taken from 35 & 36....lots of food for thought in these two statements.....
35. Author: ghummel Date: 10/02/2008 08:19 AM Reply
If you want to engage in verbal political discourse make sure you have the ammo. There are certainly many areas that share the blame for the current financial mess. That includes our president who is NOT conservative. However. The major blame is sitting with the democratic party who in their desire to make as many people dependent on government (after all, that's how they stay in power)pressured banks to give mortgages to people with no ability to pay it back. When all these mortgages fail, the democrats then wail about the failure of the market and how they will come to the rescue to fix a problem that they created. And we all say yes, yes, help us! How stupid can we be?
36. Author: drywalldog Date: 10/02/2008 08:36 AM Reply
35. I see it a little bit different from you, and most others on here. The problem wasn't so much about subprime mortgages, as it was people living on their
homes as a form of income. Home values go up, they take out more money, living on the edge of a cliff, in rainy season. Work slows down or stops completely for a whole sector of people, and the mortgages they made, they couldn't make anymore. And it's not like they were just a little short, with no work they quickly fall behind. Now the rest of the economy spirals down, even people who have conforming loans are losing their jobs and houses, and retirements. I'm not for the bailouts, but don't know how many here want a quick dose fix that will come if everything fails, cause it would take years to recover from that, if not decades.
Charlie