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Who is to blame for the current economic problems : Swingers Discussion 1340141047
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TOPIC: Who is to blame for the current economic problems
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"The congress at that time passed the Community Redevelopement Act which requires bank to lend a set percentage to low income areas of the country."

Except most of the sub-prime loans were made by entities not regulated by the CRA.

Lakeside CA
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but in the end it really was a broad based failure of our government (All administrations and all levels of government were part of it) which led to the corp and financial world offering shitty loans along with cooperation from the perifery of the financial world, and last but not least:

the american public. no loans would ever go into default if the public did not A.) take them out, and B.) default on them.

it is nearly impossible to assign more than an equal share to all 3 entities. they all sucked us dry and america will surely clean it up and move on. hopefully we will be smarter next time.

Philadelphia PA
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If one has financial problems, they are to blame for getting into that bad spot not anyone else.

Responsibility starts at home.

Huntingdon Valley PA
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no doubt in my mind....and be ready this is so simple it seems stupid:

1/3 government-DOES NOT MATTER WHICH PARTY 1/3 financial system-meaning mortgage co, banks, fed, brokers 1/3 AMERICAN PUBLIC

it was so easy for the candidates to stand up in october and declare it was "the greed of wall street" blah, blah, blah-they could blame their own government body or party for that matter, and god forbid they ever criticize the american public-their voters for being greedy, manipulative and stupid when it comes to debt. they all share the blame because without any one of the three it would probably not happened. it drives me insane to hear people blame the first two and say the public was victimized. all of us can think back to our grandparents and how they handled their money. they had no advisors, lawyers, cpa, cfp-nothing they just knew they would not spend a nickel if they did not have a dollar in the other pocket to back it up. now (or more acurately in 2006 ish) you had people mortgage their monthly income to 55% of gross income for a mortgage payment. in simple working mans terms that means you are into your third week of the month to cover your mortgage, and not on take home pay-they figure it on gross pay.

Government encouraged, legislated and allowed it Financial system created products for people who could not handle them-in all income brackets American Public took it all and "acted stupidly". thanks for reading-now back to the business of enjoying this site.

Philadelphia PA
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At the end of the day I think maybe we are. We have elected and reelected the idiots that are running the assylum.

What I know is that it is impossible to borrow your way out of debt and it is equally impossible to spend your way out of broke.

That applies regardless of party affiliation!

Jackson TN
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Q : Who is to blame for the current economic problems.

Right now in my world, just the topic of health care reform is making my buyer's tight fist'd with their dolla's with a wait and see attitude.

There is plenty of blame to go around. Butt I'd blame the media for the ass fuking and story spinning @ the moment.

Big insurance company's are having a squirter's orgasm...lol

Buford GA
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Wow... and I thought I was paranoid!

Columbia MD
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A SHAM HIDDEN WITHIN A CHARADE Since the late 1800's the world economies have been controlled and manipulated in such a way that the financial elite have been making profits on both ends of any given "crisis". Begining with Lord Rothschild spreading the rumor of Napolean's victory at Waterloo and driving all European markets down by 98%, and snatching stocks up at pennies on the pound. Since then EVERY war was engineered by groups like the Council on Foreign Relations, the Bilderberg Group, and Goldman Sachs. Every Fed chairman for the past four administrations had once been CEO of Goldman Sachs, who making the same "mistakes" as Lehman Bros. recieved the bailout, while their competitor, Lehman was eaten up. Bush I, Clinton, Bush II and Obama's entire staff are members of CFR. We do not elect these men. They are chosen for us as frontmen to guide us down the predetermined path. The Who said it best "Meet the new boss, same as the old boss."

Wormleysburg PA
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OMG...

I think I actually agree w/ both of you...I think that all of this has been building up over the years. Fighting between the two parties has allowed alot of stuff to slip between the cracks when it should have been stopped long ago. The war has $$$ written all over it and all we have to do is look at the people that have been making money since the war started to get to the root of that problem.

I believe that a failure of all the major banks at the time would have left a lot of people w/ nothing.....except the CEOs. Along with that, even more people would be unemployed. Not to mention the number of guys that have committed suicide or killed their families cause they could not cope with losing some money in the markets.

Richmond VA
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What....r u talking to me? Ur too funny

Richmond VA
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TOPIC: Who is to blame for the current economic problems