Al, I totally agree, the housing mess is responsable for most all current economic problems.
This was an area where previously, Govenment had strict control over the % of down payment and income needed to buy a home.
Govenment relaxed their control, as you like to say, let the free market run things.
Al how did that work for you?
The "free market" screwed the pooch!
We need now, as we needed then much tighter control over the markets!
Things worked just fine until they desided to let he "free market" run things!!!!!
Al, would you not agree that if Government had kept strict controll, our economy would be much, much better?
What bloody fool ever thought that borrowing money from someone called Fanny Mae and freddy Mac was a good idea??? Surely that was an 'in' joke all along wasn't it?
Someones having a good ole knee trembler at our expense and his name is ....................................................
What bloody fool ever thought that borrowing money from someone called Fanny Mae and freddy Mac was a good idea??? Surely that was an 'in' joke all along wasn't it?
Someones having a good ole knee trembler at our expense and his name is ....................................................
Forget that this is fox news, these are direct quotes from government people involved. No ventriloquist.
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube
Barney Frank & Chris Dodd Complicit With Failure Of Fanni Mae & Freddy Mac - YouTube
Then I decided to agree that a even those who work hard and educate themselves are not guaranteed a good wage. Bollocks. It's out there people, go and fucking find it and stop whining!
Fannie Mae = Federal National Mortgage Association.
Freddie Mac = Federal Home Loan Mortgage Corporation.
Have another bottle of cheap wine, Mark!
and yet, they (and the Clinton administration) still failed regulate these derivatives as securities.
Did Freddie and Fannie's guaranteeing of loans add to the fire yep?
Were they, or any government backed lending practices the root cause of all this? Nope, that's just FauxNews brainwashing.
No one "forced" banks to make these loans. They were making a ton of money off of them at the time AND they had government guarantees.
That said, take a look at the hard statistics. Fannie and Freddie actually backed a smaller percentage of "bad loans" than the big banks took on.
Greed, and an unregulated new product caused this. Don't believe the hype on this being Freddie, Fannie and a gay guy from Massachusett's fault. Contribute? yes. Cause? Nope.