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Why is wall st. blamed? Because the govt. sure as hell doesn't want to be pinned as the real and correct culprit of the crisis.
They were responsible in that they did not regulate the financial sector and private lenders. Because they are in collusion. We have a plutocracy now, didn't you know?
Subprime lending was obviously a problem, but the larger problem was loans made with a much lower bar for debt to income ratio as well as adjustable rate loans with horrific future payments that both sides ignored. These loans were doomed for high failure rate even if the mortgagees held their jobs. The loan payments took so much of their income that the least little financial incident that caused them to be late on a payment sent them spiraling into an abyss with no hope of getting out.
The damage could have lessened had anyone actually cared enough to stop the spending and froze institutions like F&F.
Why do you keep suggesting that? Almost 90% of the bad mortgages had NOTHING to do with F&F. Zilch, nada, NOTHING. So freezing F&F would be a drop in the ocean. Why didn't the Bush Admin. go after the private sector where the real damage was done? Oh yeah, he was in collusion with Wall St.
And we wonder why this country is full of misinformed dipshits. I hear this mantra on the regular and it is patently false. It's so fucking false it's actually funny and I tend to without restraint, laugh at my own friends for being so gullible.
Why is wall st. blamed? Because the govt. sure as hell doesn't want to be pinned as the real and correct culprit of the crisis. Which is why Wall St. gets the blame and Bernanke gets a second term and praised for avoiding a depression. The very depression that asshat helped create.
I see gullible people. Lots of them.
Subprime lending was obviously a problem, but the larger problem was loans made with a much lower bar for debt to income ratio as well as adjustable rate loans with horrific future payments that both sides ignored. These loans were doomed for high failure rate even if the mortgagees held their jobs. The loan payments took so much of their income that the least little financial incident that caused them to be late on a payment sent them spiraling into an abyss with no hope of getting out.
All in the name of "Housing is a right" that must be afforded to all americans
The economy collapsed at the end of Bush's two terms which was preceeded by two years of democratic controlled congress. A time during which red flags were raised about the elephant in the room (housing) but democrats denied and the GOP was too spineless to push forward with reforms.
Obama had two more years of that same congress and even managed to pass HCA with 0 republican votes. Yet the faltering economy nearly four years later is not his fault. He never mentions Reid won't do his job in the senate. Reid and Obama bare the brunt of the responsibility for our current situation in my opinion.
Was that a monologue addressed to yourself?
No, to the other right wing partisan hack. But thanks for asking.
BTW, had the auto industry collapsed, what impact might that have had on the overall economy? How much greater would the unemployed figures be if all the suppliers for GM and Chrysler went out of business; if all the dealerships closed their doors? How would that have impacted local government dependent on sales tax revenue of new cars? How many more public employees would have lost jobs? And what of the jobs in the private sector which provided food and entertainment and clothes and such for the newly unemployed? Explain that if you can Rabbi.
They would have only failed if we stopped buying cars. I didn't see that happen though. And even if GM and Chrysler had collapesed someone would have had to build the cars that we are buying. And Ford proved that by changing the way they do business it is possible to recover without a bailout.
