The Politics Thread

fly said:
So? I don't see how an unforseen consequence makes them liable. Who SHOULD be help liable are the credit rating agencies. "OMG WE RAIT UR PAPER TO A+++++++++++++++++++ FAST SHIPPER"
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Unforeseen? The regulations that they removed were the ones put into place after the Great Depression. They were aimed at stopping cheap credit and credit on capital investment. Sound familiar?

Edit : that isn't to say stupid people who took out mortgages they couldn't afford or rating agencies shouldn't share in the blame. I'm just saying a certain set of Repubican's actions should not be qualified as unforeseen consequences.
 
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KNYTE said:
The bottom line is that people are still ultimately responsible for things that they sign their names on. No one had a gun to anyone's head and even a retard should be able to understand what is, and is not, a good idea for them financially.

A $30k per year Wal-Mart employee should know that they cannot afford a 3,500sqft house with granite counter-tops, period, end of story.
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i couldn't agree more.

i'm just sayin'.

we do have an economy that works very hard to keep consumers uninformed, complacent, and in debt. the whole reason people create government is to help them help themselves. that's why it's the government that requires food labelling, safety standards, fair credit practices etc. because individuals can't force those things. how often does a person buy a house? it's not like you can go with a different, more consumer friendly, mortgage lender every week and put the bad one out of business. you pretty much get one shot every ten years, and if they're all trying to push interest only ARMs because a nice safe FHA backed loan has a lower margin, then buyers will be bamboozled.

at the same time, no one bothers to read the fine print anymore. everyone maligns lawyers, but if the all the people getting screwed right now had used one to review their terms and advise them they may have made a more resonable decision.

the current financial crisis is everyone's fault, except buyers who bought a resonable house, a lender who explained the mortgage a buyer was getting, loan aggregators who wouldn't buy NINA loans, and CDO makers who didn't retranche garbage and call it cake.
 
Jonny_B said:
i couldn't agree more.

i'm just sayin'.

we do have an economy that works very hard to keep consumers uninformed, complacent, and in debt. the whole reason people create government is to help them help themselves. that's why it's the government that requires food labelling, safety standards, fair credit practices etc. because individuals can't force those things. how often does a person buy a house? it's not like you can go with a different, more consumer friendly, mortgage lender every week and put the bad one out of business. you pretty much get one shot every ten years, and if they're all trying to push interest only ARMs because a nice safe FHA backed loan has a lower margin, then buyers will be bamboozled.

at the same time, no one bothers to read the fine print anymore. everyone maligns lawyers, but if the all the people getting screwed right now had used one to review their terms and advise them they may have made a more resonable decision.

the current financial crisis is everyone's fault, except buyers who bought a resonable house, a lender who explained the mortgage a buyer was getting, loan aggregators who wouldn't buy NINA loans, and CDO makers who didn't retranche garbage and call it cake.
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I was going to post something similar.

That and people get the government they want, not the one they need. A government you need is a dictatorship, this is a government of wants.
 
i just wish the government would bail them out with my tax dollars. not my fault people are financially irresponsible, so why should i have to cover their fuckups?
 
plot said:
i just wish the government would bail them out with my tax dollars. not my fault people are financially irresponsible, so why should i have to cover their fuckups?
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Let's be clear about what the government is doing here. They aren't technically spending your money. They're printing money out of the thin air. It does cost you in the form of inflation, but it's not a case of them pulling tax dollars away from some other program.
 
theacoustician said:
Except Mc Cain heavily supported and his economic advisor authored the bill that deregulated the banking industry and allowed such loans to be possible in the first place. oops!
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I would just like to submit this http://abcnews.go.com/video/playerIndex?id=5827328

Wait till about -1:15 in the story ... it's like I'm a mother fucking prophet. Before you whine and cry about liberal media, this story is ABC, owned by Disney which is only second to Fox in its conservatism and #1 panderer to the fundamentalist sector of the population. That fact is one of the leading reasons they were chosen to host the first interview with Palin.
 
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