This sums it up pretty well

No, SF, that is crazy talk. Borrowers should be able to take out any loans, no matter how financially unstable, without being expected to be responsible for the debt.
 
OMG, I think most people with IQ's above retardation know that they need about 28% of income for a home and 10 t0 20% down.
It's laughable to say they don't have 99% of the blame.
 
They can only take out loans the lenders approve guys.

Where were your words of scolding for the Companies who approved these loans and then burried them in packages of other loans and sold them on the open market.
 
Desh said:
And the republicans were solely at fault for NOT averting the problem by ignoring its impact on the future economy.

It was a republican law and they convinced a lame duck president to sign it. Yeah Clinton made a mistake and probably should not have signed it but the Rs did nothing to blunt its negative effects once they were obvious. They saide "OH nothing is wrong things are just perfect" and you and everyone knows it.
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It was not. It was a D Congress that passed the law. They were also largely re-elected and not lame ducks. 1992, Congress was controlled by the Ds, Desh.
 
those idiots lost billions and thousands of jobs Desh. That's how their half pays, the borrower pays by getting tossed on the street and having his credit reflect the non payment. Now you want to change the laws on the company boards and CEO's, I'd go along with Jailing them ala Enron.
 
Desh said:
They can only take out loans the lenders approve guys.

Where were your words of scolding for the Companies who approved these loans and then burried them in packages of other loans and sold them on the open market.
Click to expand...

So what? The company approved a loan--- it is the borrower's responsibility to know whether or not they would be able to pay back a loan. The company's responsibility is to make sure that the borrower has a history of good credit.
 
Desh said:
They can only take out loans the lenders approve guys.

Where were your words of scolding for the Companies who approved these loans and then burried them in packages of other loans and sold them on the open market.
Click to expand...

and why, Desh, did the banks give these loans? To avoid the charges of being biases and targeting by race. Now that those are the fallout victims, blame the banks?
 
Kathy that is not why.

Show me evidence that this is the case. I never heard the lenders even try to clain that one.
 
Desh said:
And the republicans were solely at fault for NOT averting the problem by ignoring its impact on the future economy.

It was a republican law and they convinced a lame duck president to sign it. Yeah Clinton made a mistake and probably should not have signed it but the Rs did nothing to blunt its negative effects once they were obvious. They saide "OH nothing is wrong things are just perfect" and you and everyone knows it.
Click to expand...

So Desh, you claim the Dems had no power to do anything? Please list all the dems in DC that came out to the media and publically stated that these loan practices were bad.

You are so full of shit to act as though they couldn't do anything. They played along with the game because they too wanted to champion the "more people own their own homes"... just like Clinton and Bush.

You are clearly yet again determined to be a complete party hack on this issue.
 
It was a failure of the people who make our laws to correct the mistake no matter how it was happening.

This is what you get when you allow the market to just take care of itself.
 
He's your real answer, politicians had little to do with it.
Investors got wealthy by the millions on the dot.com scheme, the late commers were burned in the bust. Those still seeking a new way to get rich overnight were offered the real estate scheme. Much of this is from the real estate investor novices ie. post dot.com a few people made quick money and the euphoria got on steroids just like dot.com. The bubble is bursting and the musical chairs tune has stopped. Who has a mortgage they can't afford, a property or mortgage they can't sell. BURN!!!
 
Desh said:
It was a failure of the people who make our laws to correct the mistake no matter how it was happening.

This is what you get when you allow the market to just take care of itself.
Click to expand...
Except it wasn't. The reality is that the law forced more lenient loan requirements on the bank. That is not "leaving them alone", it is in fact the opposite.

Yes, people should have changed the law so that they could return to more sane loaning practices. But they all decided to trumpet more <insert group here> own homes than ever before.

This is what you get when you muck around in the market, not leave it alone.
 
The Fed lowering the rate to 1% is hardly a free market. Plus I already told you Fiscal policy does virtually nothing other than negatives.
 
Why do you guys keep trying to reason with Desh? She makes up her mind before she even posts, so there is no use in presenting any sort of facts or using any sort of logic with her.
 
Desh said:
It was a failure of the people who make our laws to correct the mistake no matter how it was happening.

This is what you get when you allow the market to just take care of itself.
Click to expand...

it was the failure of the individual to understand their own financial situation.
 
cause it feels good to bang your head against a brick wall.
Maybe it the hope one day she will realize the a guy named Kennedy cut taxes in the 60's and the economy took off.
 
Superfreak said:
it was the failure of the individual to understand their own financial situation.
Click to expand...

Yeap and those peoples lack of understanding was used by the lending institutions to create a product they could make money off of at the momment.

This is what happens when you allow the market to just regulate its self. People think of the momment and sacrafice the future market to make a fucking quick buck.

Happy happy joy joy
 
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