Comments on: Obama: Economy Worse Before It Gets Better
Pledges A Recovery Plan "That Is Equal To The Task Ahead"
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- If there were an investigation into all this it would be just like the 911 investigation. Criminals investigating themselves will never lead to the truth, only the story and blame they want to give you, that will halfway fit their story, even if it does surpass hollywood script writing in believability.We can no longer trust anything congress or the white house says, or does,from any administration.Both parties form a very powerful, corrupt partnership, working together to break this country and bring down the middle class.They are all guilty of treason.
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- DJ...I see your still around. I guess you still think Obama is going to save the day...
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- Hmmmmmmm! If we stop pouring Trillions of Dollars into to that mess it will get sooner faster that you think.
Let the failing businesses fail and those on solid ground no fail.
Greed has cause this problem:
1. Government
2. Banking (Starting in the late 90''s)
3. Invertor
4. House buying to make a quick dollar at interent only.(Maybe it goes with 2 ans 3)
No we need to bail out those that should be loosing their shirts but NOOOOOOOOOOOOOOOOOOOOOOO, Lets bail them out.. Make them rich again.. Now let them fail on our tax dollars.
Who is going to jail? Who caused this?? Where is the investigation prior to handing out the trillions??? - Reply to this comment
- YES, The economy will get worse before it get better.It will get worse the day Obama takes office and it will get better the day we replace him with a republican...
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- Posted by nowaymcgoo at 07:01 PM :
great post from someone with first hand knowledge. Thanks for the clarity. - Reply to this comment
- The government made rules which PUNISHED banks who refused to lend to low income families and minorities, and rewarded banks who did make these loans.
Posted by JT_Lancer
That is very interesting. I have been in the banking business for almost twenty years and I have not yet read those ''rules''. Could you please list your source so I can further enlighten myself in this matter?
Also, I am currently working with hundreds of unfortunate families who have lost, or are losing their family homes. An overwhelming majority of those folks are suffering, not because they ''bought more home than they deserved'', (as many here have stated) but because their incomes have gone away or have been greatly deminished. These people bought homes that they COULD afford based on their circumstances at the time of the purchase, sometimes with terms that fit perfectly with their optomistic expectations of the future.
Yes, the financial tailspin we are experiencing now is a direct result of deregulation, but not necessarily deregulation of individual home mortgage loans. The bulk of the problem stems from the lack of oversight which led to corrupt bank-to-business and bank-to-bank loans. Look back for just a moment and remember the ''Silverado Savings And Loan'' debacle. Remember now? That was the child of another Bush brother... Neil Bush, and it had nothing to do with individual homoe mortgage loans. Remember also that it was a cost of several Billion dollars to taxpayers. - Reply to this comment
- Posted by JT_Lancer at 06:24 PM
yes lenders deserve some, and some realtors.. and some borrowers. We do agree on one thing, there is plenty of blame to go around. - Reply to this comment
- Obama is a fraud?
He was not born in America! - Reply to this comment
translation:
"i blame bush for all of my credit card debts..how dare he not stop me on making these mistakes and taking the chance on calling him a facist for doing so"
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Posted by bleechdahole
Your translation needs a translator.- Reply to this comment
- The idea that more legislation would have prevented predatory lending is ludicrous. Why didn''t the existing laws prevent it?
There will always be somepeople in every industry who don''t play by the rules. What is often left out of this argument is that many applicants for subprime loans lied about their income levels. Some estimates said over 50% lied on their applications.
Lenders deserve some blame, but borrowers are hardly innocent. Common sense dictates if you can''t afford a loan, don''t borrow the money. - Reply to this comment
Author Thomas Friedman on Obama's Afghanistan plan and the war on terror.
