Comments on: Quick Hit: Welfare Kings At It Again

By: CW

CW — Thu, 13 Mar 2008 19:53:11 +0000

“NO government oversight!! by the Repubbies!! Still, the repeal of the Glass Stegal act opened the door to this sub prime scam.”

1999: The Gramm-Leach-Bliley act repealed the Glass-Steagall Act of 1933. One of the effects of the repeal is it allowed commercial & investment banks to consolidate.
William Philip “Phil” Gramm REPUBLICAN Senator from Texas (1985–2002).

James Albert Smith “Jim” Leach REPUBLICAN member of the United States House of Representatives.

By: CW

CW — Thu, 13 Mar 2008 14:37:34 +0000

GOP mantra “it’s Bill Clintons fault”
BULLSHIT!

By: Terri

Terri — Wed, 12 Mar 2008 23:58:41 +0000

Who is blaming the government, Herodotus? You start with the presumption that greedy would-be homeowners entered into financial contracts knowing full well they’d be impossible to repay, but that’s not the truth. If you begin with an untrue, overly-simplistic premise, then it’s only natural that you come to an untrue, overly-simplistic conclusion, that doesn’t mirror the reality of the situation. Cases of fraud by deregulated lending institutions are well-documented.

That, taken in conjunction with the skyrocketing costs of health care, increases in unemployment, rising prices of household items and groceries, and gas, and someone who well could afford a mortgage two years ago may be unable to now. In hindsight, it’s easy to say “Well, stupids, you should’ve known better,” but when mortgage bankers lie, and when the media dutifully repeats politicians’ talking point of, “Everything is just fine,” I find that finger-pointing to be nothing I want to participate in.

I’m glad I have an awesome landlord, otherwise I very well might’ve been in the same boat as so many working Americans are in today. I’m also glad my parents were homeowners. Believe it or not, but not everyone has the social capital that aids in such decision-making processes and creates a financial safety net when things come crashing down.

By: W. A. Weldon

W. A. Weldon — Wed, 12 Mar 2008 23:18:24 +0000

I am no Repubbie!! I said that the oversight entities, like the Comptroller of the Currency, etc were all under Republican control in 2001-2007 when this disaster really got cranked up. NO government oversight!! by the Repubbies!! Still, the repeal of the Glass Stegal act opened the door to this sub prime scam.

By: kilowat

kilowat — Wed, 12 Mar 2008 20:48:29 +0000

you’ve heard the old saying it “the economy stupid” I guess all you Repub don’t think poor people should have the American dream,if it wasn’t for all the low wages lost jobs and interest rates going through the roof, we wouldn’t be in this mess.
I guess your going to blame all this bank bail out on the DEM’S too

By: W. A. Weldon

W. A. Weldon — Wed, 12 Mar 2008 19:35:52 +0000

This whole SIV/alt A/ sub prime real estate disaster has its roots in Clinton
canceling the Glass Stegal Act from the 1930s. The big banks and investment banking houses were turned loose. The US govt entities that should have prevented this, like the Comptroller of the Currency, the US Treasury Dept and the SEC, all controlled by Repubbies, did not do their jobs. Heck of a job, Mitchie!!

By: Herodotus

Herodotus — Wed, 12 Mar 2008 18:54:26 +0000

As a conservative I am disgusted by any plan to bail out these so called financial institutions that were greedy enough to loan money to people they knew couldn’t repay the loan. I’d say let the loan approvers be tossed out on the butt the same way the people who took a loan they knew they couldn’t afford were tossed out of the house they temporarily owned. The banks took a gamble, they lost. Let’s teach gamblers that once they lose they’re out of the game.
Now someone tell me why the heck it’s the government’s fault that people took sub-prime and A.R.M. loans when they knew they couldn’t afford them once the rates went up.