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Originally Posted by randolph
Sighing on to easy loans on houses that would gain in value. After all the smartest people in the country believed that, even the great guru Mr. Greenspan believed it. Why should we question all that wisdom, I'm just a poor working stiff who wants a roof over my head.  |
You still haven't explained Greenspan's role in the financial crisis. Bush has been trying to warn congress starting in 2001 with this:
The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
And repeatedly warned congress throughout his 2 terms. He warned them 17 times in 2008 alone. Democrats continued to say Fannie & Freddie were fine right up until they collapsed. Perhaps it was those "smart people" you were listening to?
Quote:
Originally Posted by randolph
So do you have a better idea?
Oh sure, people can sleep in their cars, but what if they have lost their car? Oh, to hell with them they are too stupid to worry about, let them find some cardboard to sleep under. After all we are a "poor" country, we cant afford to take care of ugh, poor people, its all their own fault anyway.
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If anyone, from the US government down to Joe Blow, has financial problems and debt, you need to cut spending. The republican congress and Bush both had problems with this.
$261 billion of our 2008 budget goes towards interest on the debt. So you need to cut spending. Quit living beyond your means, or else the debt will obviously continue to grow. And you'll have to cut it drastically just to be able to actually start reducing the debt. That's not what Obama wants to do though. His solution is to go orders of magnitude beyond the overspending that the republicans have done. Which will lead to hyper-inflation.
The American people are not too stupid to earn a living. But increasingly they have been getting too lazy, and they've been able to pull off being lazy because the democrats will side with them and say ohh poor us. We need a hand out. And increasingly the lazy are getting hand outs. Being lazy works for them. And it's working for that lazy idiot in my town who has ACORN flocking to her rescue.