Obama is absolutely right to blame the Republican party for the financial crisis

You are correct. The Republicians have never learned the lessons of history, and that is tragic. Who knows where this will end. There is a lot of blood on the floor now and there is going to be a lot more before this mess is ended. Bush has led us into deep debt with his HUGE budget deficits through an unjust war ... and now the poor taxpayers of America are going to become a lot poorer because they are the ones who will have to put up the money to stop this train wreck.

Phil Graham, until recently a chief financial advisor to McCain, is one of the chief architects of the current system that is crashing all around us. Remember Phil accused the American public of being cry babies recently because they were concerned about the mortgage mess.

 

This info is not meant so much for the two of you, but for inquisitive people who want to hear another point of view, and why it's a loser issue for you. But please keep blaming Bush.

The meltdown in the US housing market has caused financial ripples across the globe. The so-called “housing bubble” burst and the fallout is continuing. The bubble began several years ago when the US government (Read Democrats in Congress) passed a law encouraging banks to lend huge sums of money to buyers who had no job and no real prospect of paying back the money. The new lower credit rules were augmented by the FED's low interest rates. Many buyers borrowed money for homes on Adjustable Rate Mortgages, loans with monthly payments that rapidly would become too high for the borrowers.....



http://bobstruth.blogspot.com/2008/09/investment-opportunity.html



And this.....

I challenge any liberal to refute the facts below:

- The Dumocrats created both entities - FDR created Fannie Mae and LBJ created Freddie Mac

- Both of these are "government sponsored enterprises" (GSE) - regulated by another Govt entity (HUD) and without any real free enterprise controls. "Fannie Mae and Freddie Mac are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having. "

- As any other GSE without true shareholder accountability, they are more prone to go astray particularly with incompetent leaders like Andrew Cuomo (see next paragraph)

For more detail: http://hnn.us/articles/1849.html

http://www.amazon.com/tag/politics/...Thread=Tx1C0PELNRCHAZM&displayType=tagsDetail

One more....


....Blaming the lenders is the party line of congressional Democrats as well. What we need is more government regulation of lenders, they say, to protect the innocent borrowers from "predatory" lending practices.
Before going further down that road, it may be useful to look back at what got us into this mess in the first place.
It was not that many years ago when there was moral outrage ringing throughout the media because lenders were reluctant to lend in certain neighborhoods and because banks did not approve mortgage loan applications from blacks as often as they approved mortgage loan applications from whites.
All this was an opening salvo in a campaign to get Congress to pass laws forcing lenders to lend to people they would not otherwise lend to and in places where they would not otherwise put their money.
The practice of not lending in some neighborhoods was demonized as "redlining" and the fact that minority applicants were approved for mortgages only 72 percent of the time, while whites were approved 89 percent, was called "overwhelming" evidence of discrimination by The Washington Post.
Some people are more easily overwhelmed than others, especially when they find statistics that seem to fit their preconceptions. But if we do what politicians and the media seldom bother to do -- stop and think -- an entirely different picture emerges.
In our own personal lives, common sense leads us to avoid some neighborhoods. If you want to call that "redlining," so be it. But places where it is dangerous to go are often also places where it is dangerous to send your money.
As for racial differences in mortgage loan application approval rates, that does not tell you much if you are comparing apples and oranges. Income, credit history and net worth are just some of the things that are very different from one group to another.
More important, in the same ways that blacks differ from whites, whites differ from Asian Americans. The fact that whites are turned down for conventional mortgage loans and resort to subprime loans more often than Asian Americans do is seldom reported in "news" stories about lending practices, even though such data are readily available.
Shocking as it may be to some, lenders are in the business of making money, and they don't much care whose money it is, so long as they get paid.
Politicians, on the other hand, are in the business of getting votes, and they don't much care whose votes it is -- or what they have to say or do to get those votes.
It was government intervention in the financial markets, which is now supposed to save the situation, that created the problem in the first place.....


http://www.reporternews.com/news/2008/jul/22/government-intervention-started-bank-mess/

 

For more background see: http://thinkprogress.org/2008/07/13/george-will-gramm/?sortby=toprated

And we are a society of whinners :laugh:

 

Bump for CTB.

:wavey:

 

Political rhetoric is one thing.

The facts are quite another.

Thanks for bothering to put a lid on the fruit jar , Bro. Curtis.:thumbs:

But I don't it expect it to matter.

 

Not the truth.

Just your unsupported and unsupportable opinion.

 

I support free capitalism. Did you read my economics lesson, above ?

Care to address it ?

 

Great post, Brother Curtis. And why do the Democrats not have any blame for both houses of Congress they control? Duh Dumbocrats, is right.

 

We are waiting Baptist Believer. Oduma, I mean Obama, is just being the consummate politician and blaming his opponent for problems that can be directly traced back to Obama's own party.

One should never lend money to people who have poor credit, limited income, etc. Yet, bleeding hearts just can't get a grip on basic economics and we are now experiencing the results.

 

With all the fingers being pointed here and there over this mortgage crisis...how about pointing them at the people who attempted to buy houses they had no business being in?
When my wife and i were approved for our first house loan in 2001 we were told we could go up to about $150,000...which blew our mind as first time home owners. We looked, we shopped, and when it was all said and done we asked our realtor how much will a house cost if we only want to pay $X amount; because we know how much we could spend from month to month and with it being an ARM we knew we had to budget for that too. In the end, when we had $150K to play with, we wound up in a house for about $86K because it was within our budget.

How many of these people when they were told they could buy up to a way too high amount went out and bought that much house without giving it a second thought?
Were the lenders wrong in dangling the carrot? Yes.
Should the Fed take some blame for not cracking down on this earlier? Maybe.
But if we ant to blame someone for this mess, blame those who took no personal repsonsibility of their own. They still teach basic economics in high school, right?

 

I just watched some financial experts on Larry King who all agreed Greenspan caused this problem in the early to mid 2000's when the federal reserve board was subsidizing banks to make these loans. This is what caused a climate of giving out loans to anyone. We all know why he did it, but they say this is the effects of his actions. He also encouraged all the sub prime, adjustable and balloon rate loans.

 

I think you hit the nail on the head. But, personal responsibility isn't popular in today's "it's not my fault" culture.

 

Not in the government schools. Economics, like ethics, history, and civics are just too dangerous to teach to the masses. How else do expect people to believe their government.

The truth can only set you free if you know the truth.