Obama to propose strict new regulation of financial industry

#26
#26
lawgator1 said:
I said nothing of the sort. But the federal government has had the power to take over financial institutions for a long, long time. It just hasn't been exercised, and a lot of people think that power should have been wielded 4 or 5 years ago and maybe the downturn would not be as severe.
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Yeah, so far government intervention has been a smashing success.
 
#29
#29
Mr. Obama may have realized his situation more clearly now, and I certainly cant fault a guy for trying to ralley up and recover, but its one thing after another, after another, after another. Blaming others is in his MO, but now he's recognized some of his own failures. So much infact that he publicly announces he's losing sleep over it. Thats a sign of weakness in my book. Not the confident, charismatic, celebrity that ran a helluva race to get elected.
 
#30
#30
KB5252 said:
Bottom line as I see it greed played on greed, and the rest of us were left holding the bag. Now on top of this our government is going to do everything they can to not punish those responsible (lenders and borrowers) and give the taxpayer the shaft.
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Hit the nail on the head.
 
#31
#31
droski said:
in obama's press conference currently going on he refered to all these great normal americans who were "playing by the rules" who got screwed by mortgage lenders. who pray tell are these people?
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I feel like one. Maybe not screwed by mortage lender directly, but by the way some of these lenders perpetuated the problem.

I bought a place in St. Louis, stayed well within my income (underbought, really), made my mortage payment every month (and plus some) then had to sell right as the market crashed because my job transferred me. I played by every single rule and didn't even come close to breaking even.

That said, buying is a risk and I take ultimate responsibility...but I played by the rules and was responsible about it...and it should be noted that there were factors in play here that were completely out of my control that directly affected me. There needs to be a measure of responsibility leveled on the people that bought houses they couldn't afford, the predatory lenders, and underwriters who signed off on loans they had to know were bad.
 
#32
#32
I don't think obama is refering to people like yourself. he is refering to those people who bought what they couldn't afford and now blame others for it. i.e. those people who defaulted on their loans.
 
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