have a sound economic plan you must have a plan. Obama really does not know what to do other than maintain the status quo - which is keeping the entitled rich secure - at the expense of a whole nation. What do you expect of someone taking the highest office in the land? Once you are that high the pressure is on to maintain the elite that put you there. He can't help it- That is why he was elected. Not to fix the nation and improve the lot of the common person. He was installed to keep a rotting empire afloat..but the bottom of the boat has leaks that he does not care to see.
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Seriously, we don't need to do this experiment again. We know how it ends.
