posted on Sep, 8 2008 @ 01:18 PM
Originally posted by jamie83
Originally posted by Hal9000
"More of you have cars you can't afford to drive, credit card bills you can't afford to pay, and tuition that's beyond your reach. These
challenges are not all of government's making."
Still doesn't change his implication that having a car you can't afford, credit card bills, and tuition that's too high is somehow the
And exactly how is the Federal government and George Bush or ANY POTUS supposed to "respond" to an individual who can't make his car payment? The
problem with his statement is it presupposes the Federal government should intervene somehow to help you when you can't make your car payment, or
when you spent too much on your credit cards, or to pay your tuition.
Jamie.. The Bush Administration has allowed for an unprecidented amount of deregulation of the finance industry allowing predatory lending. Yes many
people got in over their head and they have responsibility for it, but many of them were victims of corrupt practices that have been well documented
and written about in the credit card and lending industry. It's the governments job to reign in the lending industry when they start engaging in
clearly unethical practices and flat out lying to people about how they can afford a loan or sending children credit card offers etc. etc.
Even Secretary Paulson acknowledges that we need to re-institute some regulation within the financial lending industry in light of the Freddie Mac and
Fannie May bailout..which will now cost taxpayers Billions...
As Paulson laid out his prognosis for America’s mortgage crisis and last week’s disaster on Wall Street, he tossed aside the dogmatic,
decades-long conservative tradition of promoting market deregulation:
”This latest episode has highlighted that the world has changed as has the role of other nonbank financial institutions and the interconnectedness
among all financial institutions,” Paulson said. ”These changes require us all to think more broadly about the regulatory and supervisory
framework that is consistent with the promotion and maintenance of financial stability,” he added.
[edit on 8-9-2008 by maybereal11]