Dems in 2008 wrote:Their new tag line is “vote for us, or its back to the bad old economic policies of George Bush. That’s right Barack Obama and his progressive majority are going to campaign as if they were all still in kindergarten “Its not my fault….blame Bush.”
Reps in 2010 wrote:"Their new tag line is “vote for us, or its back to the bad old economic policies of Barack Obama. That’s right Sarah Palin and her Tea Party minority are going to campaign as if they were all still in kindergarten “Its not my fault….blame Obama.
Oh. Snap.
I also like how the entire article bashes Frank, but the big picture at the beginning mocks Obama (yes, I also see how this is the same as Dems mocking Bush for policies from the legislature during his tenure, duh).
US politics FTL...
fortune cookie say: better a delay than a disaster
Frank may have lit the fire, but it took an assload of supremely greedy people to heat a red-hot poker with it and jam it up America's bum.
Take Back the Republican Party wrote:Frank may have lit the fire, but it took an assload of supremely greedy people to heat a red-hot poker with it and jam it up America's bum.
Like the people that took out a 400k IO or ARM mortgage on a 40k salary. Or even those homeowners that go "hey, this is easy money" and buy a second (or third) house purely for speculation. Don't live beyound your means. Yes banks were giving those loans, turning a blind eye for the most part, but when a bank lends out a loan, especially a mortgage, they "own" that line of credit for about 15 minutes before it's sold to another institution to free up more capital to keep the cycle running. They don't care, they quickly get a couple points and move on, no risk, no worry. The big broker/dealers obivously couldn't hold onto all this risk and created ABS products and packaged loans into securities to sell them off. They could then collect a fraction (of billions) of dollars and not hold all the risk. What happens when rates (which, at the time were at historic lows) begin to icnrease? Those mortgages adjust and next thing you know, your mortgage payment is 3 times more than you were paying. Are you suddenly making 3 times as much in order to make that monthly payment? No. Those people default, and the housing crisis begins to take effect. Who did the broker dealers sell all these products to? Each other, pension funds, insurance companies, money market accounts.... they spread the risk aronud. When that investment goes sour, everyone feels it. What allowed the increase in these "crap" mortgages? The CRA and allowing the GSE's takng on subprime loans. Everyone's to blame; the gov't, banks, individuals, but everyone wants to point the finger else where. It was a culmination of bad decisions (by every body) that lead to the crisis. I work on Wall Street. I make damn good money, but I don't own a home. In my area, anything that is above section 8 level housing is incredibly expensive. I'm not about to spend $450k on 600 sq ft one bedroom condo (the building next door to me has 1 bedroom condos starting a $1.4 million), I try to be smart with my money. And, even though those near 'no money down' loans would be nice (for me) right now, I wouldn't extend myself beyond where I'm comfortable.
It wasn't just the bankers, it was all of America (on it's "spend and who gives a sh$t" life style) that led to this giant mess.
Look at me!!! I've got a credit card with a $2,000 limit.... 45 days later, look at me, I have a maxed out $2,000 limit on my credit card and I'm making minimum payments. What's that? It's going to take me how many years to pay off that debt at the clearly defined rate of 18 (or even 25) percent? How does that work?
A lot of people in this country are just plain stupid and need to start taking responsibility for their contribution for our current situation.
I work on Wall Street, but didn't force you to take out a loan you couldn't afford.
I recall hearing Palin blaming it all on greedy lenders out to make it big on the backs of joe sixpacks. I wanted to scream at her. I lived in California from 2004- mid 2007 and everywhere you looked, there were HUGE new homes being built everywhere. Whole tracts of homes with three car garages (the two car garage on one side of the house, with a one car bay on the other side...wtf?) The company I worked for at the time, had me doing sales and installs in these houses, and sometimes I'd have to run their credit/ income....yeah, these $400,000 houses were being bought by people making $75k per year.
Blame it on Bush, blame it on Frank, blame it on greedy lenders, but the bottom line is that a lot of people, including investor looking to "flip", bought way more than they could afford, and then bailed out when their investment lost a lot of its value..... then blamed Bush for their problems.
.
“Poor Al Gore. Global warming completely debunked via the very Internet you invented. Oh, oh, the irony!” -Jon Stewart
