clsteve opened this issue on Nov 15, 2007 · 354 posts
XENOPHONZ posted Mon, 19 November 2007 at 12:31 AM
In a very large measure, the government is to blame for the current mortgage/credit 'crisis'. For the last 20 years or so, banks and other financial institutions have been hauled up before Congress and threatened, investigated and harassed -- accused of being unwilling to extend home-buying credit, etc. to areas like the inner cities. So.....in order to go along to get along (and to be left alone by harassing government do-gooders), the financial institutions gave credit to high-risk cases in large numbers.
Guess which loans are now in default in large numbers? And guess who the government (and their propagandists in the MSM) are blaming for the problem? Hint: it certainly isn't themselves and their own politically-correct lending policies: policies which they've forced down the throats of the lending institutions -- against their own better judgement -- for a couple of decades now.
So we see the results. This isn't the only factor here, but it's a mighty big one.
And people want this same bunch to run our health care........? Sure.