I try to keep politics out of the blog but this video has some interesting tidbits of information on some of the decisions and policies that helped inflate the bubble. So keep your political views to yourself when making any comments.
It's fairly obvious which side this guy is batting for from the video. But he brought to light a few things I though were at the very least, thought provoking. everyone blames Bushtard and friends but it looks like some of the seeds might have been planted a little earlier.
I am a registered republican and a McCain supporter, but this video is full of hyperbole and embellishment. I think politics as a whole really stinks, and if McCain needs supporters like this to win then perhaps he shouldn't be the president. Is anyone or anything in America honest anymore?
Definitely "social engineering" gone awry, but I think there is plenty of blame on both sides of the aisle. Dems may have come up with it, but Republicans embraced it (esp. W).
If you can't afford a house, don't buy one. If you can, buy one you want to live in.
If you are speculating or investing, caveat emptor. Prices fluctuate.
Interesting, they forget to mention in 1994, Republicans won the majority in the House (230 seats v. 204) and Senate (52 vs. 48) so they were the ones who passed that revised Act of 1995 in Congress. And, it was a Republican Congress again in 2003 as well as a Republican President who made it easier for those bad loans to get to people who couldn't afford it.
Now we've got this mess, on the verge of Socialism anyway... disgusting.
By the way, a little search and I found out out who sponsored (all Republicans) and passed the American Dream Downpayment Act that basically allowed adjustable rate mortgages and loan limits to be increased to families who basically could not afford a traditional fixed loan. Yup... I can see how this is Barack Obama and the democrats fault... totally...
So inother words While Bush and At that time The House and Senate were in power none of them changed it before all this came tumbling down. I rememeber when I bought my house. In 1994 it cost 105,000 and was a nightmare to qualify for a loan even though I had no car payment, no credit card bills and about 10k in the bank and I made about 45k a year. In 2001 my house was appraised at 120k not great but not bad, in 2005 my house was worth 400k whats wrong here. House when up in valure about 400% but my wages at the most only doubled. So what happened who was watching the store? just because we have a death penalty does not mean we kill all the people in jail. People got gready and saw that people in Gov were NOT going to do anything about it so now we know the story
Congressman and 2008 Republican presidential candidate Ron Paul has partially attributed the ongoing subprime mortgage crisis to legislation such as the Community Reinvestment Act.[23] A Wall Street Journal editorial recently argued that the law compelled banks to make loans to poor borrowers who often could not repay them and that this contributed in part to the subprime crisis. Read more: http://en.wikipedia.org/wiki/Community_Reinvestment_Act
Thanks for the video. It does open ones eye's. But I still put the blame on individuals that were living for the moment. The majority knew they couldn't afford the home they bought but did anyway. Sure I was approved for much more than what I actually paid for a home in 2003. But I kept it within our means. We sold the house the first part of 2006 and did pretty well. We had moved out of state. We are now in the process of coming back to California and will again buy within our means. Just makes since. Love your work Golfer X. Keep us informed as much as possible. I read in here everyday to keep updated on the Market before we get back over there.
You have to blame the people to some extent. But unfortunately most people are like hungry crocs, and if you dangle a chicken in front of them, they will take it. The only thing that stops them usually is regulation. The elimination of the rules and standards is what allowed those people to do what they did.
Whether or not "they should have known better" is a minor factor. They should not have been allowed to borrow more than they could afford. It's hard to imagine why banks would do it. Would you loan $500 to an unemployed crack addict? Of course not, because you know there is little chance of being paid back. Yet banks had no problems lending $500K to people making $50K.
13 comments:
Hmmmmm... looks like I can add Obama to my blog. BWAHAHAHA
Thanks for the video link.
you have to look at this guy's other videos to decide if this is an objective analysis.
here's the link:
TheMouthPeace
you decide if this guy is an unbiased and nonpartisan source for info.
It's fairly obvious which side this guy is batting for from the video. But he brought to light a few things I though were at the very least, thought provoking. everyone blames Bushtard and friends but it looks like some of the seeds might have been planted a little earlier.
I am a registered republican and a McCain supporter, but this video is full of hyperbole and embellishment. I think politics as a whole really stinks, and if McCain needs supporters like this to win then perhaps he shouldn't be the president. Is anyone or anything in America honest anymore?
Definitely "social engineering" gone awry, but I think there is plenty of blame on both sides of the aisle. Dems may have come up with it, but Republicans embraced it (esp. W).
If you can't afford a house, don't buy one. If you can, buy one you want to live in.
If you are speculating or investing, caveat emptor. Prices fluctuate.
Is anyone or anything in America honest anymore?
Fortunately yes, there are some honest folks around, unfortunately politicians as a whole are a corrupt bunch of self serving hypocrites.
Interesting, they forget to mention in 1994, Republicans won the majority in the House (230 seats v. 204) and Senate (52 vs. 48) so they were the ones who passed that revised Act of 1995 in Congress. And, it was a Republican Congress again in 2003 as well as a Republican President who made it easier for those bad loans to get to people who couldn't afford it.
Now we've got this mess, on the verge of Socialism anyway... disgusting.
By the way, a little search and I found out out who sponsored (all Republicans) and passed the American Dream Downpayment Act that basically allowed adjustable rate mortgages and loan limits to be increased to families who basically could not afford a traditional fixed loan. Yup... I can see how this is Barack Obama and the democrats fault... totally...
http://www.govtrack.us/congress/bill.xpd?bill=s108-811#votes
And not to mention this little ditty...
http://www.whitehouse.gov/infocus/homeownership/homeownership-policy-book-ch2.html
Too bad those honest folks don't hold any offices!
So inother words While Bush and At that time The House and Senate were in power none of them changed it before all this came tumbling down. I rememeber when I bought my house. In 1994 it cost 105,000 and was a nightmare to qualify for a loan even though I had no car payment, no credit card bills and about 10k in the bank and I made about 45k a year.
In 2001 my house was appraised at 120k not great but not bad, in 2005 my house was worth 400k
whats wrong here. House when up in valure about 400% but my wages at the most only doubled.
So what happened who was watching the store?
just because we have a death penalty does not mean we kill all the people in jail.
People got gready and saw that people in Gov were NOT going to do anything about it so now we know the story
Congressman and 2008 Republican presidential candidate Ron Paul has partially attributed the ongoing subprime mortgage crisis to legislation such as the Community Reinvestment Act.[23] A Wall Street Journal editorial recently argued that the law compelled banks to make loans to poor borrowers who often could not repay them and that this contributed in part to the subprime crisis.
Read more:
http://en.wikipedia.org/wiki/Community_Reinvestment_Act
Thanks for the video. It does open ones eye's. But I still put the blame on individuals that were living for the moment. The majority knew they couldn't afford the home they bought but did anyway. Sure I was approved for much more than what I actually paid for a home in 2003. But I kept it within our means. We sold the house the first part of 2006 and did pretty well. We had moved out of state. We are now in the process of coming back to California and will again buy within our means. Just makes since. Love your work Golfer X. Keep us informed as much as possible. I read in here everyday to keep updated on the Market before we get back over there.
You have to blame the people to some extent. But unfortunately most people are like hungry crocs, and if you dangle a chicken in front of them, they will take it. The only thing that stops them usually is regulation. The elimination of the rules and standards is what allowed those people to do what they did.
Whether or not "they should have known better" is a minor factor. They should not have been allowed to borrow more than they could afford. It's hard to imagine why banks would do it. Would you loan $500 to an unemployed crack addict? Of course not, because you know there is little chance of being paid back. Yet banks had no problems lending $500K to people making $50K.
Post a Comment