Indeed that is correct and those loans were made as a result of the massive vote buying by both parties. Give every American and non-american the funds to buy a home regardless of their ability to pay it off. Democrats call it “fairness” and republicans call it “compassionate conservatism.” Also contributing to the problem was the Fed Reserve constant efforts to keep the interest rates unduly low. Since capital was paid so little for saving and investment, those with capital turned to what has turned out to be extremely risky investments in order to make a buck. Politicians responsible for the entire fiasco. We desperately need an entire new political system, one that does not depend on massive vote buying at the expense of the working American.
We don’t need a new political system, we need to let these banks and investment houses FAIL!
Loaning money is a 2 way street, it is fiscally irresponsible to make a loan to someone you know can’t pay you back. ANd yet, the biggest marketed commodity in the united states today is DEBT.
The theives on wall street and the national banks thought they could continue to rob the american people blind to fund their excess, they threw all common sense out the window, and have basically screwed the pooch. ANd the ones most responsible for it won’t be the ones who suffer. They should be hauled off in cuffs and face a firing squad for their actions.. of course they won’t.
I’m still waiting for someone to explain to me how Countrywide’s CEO is not in jail for his blatant pump and dump to the tune of 1/2 a BILLION in options.
Unfettered capitalism breeds corruption, and its high damned time that all these “markets are god” types stop regurgitating that insanity and look at the mess that idiotic mantra has created.
Markets are not gods, Governments are not gods, anyone advocates blindly that either of them are, are complete an total fools and useful idiots for the folks who wis to take advantage of the people through one or the others power.