Dems try to ‘implement’ fairness and encourage an unsound practice — they argue that extra government oversight will keep this from going bad; except it didn't.
regulations mandating that minorities with no credit rating and no income be given loans that this entire subprime mortgage/banking meltdown has taken place
Although I do feel that it was the Clinton policies that loosened the loan restrictions, I feel stronger about what I am going to type next. The main reason that the mortgages are crashing is the wild unmonitored use of second and third mortgages used to maintain a lifestyle. NO ONE SHOULD BE MAINTAINING A LIFESTYLE ON LINES OF CREDIT. I constantly hear radio ads about “if you have 10k in credit card debts you can settle for half of what you owe” “refinance your credit card debts away and save thousands” it is this type of irresponsible attitude that we need to stop. If you spend, buck up and pay it off. Granted the credit card thing will ruin your credit, but it is the premiss of not being responsible for your actions that burns my wick at both ends.