Nov 23rd 2011, 1:36:47
What got Obama elected was the fact that he had a plan to fix our economy. McCain and Palin both admitted they didn't know fluff about economics, or how to fix the problem Bush Jr. created.
While Bush was in office, several things were done that shouldn't have been allowed. Banks were deregulated, and were allowed to engage in predatory loaning, adjusting rates on loans and mortgages that made it to where those who owed the money were literally at the mercy of the banks. This also facilitated the housing market as real estate developers borrowed large amounts of money to build housing sub-divisions. And with the real estate developers, banks and mortgage companies all pushing
for home ownership, a lot of people jumped for it.
These are the same sharks who will tell you just how easy it is to get financing, adjustable rate mortgages, fixed rate mortgages, home equity lines of credit, no payments down for a certain amount of time deals and whatnot. And had the economy not began to go to fluff during the time all of this began it wouldn't have affected so many people, the problem is Congress bent to the whims of corporate arm-twisting to have some laws and regulations changed, repealed, or vaguely worded enough to allow them to conduct business on their terms... and they all took full advantage of it.
What is needed are people in Congress who are up to taking on the monumental task of putting those regulations back in place and if done properly, within a decent amount of time real economic recovery can begin. Because if nothing is done, these corporations will continue to abuse the system until the problem is nearly impossible to fix.
SOTA • GNV
SOTA President
http://sota.ghqnet.com
a.k.a. Stryke
Originally
posted by
Bsnake:
I was sitting there wondering how many I could kill with one set of chopsticks