In times like these we need to move forward, not back to the status quo!
The definition of insanity is doing the same thing and expecting different results. We have tried it the banks' way and look at the mess we are in. Plus we the people had to bail out the banks from their own mess.
So why should we join to continue with this mess? We should not!
Letss look at this, Banks in the 70's under Carter considered, mean evil and greedy because they wouldn't lend money to the "poor". Carter passed the community reinvestment act forcing banks to lend money to the unqualified. During the 90's and Clinton the community reinvestment act was inforced...During the early 2000's Bush, McCain and others warned Barney Frank that Freddie Mac and Fannie Mae were over extended and need to be looked at..Barney's remark "If it isn't broke.."so exactly how is this the banks fault Wanda? Perhaps the faulty is more due to failure of regulators both on Wall Street and in the Banks..
Banks are like anything else a few can give all a bad name.I agree Barney Frank has got to go. He has abuse his office for personal gain. We need honest people in office thay will look out for the taxpayers.
southernguy08,you know that your government is made up of fine up-standing citizens that have your best interest at heart.they are honest moral people that only want the very best for our citizens.they would not lie or cheat.they are straight forward and open on all matters.we really should just sign our paychecks over to them and they will dole out to us what they deem is needed.how much simpler can it be?
I think it is pretty clear that government pressure on the banks to make mortgage loans to unqualified buyers, coupled with the banks' "invention" of derivatives, the bundling of these bad loans into a package which was then sold to other banks and insurance companies, led to the financial industry collapse in 2008. There is eqaul blame in this situation. The banks did not set out to go broke. The banks were trying to bundle these risky loans forced on them by Barney Franks and the Democrats into a package that resembled a good investment in an attempt to get these risky loans off of their books and onto someone else's books. The Republicans fault in this is in deregulating the banks to a point where they could participate in this practice and for not stomping on Barney Franks and the policy of making risky, government backed, loans via Fannie Mae. So, we have a government that forces banks to make bad loans and then vilifies them when the ponzi scheme collapses. Folks, the banks were bad, true enough. But the banks were the lesser of the evil in this situation. The government, both parties, but particularly the Democrat's pressure through several administrations to force banks to make risky mortgage loans is the root of the collapse. You can holler "Bush did it" all you want but Bush was calling out Barney Franks on this issue for years before the collapse and Barney Franks kept lying and saying things were A-okay. Bush didn't do it. The banks didn't do it. Carter did it, Clinton did it, Barney Franks did it, and the Democrats did it. The Republicans fault in this is in not re-regulating the banks where this practice of giving $300K mortgages to "poor" people who had no hopes of making the payments was stopped cold. The other part of the equation is that many of these borderline mortgages collapsed when gas went over $4 a gallon because people had to choose between paying their bills or driving to work. Why did gas go so high? Because for 40 years the Democrats have been preventing us from developing our resources in this country. Typical Democrats. They pull out a gun and shoot the country in the foot and the first thing they holler is "let's raise taxes". Well now we are wounded and it's time for us to holler "get the shooters". See you at the TEA Pary rally Thursday.
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