And don't forget it was the Democrats that said it wasn't fair that some people had a home and others did not which led to the deregulation in the first place. The Democrats wanted everyone to own a home who wanted one regardless of their economic status and now the "economy" is "paying" for it.
Link please to where a Democrat ever said that. Just because you write it on a BB doesn't mean the rest of us have to believe it.
JimFitz said:
You can not blame this on the government for lack of regulation. When will Americans stand up and look at what they have done. Why is it always the governments fault?
No, I certainly can blame this on government deregulation. It is the government's job to look out for the general welfare and that includes oversight over financial institutions, and putting regulations in place to prevent creative loans and accounting.
But, we couldn't be more in agreement that Americans are to blame for this. Americans put the politicians in office who gutted the regulations FDR had put in place and deregulated the financial institutions that has led this crises.
Make no mistake about it. This is a financial crises. Millions of Americans have their savings, pensions and investments in the financial institutions that have failed or are failing. If Americans like what happening, they should keep doing it. As Harry Truman said, sooner or later people wake up and realize who's been kicking them in the head.
Btw, if you think you're not going to be affected by this, guess again. And if you get hit hard enough, you'll be screaming for reregulation. Just remember, McCain's economic advisor was Phil Gramm, Mr. Deregulation himself. Vote accordingly.
Charade said:
I see you conveniently left out the other major player in this. The consumer.
Now unless they were hoodwinked and lied to, they made the final decision to take on a risky mortgage. No one held a gun to their head.
As usual, you've missed the point. Government regulation would've prevented the financial institutions from the creativity" in lending and then hiding the red ink.
Btw, no matter where you point the finger, you will get bitten in the butt if you have an investment account or a 401K.
You may be estatic over pointing fingers. Good luck with that. Many are worried are their investments, their pensions and the future.