ImWithStupid

Acutally regulation on banks increased in the late 80s with the S&L bailout. It was later deregulated in the late 90s early 2000s. The Dems originally set up the Freddy and Fannie crisis, which caused the current AIG, credit problem, but the Repubs didn't over ride them to follow through with what needed to be done, the SEC dropped the ball and there is plenty of blame to be thrown around, but the initial problem came fromt the Dems usual playbook of trying to buy the votes of the poor by forcing banks to give them loans they couldn't afford, which led to loose standards for all credit in the 90s. When the time came that people needed to pay up in the 2000s the Republicans failed to address it.

All of Washington sucks.

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If you rob Peter to pay Paul, you can always rely on Paul's vote. ~ Democrat strategy

wez

That was on Fredo Bush's watch..But the real blame lies with all of us.. not them. There was a damn good reason I never went into debt after high school.. I could see what was coming. Couldn't have done it without multitudes of willing participants... most of whom are now screaming bloody murder. People shouldn't let other people, especially bankers and politicians tell them what to think/say/do.

No sh*t..

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ImWithStupid

Fredo Bush? Do you mean Bush 41 or Bush 43?

As for the rest. Definitely the blame goes beyond Washington, but you have to look at the point from that of the Banks. They are in business to make money for their investors. If seven out of ten banks are succumbing under the pressure of the Feds to give loans to low income, high risk people, that they would never do in a true free market, because there's no risk to them because Freddie and Fannie will buy the loans, with the Feds backing, making money, the other three are going to do what they have to, in order to compete.

As for the borrowers. I have no empathy. A person knows what kind of home and what kind of payment they can afford. You said it yourself with where you live. You made the choice based on what you could afford, those who didn't are stupid.

When I was married and we bought a house, in the 90s, we were approved for home values way above what we could afford. We passed and only looked at homes in our price range. I shouldn't have to pay for the mistakes of stupid people.

It's a horrible time in America when we have become a nation that penalizes people for success, rewards them for failure, and subsidizes the stupid.

This just goes along with my argument that personal responsibility is dead in America along with objective journalism.

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If you rob Peter to pay Paul, you can always rely on Paul's vote. ~ Democrat strategy

wez

lol.. 41... Fredo from the Godfather..

Course.. 43 prolly fits fredo better than daddy.. He did have to avenge Saddam threatening his dada.



Yeah.. no doubt.. sucks to get punished for being responsible and assholes get rewarded for being a moron at best.. stinking thief at worst.

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ImWithStupid

Actually it wasn't under Bush 41, it happend after Clinton took over and the Dems still had control of Congress.

Clinton took over January 20 1992 and the Dems had Congress until 1994.

Or do you mean the S&L thing. If you mean that, it prompted the increase in regulation.

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If you rob Peter to pay Paul, you can always rely on Paul's vote. ~ Democrat strategy

wez

I meant the saving and loan scandel... And subsequent bailout.

Pretty sure a lot of banking was de-regulated under Reagan though.. Like a bunch of other crap.. like energy.. Giving Enron the green light. For sure went wild under Clintons nose.. What do you expect, he had his hands full of women.. he couldn't be bothered with a little thing like OUR STINKING COUNTRY!

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ImWithStupid

Got it. They all suck but regulations are mostly a Congressional thing.

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If you rob Peter to pay Paul, you can always rely on Paul's vote. ~ Democrat strategy

Fullauto

There was quite a bit of deregulation during the early 80's under Reagan... He deregulated to free up Money that the Carter years had gummed up with it's excessive regulation... Deregulating was directly responsible for the major influx of capital that powered our GIGANTIC economy during the 80's... which turned out to be little more than a tool to cripple the USSSR... and it worked...

Problems started after Reagan left, and all the presidents and congresses after him wanted to ride that 'gravy train' of an economy into the heavens... It was an economic boom based on a currency that was NOT based on gold, adn therefore was nothing more than a big G0d D@mned buble waiting to happen! Reagan knew it, but he went senile before he could deal effectively with it by regulating it back into control...

George Bush saw it for what it was, and it scared the **** out of him when he saw Iraq invade Kuwait becuase he knew we were some high fuel prices away from a full scale bubble burst and the resulting economic 'correction'... Saddam accidentally tripped on our dick when he crossed the desert... He didn't have any idead that we were so dependent on Mid East Oil... He found out though...

Bill Clinton wanted to ride that economic bubble too... and he did... He watched while the .com bubble formed and swelled the US treasury with fake money... He didn't regulate or correct the system... Matter of fact, he actually is somewhat responsible for the Housing bubble that just burst leaving millions footing the bill for our weakness as a nation...

When the .com bubble p0pped, He should have taken action to make sure that those who made a winfall on it before it died didn't reinvest that FAKE money into a critical market, like housing... a sudden influx of such money would flasely inflate, and then collapse like a Ponzi scheme (props wez)... It was far to profitable for tax purposes (everyone loved the fact that he balanced the budget, regaurdless if it was with fake money), and it allowed him to sit in office during "economic prosperity", which we can all see now was nothing more than fortunate timeing on his part...

Further more, He should have listened to the fiscal conservatives across the aisle when they told him that forcing primary lenders to offer sub-prime loans less-than-qualified people, was going to cause US dollar insolvancy... Yes, everyone deserves the american dream, but we cannot all afford that dream... and to ask those who can to bail those who can't out when the loans they are given get called in is nothing short of socialism...

So here we are... we, as the Middle class (the working poor as I call us), have been told for 60 something years that it is our responsibility to carry the financial burdon of the poor... And now we are being told that it is a further responsibility to bail out the rich...

Anytime there is a sudden influx of money into a certain sector, or country, we should ask why... We shouldn't just spend that money as if it is a definate thing like gold, or energy... We MUST get back onto the GOLD Standard... before everyone in the world figures out that we are BROKE, and our dollar ist Scheisse!

we are in a real pickle here... this could very well dissolve our country...

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ImWithStupid

This is pretty damn funny...

Saturday Night Live - C-Span Bailout - Video - NBC.com

Unfortunately it also contains too much truth.
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If you rob Peter to pay Paul, you can always rely on Paul's vote. ~ Democrat strategy

ImWithStupid

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If you rob Peter to pay Paul, you can always rely on Paul's vote. ~ Democrat strategy