Posted by
Craig T on Saturday, October 04, 2008 12:00:00 AM
It is appalling how stupid neo-con republican stalwarts are. They can never point the finger at both sides of the aile, so they have to inflate one side of the argument so that the democraps look bad and that they look good. the Truth is that both parties SUCK and are to blame for all of this.
Facts;
1. The bush administration and congress have been printing money like it was toilet paper. effect, housing boomed! After every boom a bust. I told everyone 3 years ago the bust was coming, the fact that so many bobble headed conservative pundits didn't means that they should brush up on their Ludwig Von Mises!
2. To keep the boom alive and to make it appear as if "happy days are here again" the mortgage sector with FNMA and FHLMC approval invented the option arm. This is not a sub prime loan, it is a loan to help middle class buyers buy way above their qualifying means. (I know I am in the mortgage/real estate industry 19 years now). So people were helped to buy homes they could not afford with a regular mortgage! They werent poor people they were middle class people!
3. I have never seen a poor person get a loan without qualifying for that loan! They still had to have good credit, steady income and meet all loan requirements! This article and many others makes it sound like that all they have to do is fog a mirror and presto you get a loan! WRONG dumb schwitz!
4. The sub prime loans were the most horrendous things you can imagine. High adjustable interest rates marketed to people with already dinged credit and with no qualifying! Countrywide was one of the greatest culprits in this ripping off of people! (I worked for their Full Spectrum lending division for 3 months and saw form the inside what they were doing! I walked out in disgust) again the vast majority of these people were middel class Americans!
5. All of these banks and lending institutions took horrible risks because they knew that if they fail the political elites in both parties will always bail them out with tax payer money! The public-private partnerships being espoused by Bush, Republicant's and democruds is economic fascism! All profits are private and all losses are "social!" We the people get the shaft!
The amount of manure being thrown by both sides is appalling and now the Republican'ts are giving the democruds more ammunition to point at them and say, "see they are against the poor! They dont want you to own a house!" Stupid conservative, brains are for grown ups!
The melt down was caused by a president and a congress that prints money at an appalling rate! Then to get around the inflation that they cause, they invent instruments and price controls that cause market instability. The option arm loan and others like it was a false way of rent control, but like all false things when they started to adjust 18 months later reality set in when peoples housing payments doubled! Then when the crash came after the boom, human nature kicked in and people just walked away. I saw this bust coming 3 years ago and I predicted the stock market bust in 98!
My prescription to the Republican'ts, all you true believers is, take 10 Ludwig Von Mises books and call me in a month!
http://mises.org/
Its time to stop pointing the finger of blame outside of ones party and point it to where it belongs! In theparty! The Democraps are tax, borrow and spend and the Republicants are Borrow and spend! Both parties are to blame, both parties must be removed from office equally if we are to save America.
Come November I am still writing in Ron Paul. Mclame is jsut another global elitist front man (as is Obomination). Its time to repudiate the system!