BF2S Forums Who's fault is the economic crisis?

Canada

Overspending = loss of dollar value.

Bush' fault.

Mason4Assassin444 wrote:

Overspending = loss of dollar value.

Bush' fault.

The democrats are the overspenders

I knew it was all those bad loans to illegals (*cough* BofA *cough* WaMu *cough*). 

But really its the fact that we allowed N.I.N.J.A.'s (No Income No Job Applicants), to get loans just to make a quick buck.  They should let these banks fail or else this will keep happening.

Oh btw, they want to bailout Foreign banks too.



Bailout is Corporate Warfare that leads to Socialism

lowing wrote:

The consumer

But do not try and tell the liberals that, they have someone to blame for every act and every decision that does not result in total success for them.

Blame the banks, blame the govt., blame Bush, blame the rich, hell now you can even blame history,  take your pick, but do not for one second blame the idiot who put HIMSELF in a debt and can not/will not pay.

These 'bad loans' weren't bad when they got them. The value of the dollar has dropped since we began spending billions on killing terror. Rising costs with dropping dollar value = economic crisis.

The Bush admin is at fault. But at least it was spent right.

Banks.
Deregulation which was bipartisan

improper data and speculation that led to lowered interest rates. Unwary consumers and investors took advantage, but were screwed when the housing market plummeted. Investment banks and banks lost money, people panicked, and here we are. Boy that was fast...it only took a year.

edit: first post in a very long time. couldn't escape.

Last edited by Yellowman03 (2008-09-24 18:39:20)

Pug wrote:

Mason4Assassin444 wrote:

These 'bad loans' weren't bad when they got them. The value of the dollar has dropped since we began spending billions on killing terror. Rising costs with dropping dollar value = economic crisis.

The Bush admin is at fault. But at least it was spent right.

But...they are the same loans they signed for:  you know the ones where you don't put money down and sign to pay at the lowest interest rates ever in history.

I mean, the interest rates were sooooo low....there's no way rates will increase, ever right?  A little naive imho

simple concept really.  if its too good to be true, it usually is.

usmarine wrote:

simple concept really.  if its too good to be true, it usually is.

And we're gonna pay.  A little painful, but needed.

Imagine making $45k a year and living in a $500k home with two monster trucks.  The American dream, all bought on credit.

So they take it away.  Ruined your credit.  Big deal.  You weren't working under the premise of growing your net worth anyway.

You got to be naive if you think there was risk involved when signing a no-money low interest rate loan.  So what exactly is at risk?  Nothing.

And thanks to that thinking, we'll have the same thing happen: the rich will get richer.  Sure, the rich are gonna pay a bit, but the net worth is there: which means the rich will be amongst the few to actually have a good credit and get a loan.

Not enough regulation of financial institutions

lowing wrote:

Mason4Assassin444 wrote:

lowing wrote:

The consumer

But do not try and tell the liberals that, they have someone to blame for every act and every decision that does not result in total success for them.

Blame the banks, blame the govt., blame Bush, blame the rich, hell now you can even blame history,  take your pick, but do not for one second blame the idiot who put HIMSELF in a debt and can not/will not pay.

These 'bad loans' weren't bad when they got them. The value of the dollar has dropped since we began spending billions on killing terror. Rising costs with dropping dollar value = economic crisis.

The Bush admin is at fault. But at least it was spent right.

I see the loans were great up until the ARM came due, and they never locked into a fixed rate, but yeah lets not blame the ones who contractually SIGNED FOR and PROMISED to pay the loan.

The last person in the chain that had the ablility to say "no" was.......... the bank/loan officer/ person who originated the loan. they are the ones ultimately to blame.
But its true that people have been living on their credit cards, then mortgaing their house to pay their credit cards and now wall street wants the country to take out a mortgage to pay for all these credit addicted people..... and to do what????? to free up more credit!!!!! at some point you just need to cut off these junkies and if it puts the dealers and peddlers out of business, then so be it. Maybe then we would get some new responsible banks.

My final answer... Flush the junkies and the peddlers. no welfare for addicts.

It was all those poor people.  Not speculators, investors and contractors relying on inflated home prices and cheap mortgages to turn a quick, easy profit.  Not the secondary mortgage market, eager to sell junk paper by the truckload.

them poor people, they done it.