Thursday, September 25, 2008

Flashback to the 1990s: Origins of the Credit Crisis

It’s one of the hidden success stories of the Clinton era. In the great housing boom of the 1990s, black and Latino homeownership has surged to the highest level ever recorded. The number of African Americans owning their own home is now increasing nearly three times as fast as the number of whites; the number of Latino homeowners is growing nearly five times as fast as that of whites.

In 1992, [a majority Democratic] Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets.

Most importantly, Fannie Mae has agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income. That’s made banks willing to lend to lower-income families they once might have rejected.

The top priority may be to ask more of Fannie Mae and Freddie Mac. The two companies are now required to devote 42% of their portfolios to loans for low- and moderate-income borrowers; HUD, which has the authority to set the targets, is poised to propose an increase this summer. Although Fannie Mae actually has exceeded its target since 1994, it is resisting any hike. It argues that a higher target would only produce more loan defaults by pressuring banks to accept unsafe borrowers.

~LA Times article on May 31, 1999

MP: Government policy turned millions of perfectly good renters into terribly bad homeowners.

94 Comments:

At 9/25/2008 1:36 PM, Anonymous delise@me.com said...

I think the word is: Oops!

 
At 9/25/2008 1:43 PM, Anonymous Anonymous said...

Unfortunatley I believe the word to be FRAUD.... and all anyone wants to talk about is the result of this ill advised idiotic attempt to stimulate a very good economy, and now we pay for it folks, now we pay! Eric F.

 
At 9/25/2008 1:54 PM, Blogger Bobby said...

Ah...this really clears it up for me. I just knew this started under Clinton.

 
At 9/25/2008 1:58 PM, Blogger MichaelK said...

Didn't all the really stupid 0% down 125% loans start when Bush came into office?

 
At 9/25/2008 2:01 PM, Anonymous Anonymous said...

"Didn't all the really stupid 0% down 125% loans start when Bush came into office?"

No, I got mine (foolishly) in 1995.

 
At 9/25/2008 2:09 PM, Anonymous Anonymous said...

And yet they blame it all on Bush! Amazing how the media claims he's responsible for everything wrong with this country. Get a grip folks and place some of the blame on the people who also made poor decisions. This didn't all just happen in the last 4 years. The 125% loans were around before Bush took office, I remember a friend with one in 1997, and yep they lost their home. By the way I have to ask who's going to bail out my suffering small business? (tongue in cheek!) Only 40 emplyees so we aren't important enough to even look at. Not that I actually expect the government to do it!! It's time to pull up my boot straps and do it myself like it should be.

 
At 9/25/2008 2:17 PM, Anonymous Anonymous said...

I say screw it. Let em die. No Bailout. Bring on the Bread Lines, it's what this country needs, everyone has gotten too comfortable, noone wants to do anything about anything except throw money at the problems. Namely welfare programs and the like. I am tired of paying for it, helping support the poor and unwilling to work has me feeling poor and unwilling to work and I am neither poor or unwilling to work so what the heck? The strong and smart shall survive! It works for Mother Nature.

 
At 9/25/2008 2:30 PM, Blogger John said...

Relax, all is well... fortunately we have liberal intellectuals in congress that will take care of us and solve this problem once and for all.

Phew, that was a close one, thank god for Chris Dodd and Barney Frank.

 
At 9/25/2008 2:32 PM, Blogger OBloodyHell said...

> I just knew this started under Clinton.

Yes, bobby -- it's all the fault of the GOP...

McCain's just a two-bit goof-off slacker.

(warning, if you have the sound up, you'll have to listen to ABBA.
You have been warned!
Press the mute!!
Press it NOW!)



And Bush has been just standing around watching it all collapse for years, with no effort to fix the problem.

The devil is where He usually is -- in the details.

 
At 9/25/2008 2:33 PM, Anonymous Anonymous said...

This should be an eyeopener for voters. If you want more of these kind of income distribution programs by socialist liberals aka Democrats elect Barack Obama. Everyone who owned a home when this nonsense started knew all to well what would eventually happen. Some simply thought it would become a revolving door where people who could not quality nor afford to make mortgage payments would simply default, the home would be repossessed by the lenders and resold to buyers who could quality. Unfortunately the zeal with which liberals embraced the program was astonishing. Millions of unqualified individuals were recruited and sold homes they and lenders knew that they could not qualify or afford. Now the chickens have come home to roost and people are walking away from the homes liberal Democrats tried to give them. Democrats have been struggling mightily to create another vote getting welfare program since the Welfare Act destroyed their vote patronizing machine. Their first target was to get IRS checks sent to individuals who pay no tax at all and then houses were brought into the mix which everyone knew before hand that these individuals could neither qualify to buy nor make the mortgage payments. The same thing goes on in the automobile industry. They buy new cars and drive them until they are repossessed and then do it all over again. When will we ever learn? The perks of socialism...

If you want more liberal socialistic Democrat programs elect Barack Obama...

If you want more leadership and responsible government programs elect John McCain

It ain't rocket science folks...

 
At 9/25/2008 2:41 PM, Anonymous Anonymous said...

I thought we were going to stand a better chance of getting rid of some of the "crap" programs by electing Bush twice.... Didn't happen, I damn sure know Obama isn't going to help the situation, but honestly I don't think McCain can or will have the balls to either, but better chance with voting McCain so that is where my vote goes.

 
At 9/25/2008 2:52 PM, Anonymous Anonymous said...

I don't care about politics. I think that this all started with President Jimmy Carter.

 
At 9/25/2008 3:01 PM, Anonymous Joe said...

If it increases the power of government over the people, the Dems are all for it.

I was born in a country with a free market, I will die in a socialist one.

 
At 9/25/2008 3:15 PM, Anonymous Anonymous said...

Whenever financial institutions give loans to people who can't pay them then those of us who pay our bills get caught in the backlash. It's time the government steps in and forces them to take care of what they started. Like President Bush said last night, this will have to be paid back with the way the proposal is written. Don't like it, but only way I can see it will get resolved without another depression killing off the innocent ones!

 
At 9/25/2008 3:29 PM, Anonymous Anonymous said...

"The two companies are now required to devote 42% of their portfolios to loans for low- and moderate-income borrowers; HUD"

A 'moderate-income' borrower is someone who makes no more than 100% of the median income in the area where the home in located. So about half of all borrowers fit into this category.

 
At 9/25/2008 3:40 PM, Blogger kl said...

I mean, are you kidding me? The founding fathers are no doubt freaking out about our socialist country. And Bush, it sounds like a great idea to have the government run yet another unsuccessful program. What is wrong with you people (govt. officials)? Obviously Clinton didn't have a clue and the other Dems let Fannie and Freddie take on ridiculous loans for people who couldn't afford them. Seriously, do we really not have any morals anymore? How can the people running these companies, and also government officials sleep at night and live with themselves? Are they so wound up in their own interests that they really don't have a clue? Guess so. And why does everyone in this country NEED to be in a home? C'mon! If you don't own it, it's not yours!! So let's just all turn our brains on as best we know how and work, save and then pay for a home! Brilliant. Jeeze. Can't wait to see what the next few years bring. And my oh my, I hope it's full of Obama and his fluff.

 
At 9/25/2008 3:41 PM, Anonymous Anonymous said...

I don't care what the President said last night. "It could be a bad recession." Bad recession? I'll take a bad recession. We've had bad recessions before. We don't need a program that is twice the size of the prescription drug program for a bad recession. Bullcrap! You are trying to avoid the Great Depression. That's what you're trying to avoid. If you want to ask us for $700 billion which, of course, is the maximum that would ever... there's going to be a huge profit on $700 do you know how much money we're going to make? Excuse me? I've tried that with my wife. "Honey, do you know how much money we're going to make? We don't have to go to the movies. We just get a big screen TV. We just rent movies. Look at the price of tickets. Do you know how much money we're going to save?" I've even tried it this way. "Honey, they're on sale. They're normally, you know, $2,000. Now it's on sale. We can get it for $1299. Do you know how much money..." do you know what my wife says to me? "No, we're not saving money. We're spending $1200." Actually I would say $1200. I round down at 99. She looks at $1299 as $1300. She's a realist! I'm the politician in our relationship. A mere $700 billion. Okay, it's almost a trillion. Mark my words, it will be over $2 trillion. $700 billion ain't gonna do squat. It's not going to do squat. And now the politicians, as George Bush said last night, "Well, we can make a profit. We can make a profit." Really? Wow. You guys are so good at making good business decisions. You guys can I tell you something? I've seen all four of your books, all four of your books. They're all in the red! You guys are geniuses at making profits, yeah. Let's take it out of the private sector, give it right to you guys because you know what to do with money!

 
At 9/25/2008 3:45 PM, Anonymous Anonymous said...

this has been going on a long time. they have done the same to the auto industry leasing millions of vehicles thinking they will make their money on the back side. problem w/ the back side? sometimes it can be awful dark

 
At 9/25/2008 3:57 PM, Anonymous Anonymous said...

As O'Reilly said..."I vote for the paerson who I belive will do the least amount of damadge to the country"...and to the folks. Amen

 
At 9/25/2008 3:59 PM, Anonymous Anonymous said...

It did strat under Cahtah, but Billy made it all better.


http://www.ibdeditorials.com/IBDArticles.aspx?id=306978378974502

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0#

http://www.ibdeditorials.com/IBDArticles.aspx?id=307061229501695

http://www.ibdeditorials.com/IBDArticles.aspx?id=307149667289804#

http://www.ibdeditorials.com/IBDArticles.aspx?id=307146607742935#

 
At 9/25/2008 3:59 PM, Anonymous Anonymous said...

Don't work at home! Just sit on your porch! Sit on your ass and Make lotso free government money! We will even force someone to loan you money to buy a house! Just remember, vote democrat! Then when you spend all your money on crack and meth and can't pay for your house, we will even get congress to pass a $700Billion dollaz bill to bail out the lender you screwed over! If we win, you win! Vote Democrat! And remember, we didn't buy your vote, you wanted to vote for us!

 
At 9/25/2008 4:01 PM, Anonymous dave said...

i have to add this mostly has been created by our wonderful liberaly educated idiots. that haven't figured out the only way you can manufacture money is by printing it[ which we do enough of] or by making it . it has to be backed by something tangible and it can't be abused. make it sell it make a profit and do it again. we have seemed to have forgotten how to make money that way. it's called getting your hands dirty.and when people learn this is how you aquire the american dream if that is the path you choose all the hand washing might make his home worth a little more to him.or make his money worth enuogh to him not to try to buy more than he can afford. yes and all these things did start in the '90's including computors that probably got into the american 's pockets more than we will pay for this so-called bail-out

 
At 9/25/2008 4:19 PM, Anonymous Anonymous said...

I am always amazed that the bigger the government gets, the worse off we are. Yet, all that seems to get done is making the government even bigger. I think we owe the founding fathers an apology cause this isn't close to what they envisioned.

 
At 9/25/2008 4:26 PM, OpenID frugalfortune said...

"I was born in a country with a free market, I will die in a socialist one."

Sad, but truer everyday.

 
At 9/25/2008 4:27 PM, Anonymous Hoorah said...

Facts are Clear when you get goverment in charge of any project having to do business; IT WILL MESS IT UP, COST 10times THE AMOUNT. Then it will take capitalist to come in and fix it. Right now profit is king because the smart investors are buying low cost houses, stocks, and planning on the profit.

 
At 9/25/2008 4:35 PM, Anonymous Sam in GA said...

Listening to the numerous Democratic talking heads on Fox News Channel, spinning and spewing their talking points, makes it easy to understand why the dem voters are so ignorant of any truth. FNC, Stop having so many of them on!

Whatever the dem talking heads say, they believe it. No facts necessary.
Proves to me why the Democratic leadership is always sucking up to the lower-class voters. Promise them anything to get their vote. They're too stupid to figure things out for themselves, so tell them what they want to hear and you've bought them.

Amazingly, lots of Catholics are Democrats. Which is so polar opposite.
God hates murder and murderers, yet one of the main platforms for dems is abortion. Which is murder. No matter how you slice it.

Anyway, it's scary to see how stupid people are. in all walks of life. Get out and vote for McCain, or we all will have to suffer the consequences of your complacency and negligence. 2nd Timothy 2:15

 
At 9/25/2008 4:36 PM, Blogger Joseph said...

This mess had a predecessor in the FHA graduated payment plan. This was an FHA program of the late 70’s and early 80’s. It was to provide lower income people an opportunity to buy a home at a lower payment rate, because interest rates were too high. The payment started off as a negative amortization which was adjusted up as the years progressed. The assumption was that incomes would also increase. When interest rates dropped, homeowners, with increasing mortgage payments, went to refinance their homes. When the home was appraised, the loan was higher than the value of the home. Easy solution: do not appraise the home for refinancing, do not verify income, require current loan payments for the last six months, sign a new mortgage at a lower or fixed rate(payment) and the owner promises to pay (streamline refinance). Could this stop some of the problems with the adjustable rated mortgages with out taxpayer’s money?

 
At 9/25/2008 4:45 PM, Anonymous Anonymous said...

Nope it all started under Peanut Jimmy. Sick Willy just crammed this down our throats, he also forced insurance companies to insure homes located in inner city areas that would NEVER meet the company underwriting guidelines. Ever wonder why Allstate, State Farm, Nationwide, Travelers, etc... insured shotgun houses in Baltimore and DC slumlike areas. Uh huh thank you Lord of the AR Trailer Park Clinton.

 
At 9/25/2008 4:46 PM, Anonymous Anonymous said...

To make matters worse, I bet over 40% of these deadbeat homeowners are not even U.S. citizens.

Just like Mexico, glad we could sacrifice our country for ya!

 
At 9/25/2008 5:02 PM, Blogger Steve said...

"Clinton's left a great legacy".

 
At 9/25/2008 5:24 PM, Anonymous Fred said...

It atarted under FDR. His dead hand still guides Democrats.

 
At 9/25/2008 5:29 PM, Anonymous Fred said...

Oh, bloody hell, obloodyhell! Money, Money, Money was one of ABBA's greatest songs.

By the way, McCain is an ABBA fan. So there!

 
At 9/25/2008 5:32 PM, Anonymous Anonymous said...

Hi Pals,



I’m against the $85 BILLION bailout of AIG. (not to mention $700 billion to bail out Wall Street) Instead, I’m in favor of giving $85,000,000,000 to America in a “We Deserve It” dividend. To make the math simple, let’s assume there are 200,000,000 bona fide U.S. citizens, aged 18+.

Our population is about 301 million counting every man, woman and child. So, 200,000,000 might be a fair stab at adults 18 and up. Now, divide 200 million into $85 billion - that equals $425,000.00 each! Yes, my plan is to give that $425,000 to every adult as a “We Deserve It” dividend.

Of course, it would NOT be tax free. So, let’s assume a tax rate of 30%. Every person would pay $127,500.00 in taxes. That sends $25.5 billion right back to Uncle Sam! It also means that every adult 18+ has $297,500.00 in their pocket. A husband and wife would have $595,000.00!



What would you do with $297,500.00 to $595,000.00?

· Pay off your mortgage? – housing crisis solved

· Repay college loans? – what a great boost to new grads

· Put away money for college? – it’ll really be there

· Save in a bank? – create money to loan to entrepreneurs

· Buy a new car? – create jobs

· Invest in the market? – capital drives growth

· Pay for your parent’s medical insurance? – health care improves

· Enable Deadbeat Dads to come clean? – or else.





Remember this is for every adult U.S. citizen, 18 and older (including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back) and of course, for those serving in our Armed Forces. If we’re going to re-distribute wealth let’s really do it, instead of trickling out a puny $1,000.00 economic incentive. If we’re going to do an $85 billion bailout, let’s bail out every adult U.S. citizen!!



As for AIG – liquidate it! Sell off its parts. Let American General go back to being American General! Sell off the real estate! Let the private sector bargain hunters cut it up and clean it up. We deserve the money and AIG doesn’t. Sure it’s a crazy idea, but can you imagine the coast-to-coast block party?! How do you spell Economic Boom? W-e D-e-s-e-r-v-e I-t d-i-v-i-d-e-n-d! I trust my fellow adult Americans to know how to use the $85 billion more than I do the geniuses at AIG or in Washington, D.C.. And remember, this plan only really costs $59.5 billion because $25.5 billion is returned instantly in taxes to Uncle Sam

 
At 9/25/2008 5:59 PM, Anonymous Anonymous said...

$85Billion divided by 200Million is $425, not $425,000.

On another note,if this bailout does happen (and it will), they'd better also build in the ability to can/fire/give the boot to people in Wall Street who are behind a lot of this so they can't continue now that their mess is cleared up for them.

 
At 9/25/2008 6:06 PM, Anonymous Anonymous said...

That is a brilliant idea, but problem is, you have to make it look stupid or the congress won't vote for it. They only vote for stupid stuff remember?

What if you added in how all the crack, meth, and coke addicts would be able to blitz their brains out with dope and die. Therefore far less of a burden on society! No more government subsidized programs for crack, meth and coke addicts! I say Hell yeah!... But wait that makes it make even more sense yet... sorry it will never pass.

 
At 9/25/2008 6:22 PM, Anonymous Anonymous said...

If you want small government and are sick of bail-outs, welfare, and all of the other lovely liberal policies, vote LIBERTARIAN. Aren't you tired of high taxes? Wasteful spending? Supporting those who abuse our welfare, unemployment, and disability benefits? I want to see people take responsibility for themselves and see the government stop excessive spending and raising taxes to a debilitating level. Small businesses and the
"middle" class are hurting because of too much government involvement and regulation. Let's put the government to work for it's created purpose: protect people's rights and provide basic services. There IS another choice! You don't have to vote for the lesser of the two evils. Vote LIBERTARIAN: BOB BARR FOR PRESIDENT!

 
At 9/25/2008 6:55 PM, Anonymous Anonymous said...

You cannot get someone elected who calls themself a Libertarian. It has been skewed and will be confused with liberalism. They have to call themself a conservative these days, even though the roots of conservatism could be confused with modern liberalism, the modern way to say you want small government is to call yourself a conservative. I don't know many people who actually know the difference between liberal and libertarian. I myself am not even sure where the line crosses.

Oh, and who the heck is Bob Barr? Never heard of him.

Oh, and one way to stop the abuse of the "system" is to do away with it. Not saying anarchy, but saying stop the stupid welfare programs, we don't need it. The people who are on it would be forced into getting a job or forced into crime and would be shot. Either way it would solve the problem.

 
At 9/25/2008 6:59 PM, Anonymous Anonymous said...

First the upper management and all past leadership at Fannie Mae and Freddie Mac plus Meryl-Lynch and Lehman Brothers should be sued for these millions they mismanaged and still got a golden parachute. We the tax payers should not have to pay for their greed. I would like to see these guys rot at some poor house (or be penniless in the gutter). LOL

 
At 9/25/2008 7:36 PM, Anonymous Anonymous said...

It is not productive to blame all business leaders, for very bad business activities mandated by congress. i.e. sub-prime mortgage loans. If Fannie Mae and Freddie Mac were left to experienced and prudent business people, there would be no sub-prime loans to cause this financial mess. If we the voters really want to reform (not change) our business as usual congress, we would vote the career politicians who take large bucks from special interest groups (read freddie mac, fanny mae, lehman, etc) and block reform (bush in 2001, mcain in 2005 both warned of this consequences but the good ole boy/woman congress ignored them both. If you truly believe that the good ole politicians have the peoples' best interest at heart, I have a bridge for sale.
If you want true reform to return the government to the people, elect new moderate and conservative blood. They won,t know how the good ole policticians' washington works, they will still think that they are responsible to the people of this county, not the groups (fanny mae, freddie mac, poorly run big businesses, powerful unions - government and private, pompus hollywood types who do not live like the rest of us and know nothing about economics or world affairs, great sounding socialist eletists who think they deserve the power to run our lives since they are, of course smarter than we are. The constitution, the values (work and independence) amd morals that inspired it is just so much trash to be overcome in their inflated egos and bankrupt view of this the county where people have had the greatest opportunty to enjoy the fruits of their own labors.
If you want reform, obama ain't it - he wants to control more of your life through bigger and eliteist government through spending the fruits of your labors on programs to acquire votes to keep him on the upside of the powerful elite.
If you truly want reform, vote out of office anybody who knows how to work washington to fill their own pockets and to acquire and/or preserve their own personal power. Beware of the prideful!
Vote for the newbys, uncorrupted by the existing washington establisement. If you vote for Mcain/Palin and still vote for the good ole policitians for congress, reform is sure to be scuttled in congress.
Get these egotistical, prideful, self-center thieves out of washington and help them become one of we work and produce economic good for this country. Otherwise, kiss the great county goodby. without true reform, this slippery slide just accelerates. remember, congress is the greatest threat to your wellbeing since they only know how to take money (not earn it) and continually run for office. vote them out for a fighting chance.
freedom!!

 
At 9/25/2008 7:48 PM, Anonymous Sam in GA said...

Crime is crime, and should be punished to the fullest extent of the law. These guys who walked away from companies that they caused to fail, should have to pay back what they received, because they did NOT do the job they were hired to do. If that doesn't stop the money train I don't know what would. You play, you pay.

 
At 9/25/2008 8:50 PM, Blogger Al GATOR said...

Government Directives and Orders to Fannie and Freddie, Extremely Low Interest Rates, and Loose Credit Standards (so POOR CREDIT RISK could Buy Homes)CAUSED this "Toxic/Junk Mortgage" Mess!! How can we TRUST these SAME POLITICIANS, who know nothing of finances, to CORRECT the situation. Mark my words, It will get worse, much worse, a few weeks after this BAILOUT PLAN is signed into law and all these GARBAGE MORTGAGES are UNLOADED on TAXPAYERS!! We will see a positive bounce in Markets, Wall Street will cheer, and then when the TRUTH comes out about how bad these banks have leveraged themselves, ALL HELL will break loose and Loan Rates will Soar, the ecomony will tank, and More Government Bailouts will be needed just to survive. Just yesterday the Auto Industry got U.S. House of Reps approval for $25 Billion Loan (Bailout), that is 25,000,000,000 ($25 with 9 Zeros). Airlines are next in line, then ____, you name it. Where does this phoney money printing end?? Bankrupt the USA!! We need to live within our means and stop all credit, except to quality businesses and quality credit people. ENOUGH IS ENOUGH!!

 
At 9/25/2008 9:48 PM, Anonymous Anonymous said...

When are you people going to learn that both parties are simply puppets, with the bankers pulling the strings.

Go ahead and vote for one or the other. It only perpetuates the illusion of choice and puts you right where they want you. They want you to think that you have some sort of power while they continue to do as they please.

The only time they move in a direction the people want them to move in, is when they planned to go that way anyhow. Otherwise, they do what they want.

ILLEGAL "immigration" is a perfect example. 70%-80% of the country opposes the invasion yet the politicians do nothing about the reason they come here-jobs. Look in every large corporate store and see the signs in Spanish or the Pepsi cans printed in Spanish on one side. Don't legal entrants to the country have to learn to speak English?

Now they bring out the Boogie Man to get us to go for a 700 billion dollar bailout. They have learned that, if they scare us, they can get us to do anything, including give them all our money.

 
At 9/25/2008 10:59 PM, Anonymous Steve said...

I say demand that Fannie and Freddy RE-package their mortgages into failing and successful loans. Banks and mortgage institutions can then purchase the good loans. Those who were stupid enough to to get into a mortgage they couldn't afford can be left to fail, be repossessed and sold to people who will pay their mortgages.

 
At 9/26/2008 12:18 AM, Anonymous Anonymous said...

Again the sociali... oops I mean Democrats think that when an administration takes office presto- chango the whole economy is effected and everything that happens in that 4 years is the result of the incumbant president. Our economy is more like a heavy freight train that excels slowly and changes direction slowly. Nothing happens over night, but steady by Jerks ( insert Clinton here).

 
At 9/26/2008 2:06 AM, Anonymous Anonymous said...

If you borrow money from a loan shark you pay it back at their intrest within a certain amount of time or you get your legs and arms broke. When did the laws of the land become applicable only to a certain group of people? I'll bet the middle class ($50,000) will pay their mortage like they negociated and signed the paperwork to do. My 10 year old Grandson got a trophy from little league and his team came in last place. When did we start to reward failure? What message is that sending to our young people? The spineless Dems want us to cut and run in Iraq. Another losing message. Forget this bull-shit of "political correctness" and get real. America, (I thought) was a nation of winners not whiners. You make an obligation, live up to it. Throw them govt subsidised loan sharks to the curb. They didn't help anyone but themselves. And remember folks, if you borrow something, you gotta pay it back. Just because you have checks in your checkbook doesn't mean you have money in your account. Let's get back to telling it like it is!

 
At 9/26/2008 2:20 AM, Anonymous Anonymous said...

The president urged Congress to fix F&F in April 2001 and made a stronger request in 2003. Sen. McCain issued a prescient speech in the Senate in 2005 in which he forecast the very event we're dealing with now. Congress started the mess, blames everybody else and now will force more regulation on the financial industry. BTW, Dodd and Frank have received large campaign contributions from Franklin Raines at Fannie; in fact, Dodd is at the top of the very long list of politicians who received money for favors.

 
At 9/26/2008 2:51 AM, Blogger Tweedlegram said...

Anonymous,
Your ADHD is really showing. If there is a week where no news is great news, will you relax a little? Everything you have said is true...disgusting, but true. Many Americans are soft and helpless. They relish the government tossing them a lifeline so they don't have to use their weenie arms and legs. I fear for the future of my children, grandchildren, and new great grandchild. The youngest ones may not believe my husband or me when we tell them of all the sacrifices our nation's forefathers made for us. I hope they will believe us when we tell them how determined our ancestors were to become citizens (legally) in this great country of opportunity and promise.

 
At 9/26/2008 6:05 AM, Anonymous Anonymous said...

Fellow Americans. By the time you get to my comment, if you've read all the rest, you will understand why we're in the mess we are today. Can we be saved from what seems to be our certain fate? Certainly not if you elect Obama. If McCain is elected, maybe. Don't expect a miracle from either. We are in deep doodoo, and the best you can hope for is a tall pair of boots. Things are going to get worse, that I'm certain of. The law of Nature will come into play. The smart, the strong, will survive. You better figure out which you are....

 
At 9/26/2008 6:07 AM, Anonymous Anonymous said...

How to solve the problem. .

Cut congressional salaries by 25% eliminate Congressional and Senatorial pensions, these jerks have more money than you or I will ever see any way.

Put some congressmen and senators in the court room for their actions.

Seize the multi-million dollar bonuses recieved by the top execs of these companys, and bring them up on charges for their actions.

IT'S TIME FOR ANOTHER AMERICAN REVOLUTION. THIS TIME AT THE BALLOT BOX.

VOTE NO TO INCUMBANTS

 
At 9/26/2008 7:03 AM, Anonymous Anonymous said...

If President Bush knew enough in 2001 to recommend fixing the system and the Dems did not join with him to fix the system, I guess we can say the Dems are dumber than President Bush. Oh wait, that is obvious, so sorry for wasting your time.

 
At 9/26/2008 8:10 AM, Blogger Teresa E said...

Thanks for the flashback, something lacking in the current crop of Americans & politicians is the ability to view history.

While the focus today is on Wall Street, reality is no matter what they do a huge crash (and yes, bread lines & government cheese!) is coming.

We have offshored, outsourced and downsized MILLIONS of middle class jobs. Sending the middle class's share to third world countries while making the elite richer and politicians too.

This mess hasn't just been caused by lending money to people who wouldn't pay. Thousands, if not millions, have lost their homes because they lost their good jobs (and I am NOT speaking of a UAW job--their suppliers are who I am talking about).

Everyday, the truth becomes more self-evident. We are doomed and truly, I don't know if this will ever be fixed.

Good luck to us all.

 
At 9/26/2008 8:16 AM, Anonymous Anonymous said...

Maybe 'chicken' McCain can explain it all to us on the debate tonight. Anyone who is still voting for this loser deserves what you will get if he's elected. Oh wait, Palin will save us all, I forgot!

 
At 9/26/2008 8:33 AM, Anonymous Anonymous said...

I have been in the mortgage business since 1982. During that time we had interest rates hovering between 16 to 19% which started in the late 70's under Carter. I was living in Florida on the gulf coast where builders went bankrupt and condos and single family homes that were under construction lay unfinished for at least 3 years because they could not get financing to finish many projects. Many people lost their homes because they had received loans with 7.5% payment rate for 3 years but the interest between the payment rate and the actual note rate was being added to the balance so when the rates came started coming down in 1984 they could not refinance because they owed more on the loan than the house was worth. Realtors could not sell homes so the powers that be came up with this horrible loan to get homes sold. Back then you had to provide income and asset documentation to get a loan. We did not have credit scoring which is the worst thing ever which started 1997. All you needed in the 80's was to have a good payment and employment history, 5% down with additional savings and be withing the qualifying ratios based on your gross income. This is still the requirement for conventional and FHA loans. Lenders were pressured starting in 1995 to provide more loans as part of affirmative action to low income families in the Clinton years so do not blame President Bush on this one. There were many brokers who where not FHA approved so they put people in horrible sub-prime adjustable loans that started at about 8.25% and charged horrible fees with a second mortgage at a minimum 10.25% for 100% financing. They did this because the conforming loan limits were higher than the FHA loan limits that were much lower. FHA has now come out with much higher loan limits in order to provide loans to qualified applicants. You will go crazy when you hear this. There has been a loan called an I10. These loans are directed towards the Hispanic community. This loan is for anyone who cannot provide their own social security number but can "borrow" one from a family member. The interest rates hovered around 8.75%. I have never done these loans but know that millions have been done with many being done in southern California. Believe it or not there are still lenders doing some outlandish loans or at least advertising these loans. Most of bigger banks have done away with 100% loans early in this year and you have to be able to qualify based on your income and assets. It is getting back to the basics and prudent lending practices. Now all they have to do is get rid of credit scoring which I feel has always been discriminatory.

 
At 9/26/2008 8:57 AM, Anonymous Anonymous said...

Think MAFIA!!! If you don't understand what's going on,watch the movies about the way they work.They put their siblings in college,they come out bankers,mayers,governors,senators,,,congress members,Judges,PRESIDENTS ......................................................Get the Picture!!!!

 
At 9/26/2008 9:16 AM, Anonymous Steve Bruno said...

BOTTOM line?Stop doing for other countries.Start taking care of our own country.If you want to take care of someone you love,you first have to take care of yourself.Thus we MUST MUST MUST take care of AMERICA first!!!The government has lost it's way because we foregot to explain to them their job is to work for US.Take time to remind them.Don't be afraid,they are people, probably not as good as you.REALLY

 
At 9/26/2008 9:41 AM, Anonymous Anonymous said...

It doesn't matter whether they are Republicrats or Democans, they are two sides of the same counterfeit Federal Reserve Note.
In the name of helping the poor, they set them up to lose their homes as well as any cash they may have had to start with. And they knew exactly how this would turn out from the beginning.
This is Bush's biggest power play yet, and the fat cat Congressman are right in bed with him. Dodd, Barney Frank, Boehner, they all want to sacrifice our national wealth for the bankers profits. It's nothing but a fraud.
Reject the bailout!

 
At 9/26/2008 9:43 AM, Anonymous Anonymous said...

So here come the people who can't afford to buy a house, or pay a mortgage. So here come the political correct politicians who say we can't let these unqualified people go without a house.

So we hand out mortgages like M & M's to be politically correct and then blame the current administration for the problem.

When are we going to make the perpetrators accountable for their bleeding-heart feel good programs and be responsible for their good deeds?

 
At 9/26/2008 9:44 AM, Anonymous Anonymous said...

This is the land of opportunity, not the land of entitlement. You are suppose to have the opportunity to pursue a happiness, a job and wealth (then buy a home you can afford). Not the other way around.

 
At 9/26/2008 9:48 AM, Anonymous Steve Bruno said...

I think the people are Afraid of McCane because he is a republican.I think he is a republican of old, and not like what we have had for too long a period now.You have to beleive where his heart is,the man is a true HERO.You can't be that without deep heart felt love for your country and it's people.Fear and lies have pumped into our veins so long that we don't know what is real anymore!!As far as Sarah Palin,you people are too busy looking deep to find something bad.SSSSTOP there are no perfect people.She is the perfect match.Now we can have a President that won't have to stand alone on what is good for The United States and YOU. PS. I have been a DEMOCRAT all my life, But I vote who I beleive in not because of party.

 
At 9/26/2008 9:59 AM, Anonymous Anonymous said...

There are many people who could use a bucket of "free" money. The big problem is that it is not free. I see one third of my paycheck goes away. Then, I pay taxes on everything I own and everything I buy. I'm not against helping people who really need help, like those families with special-needs children. However, the door has been opened to every lazy, greedy person who knows how to work the system. I don't want to continue to work one full-time job and three part-time jobs just to get by when others get a free handout from my taxes. No bailout!!! let them foreclose and prosecute the greedy CEO's who cooked the books.

 
At 9/26/2008 11:02 AM, Blogger geewhy said...

I'm reading a lot of ranting and raving here. If this started with Clinton, show me the default rate for the loans issued during the time in question. Show me how many of those low-income people that were able to buy homes under the slightly relaxed Clinton/HUD regs. defaulted.

And of course, this problem isn't just foreclosures, it's little things like unregulated credit default swaps. But let's not get bogged down with details when we can bash Clinton.

I hate to tell you, but Republicans have been in charge for 8 long years. It's time to take some responsibility.

Sorry, I know it's hard. It's so much easier in life to blame somebody else for your mistakes.

 
At 9/26/2008 11:27 AM, Anonymous Anonymous said...

Whether is started with Clinton, Bush, Carter or Lincoln.....something must be done other than pointing fingers. Breadlines...no I don't want them, any student of history does not want to see this repeated. Although I do agree we have gotten much to comfortable and all demand the high life, whether deserved or not. I am a Republican, but I do believe that whether the democrats or republicans have control in the white house and/or congress they all become Golem....

that damn golden ring!!!

 
At 9/26/2008 11:32 AM, Anonymous Anonymous said...

dear geewhy

check your information. when the republicans and the white house raised questions and concerns in 2005 barney frank said that fannie mae and freddie mac are functioning properly....basically there is no issue or problem that needs resolution...
then chuck shumer chimed in in the senate with the same message.....

 
At 9/26/2008 11:34 AM, Anonymous Anonymous said...

President Bush is one man. He rang the bell on this when he took office and has been ringing each year since. When you have a democratic controlled congress and senate that is up to thier arm pits with hand outs from these failing organizations that they have been protecting and now they are the same ones that are going to fix it! PLEASE! Give me a break. How stupid do they think we are. But I guess in a country when more people are concerned and vote for american idol what should we expect.

 
At 9/26/2008 1:34 PM, Anonymous milton said...

I think one point everyone is failing to mention is as a conservative politician if anyone would have started waving red flaggs they would have been called racist hate mongoring republicans and they would have paid a terrible price .hence Trent Lott.who,least we forgetwas crusified for wishing strom thurman a happy birthday

 
At 9/26/2008 1:51 PM, Blogger geewhy said...

Anonymous,

Again, I would point out that Republicans controlled Congress and the White House in 2005. Are you seriously arguing that the Republicans were concerned but Barney Frank and Chuck Shumer talked them out of taking action? Or somehow tricked them into thinking Fannie and Freddie were just fine? Spare me. The Republicans did whatever they wanted when they controlled Congress. They weren't taking advice from Barney Frank, who was in the minority. What was the Republican head of the Banking Committee saying at the time?

I'm not saying this is all the Republicans fault, but let's get real here. It's been 8 long years and trying to blame this all on Bill Clinton is so ridiculous it would be funny...if the stakes weren't so high right now.

And by the way, all the anonymous commenters should put their name behind their viewpoints. Let's stand up and own our opinions.


dear geewhy

check your information. when the republicans and the white house raised questions and concerns in 2005 barney frank said that fannie mae and freddie mac are functioning properly....basically there is no issue or problem that needs resolution...
then chuck shumer chimed in in the senate with the same message.....

 
At 9/26/2008 1:53 PM, Blogger geewhy said...

Oh, and Milton, Lott didn't wish Strom a happy birthday. He said the U.S. would have been better off if we followed his segregationist beliefs. Are you advocating segregation?

 
At 9/26/2008 2:41 PM, Blogger Tweedlegram said...

When I see TV clips of Barney Frank, Chris Dodd, and Chuck Schumer sitting in a row, I'm not sure if they remind me of vampires or vultures...but they are scary. There is one silver lining to these negotiations. If any of them were ging to be charged with a crime, the government (us) could save a few bucks on the gas required to serve the boys and maybe girls with legal papers!

 
At 9/26/2008 3:05 PM, Anonymous Anonymous said...

DUMMIECRATS ARE BY ANY OTHER NAME ARE STILL DUMMIECRATS

 
At 9/26/2008 4:06 PM, Anonymous milton said...

oh geewhy forgive my biden type gaff. he was making an offhand comment at a 100 year olds birthday party excuse me.o by the way is that your mother calling you upstairs for lunch ha ha

 
At 9/26/2008 4:59 PM, Anonymous Mel said...

Love the comments. When the Dems make a point, it is usually wrong anyway. They are talking heads and not much more. I will give some of them for being real Democrats, that stand up for real values, but the new left leaning loonies can't be classified among Real Democrats. I beleive there is only one in congress now and they made him change to Independent so he could retain his seat. He is the only one who has any balls to stand up to the left leaning loonies. We need to step up to the plate and through all of the incumbents out of office. Great to have a place to let off some steam. Thanks

 
At 9/26/2008 8:01 PM, Anonymous Anonymous said...

I actually know some of these "low income" people who received 125%mortgages they could not afford on over inflated, over appraised houses, and they got with no money down, etc....most used their homes as an equity atm machine printing thier own money by having their cousin's brother in law appraise their homes at ridiculous values, and thier other cousin's sister in law broker the mortgage using little but faked w2's they filled out that were purchased at office depot (the same ones they faked to get govt assistance too). And, then took they money and squandered it on their wives boob jobs, giant gas guzzling Escalades and Hummers, boats as big as their houses, and of course the prada and coach handbags....Now, they realize they can't sell the house for what they owe in mortgages and I am supposed to BAIL THEM OUT? Can I repo the boob jobs? I would like to DEFLATE SOME EGOS around here in Miami.

 
At 9/26/2008 10:30 PM, Anonymous Anonymous said...

I am weighing in late,just got done watching the debates,guess what,we are in deep,deep doo doo.me and 114 other people from pa lost our jobs a very popular bedding company is closing its doors on us in 13 days,there are a few people who are walking away from there homes,i am going to try and hold on.

 
At 9/26/2008 10:38 PM, Anonymous Anonymous said...

does anyone know if there is a third canidate running?i would like to vote for them

 
At 9/27/2008 6:59 AM, Anonymous blueglas said...

Demoncrats would accuse any comments by McCain to correct the forced policy imposed onto Fannie Mae and Freddie Mac as racial if he lowered the percentage of such shaky loans. The forced policy has undermined those conservative institutions. Middle income people are the best investments of our country.

 
At 9/27/2008 7:16 AM, Anonymous Anonymous said...

It doesn't matter who the president is, we are becoming socialists and maybe we should, it works for Canada which is the largest country in the USA.

 
At 9/27/2008 9:24 AM, Anonymous Anonymous said...

now I understand why so many illegal immigrants were encouraged to come.Build houses and buy them .

 
At 9/27/2008 10:00 AM, Anonymous Anonymous said...

If you want EVERYTHING you HAVE taken from you and the GOVERNMENT become the OWNER of your very soul, vote for Obama. He is socialist/marxist with 7 years under a communist mentor which he talks about in his book "Dreams of my Father". Plus he had 20 years under that RADICAL wright that said God D.... America! He has a good talk but look at how he was voted for the 143 months he was a Senator! Only the REALLY BLIND and UNINFORMED and those that want the government to wipe their fannie will vote for him.Open your eyes FOLKS! McCain is not the BEST of 300 MILLION Americans runing, but he is the BEST of the TWO we have to choose between.

 
At 9/27/2008 2:00 PM, Anonymous Anonymous said...

I bought my "California Bungalow", in 1984, for 46,000.00, all 800 sq ft.. It's paid for, so I have a big life in a small house. 900 taxes each year thanks to prop. 13. Re-read Walden, by Thoreau . Each generation must carve out there own piece of walden pond. After all Henry would be a trespasser today. I measure my wealth in surf, sunsets, time at home with my wife. Read why he went into the woods, and why he left. WHY THOREAU SAID, "MOST MEN LIVE LIVES OF QUIET DESPERATION."

 
At 9/27/2008 2:07 PM, Anonymous Anonymous said...

All your seeing is the rats leaving the ship with their own GOLDEN LIFE BOATS. Actually, worse than RATS, these rodents are the cause of the ships demise. DON'T WORRY, OBAMA IS BRINGING CHANGE TO WASHINGTON! Good times are hear again! " IT'S PRETTY TO THINK SO".............. HEMINGWAY

 
At 9/28/2008 1:17 PM, Anonymous Laurie said...

Every race should be treated %100 equal. You don't have good credit to bad. If you low income of white, black, or whatever race you deserve health insurance with proof. This country is a joke. I pray I see change before I die. One more thing. Phone calls and manual should only come in English

 
At 9/28/2008 1:29 PM, Anonymous Anonymous said...

I hear that women that vote "McCain-Palin", were called "white trash" by some cheap looking chick from Canada with such a bad dye job, it makes her look 100 years old. Well, thank God for all of us white trash, we are raising the leaders of the future, working and raising kids, As single mother,I worked 25 years at an ammunition plant, yes, I made solid rocket fuels, smokeless powders,etc. and raised a boy and a girl, the girl was pregnant when she graduated, I guess some would say that was my fault because I worked swing shift all her life, but she is doing fine, works everyday and has children, that excell in school, play sports, etc. My son just got his Batchlor's degree and working on his Masters, has a big house, etc. He spent time over in the gulf, in the Navy, inventing a program for the tack and tell so the info coming into the ships could go straight to the computor instead of copied and entered in by personel. While in the gulf,his calls home cost up to $600 a month. I had to start using store coupons, Goodwill & save every dime I could, to pay them. We never had designer clothes,shoes etc.We bought a house we could afford, (to be paid off this year)
not like those people who got loans, & knew they couldn't pay for them. and not from the lenders that knew they couldn't pay. With just a GED, I knew better! lets pray that God Blesses America by electing John McCain and Sara Palin, so they can get us out of this mess that Clinton got us into years ago. I thing Clinton will vote for Mcain because he knows Mcain can fix his mess.

 
At 9/28/2008 9:51 PM, Blogger inthemoney said...

Most comments could be sumed up as dems this, republicans that, vote McCain, vote Obama, he will make everything better.
Here is the truth, there is only one person who can make it better, - yourself. Don't wait for someone to come and fix the mess. What are you doing to fix it?
How exactly do your beleive Obama or McCain will fix it? They can't that is the truth. The real power is the Congress and all they do is sniping at each other, much like many posters here.
What gets me personally, is the electoral college system. I live in Texas which is republican by wide margin. And you know what? Texan's vote doesn't count to McCain or Obama. McCain knows he has it, Obama knows he can't get it. In the end, nobody campaigns here, nobody is accountable to texans. I want my vote to be valued as a vote of somebody in a swing state. You know, the rest of the world uses majority vote system and they have more parties , more choice. The two parties system doesn't work well at all, they are two sides of the same coin. I want to vote for a middle-class party and it ain't republicans or democreats.
Recessions might do us some good in the end, force people to take personal responsibility instead of waiting for Santa to make everything better.

 
At 9/28/2008 11:48 PM, Anonymous Anonymous said...

Was not this the type of math that that got the top dogs at Enron thrown in prison? Where is the democratic cry for justice and the heads of Fanny May, Feddy Mac, Barney Frank, and Chris Dodd?

 
At 9/29/2008 9:55 AM, Anonymous Anonymous said...

Some people want to show the bling,flash the gold, polish their big cars,dress in top fashion,live in big houses and not work. Easy money, their mothers started them out as babys with nike' shoes, designer name brands, while living in government housing, on food stamps and public assistance. the money they got had to come from an illigal source so as not to tip off the welfare office that they could pay their own way. the children grew up expecting the bling, hidden money, and of course didn't see school as beneficial because their mom ( the fathers were usually out of the picture) didn't work and had money and didn't finish school, as they grew up, this system was all they knew. and of course when the gov. was going to subsidize them a loan for a house, that was just part of the gravey train, they knew if they had a big house payment and other household bills, and more and more kids, the more food stamps and medical assistance and benifits they could receive from the government. So generation after generation, they just lived what they learned from the previous generation. we see lots of poor families that were raised in a family of people that worked, you see them work, and they know that the harder they work the more they can buy, and they have learned that the people with the most bling to show have very shallow pockets, and are usually living off our taxes. if we bail this bunch out, its the same as (some)of the families that has lived off the system all their parents and grandparents lives, because they don't know any other way. Those educated people that headed up these companies; FM and FM, should have their background checked and I think you will find the same shameful kind of back ground (as the people they lent all that money to) that they knew they couldn't afford the loans they got. These rogues were getting easy money just like the drug dealers and prostitutes on the corner, just on a bigger scale, and should be prosecuted with the same scorn as a common criminal, because they are common criminals, and the law says that criminals can't profit from there misdeeds. They need their houses and bank accounts, all the big cars and all the bling, everything bought with their ill gotten gains taken from them like they do to people that get caught selling drugs and other crimes. these people are thugs, they surely don't deserve to keep a dime. then after they pull their time in the pokey, have them on probation, making them work everyday, no public housing, no food stamps, nothing free for 5 years, then we could use the money they forfeited to pay and get us out of this money problem that they put on us. These criminals expected the gov. to bail them out, that is why they did it. lets not let them get by with it!!!!

 
At 9/29/2008 2:01 PM, Anonymous nick gill said...

Did someone REALLY bring up Walden? Thoreau, the great hero for going into the wilderness and living on care packages?

 
At 9/29/2008 2:41 PM, Anonymous Anonymous said...

one thing is sure for me that if OBAMA elect i am going to give up my job. better off with out job i will get free housing and free food free healthcare.ect ect....Why work hard OBAMA going to give to me frely... GO OBAMA !!!!! no 1 work in USA.. we don't need job. OBAMA's gong to take care us...LMAO......

 
At 9/29/2008 4:02 PM, Anonymous Anonymous said...

85,000,000,000 (85 billion) dollars divided by 2,000,000 (2 million) American citizens would be unfair. Only TAXPAYERS should receive bailout. Roughly 30% of adult American citizens do not pay taxes, so 70%, or about 1,400,000 (one million, four hundred thousand) would be eligible. So - 85,000,000,000 divided by 1,400,000 = $60,714 per taxpayer stimulus check.

 
At 9/29/2008 4:49 PM, Anonymous Anonymous said...

I think the intention was good - help folks buy homes who had never had access to credit - and it was actually working until 2005 when investors realized how lucrative the subprime securities were and then pushed lenders to create more subprime loans. George W was in charge and encouraging a climate of greed and corruption when the underwriting standards loosened to disastrously low levels to encourage Wall Street and greedy borrowers to take advantage of easy money. Bill Clinton had good intentions, George W and his cronies were simply greedy.

 
At 9/29/2008 10:23 PM, Anonymous montana_momx12 said...

Third and fourth generation welfare families are a product of socialism. Social programs that have free stuff perverts the thinking of the people it’s trying to help. The “I’m entitled attitude” or worse: “You owe me because I’m _____” (fill in the blank)…is crippling. They’ve allowed the government to beat their knees with a bat and then pay for them for limping. People who work hard only to have a portion of their incomes taken, resent it. That’s understandable.

When my husbands corporate job went to Columbia and was given to a man that was willing to work for three thousand dollars a year, we knew we couldn’t compete. When he went back to school to get more useless education, I applied for foodstamps. That was after we’d used up our savings, liquidated everything of value at huge losses and eaten everything in the pantry that I stocked up for a rainy day. The help that foodstamps provided kept us from loosing our home.

I told our children that if we cleaned up the roadways each month, the government would put money in an EPT account for us and we could use it for food. Each month, we’d put on our rubber gloves and find a road that hadn’t been adopted and pick up garbage. One child pushed a stroller and I had a baby strapped to the front of me. The other nine children also picked up garbage. My crew could walk up a road and clean it up fast. We’d haul the bags to the dumpsters and go home to bathe and the tenth day of each month….we had foodstamps.

When my husband graduated and was employed again, we stopped the foodstamps, though we still qualified. The foodstamp officer reported us to social services to make sure my children were getting food. It was policy. People who qualified weren’t allowed to refuse without an investigation.

Years later, my twenty two year old son called me from college and asked me to please set his friends straight. He was in a heated argument about food stamps and his friends had the rediculous notion that the government simply handed out foodstamps and people didn’t have to do anything. I confessed to my son the truth and he was dumbfounded.

I hope my children never need help from the government. So far, none of them have ended up on public assistance. I think the way we handled our experience set the stage for them to think of it as a last resort rather than a lifestyle.

 
At 9/30/2008 12:28 AM, Blogger Tweedlegram said...

Montana Mom x12
I thank you and your family for adopting a highway. It is appalling how much trash "the trash" can litter our country with.
As for a bailout... I will consider writing my Congress people to vote yes on a bailout when criminal charges have been filed; the accused arraigned, bail and a trial date set. There are plenty of suspects and plenty of laws broken and oversight policies ignored. If charges can't be brought against the greedy and the corrupt, my tax dollars can't be used to "help" them out, either.

 
At 9/30/2008 9:55 AM, Anonymous Anonymous said...

More fine examples of our education system. Apparently math was not in the curriculum. Last time I checked there were a bit more than 2 million people in the US. Don’t they call this fuzzy logic?

 
At 10/01/2008 2:33 PM, Anonymous Anonymous said...

This all started with the Democrat controlled government under Clinton. Oh that Bush would have done something to avoid it! Can you imagine, however, how he'd have been slaughtered by the media if he'd have tried to slow down bad loans to low-to-mid income families - i.e. african americans and hispanics?

 
At 10/05/2008 2:16 AM, Anonymous Anonymous said...

As my father, who only finished the 8th grade, always said, "book sense..... common sense?, I'll take common sense everytime". The problem is common sense cannot be taught, and the "brighter" you are the less common sense you have! What we need in D.C. is some people wih common sense, but we'll never see that happen because they're all attorneys!! What we also really need is term limits!!

 

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