Originally posted by haarvik
reply to post by Janky Red
I do if they can't afford it. I don't buy things I can't afford, and neither should anyone else. The fact that the government intervened and
forced banks to lower their lending standards is what started this ball rolling.
No... you are taking a component and trying to point to it as the causitive event. Carters legistlation occured
over three decades ago, plenty of people paid off their mortgages in that time who benefitted from the government intervention. Home ownership is
directly correlated to finacial prosperity in an economy, it is a huge factor in fact.
You are ignoring is that the structures of risk in the financial/insurance industry were dismantled by politicians.
LAW was effectively changed
Was there widespread racism in America, YES... Has is gotten a lot better, YES
Is affirmitive action healthy for America now? I say NO, its time has passed IMO
Making home ownership more atainable is hardly on par with intentionally creating loopholes and laws which allowed for institutional, INTERNATIONAL
fraud. You are looking at the headache and ignoring the Brain Tumor.
Those irresponsible people would have never gotten loans if lenders retained a sense of risk. Unfortunately
American politicians stripped away sound laws that served this nation for decades upon decade just fine.
As far as I can tell, all those irresponsible borrowers are eating ass now, just as nature intended.
On a side note; I don't understand why conservatives very often go to bat for the big guy, the corporations,
the billionaires and the elite... Example is; you choose to take a very complex institutional problem and
lay the blame on the doorstep of the little guy, completely ignoring the elite's culpability. Can you explain
why this always seems to be the M.O. I actually want to understand this pattern