Quote:
Originally Posted by TracyCoxx
So is mime. Unfortunately it's two years behind where it would have been if it weren't for the democrats policies of forcing banks to give loans to people they knew wouldn't be able to ay them back. And unfortunately they won't be what they could be in the future because the stimulus packages were a bandaid, not a fix. And that nasty problem of giving out loans to uncreditworthy people... still a problem. So we will have to do all this again.
|
Do you really think the "Democrats" deliberately "forced" banks to make loans that would fail. This is very simplistic thinking. The banks that retained a conservative policy of making loans are still here, they were not "forced" to make bad loans. Greenspan's free for all policies along with rampant manipulation of mortgages into bonds by Wall street investment banks, were the major cause of the meltdown.
The entire financial industry came to believe that we had figured out how to make prosperity permanent. Consequently, risk was minimalized and loans which used to be considered risky were now okay.
Greed rules!