Replies to post #195229 on The Golden Lounge

[Rover_az]

I could afford to pay til the chit hit the fan thanks to the farking bank ponzi scam. I lost 40% revenues in my business revenue in 2008. Wondering if I'll still be in biz in 2009.

Spent 12 years building my company.
Where's my capital injection?

Too big to fail my azz....

Shut em down. That will rebuild confidence. No one trusts the banks books and shoveling money at them does not change broken trust it just pisses off the angry mob further.

[Phoenix-Rising]

After watching CNBC - House of cards I would say everyone is to blame.
First people getting mortgages they couldn’t pay. The mortgage brokers themselves knew this. The mortgage brokers then selling them to the banks for a nice commission. The banks then packaging them up and having the Rating services rate them AAA investments. Then the banks selling them to foreigners who think they are buying top rated secure investments.
Then you have these knuckle heads who couldn’t afford the house to begin with re-financing and spending the money like its cash... and that is the second wave of the cycle.
Plenty of blame to pass around.
Seems to me like lack of oversight if anything. I don't think it would take a monkey to tell you home prices wouldn’t keep going up forever.

[cantgetmyname]

Look into the Community Reinvestment act before laying all the blame on Bush.

It pretty much forced lenders to make loans to people who most likely wouldn't be able to pay them back.

[rbl100]

FACT – Banks were threatened and forced by the Clinton administration into lending to those who could never afford a mortgage/loan. In other words approve loans to those who normally would be declined a loan. Government forced banks into lending without background checks, collateral or ability to repay.

FACT – The Bush administration tried 11 times to prevent and regulate bad bank lending practices to curtail the crisis we are now experiencing.

FACT – Every time the Bush administration warned and tried to remedy the looming disaster, the Democrats on the finance committees and others blocked each and every attempt.

This is all documented, including New York Times articles...


Sadly, much as the Times and its liberal colleagues conveniently forgot and/or ignored all American history prior to March 2003 in order to blame the nation's problems on Bush and the invasion of Iraq, the authors of this disgrace omitted and/or skirted over virtually all the relevant pieces of legislation and issues that led to our current financial crisis -- as well as articles on the subject published by their very paper!!!

[bob41]

You meant Clinton, of course. No problem with the typo.