To keep the talk going…. Democrats have effectively controlled or seriously affected economic decisions for the past eight years. Democrats in fact have had a majority for the past two years, but have done little.
Our economy, & its recent bank & investment failures, are attributable to Republicans AND Democrats & their actions over the past 15 years or more.
The Community Reinvestment Act (CRA) seriously harmed this nations investment & lending systems. Making “sub prime” (less than credit worthy” loans, based solely on supposed discrimination, caused most of this problem.
We cannot lean money to those who we know cannot foot the bill if rates change or other factor affect the persons obtaining loans. As property values dropped (they do on occasion as they also on occasion increase) the speculative & questionable loans, fell apart.
The “blame” for that belongs squarely with rabble rouser’s seeking something special while assuming their will be no consequences if the borrower fails.
In the end, harsh as it is, it is NOT the responsibility of all Americans to bail out those who took these loans. The socialists want us all to absorb the costs, under the guise of fairness. Why is it fair for all to pay for poor borrowing choices brought about by threats of lawsuits unless financial companies tore up their lending rules, just so those w/o the means could obtain loans?
Let then fail. Let them be foreclosed. Its the cost of doing business. The bailouts are simply another form of socialist welfare & in these cases, the amounts could financially destroy an entire nation for the protection of the few.
Companies who lent money based on legal threats over social issues, should not have to pay the price because Congress forced them to lean money to people who should have known better. If they did not know better, then they should have learned more about mortgages & the effects of rising & falling real estate values.
Sound mean. So is bankruptcy of an entire nation brought about by coercive lending practices few lenders would have even considered but were forced to be community organizers rabble rousing for special considerations.
