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No offense, but much of the blame lies with the people who took out these loans as well. Not all of them were too stupid to understand what they were getting into.
No offense, but much of the blame lies with the people who took out these loans as well.
No offense, but much of the blame lies with the people who took out these loans as well. Not all of them were too stupid to understand what they were getting into. I had one of these loans at one time, but I got out of it long before the interest rate went up. I read the mountain of paperwork I signed for the loan and I understood exactly what was going on. Like accepting responsibility if I accidentally hit the wrong button on my IFT's, I accepted responsibility for my loans as well.I agree, there is plenty of blame to go around. I blame the credit companies in general, not just mortgage companies, for making credit too available.
Maybe it's too simplistic on my part, but I kind of feel the buck stops with the President. For what it's worth, I'm neither Republican or Democrat. I think they both stink!
Weatherweenie,
I hate to ask this, but how do you blame an economy on the existing administration when the majority of the cruch is being blamed on the sub-prime markets?? These loans have been in use for years. As of 2004, most of these types of loans were on track with standard loans in regard to foreclosure rates. But when did subprime loans become legal? During the REAGAN run! Lookup Alternative Mortgage Transaction Parity Act (AMTPA) 1982 and the Tax Reform Act (TRA) 1986. Now that these loans are available and lending institutions offered these types of loans more and more, the blame lies on the administration? What about the companies? Where is THEIR blame?
By the way:
Should this president be held accountable? There are three (3) entities of the government and nobody seems to bring the other two into the blame.
Honestly, I respect and admire the information you have given in the past on this investment site. I enjoy seeing your inputs. But this post seemed to hit a nerve and I just wanted to know why you decided to hit this administration with the blame. I blame the companies. I blame the lendors who preyed on the uneducated and uninformed.
Sorry for the rant, but I had to get it out!
I agree that the economy/stock market was coming down from it's boom as W took over. It has since recovered, somewhat, from the bust, but is on its way back down.
Whoever takes over from W will be inheriting a pretty weak economy, courtesy of W himself.
Good words, I agree with both of you. BUT WHO? I know how to decide from among the others!!!The USA has faced challenging since 2000. The country needs experienced leaders who can try to fix this mess. Obama is not the one. All theat preaching is just fluff. People want change because they had 12 years of the Bushs(father and son) and 8 years of the Clintons. However; they are grabbing atone who talks a good game. the Clintons, you will get Bill back. If Obama gets in, the country will go from extreme to other. This Obama will withdrawal the troops too quick and sit down with Iran over coffee. You need a plan and also let the troops know that all the sweat and blood they shed for us for worth some progress.
I agree that the economy/stock market was coming down from it's boom as W took over. It has since recovered, somewhat, from the bust, but is on its way back down.
Whoever takes over from W will be inheriting a pretty weak economy, courtesy of W himself.
Each new president inherits the economic conditions that were created by the policies, including Trade Agreements of the previous administration. Some inherit a good stable economy and some don't. Let's see who was it that was president before G.W. Bush?
I said that!
Exactly, but as you know that is not the only thing wrong with this wrong way economy.The IRAQ war was not inherited.
I really dislike Mr. Jane Fonda Kerry!
Each new president inherits the economic conditions that were created by the policies, including Trade Agreements of the previous administration. Some inherit a good stable economy and some don't. Let's see who was it that was president before G.W. Bush?
I said that!
I am a Dem. and I also dislike Kerry and his wife.I really dislike Mr. Jane Fonda Kerry!
Each new president inherits the economic conditions that were created by the policies, including Trade Agreements of the previous administration. Some inherit a good stable economy and some don't. Let's see who was it that was president before G.W. Bush?
I said that!