An inconvenient truth…and here comes the lard-up; Update: Full speed ahead
Scroll down for updates…the latest on the bailout developments here…3:55pm Eastern…Obama and McCain to White House…
Many critics of the Mother of All Bailouts have finally caught on to how the minority grievance-mongering racket helped fuel the subprime debacle.
The easy, obvious part is criticizing Jimmy Carter and Jesse Jackson and ACORN.
But as I’ve reported, it was the Bush administration that presided over hundreds of millions of dollars in grants to left-wing housing entitlement zealots.
More cringe-inducing inconvenient truths about Bush’s responsibility here.
Read it and weep.
And then call your congressman again and tell them: Kill the Bailout.
***
Here it comes: The inevitable lard-up. Just like last time and every time (see here):
The cost of the $700 billion bailout bill, criticized as unconstitutional by legal scholars, is rising, as Congressional leaders demand new handouts for deadbeats in exchange for passing it (ignoring cheaper solutions to the financial crisis). Now, there will be foreclosure “relief” at taxpayer expense. The government is going to use its role “as the biggest mortgage holder in town” to give special breaks to borrowers who are behind on their mortgage payments, rather than to stem the financial crisis.
“Democratic demands that Congress be given greater authority over the bailout and that the government be required to help homeowners renegotiate their mortgages so they have lower monthly payments already have been accepted in principle. Under the bailout bill, which will let the government buy huge amounts of toxic mortgage-related assets, ‘we’re now the biggest mortgage holder in town, and we can do serious foreclosure avoidance,’ [liberal Congressman Barney] Frank said.’”
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- The Other McCain: Porking up the bailout bill
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- $700 Billion Bailout: See no evil. Hear no evil. Speak no evil. (UPDATED) « Republican Party of Jefferson County, TN
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Categories: ACORN Watch, Race Hustlers, Subprime crisis
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Ahead of the curve as usual, Michelle! It makes me sick thinking of this. It was an obvious mistake at the time, but very few cared. I guess the intentions of “compassionate conservatism” trumped practicality. Can we finally say that affirmative-action doesnt’ work on any level? Please?!?!?!?!
Bush will go down as the president that lead us over the cliff into the next great depression.
It’s been feeling like Monday all week.
Sigh, blaming this party or that party is pointless. We are all to blame. This credit crunch has been coming for 30 years at least. We just need to fix it. The bailout will pass. So we are going to have to bite that one, ugh. But we need to cut spending till we bleed and pay down the debt. And yes, that will probably take more taxes. I am willing to accept higher taxes TO PAY DOWN THE PRINCIPLE of the debt as long as it comes with a balance budget amendment and spending cuts. It would suck for a few years but the country would be better off in the long run. Isn’t this what we do when we have over-extended ourselves in our own homes?
You don’t lend money to people who can’t pay it back.
It’s an old saying, but it’s still the best advice about money I’ve ever received.
Incredible. Bailing out fools who made bad financial decisions. And all this time I thought being a responsible homeowner was the way to go.
Nonsense. As Michelle keeps on pointing out, the blame can mostly be pinned on minorities and illegal immigrants!
/sarcasm
The fact that that even needs to be said says alot about where this crisis came from.
sausage, you clearly didn’t read what she wrote. BTW what do you think of Obama ignoring the most dangerous economic cnditions in at least a generation to continue campigning?
But the US govt just prints more money. They are addicted to inflation and spending and printing.
Yes, the cause is the affirmative action for credit/mortgage lending. And, many are culpable and many should be hung out and be exposed. However, I believe Bush’s actions were the fruit of this tree, but Clinton’s actions were the root cause.
Merely mending the tree of its fruit would not prevent it from happening again. You have to gut it at the root. The root cause, affirmative action legislation from Clinton ‘redlining’; and, until this is revoked it will only happen again.
Unless the prime objective is to lend to the masses who cannot pay it back, then make the taxpayers foot the bill. Backdoor socialism?
Sorry, but I cannot blame President Bush for playing by the rules and acting in good faith with people who have no concept of either – namely, Democrats and illegals.
I blame the entire US Government for the last 30 years. All of them.
It always happens. When Republicans adopt liberal ideas and policies it always, always, always leads to a disaster.
Over at American Thinker.
A very scary article that nails what goes on between Obambi’s big ears. Worth the time to go read.
Barack Obama and Alinsky’s Rules for Psychopaths
by James Lewis
Does anybody know what a reduction in corporate taxes would ‘cost’ our government in tax revenue? Because my thinking is if we reduced corporate taxes the foreigners will invest in our markets and then if anybody is stuck with a bankrupt company it will be them, not the American taxpayer. And if the markets don’t stabilize after the tax reductions (regulation changes, and other free-market ideas) then we can try these other (bailout) plans, why not try to use capitalistic ideas first? Because unlike tax and regulatory changes a bailout scheme tried 1st would not allow us to do the capitalism changes later
This is the dirty underpinning of the welfare racket. Since the average hard working and tax paying citizen doesn’t support the welfare racket, the left has resorted to a variety of subterfuges like sub-prime. The low income (or really no income) and illegal immigration game has been part of this situation. It may very well be the cause for this debacle.
Giving a speech and inacting legislation are two different issues, I think, like I said ‘fruit versus the root’. Get at the root cause and the fruit will die off.
You got that right!
Dear Mr. President:
People do not have the right to own things for which they cannot pay, and, as Michelle so eloquently pointed out recently, credit is not a civil right. Thank you.
You are either color/race blind or you’re not. The only qualifications for loans should be past credit history, current income, and ability to repay. What is so freakin difficult about this?
If they pass this bailout rip-off without major reforms to the policies that created this mess, then we’d better prepare our children for the next bailout.
taxing is not going to bring more revenue, abolish capital gains that will bring relief to those that create jobs. and, yes, there are capitalistic solutions to this mess. however, they take time and this bailout is a microwave fix. you know, we can’t wait for results anymore, we have to have it in seconds…
Woke up this AM to all the headlines screaming “Bailout deal”. Wanted to be sick.
I called and called yesterday — and specifically mentioned no $$$ to LaRaza, ACORN, etc. I also said no firm should get ANY $$$$ unless their principals pony up and re-invest some of their outrageous “bonuses” back into their own firms as a good-faith effort.
Why do we bother if it just falls of deaf ears? Every office I contacted said resistence to the bailout was strong. Now, once again, the grievance mongers are going to feed at the public trough.
Beyond frustrating.
Another offering from one of the group of posters who remind the rest of us of the clowns back in high school who went out of their way to be annoying; and who had, and still to this day have, nothing useful to say.
When my house was built the builder made a couple of minor mistakes. Small things that were easily corrected, but they wanted to do me a favor for the inconvenience. After some tough negotiations we decided they could sod my backyard for free. Hence, one day a group of people came over and started putting grass down. I was very happy. However, it was soon apparent that they used pallets of grass that were not 100% St. Augustine (the type of grass commonly used for Houston area yards). Mixed in was some very thin, sort of fluffy, almost weed type grass. Well, I should have immediately realized that this weed grass did not deserve the prime location of my back yard. There was not much of it, but I should have done something to get rid of it immediately. However, my yard would then look thin, not fully green, I would have had patches with no grass for a time. As long as I mowed and kept the grass short, you could not really tell that some of it is weed grass and some of it good St. Augustine. So, I left it. Well, the St. Augustine didn’t do too well in certain areas. I could have spent the extra money to replace it, but it was so much easier to just give those areas to the weed grass and heck, my lawn was still fully green and didn’t look bad as long as I kept it mowed. Now 5 years later, I have continued to give away space in my back yard to the weed grass and my yard is kind of messy. If I let it go for more than one week the weed grass grows like mad and my yard looks like a jungle. My poor little chihuahua gets lost in weed grass whenever he runs in the yard. My yard is ruined. So I have two choices. First, I can just kill all the grass and start from scratch taking care to make sure it grows back as pure, pretty St. Augustine. Second, I can spend $70 a week to have someone mow it. I chose option 2. After all, the weed grass needs a place to live that’s nice! I don’t want it to live only in undeveloped areas, or apartment complexes. The price is a little steep to get the mowers over every week. Hence, I am asking for you, to bail me out. Can you please send me $70 a week? I will set up a paypal account, make it real easy. Thanks in advance!
“You see, we want everybody in America to own their own home.”
Stop-right-there….
What color is the sky in his world?
Do the math…..that’s a LOT of homes!
The reality is that not everyone can afford a home, and it’s not the government’s job to insure that everyone owns a home. And what’s to stop anyone from applying that mindset to anything else?
“You see, we want everybody in America to own a new, late-model car.”
Or “You see, we want everybody in America to have a six-figure income.”
I’m the middle of seven kids, and I grew up in a housing projects (govt. cheese, the whole bit.) I now own a home, my car is paid for, and I’ve got a nice collection of guitars….all paid for.
Your login name answers your question. Of course, they aren’t going to reform those policies. That would be racist! That would be unfair to low income families! (Jeez, I can see Barney Frank spitting in the camera now.)
Once an entitlement program starts, it never goes away. Politicians don’t care if you can pay your mortgage; they only care if you can vote early and often.
Personally, I think the blame falls on two sources.
1. President Clinton’s reforms to the CRA which made lending to lower income people more of a necessity and spawned the secondary mortgage market (Countrywide, et al)
2. Alan Greenspan left interest rates too low for too long from 2003-2004.
Pretty soon, it will be anathema to blame the consumers for any of this. If you watched the Palin interview by Katie Couric on this financial mess, on a number of ocassions Couric tried to get Palin to say that the consumers were to blame, ready to pounce and give the spin that the poor, consumers were innocent lambs led to the slaughter and how dare she blame them.
For every innocent consumer there were two or three greedy housing speculators trying to make a quick buck. It was similar to the ponzi scheme where those who jumpted in too late got caught holding the bag and are now wanting someone else to foot the bill.
Why are President Bush and the Republicans always like Charlie Brown, and the Dims like Lucy with the football? Why can’t we get Republicans in office who have backbones, who really will support and defend the Constitution? Why won’t they fight against creeping socialism?
The “smart” people say we have to make the taxpayers foot the bill – the taxpayers ALWAYS foot the bill, there’s no one here but us chickens! And it’s the supposed “smart” people who got us into this. Why can’t we find some “wise” people instead of “smart” ones? Why can’t the guilty pay instead of the innocent?
NO BAILOUT!
As a recent IBD editorial pointed out, any bank failing to comply with new rules handed down by the Federal Government that loosened restrictions on low income housing would be publicly castigated as RACIST. And no one wants that kind of publicity, so the race card worked every time.
I don’t think it’s fair to blame Jimmy Carter, because his lending reforms were sorely needed — it’s an inconvenient truth that bank “redlining” was one of the major causes of urban decay in the 1960’s and 1970’s.
The problem was, “everyone deserves a chance to get a loan” soon became “everyone deserves a loan”, regardless of whether they could afford it.
You too can get rich in Real Estate.
My video will show you how to buy houses with no money down! Pay me a bunch of money and I can show you how even when the market crashes you can just call Uncle George and he will bail you out!
Folks, greed is the cause. Nothing more nothing less. Don’t reward greed.
To the Poster who claims we are all to blame.
Not me. I do not have anything on credit. My home is paid for as are my vehicles. It wasn’t easy to do, but I did not lean on the government for any help.
I am sure there are many others on this site that do likewise.
I refuse to pay for others after this travesty passes.
We had other issues on the front burner back in 2002. Remember?
Bush is no way is a fiscal conservative. He is anti-Reagan in this and many other cases.
The sad part is even few conservatives (or at least I thought so) are now supporting this bailout as if thats the only option. Check out this column form Glenn Beck – http://www.cnn.com/2008/POLITICS/09/24/beck.bailout/index.html
I went to all the links Michelle provided, but it’s still unclear to me how the “minority grievance-mongering racket” fueled the crisis. Can anyone help me out with a summary?
Another Steve Sailer article:
link
Long, but worth the read. Banks that made large amounts of mortgage loans to illegal aliens should face immediate prosecution.
Thanks for holding the line, Michelle. I was very afraid that I’d wake up this morning and find the Bush’s fear-mongering had worked.
It’s sad to see how many so-called “conservatives” are actually just like those corporations!
They’re all about the free market, until things go south.
I blame the presense of black hole economics: It goes like this:
Create entitlements and guarentees by the government. When things go bad, the government must print money to fulfill those guarentees. That just leads to more entitlements which causes the government to print more money (much easier than taxing).
Eventually the dollar gets weaker and weaker, and the government then gives our assets away to other countries (which we call angels).
In the end, nothing is left, since there is no value in printing more worthless currency.
To get an idea, look at a CNN viewers suggestion: She said the Fed should just give everyone 750,000 dollars. That way we could pay off all our loans
Summary: The “minority grievance-mongering racket” insisted that minorities with bad credit had to be given loans. They WERE given loans. And they cannot pay them back. Hence the problem.
Any more questions? Don’t be afraid to ask.
I still don’t see an alternative to what is being proposed. Furthermore I see a pretty strange twisting of events and a cynical game of blame.
I blame Bush for his long love affair with Democrats and illegals. Who has been the Bush administrations go-to guy in Congress for the last eight years? Ted Kennedy!
Flenser –
Thanks for the summary. From the links provided, I interpreted the racket as being something different, which I suppose led to my confusion.
In Michelle’s link, it seemed like they’re a bunch of left leaning groups who get funding from the gov’t to provide mortgage counseling to minorities. I didn’t really see anything about them encouraging sub-prime loans. If anything, I would think these groups would have discouraged sub-prime loans.
Do you have any links providing further info?
There are lots of alternatives to what is being proposed. At one extreme, simply killing the bill and letting the market correct itself. Just because you don’t like it does not mean it’s not an alternative.
At the other extreme, a possible alternative is a bailout that has strings attached, in place of the curent “let’s give Paulson a blank check for a trillion dollars to do with as he likes” bill.
I just called my two republican senators to say I SUPPORT the financial rescue with one exception: I do NOT support the provision to free teaser rates or allow judges to force banks to renegotiate mortgages to lower rates.
We need to end the era of Home ownership Entitlement. We need to get back to the day when people put down 10 percent for a 15/30 year fixed rate mortgage after being full qualified – get rid of ALT-A mortgages.
We also need to get the federal budget into balance by significantly lowering
spending.
Fannie Mae and Freddie Mac need to go away.
Makes as much sense as anything else proposed. 750,000? I would be debt free and probably buying a new car. CASH. There would still be at least 500,000 left over to put into investments somewhere. Of course they would be euro’s because printing that much money…. ouch.
The Wall Street boys are the heroin addicted hit-men but the Congressional rats are the Mafia dons who are insulated from harm. Legislative controls aside, until we jail the crooked members of Congress who caused and benefited from this we should expect that it will happen again one day.
I’m mystified as to how anyone who reads this site could have arrived at a different conclusion.
Please tell me what your different conclusion was.
Yes, that is the case.
Again, your thought processes elude me. Why would e.g. La Raza discourage sub-prime loans?
bluesoc
Assuming you read the links, you DID see plenty about left-wing groups pressing the banks to lend money to minorities, money that they were not lending otherwise. And you also read that the default rate is much higher among minorities. And you read that sub-prime loans were quite commonly granted to minorities.
The only way banks lend money to people with bad credit is via sub-prime loans. That’s what “sub-prime loan” means- loans made to people with bad credit.
There’s plenty of blame to go around: at least two Presidents, innumerable members of Congress, people in the finance world who figured clever ways to make huge profits out of bad loans, etc., etc.
But the bailout will simply restore the status quo without any safeguards no matter what anyone says. The prevailing theme seems to be that we need to open the money floodgates now, and “fix” the causes of the “crash” later.
I’m still waiting for Vegas to adopt Bush’s plan. I’m ready to gamble!
And I’m damn sorry I haven’t already bought a house I can’t afford. I’d be praising Jorge Boosh to the skies if I had!
Yeah, I guess he should have used his line-item veto on those. Oh, wait.
When Michelle wrote two of the articles linked to (Spring 2008) the crisis had already begun and it was quite clear (I think to everyone) that sub-prime loans had screwed a lot of people. It would be ridiculous to believe that these groups would be encouraging sub-prime loans at this time.
Moreover, these groups think that sub-prime loan practices are racist and specifically target minorities (who might otherwise have qualified for prime loans). It’s difficult for me to believe that they would be the catalyst in the sub-prime debacle for this reason alone.
However, I could be wrong. If you have any links it would be helpful.
Back in the WW days our government needed money. What did we do? Sell War Bonds. If you wanted and could help you bought a war bond. Why can’t the government decide on something like that? Those that believed in the bailout would “get a return on their investment” as the President stated, those that didn’t well we could invest in something else.
Yup. Bush, as a RINO, was complicit in this. I’d love to hear ONE politician who supported that crap to come out and apologize for being an idiot.
The root cause of this issue is the same as the immigration inaction issue. Politicians pandering to minorities and others instead of requiring them to be responsible for themselves.
Good find Michelle.
If they go ahead with this MOAB, I sincerely belive they need to go full steam ahead and bail everyone out. Pay ALL citizens mortgages off and credit card debt. Can you imagine all the money that would free up?
I’m just following the logic.
I find it quite interesting that many of the people who shout and scream Bush Lied! Kids Died! are now saying: You better believe Bush when he says we’re all going to died horribly in searing pain unless we pass this bailout!
No one is denying that we are in a fix that has been building for years. Again those same people (see above) would sneer and spit on any right-winger (like me) who pointed it out. So they have no credibility whatever. Moreover, I happen to think the Paulson plans sets a precedent that will haunt us forever. Starting next year for example: “How come rich white folk gets hundreds of billions of dollars but black people never get reparations! Yeah!”
See where this is heading? This country is being crucified on a cross of race.
Just say no to the Paulson Plan as a first step. Accept no plan that does not cut the deficit by at least the corresponding amount of the bailout and does not include the resignation of Bush and Paulson. If the crisis is that serious, that is the least those two jerks can do.
You have tugged at my heartstrings and I feel your plight. However, if I bail you out, I will ask one thing of you: I need you to make a sign saying you will be honest and use this money for beer too.
You caught me on a good day! I was bailed out with an extra $200K by sonofdy yesterday!
http://michellemalkin.com/2008/09/24/here-comes-the-25-billion-automakers-bailout/
That’s borderline dishonest. Yes, some (not all) of the articles were written in 2008. And it obviously was not clear to a lot of people that sub-prime loans were a bad idea.
1) You seem to be tacitly accepting that they WERE encouraging the practice before Spring 2008. 2) Why would these groups not continue to encourage the practice? You seem to be under the naive impression that these groups exist for the well being of poor minorities. Newsflash – they exist to enrich themselves.
What makes you think that? Any links you have to support your claims would be helpful. If all these people were actually good credit risks, why are they defaulting now?
Read this story and this site. It’s packed with links. If you have some reason for disregarding them then please explain it.
More often than not it is a waste of time to assess blame rather than correct a situation. Not this time! If we don’t understand who and what got us into this serious situation, we are certain to repeat it again and again.
Almost everybody that “we the people” continue to reelect over and over again lead the list of guilty, greedy jerks. Followed quickly by the corporate rats that are only in it for themselves, which includes most of them. Where are the Boards of Directors, auditors, ombudsmen, Securities and Exchange watchdogs, Big Institutional investors, etc, etc?
Let’s start our investigation with Who are the repeat offenders, those involved with the S & L bailout and the bailouts following that which we have “had no choice but salvage the situation”.
The President has been a serious disappointment, Republicans and Democrats alike are THE PROBLEM. The old adage: “One party tells the lie, the other swears to it” is quite accurate.
For a change let’s identify the culprits, punish them, and banish them forever. Let’s find those that can and will work for us, that are trustworthy, and those that have our best interest at heart always. There are some out there that are intelligent enough, experienced, operate with logic and reason that can do what is necessary to correct the situation and prevent a reoccurrence. Let’s get rid of those that harm our efforts as a society and a country, replace them with the good, competent and honest citizens that will correct it and get us back on track.
You clearly misread what I stated. It’s not a matter of me “liking” an alternative or not, it’s a matter of presenting a sound and well thought alternative and simply killing the bill and letting the market “fix itself” is not one. It is not one because a broken entity does not fix itself. A precise series of controls and variables need to be introduced to guide (not control) the market towards repair and recovery allowing for strong yet manageable growth in the future. A market that is free of control and regulation is dangerous, the lack of control and regulation has us where we are now. Observe how the lack of regulation allowed speculation to reign freely and threaten market stability so a few could get rich quick.
No one is giving Paulson a blank check here. This bailout many here are screaming foul about will have strings attached. The question is, will these strings help guide the market towards recovery?
There has been an inflationary process since then, we are all getting an extra 30K. But we need Michelle Malkin to get the “I got mine, screw you” bill of 2008 to the press.
oh please, this is liberal drivel. the exact OPPOSITE is the truth…government regulations (CRA) GAVE us this mess.
markets are inherently stable and self-correcting. laws like SOX, which were supposed to save us from this kind of mess, have done nothing, except discourage IPOs…and are expensive and wasteful.
Thank you, Karl Marx!
No, the market is not where it is now because of “lack of control and regulation”. There has been plenty of control and regulation. And it encouraged the market to behave badly.
You really don’t have a clue about what happened. There was plenty of regulation. The problem was that the regulations were written by and for the politically connected.
Politicians covering their asses with OUR ASSETS!!!!!
A link for bluesoc.
Read the story, and read the comments. Lot’s people confirm that this stuff did happen/is happening.
Then tell me why you refuse to believe it.
The Bible says “neither a borrower nor a lender be.” Guess God nailed it again.
BTW…I am not able to find the names of the people at top of these companies…Ken Lay’s name was out there, these guys should be,too. Why should they not be held up to public disgrace. Contrary to what I have read in many postings here, Bush is not the financier in chief. It is the unchecked and unregulated derivatives markets that brought this down upon us. Let’s see their names.
Gee…there’s a surprise. Tell me one time he has.
This is one of the least reported aspects of the BAILOUT… The BUSH ADMINISTRATION’S quest for a LEGACY… Having the admin with the most HOME OWNERSHIP in history… Well now we have it, and they want US to pay for it… Some LEGACY…
As someone on this blog has suggested before, I will mention it again: Pres. Bush is gullible. He wanted to be all things to all people. I think that’s why he made these heinous shows of bipartisanship to the liberals.
He wanted to be “kind” and “compassionate” in a time where politics were acrimonious at best. Perhaps, Pres. Bush thought he was “helping” people when he was really just enabling more fraud, abuse, and waste. He made serious errors in judgement and probably even bipassed this pork because he thought that these bills were “good” overall.
Washington needs to knock this nonsense off. Organizations like ACORN should compete for grants like everyone else. There needs to be more standards to way “earmarks” and “pork” are doled out.
What’s even more troubling is that many Americans don’t find anything wrong with earmarks and pork as long as it benefits them. For the sake of the country, it’s time to stop being selfish and stop accepting handouts on every level.
We are the steerage passengers in this once ‘unsinkable’ Titanic. Kept below deck, we are being asked to bail out the rising waters in the hull of the ship. Up on deck, the Wall Street guys and bankers are jumping into the lifeboats. The Captain and executive officers (who foolishly failed to avoid the iceberg) are telling us that bailout is the only way. You know how this story ends… and yes, the water out there is cold…
Why do I feel like it’s my first shower in prison and I’ve just dropped the soap?
The anti-pork crusade tends to distract people from where the real money is going. I’d be happy to give Frank and Dodd a billions dollar earmark each, if it would avert this trillion dollar debacle.
anymore.. there is only two things I can give GWB credit for..
War on Terror..
Roberts and Alito being nominated to the Supreme Court..
two highlights on a rather blighted career..
Wrong wrong wrong!
I’m not a Liberal, never have been and never will be. You shouldn’t run your mouth off accusing people of being Liberal when you don’t know anything about them, it’s bad form.
Furthermore you’re wrong on trying to blame regulation for causing this mess. The CRA is only one factor in this mess and if you did your homework you will note that over half of the risky lending practices were carried out by independent companies that were not regulated by the CRA.
Markets are not inherently stable and are not self-correcting. Market stability is derived from a series of controls and schemes put in place to contain factors that threaten the system. For example, if you need a credit check, a check against your income and a check against your ability to pay on-time in order to get a loan, you have in effect been subject to three control variables. Somehow control is being abused into meaning a Marxist or Liberal policy. That’s careless and ignorant.
An uncontrolled model allows for chaos. Chaos is the single largest threat to stability and right now we are seeing the stability of the American Economy threatened because of missing factors of control.
I find it pathetic that you make a statement and don’t bother to back it up let alone research it better.
Bush’s friends: http://washingtondc.fbi.gov/dojpressrel/pressrel08/wfo092408.htm
.. and don’t forgwet tot thank Zigler: http://www.vdare.com/mann/what_do.htm
Wrong chicken-little!
I’m not Karl Marx, I hate the man’s principles and I would appreciate you can the ignorant labeling of someone you don’t know.
Over half of the risky loans were carried out by mortgage companies that were not regulated by the CRA.
This “plenty of” control and regulation you speak freely of did not prevent people from driving consumer confidence down and driving markets down to make money. This control and regulation did nothing to protect against risky lending practices.
The current level of control and regulation requires a massive overhaul, just like the tax system.
For all you naysayers out there, you won’t even find the most conservative and libertarian economists saying no control is a good thing.
Funny, you ask for an alternative here and you see people attacking and blaming people instead of working towards a necessary solution to the situation at hand.
Some of you act the same way the mainstream left does.
I have seen alot of people stating they don’t understand how the market worked in doing this. Here is a clip a someone made on a chalkboard that simplifys it
Shadow Economy
I understand where you’re coming from, gayle. I think the poster was alluding to a couple of things. The other day I was talking about this with atheling and she made a good point. There are a lot of people who don’t live within their means. They treat easy credit like it’s a pacifier that they can rely on as a crutch.
I think many Americans are living within their means and shouldn’t have to bailout the dullards who have no economic sense. The reality is that many choose to use loans to assist them with big ticket items such as education, cars, or homes. That’s just the reality of modern living. I’m not saying it’s right but that’s the way it is.
My husband and I are paying off a new car that replaced one (our old Saturn coupe) that was going to eventually become harder to maintain. I’m almost done paying off my student loan. We also have “manageable” credit card debt that we’re paying off.
I think the problem with the bailout is two fold. Many Americans used credit and loans irresponsibly. They got over their heads way too fast and couldn’t keep their heads above water and had to file for bankruptcy. The other problem is that many Americans are content with their Congress critter but would love the other critters to leave office.
Americans know that something is wrong but they don’t know the extent of the problem or the depth. My problem with this whole stinking situation is the complacency of many in the minority communities who thought it was their right to have a house they couldn’t afford. Americans also tend to not examine Washington as a whole but rather the party in control of the White House. Both parties have a lot of explaining to do and I’m not seeing this happen.
I’m with you… there should be no bailout for those who irresponsibly used credit. However, don’t lump the rest of us (please, not me!) who are paying off our loans and credit cards and are striving to be less “dependent” on credit/loans as a whole. I applaud those who aren’t part of the problem and living within their means. They shouldn’t be paying for this debacle.
Just my two cents…
the CRA is at the heart of this mess, giving loans to people who wouldn’t otherwise qualify. the CDOs and other exotic derivatives were made just to spread the risk of these bad loans around.
obiously they are. we’ve had markets of one sort or the other since the beginning of time, and they’ve always managed to work, without government to regulate them.
Thats a purdy mouth you got on you there boy…
Sure you are. That’s why you come out with liberal nonsense such as;
And why you prescribe such liberal solutions are more government regulation to correct the market.
I would vote for the $700,000,000,000 IF it was used to round up the illegals and toss them….
Good for you. Seriously, this a really good thing. Did you vote in the last 30 years? Then you voted in the people who are the problem. We as a nation caused this mess, not gayle, the one i am jealous of. Thats what I meant by we are all to blame.
We are all to blame in the sense that, in our system of government, the buck stops with the voters.
We (in the collective sense) elected these jackasses.
source please??
link
no regulation can force markets to always go up…please. since you admit all your beloved regulation didn’t work, then why do you think MORE would???
Since the majority of Americans are stupid losers, I would say THEY are to blame. I didn’t support any of the moronic candidates we have to choose from, and just because I will vote for the lesser of two evils, I don’t think I can be blamed for the decline of our civilization….
Hmmm, kinda liked it. I’ll have to watch his other videos
Not sure if this got posted yet or not, but this would actually be funny if it weren’t so accurate:
http://www.dorktower.com/2008/09/23/best-spam-evar/
If you are voting for the LOTE then you are supporting a moronic candidate. McCain and people like McCain are a big part of what’s wrong with this country. That remains true even if Obama is worse.
If I stay home and don’t vote, because ALL the candidates are wastes of space, you would say, “See, you don’t even vote, you are part of the problem.”
Yes, I would. Vote for a good candidate. That’s what the Founders expected you to do.
My point is that there ARE no good candidates because the morons are selecting fools. They mob wants free bees: welfare, healthcare, housing, education, bank bailouts, and they keep nominating candidates that will give away my tax money.
That assumes that everyone that was voted for was elected.
Mighty big assumption there hoss.
I don’t agree with that at all. I can think of many better candidates than Obama and McCain. Vote for Barr or Baldwin.
That’s only true if you pretend that the Democrats and the Republicans are the only game in town.