I told you so!!

[redcliffsw]

Diane, are you calling it "good business" too?  Where do you stand?


Quote:
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largess out of the public treasury."

[Diane Amberg]

I said THEY would call it good business. They would defend their position just as most would. No, I don't like that kind of thing when its just for the benefit of a chosen few who (wink,wink,nudge, nudge) rub elbows with what they see as power.

[Varmit]

Okay class, once again lets review...

Who or what caused the banks and companies to fail...don't be scared, just shout out the answers...could it be gov't interfernce telling the banks to make loans even though they were risky???  

Yes, we all have to pay our taxes.  But why would we want to hurt or increase taxes on those who are providing the jobs this country so badly needs?  Espcially when we could cut federal programs and the size of gov't?

[Diane Amberg]

 Poorly managed mortgage lending institutions and mortgages in bundles that had been sold and resold so many times nobody knew who owned what and misinformation by the rating services. Try that on.

[Varmit]

Try government stepping in a telling mortgage companies to make loans to folks that couldn't afford it, and using the excuse of racism to base it on. 

[Wilma]

Are you trying to blame Obama for this, too?  Can't do it.  He inherited the situation.

[srkruzich]

Are you trying to blame Obama for this, too?  Can't do it.  He inherited the situation.

No one is saying he caused it, but he has enough blame to sink him now.  His shelling out taxpayors money to prop up failed and insolvent companies is reckless and making the problem worse.   16 out of 19 of the biggest banks are insolvent and all it will take is one more downturn in the market and their gone.  Why have we pumped billions into these failed companies?   ITs not the Governments job to bail out anyone.  Let the market work and it will take care of the failed companies.

[Wilma]

So if the government hadn't intervened the companies and banks would have failed.  The government intervened and they are going to fail anyway.  Down go the banks, down go the businesses, now where is the government going to go?  Obama is just trying to fix what he had no  hand in creating?  What else can he do?

[Varmit]

Wilma, I never said obama created this.  But wasn't he a U.S. senator, where is the legislation that he organized trying to stop it?  he was a part of the organization that started it and while he doesn't carry the full blame he does have his share.  he may have inherited the overall responsibility of it, but his hands are just as dirty from the makings.

[Diane Amberg]

Now if I remember correctly, and I may not have this quite right Poppa Bush sent Fannie and Freddie away from being  Gov't backed entities and into the private sector. (Somehow there was money to be made.) Pres. Clinton pressed the two to pick up more risky mortgages to help poor folks get into houses, as it appeared they were able to handle the additional risk without a stretch. Huge pots of money were being made by a booming housing market that seemed to have no top. But there was a top!  Mortgages were sold and resold and resold and every time fees were paid, more bad risk paper was bundled and resold over and over again. More and more money was made, but it couldn't last and the house of cards fell.  Enron had their crooks and Mortgage Institutions had theirs....along with a lot of innocent workers who got plowed under too.  Many of the risky mortgages were successful, but enough failed to make the situation precarious. Pres. Bush Jr. didn't appear to help. Pres. Obama inherited the deck of cards as it was falling, put Fannie and Freddie back where they had once been, and it remains to be seen if his plan will work or not. Whew!         Billy how long was Pres. Obama a Senator before the election?