I blame, what is to blame. Everything you mentioned is due to left-wing policies. If you want, we can go through each and every single one of them, and I can detail exactly which policy is causing which effect, and how they relate.
Of course every politician play's to their audience. The only difference is that you think one particular group is more ignorant than another. That's not how it looks to anyone else. Left-wingers are just as ignorant and stupid as any other ignorant group of people.
I won't have to worry about paying my mortgage or for gas? Did Obama not play up to that level of ignorance? Of course he did.
What did you think all that "Yes we can" "Hope and Change" "Believe" crap was all about? Playing up to the stupid and easily deceived.
All politicians do this.
But it's not. You don't blame what is to blame. You're blaming what you WANT to blame.
I think one group is more ignorant than the other group? Come on, you're slamming the left, then claiming it's ME that's only looking at one side. Er... contradiction.
Obama worked on hope, Trump did the same thing. There's not that much difference between the messages of Obama and Trump, and neither was ever really going to provide the hope they promised. So what? Different party, same shit. Oh, but you'll just blame the left. Right. It's wearing thin this "it's all the left's fault".
Oh yes it is. You are wrong.
And no, I completely agree that there are ignorant right-wingers. You didn't see me dispute what you said, only add to it.
I blame left-wing policies, because left-wing policies consistently fail across the world, and throughout history.
Blaming things that don't work, for causing problems, isn't partisanship... it's fact based logical thinking.
Blaming Bush, because he was in office when the sub-prime bubble burst, while ignoring the fact that the sub-prime bubble started in 1997 which Clinton was pushing sub-prime mortgages as a way to increase home ownership... is not fact based logical thinking.... that's partisanship.
Facts 'trump' opinion... pardon the pun.
Clinton? Promoting subprime mortgages???
Take you your alt.facts and shove them up your ass. You clearly have little grasp on the real ones.
If Clinton did cobtribute it's because he was a big time financial de-regulator.
No. Sorry. Clinton pushed to increase home ownership through Freddie Mac, and Fannie Mae.
Specifically, Freddie Mac in 1997 openly offered to guarantee sub-prime home loans.
This was done through Bear Stearns, and First Union, which became Wachovia. Ironically two of the largest non-government bank failures. (Freddie and Fannie were the largest bank failures).
First Union Capital Markets Corp., Bear, Stearns & Co. Price Securities Offering Backed By Affordable Mortgages
This press release happened in 1997.
First Union Capital Markets Corp. and Bear, Stearns & Co. Inc. have priced a $384.6 million offering of securities backed by Community Reinvestment Act (CRA) loans - marking the industry's first public securitization of CRA loans.
When this happened, Sub-prime loans began to be bundled in Mortgage Backed Securities, and sold to Freddie and Fannie, and the entire mortgage market.
Notice this happened before 1999, which Bill Clinton supposedly 'deregulated' the market. And the price bubble started before the 1999 so-called 'deregulation'.
So the sub-prime bubble had nothing to do with deregulation. It had to do with government policy supporting and promoting sub-prime loans.
Moreover, the administration specifically targeted and forced banks to make sub-prime loans, with law suits.
Now unless you consider forcing banks to make bad loans, and guaranteeing bad loans through government agencies.... is 'de-regulation' in your bonkers book....
I think I've made my point.
Grrr. I can see a situation where the banks profit triply.
They make bad loan, ends up in default.
Government guarantees it, They get paid, Bank forecloses, they have property they can sell later.
Housing prices plummet, banks buy more property.
Not exactly. If what you said was the case, then we should not have seen a single bank anywhere, go broke. Yet they did. Here's why...
Take a mortgage lender bank. They find people and homes, and lend money to buy the home. They then bundle a bunch of loans into Mortgage Backed Security, and get Fannie or Freddie to guarantee the MBS, and then sell the MBS to investors.
Now who is protected by the guarantee? The bank? No. The investor is.
So how does the bank lose money?
When the market crashes, and sub-prime loans are not nearly as safe as people think, no one will stamp secure on them. Freddie Mac, Fannie Mae, no one will securitize the loan.
So instantly you end up with hundred of loans you thought you could sell... and you can't. Your stuck with them. And as people default on their loans, and the value of property falls.... you go bankrupt.
Countrywide Financial for example. That's what happened. They were doing fine, and went bust.
If you go to Bank of America today, and get a mortgage, that mortgage is still not guaranteed until it is bundled as an MBS, and stamped secure by someone.
Now BOA may not sell that loan to someone else, but they likely got the money to lend to you, from someone else. So investor Bob lends $900,000 to BOA at 2% interest. BOA lends you $900,000 for a home, at 3% interest.
That 1% interest difference, is the profit the bank makes.
You take that mortgage and buy a $1 Million dollar home, with $100,000 down payment.
You lose your job, and the home loses 15% of it's value.
The bank forecloses. They get the property. They sell the property not at 85% of it's value... that's how much it would be worth regular market value. $850K.... but remember this is a foreclosure. No one pays market value for a foreclosure. They end up selling it for $500K.
Keep in mind they still owe Bob $900,000 plus 2% interest. He doesn't care about you defaulting.
The bank comes and takes you to court for $400,000. You file bankruptcy, or you settle for 25¢ on the dollar, and pay back $100,000.
The bank ends up taking a $300,000 loss... plus 2% interest on the $900K. They lose tons.
So who does the guarantee from Freddie Mac and Fannie Mae, and AIG.... who benefits from that?
Bob. The end investor that lent the money to the bank. Bob gets his money back with interest.
So who was Bob? Well many governments around the world, bought investments in US banks. Many international investors bought investments. Trade Unions, pensions, and local governments bought investments. It was a bunch of people, and almost half were foreign.
Also keep in mind that Fannie and Freddie only guaranteed a fraction of the MBS market. The rest were sold because investors said
"These loans are exactly like the loans Fannie and Freddie bought... they must be safe! The government wouldn't allow Fannie and Freddie to buy those loans if they were not safe!"
This is exactly why there should never be a government sponsored enterprise. It creates a danger.
Nonetheless, those MBS that were not guaranteed, simply failed, and investors lost their money.