If they - the bankers - do it again it will fuck you right over, you know that?
I think who did what to whom is a little bit fuzzy here. Nobody really knows exactly what was the cause of it. No documentary has been produced telling us exactly what transpired to cause the banking crisis...
primarily because they really don't want you to know the exact reasons.
Hedgefunders, Arab Oil Shieks, and folks like George Sorros pulled their investments out of the market which started a chain-reaction that was timed to maximum effect in September 08' [The Democrats October Surprise]. With the tightening of lending practices by the Democrats in congress in 2007 it caused folks to start defaulting in large numbers. They couldn't refinance out of bad loans because they didn't qualify anymore. They were given loans that were more then the value of the home so their mortgage was under water. Most of the damage was in states like New York, New Jersey, California....wherever the market tends to swing wildly. Homes were suddenly worth less then the purchase price.
In the black community thousands got into homes that were way too expensive for them with
ARMs and interest-only loans better known as
Sub-Prime Loans back in 2005 and 2006. When the adjustable rate kicked in they abandoned their properties and the banks were stuck with the bill.
Obama keeps using class-warfare to attack banks encouraging another housing collapse in the near future.
He spent last December telling the banks to start lending....giving money to risky borrowers.
http://news.bbc.co.uk/2/hi/business/8412852.stm
Now he's bad-mouthing those banks saying they were the cause of the collapse when in fact Democrats and people that listened to them caused the damned thing in the first place.
He's setting up another housing collapse with his reckless rhetoric. He's encouraging a new wave of defaults.
Walk out on your mortgage.
Those Rich Fat-Cats had it coming to them!!!
He and his supporters caused the crisis to get him elected and used it to takeover the private sector...and he then turned around and blamed it all on Bush.
It's all total horse shit.
