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The blame Bush for everything crowd fails to realize that we are in this mess because of both parties.
Personally, I think many of those that blame bush for everything will be just as unsuccessful under Obama because they want everything handed to them instead of working hard for it.
Forget the blame, watch the foreign investors dump the dollar and the U.S. economy collapse. The ship has sunk and the billions and trillions of funny money bailout are going to make it all worse and deepen the pain. Yes the war has it's part, so does the loaning of money to 100's of thousands of loans that were given to people who should have never gotten one. Greed it appears. Or was it planned? Surely those who gave out the loans against their better judgment with cheap Federal Reserve money knew better. So why did they do it?
The blame Bush for everything crowd fails to realize that we are in this mess because of both parties.
Personally, I think many of those that blame bush for everything will be just as unsuccessful under Obama because they want everything handed to them instead of working hard for it.
not exactly bush overided his congress many times, most of his presidency he had a republican controlled house and senate
Forget the blame, watch the foreign investors dump the dollar and the U.S. economy collapse. The ship has sunk and the billions and trillions of funny money bailout are going to make it all worse and deepen the pain. Yes the war has it's part, so does the loaning of money to 100's of thousands of loans that were given to people who should have never gotten one. Greed it appears. Or was it planned? Surely those who gave out the loans against their better judgment with cheap Federal Reserve money knew better. So why did they do it?
is that all you can say regarding giving people loans who shouldnt have gotten them and just who are these people. do you not look at the many reasons why people go into default?
look at all this bailot crap and people always want to place the blame on low income people or people who shouldnt have gotten loans, these same type of individuals were getting loans in the 90's so why didnt the economy go into shambles then?
banks lose money for more reasons than people defaulting on loans, if most of the population stop using credit then what?
is that all you can say regarding giving people loans who shouldnt have gotten them and just who are these people. do you not look at the many reasons why people go into default?
look at all this bailot crap and people always want to place the blame on low income people or people who shouldnt have gotten loans, these same type of individuals were getting loans in the 90's so why didnt the economy go into shambles then?
banks lose money for more reasons than people defaulting on loans, if most of the population stop using credit then what?
In the 90's the 0 down, stated income, interest only loan wasn't around.
The housing market imploded and took everything else with it on the cardboard walls of that kind of loan.
Who is to blame? Everyone. The banks who offered them knowing most would default but also knowing that long before that they would have marketed most of them and made their money. The real estate agents that talked people into a more expensive house then they perhaps *could* have afforded, or afforded better for a higher commission. The brokers who packaged and sold these morgages and created a reason to make more of them. The flippers who took advantage of the situation to drive up the cost of housing.
And the people who took out these loans. Without them there would be no crisis. Face it, if someone tells you you too can get a loan for a house, even if you know you *could* not have should you not spend some time thinking. Who would sign a piece of paper saying they made x amount of money and get a loan without considering how they were going to pay the payments from the non inflated real income. Just a little logic would tell you that if you qualify for a 600 dollar a month payment of interest only, when that goes up to 1600 in two years you better have won the lottery. The banks and the agents and the flippers all made it worse, but the people who bought it at the base were the buyers who took out the loand.
The base of it all is greed. Not only from those who made off well from selling the loans but from the people who took them out. "Too good to be true" is an old phrase but its still very true.
Banks do lose money but the base of the system is lending. Not only are houses being forclosed on but cars are getting repoed. The banks who wrote more of the risky loans than others got hit hardest, but that was the base of their income.
Credit? When people are facing losing a home. car, job, looking at empty cuppords, and wondering how they'll make the tax payment, guess what they stop using? Along with the collapse of the adjustable rate morgages coming up, the credit market is going to begin to implode too. Same thing, greed. Buy it now, pay for it....sometime, when I get around to it, well don't have to pay more than thee interest. Its free money!
So when you get right down to it between the stock brokers selling on too small a margin and the housing greed and the credit greed, this is a crumbling mountain which has only one basic cause.
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