President Obama’s opening statement for the budget he released yesterday declared: “We arrived at this point as a result of an era of profound irresponsibility that engulfed both private and public institutions from some of our largest companies’ executive suites to the seats of power in Washington.”
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I also blame thr Republicans who for eight years did nothing to FORCE regulations on bankers & lenders. In spite of the lefts whinning & racial preference accusations
Actually in the last Bush administration there were over 1800 new regulations put on the books for financial services. It was the policy put in by congress prior to bush to loosen credit policies to open up new home buying to minorities. Once that happened the Financial companies found new products and ways to game the system and Bush and the congress both democrat and republican did nothing to stop it.
In face persons like Chris Dodd made sweetheard deals and earned lots of political contributions by gaming the system themselves.
The people responsible are first,the people who took out the loans for homes they could not afford. Second, the Dems, who pushed Fannie and Freddie to make and buy up the loans for people who had no business getting them in the first place. Finally, the Repubs, who didn’t have the balls to stand up and say enough is enough before it was too damn late.
Where has Cathy been, under a rock. Both McCain and Bush warned in the strongest way the danger of not regulating Fanny and Fredie, and even introduced bills, only to be shot down by congress. It’s all on U-tube if she cares to find it. Barney Franks and Cris Dowd should be ousted, They are a term limit advocates dream come true. Add Acorn into the mix and a disaster happened to minorities who turned a blind eye. We are not likely to recover from this in my or my grand kids lifetime. Thank you Democrats and your blind followers. I am totally discussed with both parties.
YOu are 100% correct and as a matter of fact McCain and Clinton were warning of the problems in Freddie and Fannie even before Bush. Maxine Waters, Barney Frank and the rest of them changed the tone by going after the investigator as being racist to take the public attention away from the problems with Franklin Raines and the company itself.
I agree with Sherry! My husband works in
construction
I agree with Sherry. My husband works in construction. I watched his company build houses for people who were overextended. Now there is no work because we have all robbed peter to pay paul for too long. Sooner or later we all had to face reality.
I think there is an agreement that both the government and borrowers are the reason we are in the mess today. My belief is that there are always a small percentage of our population that simply isn’t responsible. This small population was previously weeded out of loans before regulations were created to encourage loans to this group. As of now, banks have gone back to previous loan qualification on their own. It’s clear that “affordable housing” regulation was the cause. We were warned numerous times by both politicians and organizations.
It is a shame I for one like many in my neighborhood have excellent credit and have never missed any payments. Now rates are very low but I tried to refinance but the value of my home has dropped so much that I don’t have it at 80 of Loan to value anymore so can’t refinance.
Those of us who had good credit, put a down payment in place, and have never missed a payment are getting not only taxed to cover those who were irresponsible but can’t even do anything to save ourselves any money.
Home owners taking loans they shouldn’t and mortgage lenders who checked credit reports of those homeowners but lent anyway deserve some blame for this crisis. If it stopped there, we’d be in a much better position now. But the financial institutions who took those home mortgage assets and leveraged them out 30 times over in search of easy profits that later went bad — really bad — are by far the biggest culprits in this financial crisis.
Jan Ranch,
Why don’t you show us where this supposed evidence on U-Tube is, since you brought it up. Saying there’s evidence, and not telling us specifically what you’re talking about is irresponsible.
Here are some videos to watch for Lisa. Not sure http://www.youtube.com/watch?v=_MGT_cSi7Rs
Lots of McCain items come up you can search on McCain and Fannie Mae and get the results.
Lisa,
It does not take much skill to type in George Bush and Fannie Mae on Google to confirm what Jan Ranch is saying.
http://www.bucksright.com/bush-proposed-fannie-mae-freddie-mac-supervision-in-2003-1141
Title on Youtube if link does not work
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
He started warning back in early 2000′s and Barney and Chris ignored him.
Obama, Pelosi, and Reid have not been doing their jobs representing us for the last several years, in the Senate/Congress. I can understand Obama’s ignorance of the economic situation. He’s been campaigning for a job beyond him. Reminds me of the “PETER PRINCIPLE”.
Ditto Jan Ranch – this started a LONG time ago. And a select few are responsible for strong arming the finacial institutions into lending irresponsibly. Despite his efforts, Bush was slapped down by Congress every time he tried to stop them.
I blame Acorn and other groups who extorted banks to lend to those who could not repay their loans. Any time the regulators complained they were told that they were racist. Senator Dodd and Rep. Frank took advantage of their positions and sold us up the river. Now the people who caused this disaster are in charge of the clean up. Heaven help us!
Who is responsible for this mess? Don’t we mean who is irresponsible for causing this mess? But what does it matter if the course of action being taken by the majority of our elected officials is to continue their pandering and pork.
Hello all,I Agree With Most all of you who are just Fed Up with all this crap!!This all started in the 90′s under Clinton ,Not surprising ,Its where everything started to turn this great country around..Bush Never Blamed Clinton For Being weak on national security,not going after the terrorist in the 1st place, Bush also inherited a rescission,-9-11 Two wars and Katrina,What Bush Did Was he lowered Taxes ,went after terrorist, keeps us safe from attack ,But the only thing he forgot to do was to was to be more aggressive with congress the root of all evil Barny-Dodd,cox in pushing for more Regulation on the lenders ..i just don’t understand to see how Stupid most people are in this country listing to this Puppet obama that needs his TelePrompter to tell him what to say every time he goes on TV and makes a speech?? Blaming the rep and Bush for this,When It was The Libs Who got us in this MESS!!! Obama should Pay A little more attention To The Tax Cheats He hires On his own cabinet And stop Blaming Rep And Do what he said while Running , i can go on all day just sick and tired of this Blame Rep Crap..Obama Thanks for passing all these usesless bills and by going line by line to get rid of earmarks like you said 1,000,000,000 times in your campaign,Folks We are in Big trouble with these Clowns ..God Bless you and God Bless AMERICA!!!
http://sendables.jibjab.com/view/lHEq7rczHT91lv6t
will someone please tell Obama that he won! He can stop campaining. I echo all of the comments made by Bobby v. How can the American people think that his many speeches make any sense at all, he is a very eloquent speaker and he says nothing!
Adam, Alot of us and i feel your pain my friend.It is total insanity what is going on, you need to be at least 3-4 months late on montage with a montage you couldn’t afford in the first place to be eligibly to be considered to get a bail out with a lower rate and 1,000 a year taking off the principle credit like a neighbor not paying there montage on time because they either lied on the aplacation …. you and me and most responsible people get have to not only play by the rules and pay on time but we have to write an extra ck for at least 100.00 for the dead beat that lied…i need a break pal im sick over all this..PS LISTEN TO EITHER RUSH , HANNITY OR FOX NEWS FOR THE TRUTH..GOD BLESS YOU PAL..BOB