Comments on: Financial Collapse Perilous For Candidates

CBSNews.com Reports: Obama, McCain Seek To Take Ownership Of Economic Message In Wake Of Lehman, Merrill Meltdown

[blindhowlin]

John, John, John, you need to say no to the Lobbyists NOW and hire some new people to run your campaign.

[screan_name]

Hey, if Lehman can make a bad loan decision, with all their expertise, what chance does your average homeowner have?

Posted by mrmazerati

Thats the way I see it. 100% agree. Plus even that extra cost of this regulation certainly would have saved the taxpayers how much money over the long run.

Now McCain wants to investigate this? Why doesnt'''' he go ask Phil Gramm?!

Posted by melchg at 02:23 PM : Sep 16, 2008



Several of McSame''s top advisors were lobbyists for Fannie Mae and Freddie Mac. These guys spread millions around Congress to get them to turn a blind eye to their reckless practices. Now the American taxpayer has to pick up the tab for cleaning up the mess.

McSame is part of the problem, not the solution.

[ncvoter2]

you might have to sell that ''vette

[ncvoter2]

stocks dropping. glad i don''t have a 401k

[mrmazerati]

Look, the upshot is that most people assume they can trust their lenders, whom they assume to be subject to tight oversight and regulation. After all, they''re the money experts, right? And that''s the way it should be. A home loan is too fraught with stress and paperwork to be able to cover every detail before closing. Most folks are just worried enough about how to get through the work week and get all the paperwork done at the same time, much less combing over every single thing before closing. After all, that ''s what they PAY their loan officers to do. It''s called closing costs. Is it technically the buyers'' fault? Sure. Is it reasonably their fault? I really don''t see how. To hang your average working stiff with the fine print on a contract is just not reality. There need to be safeguards. And the safeguards need to start with the lenders and the loan officers. Hey, if Lehman can make a bad loan decision, with all their expertise, what chance does your average homeowner have?

[screan_name]

Seems to me they were kind of stupid then. I don''''t sign anything that has money attached to it until I''''d consulted somebody that can explain the befits or losses that might be attched to it! Especially, I don''''t ask the people who are trying to get me to sign it!

But honk on....

Posted by StormeyOne at 02:11 PM : Sep 16, 2008



Agreed. But unfortunately, the average consumer doesn''t do this. We are used to government protections that keep us from having to be an expert in finance just so we won''t be ripped off. I still think the fault lies mostly in the hands of the federal government for abandoning sound regulation that protected the consumer and the country from this kind of disaster and subsequent bailouts.

[noloyalisti]

You realize now that the Republicons have become irrelevant for America. They have no clues about foreign policy or financial ideas. They just want to give more of our money to the rich and support corporate America. Maybe they will throw us some food scraps in their concentration camps they have built for us.

[mrmazerati]

No he didn''''t. He had an economic bubble that everyone knew would tank out soon...and it did! Go figure!

Posted by StormeyOne

No, he had the longest running winning streak in the history of the US. That''s not me, it''s just plain history. Numbers is numbers.

[dinkydog1]

Mel, your efforts at educating the village idiots are appreciated but aren''t working. These guys rode in on the short bus.

[screan_name]

StormeyOne


Speaking of stupid, you''re missing the point entirely.

Very few of the people who bought a variable interest loan knew that''s what they were getting themselves into. Deregulation of the industry allowed lenders to conceal the ugly details of their loans in fine print and legalese gobbledygook. They simply trusted what their greedy loan officers told them. They also trusted that the Federal Government would not allow these institutions to pray upon their customers. After all that was the case for decades until Republicans slashed regulation and oversight of these institutions. Republicans turned "buyer beware" into "your on your own suckers".


I''m sorry that you are a moron.


lol!