Tough times/ Bad Economy

[Jan]

Originally Posted by ITD

I remember 5 to 10 years ago, many prominent mayors, congressmen and senators jumping up and down because banks were not writing low income people loans. They were threatening legislation and lawsuits. Well, they got their way and look what happened......

Incredibly, there was not one word in the bailout bill that failed yesterday about stopping those insane lending practices. Barney Frank and other Democrats want them to continue.

In 2004 many Republicans and regulators were begging to reform Freddie and Fannie but were repeatedly blocked by the Democrats. They wouldn't even allow a vote on the proposed reforms. Watch this closely before you blame Republicans for this mess. Watch it all:

http://www.youtube.com/watch?v=_MGT_cSi7Rs&e

[HUH]

Why would we bailout lending institutions for their mismanagement. Years of no doc and low doc loans, not to mention credit cards have allowed people to borrow way beyond their means. I say let the house of cards tumble.

[Irish mist]

I'm old enough to remember the "usury laws". The usury laws were taken off of the books im 1980. They need to be applied again. It's at best amoral to unleash the wealthy to prey on the middle, and lower-middle class with 22% interest rates. Usury laws have been with us since biblical times, and a moral society should never allow these credit goons to gain money from citizens that the local mafia vig guy could only dream of getting !
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[VitaBene]

I think there are a lot of people to blame on both sides of the aisle. Unfortunately, sometimes political correctness goes awry- and the middle class pays. Interesting story in the Globe http://www.boston.com/bostonglobe/ed...stPop_Emailed2