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I would say there are about 40% of the country who feel exactly like this right now:
Here is Barack Obama announcing that he will invite the Socialist group ACORN to the White House to "help shape the agenda" for this country:
3 hours ago
Saturday, October 11, 2008
Barack Obama is a DISASTER!!!! The Video:
3 comments:
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Oh yeah, banks just went out and gave out bad loans because they just love taking crazy risks for the fun of it.
ReplyDeleteHere's the deal: The government pushed banks to give out bad loans to poor folks (mostly minorities) and speculators (mostly upper-middle class whites) who could not afford it or should not have done it, and then bought up these loans through the Democrat cash cows Fannie Mae and Freddie Mac. Fannie and Freddie who bought more than half the mortgages in this country then collapsed when folks stopped paying, bringing down the entire system with them. Please read a little before you comment. Many thanks,
Joe
So, this is kind of like inviting only oil executives to the white house to set energy policy, like bush/cheney/mccain did, right?
ReplyDeleteMatrix,
ReplyDeleteAgain, most sub-prime loans were outside the regulations of the CRA. So how could the government have pushed the loans? As for Freddie and Fannie being cash cows for Democrats, they received slightly over 50% of the donations, while Republicans received the rest. Fairly evenly split. As for why banks might give out bad loans, just read Ben Stein's (I deliberately picked a conservative) article at http://finance.yahoo.com/expert/article/yourlife/109609. As well, most banks don't really own the initial mortgage that is made as it gets bundled and sold off. Most people who have bought a house quickly realize this, when they start sending their mortgage checks to somewhere near after a few momths. Mortgage brokers know this, and it's easy for them to make bad deals because they get paid upfront and then are able to sell off the loan rather quickly. And then there's mortgage securitization, but that's all over the internet, so I'll let you look it up. Do I do enough reading for you, or can we both admit that the crisis we find ourselves in now is not really because banks did a few bad loans to "those" people?