Fox News broadcast this excellent piece detailing how we got into this mess. This piece should be required viewing for all Americans. See what happens when you give out risky loans to people who are unlikely to pay you back:
Also Bloomberg.com published this excellent editorial which lays it right on the line: How the Democrats Created the Financial Crisis: Read it and weep.
4 comments:
This is the truth, now unfortunately we have to bail everyone out. Hopefully we learn from this and stop lending to people to fill "quotas."
the problem is that the dem's made people believe and made freddie and fannie support that untrue fact that home ownership was a right...
A lot of this too is greed. Banks giving loans to people who could not afford them and people needing houses they couldn't afford. Now the rest of us who behaved ourselves have to pay to get them out of the mess. I'm not too keen on working my butt off and paying my mortgage on my house while my neighbor gets rewarded for being irresponsible by getting bailed out for.
Hopefully, you're neighbor will still keep paying or lose his house. He shouldn't get a free one. This is not what's happening here... A moratorium on foreclosures is a separate issue.
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