Who Caused the Crash of 2008?
I'm no economist but it sure looks like our socialist-democrat friends have caused the worst economic meltdown that I've seen in my lifetime. I have a little more than a passing interest in this debacle since I've lost my job and my retirement is in jeopardy.
The libtards have been screeching about social justice for decades, charging racism is responsible for appalling living conditions in black and poor neighborhoods. If we would just make it possible for these victims to buy a house they would live just like we do in the suburbs. So banks started providing no money down, variable rate mortgages for people who bought far more house than they could afford. A few years later these folks suddenly figure out that they can't pay and give the keys back to the bank. And here we are today staring at the abyss.
It's clear to me that Congress pressured the banks to make these loans and the derivatives market was created mitigate the risk. Of course the weasels got in the mix, selling mortgages to suckers to get their commissions and bonuses.
Greed, power and a something for nothing mentality is the root cause of this debacle.
Congress wanted to buy votes to get power, brokers and money managers wanted the commissions and bonuses and people wanted a house or a high rate of return on their investments because they're entitled to the good life. So, theres plenty of blame to go around.
So, we had better do the government bailout and jump start the economy before we end up repeating the lifestyle of the 1930s. Nobody likes the idea but it's better than the alternatives.
Let's also make sure that justice is served and vote the socialist-democrats out of office. Then we can make sure that the new Congress and Justice department investigates the Raines, Johnsons, Dodds and the other lying thieves that got us into this mess and send the guilty to prison.
The libtards have been screeching about social justice for decades, charging racism is responsible for appalling living conditions in black and poor neighborhoods. If we would just make it possible for these victims to buy a house they would live just like we do in the suburbs. So banks started providing no money down, variable rate mortgages for people who bought far more house than they could afford. A few years later these folks suddenly figure out that they can't pay and give the keys back to the bank. And here we are today staring at the abyss.
It's clear to me that Congress pressured the banks to make these loans and the derivatives market was created mitigate the risk. Of course the weasels got in the mix, selling mortgages to suckers to get their commissions and bonuses.
Greed, power and a something for nothing mentality is the root cause of this debacle.
Congress wanted to buy votes to get power, brokers and money managers wanted the commissions and bonuses and people wanted a house or a high rate of return on their investments because they're entitled to the good life. So, theres plenty of blame to go around.
So, we had better do the government bailout and jump start the economy before we end up repeating the lifestyle of the 1930s. Nobody likes the idea but it's better than the alternatives.
Let's also make sure that justice is served and vote the socialist-democrats out of office. Then we can make sure that the new Congress and Justice department investigates the Raines, Johnsons, Dodds and the other lying thieves that got us into this mess and send the guilty to prison.
posted by lugh lampfhota at 7:29 AM
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