6G9, great comments.
nlcatter, you’re a dimwit. Subprime loan was a good idea?? Are you kidding?? This was what caused the collapse of the global economy. Don’t blame it on the banks alone. It all started with these idiots:
Jimmy Carter AND Bill Clinton: Their Community Reinvestment Act (CRA) forced banks to give risky loans to uncreditworthy homebuyers. People on welfare rolls with no job history were given home loans because of CRA.
Alan Greenspan: He repeatedly lowered the interest rates to dangerously low levels, making more and more money and credit available to be used for these risky loans.
Bank executives like Obama’s friends, Franklin Raines, Jim Johnson, Richard Fuld and Stan O’Neal: All swindled the housing and banking programs and brought their institutions to ruin. All pushed for these risky loans to be sold to overseas institutions so they can share the wealth and the risk. All took millions of dollars before being booted out or forced to resign.
Barney Frank and Chris Dodd: Controlled Congress’ banking and housing committees and wouldn’t allow reform of Fannie Mae & Freddie Mac.
All of these idiots are supporting Obama so you can see that Obama continues to be associated with people who do more harm than good to this country.
