[exhaustguy]

Walter Williams is right again. Why is it we don’t here any politician talking like this? For goodness sake people take control of your lives. We are becoming a nation of children.

[Sir Francis Dashwood]

Subprime bailout...

Keating Five... S&L bailout... John McCain...

Curious... China... Clinton... McCain... Huckabee... WalMart... Illegals...

Mortgage crisis... Asian market collapse?

[EBH]

The Government-Created Subprime Mortgage Meltdown
http://www.lewrockwell.com/dilorenzo/dilorenzo125.html

[jwparkerjr]

This whole thing has been flawed from the git-go. People come along who, for one reason or another, can’t qualify for a mortgage under the rules that banks have developed over a period of several decades. So what do we do, we take these very people and we give them mortgages, BUT we do it requiring even more of what they don’t have than we get from those who do have!

It makes no sense at all. If they can’t afford the monthly payment to start with, giving them a lower payment that is almost certainly going to soon be more, sometimes much more, than the payment would have been had they qualified to start with is setting everyone in the chain up for a fall.

Of course the idea was that the house they couldn’t afford to start with would always be worth more tomorrow than it is today and when the stuff hit the fan the mortgage holder could foreclose, sell the property and still make money. Of course that left the homeowner out in the cold. Poor credit really ruined, etc.

Add to the basic poor business plan to start with the fact that the crush of people getting the loans made it easy to cheat you’re left with the question “What could possibly go wrong?”

There is no easy fix.

[yoe]

(winning the bail out)

[rvndoc]

As with most economic problems, we find the hand of government.

Dr. Williams nails it again.

[bmwcyle]

Dig deep everyone. Congress is going to spend like no other in history.

[Gritty]

[yoe]

(pretty close to the truth)

[samm1148]

Meanwhile gas prices climb and there hasn’t been a single bill put forth to allow off shore drilling or drilling in Alaska. Where are all these people losing their homes? What a classic shuck and jive and the public falls for it.

Hey screw in one of those useless mercury filled light bulbs. Maybe that will fix everything because everybody seems to believe the sunshine that Washington is blowing.