I've been reading all the posts about what and who caused this financial mess we find ourselves in and the general concensus is that it is the fault of Jimmy Carter to start with because he thought EVERY American should have the chance to get financing for a home of their own, so he created the means for them to do it.
And Bill Clinton because he thought the same thing etc etc etc.
Yeah they started the ball rollin but their intentions were good. There are a lot of lower income people who couldn't get loans who have been making their payments every month at the expense of other things in their lives. THOSE are the people Carter was supportin being homeowners. Carter, Clinton and whoever else are NOT to blame for the greedy bastards who saw opportunity. They saw a way to give loans to people who they KNEW would NEVER be able to make their payments, repo the house and sell it to somebody ELSE at a HUGE profit so that's what they did and laughed all the way to the friggin spa.
THAT's what and who is to blame for this fiasco...............................................
I agree Pam; Jimmy Carter put a stop to red lining. There used to be areas of cities that could not be financed. It was called red lining, and banks would not finance houses there.
Quote from: pam on October 10, 2008, 08:23:37 AM
I've been reading all the posts about what and who caused this financial mess we find ourselves in and the general concensus is that it is the fault of Jimmy Carter to start with because he thought EVERY American should have the chance to get financing for a home of their own, so he created the means for them to do it.
And Bill Clinton because he thought the same thing etc etc etc.
Yeah they started the ball rollin but their intentions were good. There are a lot of lower income people who couldn't get loans who have been making their payments every month at the expense of other things in their lives. THOSE are the people Carter was supportin being homeowners. Carter, Clinton and whoever else are NOT to blame for the greedy bastards who saw opportunity. They saw a way to give loans to people who they KNEW would NEVER be able to make their payments, repo the house and sell it to somebody ELSE at a HUGE profit so that's what they did and laughed all the way to the friggin spa.
THAT's what and who is to blame for this fiasco...............................................
Welcome to politics, Pam. Here's the nut-shell..... tho' their intentions were good (Carter and Clinton) it was poor legislation on their part and on congress that started this whole mess, compounded years later by Chairman Barney Frank and Chris Dodo saying everything was just hunky-dory with fannie and freddie while the sub-prime sleeze-bags were lining their pockets and were creating the worst housing mess ever. Pardon the pun, but its one big House of Cards. In politics, especially dirty politics, it's alway the decent, hard working people that get hurt and it has ALWAYS been that way.... unfortunately.
Really Warph? I didn't know that :P
Quote from: pam on October 11, 2008, 11:05:13 AM
Really Warph? I didn't know that :P
I guess you do now... :P :P
So if all this potentially harmful legislation has been around for so long, I don't understand why it wasn't exposed and attacked when there was a Republican majority. Were too many people on both sides of the aisle making big bucks? Successful lobbyists? I just don't get it.
I don't get it, either.
It's just handy to blame it on the democrats now that it has gone bust...........................and since basically a democrat came up with the concept...........SSDD. Nobody wants to blame the crooks who took advantage.....
Try this one -
After you view the video, click on the home link.
http://www.usawakeup.org/USSA.htm
So..........We're all just gonna lay down and let it happen? Don't think so.
I'd try to argue about who's to blame for what but THAT is the definition of futility.......doesn't really matter at this point....there's enough blame to go around and blame ain't gonna fix anything.
That site feeds on fear...real or imagined....it's the flip side of the ones who think he's neater'n boobs on a rooster.
Stupid question, I suppose but if they know where all those terrorists are in the US why don't they boot em the hell out? Homeland security can do that y'know. Hell they can boot ME out if they don't like what I say!
Nobody is goin to force ANY kind of religion on me that I don't want, period. Or anything else for that matter, and there are an AWFUL lot of people who feel the same way so....all this is moot huh?
Laws can't take God out of ANYTHING! You aren't sposed to make a spectacle out of yourself with religion anyway, accordin to the Bible you're supposed to go in a closet and do your prayin in private! Sayin God can't be here or there or whereever just makes His presence all that more certain! Words can't take God away from you unless you let em.
As for kids, they aren't supposed to learn about God from the government anyway, they should learn from their family, and they DO learn even if their family doesn't.
Laws and people can't take freedom from you, it was never theirs to give in the first place. All they can take is your body, not your mind or spirit. They can't even take your body if you are willin to do what needs doin.
One person does not run this country, so one person CAN'T run this country in any way but the way the people want, the people have just forgotten that.
No offense Teresa but I gotta disagree with ya on this one :P
I think all of the things mentioned have had an effect on the economy. We the people, all the government, globalization, companies, the fact that the people and market are scared and prone to panicky actions, uncertainty... . The natural cycle of man's economy. Not saying things are not bad. I have heard a quote recently that is something to keep in mind "the day after the complete meltdown of the global economy someone will wake wanting breakfast and someone will want to make it for them." This is a very big complex story even the economist don't agree on cause.
David
Here isa quick blurb of another factor that I agree is part of it
Economic Breakdown Cycles
Author Howard Bloom talked about the cycles of economic collapse since the 1600s and how the present financial crisis may be solved. Regarding these recurring financial meltdowns that hit society, Bloom said "Every time it happens, the world is absolutely convinced that it has never seen anything like it before. And every single time, the world is wrong." He detailed such events as the "Tulip Boom" which crippled Holland's economy in 1637 and the "Soap and Cotton Revolution" that did the same to England's financial market in 1873.
Bloom explained how his research has revealed that these meltdowns occur approximately every seventy years and form a distinct pattern, which he called a "techno cycle." This cycle sees a new technology or energy source begin to emerge, then it skyrockets and the country behind it becomes an economic superpower. Following that, the technology becomes old and the market is satiated and, soon thereafter, the economy of the country once on top of the boom crashes. While that crash is going on, the next big technological burst is "bubbling up under the surface" and the cycle is beginning anew.
Looking at solutions to the current economic crisis, he noted "usually new technologies involve opening vast new frontiers, but frontiers are not always literal." One such emerging field was what he called the "cyber world," citing the remarkable sales of mini laptops and "smart phones." The other key area where Bloom foresees a technological boom is alternative energy, specifically "solar power harvested in space." He stressed that America, with its homegrown solar panel development and strong space presence, "have the lead right now" but warned "we're letting it lapse because of a failure of imagination." Ultimately, Bloom mused, such forward thinking is "what makes new frontiers out of old emptinesses."
Quote from: pam on October 13, 2008, 09:44:16 AM
It's just handy to blame it on the democrats now that it has gone bust...........................and since basically a democrat came up with the concept...........SSDD. Nobody wants to blame the crooks who took advantage.....
I did blame the sleeze-bag crooks along with the democrats. Check this out from the 'very liberal' New York Times article written by Stephen Labaton and published on September 11th, 2003:The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac—which together have issued more than $1.5 trillion in outstanding debt—is broken.
Guess who opposed this new regulation? Homebuilders, who didn't want it to get more difficult to get a home loan, and Democrats who didn't want to go back on their demands that everyone (including people who couldn't afford it) should own a home. 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.
Would more government bureaucracy and regulation have fixed Freddie Mac/Fannie Mae? Who knows. But what this shows is that the trouble Fannie Mae/Freddie Mac were in has been known to the powers-that-be in Washington for years, and that for whatever reason no fix was ever put in place. The truth is that this collapse (which, by the way, is worse than Enron ever was except that this time the taxpayers are on the hook) was forseeable from the very day Fannie Mae/Freddie Mac were founded. I mean, government-backed loans? Why in the world did anyone ever think that these two companies would engage in good faith business practices when they've known from the get-go that if things ever went south the politicians would be there to bail them out with other people's money? .....Warph
Good post Warph.. and no offense taken Pam.. You and I are pretty much on the same page.. ..give or take some strands.
;) :angel: