You're blaming the Dems?!

#1
SWIL

SWIL

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#1
I find it interesting that many people here are blaming our current economic problems on Dems when, for the better part of this decade, a Republican president has been at the helm of our country.

I just watch this ludicrous video that blames the situation we are in now on an obscure bill passed by the Dems in 1995.

Dailymotion - Burning Down The House - What Caused Our Economic Crisis ?, a video from Ibn-Khaldun. Fannie, and, Freddie, Democrats, Crisis

Are you kidding me?!?!!

Stick​ing feath​ers up your butt does not make you a chicken.​

The real reaso​n behin​d this mess is the Ameri​can dream​ that gets fed to every​one who watch​es tv and wants​ stuff befor​e they can pay for it. You wanna​ blame​ someo​ne?​ Blame​ the lende​rs and the credi​t card
compa​nies.​ They'​ve been leech​ing this count​ry for decades.​ Now their​ actio​ns are catch​ing up with them and our greed​ is catch​ing up with us.

We are all guilty. Democrats, Republicans, Libertarian, citizens, white, black, purple. Everyone.

0 + 9.5 APR = IN THE RED
 
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#2
#2
No we are not all guilty. You'll need to find others to sell your nonsense to.
 
#5
#5
I'm not selling anything, btw.... I only work 8-5pm
 
#8
#8
Lucky you. (I'll take your word for it)

The majority of Americans are.
 
#10
#10
SWIL said:
We are all guilty. Democrats, Republicans, Libertarian, citizens, white, black, purple. Everyone.
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To some extent you are right, but there's no denying who pushed the concept of subprime mortgages.
 
#13
#13
I think the blame Democrats commentary is a reaction to folks like Obama and Pelosi that have tried to lay this at the feet of the current admin and Republicans. Clearly, both sides had roles, both sides pushed legislation that got us in this mess, both sides took money from the people that got us here.
 
#14
#14
Fiscal Responsibility.

They should teach it in high school. now.

Screw that. Teach it in elementary school. Start'um young.
 
#15
#15
SWIL said:
Fiscal Responsibility.

They should teach it in high school. now.

Screw that. Teach it in elementary school. Start'um young.
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They already do. It's called subtraction. Somewhere along the line, somebody tore out the page about the consequences of negative numbers when you put a dollar sign in front of them.
 
#16
#16
SWIL said:
Fiscal Responsibility.

They should teach it in high school. now.

Screw that. Teach it in elementary school. Start'um young.
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I am all for teaching one of the most important subjects every adult will deal with in their life. Hopefully those lessons are iniated and reinforced at home and some supplemental education on the matter is provided by everyone's local unionized daycare.
 
#17
#17
Out of curiosity why does everyone on this board bring up Fannie and Freddie but you never hear Bear Stearns, AIG, lehman bros, or WAMU mentioned on here in this mess.
 
#18
#18
Remember when there actually used to be a slight stigma attached to anybody that was deeply in debt?
 
#20
#20
DAVOL said:
Out of curiosity why does everyone on this board bring up Fannie and Freddie but you never hear Bear Stearns, AIG, lehman bros, or WAMU mentioned on here in this mess.
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Bear and Lehman probably deserve their share of the blame. AIG and WAMU might be half victim, half perp.

Fannie and Freddie have been problems for a long time and became a huge catalyst of the whole MBS problem. In short, they deserve every shot they get and more.
 
#21
#21
volinbham said:
Bear and Lehman probably deserve their share of the blame. AIG and WAMU might be half victim, half perp.

Fannie and Freddie have been problems for a long time and became a huge catalyst of the whole MBS problem. In short, they deserve every shot they get and more.
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I'm not completely sure what all is going on with this mess but was their legislation that said these businesses had to give these massive mortgages to people that they had to know could not pay themor did they just figure that even if they had to foreclose that the bank or what not could just turn around and sell it again thinking that the value would just appreciate.
 
#23
#23
VolDad said:
So SWIL, how much of the mid 90's do you remember? Were you following the housing market and Congressional legislation or studying for your drivers license test?
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No, I did not follow politics then. Did you follow politics when Calvin Coolidge let gangsters highjack the nation during a failed prohibition? Or when Hoover presided over the Great Depression??
 
#24
#24
There’s definitely plenty of blame to go around.

On the Dem side you have the Community Redevelopment Act which requires banks to offer loans to an entire market and not just the wealthier neighborhoods. And subsequent changes like FIRREA, which requires a rating system and evaluations as to whether or not lending institutions are issuing loans as it was spelled out in the CRA. Also the FHEFSSA required Fannie and Freddie to devote a percentage of their lending to support “affordable housing.” After this Fannie, Freddie and other banks began securitizing these sub-prime mortgages more often. The secondary market ate them up because many of them were government insured loans so they seemed safe. Safe that is until the default rate hit the mid teens and foreclosures started to really take off.

On the Rep side you had people running for office on fiscally conservative principals and once they made it to DC they got indoctrinated into the beltway political system. If these Republicans had some balls and principals they would have challenged these things. And by challenge I don’t mean give a speech here and there warning about the danger of the system. I mean author a bill and work to get the support needed to make some changes. Also executives at Fannie and Freddie were giving to both parties…

Dr. Harold Black, Finance Prof. at UT, was on the HHH show this morning and gave some very thoughtful insight on the situation. They said it would be posted on their website. It hasn’t been yet but I hope they do so because I think everyone would benefit from hearing it.
 
#25
#25
SWIL said:
No, I did not follow politics then. Did you follow politics when Calvin Coolidge let gangsters highjack the nation during a failed prohibition? Or when Hoover presided over the Great Depression??
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Hoover gets a bad rap.........
 
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