Originally posted by: g8wayrebel
#3 is not the current administration or the Republicans.
Clinton deregulated and changed the financial infrastructure to allow lower economic levels to purchase houses and obtain
loans.
He said so himself last week.
I think he only admitted it to derail Obama and pave the way for Hillary in the future , but he said in nonetheless.
He had the benefits of the economic boom (thank you Reagan) and figured as long as things were booming he could pass the American dream on to the lower class.
That change in policy allowed many people to borrow money they could never afford to repay and encouraged investors to gamble in real estate and principle followings of that market.
The gamblers inflated prices in order to profit.
That inflation allowed even greater loans for equity in super inflated pricing and lead to the risks of variable rate purchases.
Lenders and real estate brokers profited , investors profited and reinvested , and Joe average bought houses they could never catch up with.
All of the above are taking a spanking for it now and we the taxpayer are expected to bail out these greedy bastards.
How about prosecution under the RICO statutes for fraud , and taking the 30 million a year from those greedy imbeciles to bailout the system?
When will limits be put on CEO's pay in situations where the market is invested? That money should be in your 401k , not the accounts of scandalous book cooking business managers. No one is worth 30 million dollars a year , especially in a mismanaged failing organization.
Lee Iaccoca wasn't then , even with success , and no one is now.
While they're at it , where are the prosecutions of Arthur Anderson , Tyco , World Com , Enron and the many others who are living on American workers 401k's now?
Loaning money to those who can clearly ill afford it for personal gain on cooked books is fraud in every aspect. Paying astronomic income to these CEO's is just as criminal.
While on the subject , where in the constitution does it say elected officials are entitled to astronomical benefits for life at your expense?
Should they not have to live in the same system they are charged with policing?
Those that borrowed are not without fault either.
Borrowing with risk is a choice we should not be responsible for.
You borrowed it , it's time to pay the piper or take your losses.
The money is now in the pockets of fraudulent bankers and brokers who knew good and well it was a facade.
It's been know for several years , at least , that it was coming. But , the Democrats have blocked action and continued to promise ,and to some degree provide , the world to the lower economic rung of this country.
Now , we pay the price for the economic slavery that is Democrat policy.
People have to earn what they get , not be enabled by the handouts of Democrats redistribution of wealth.
People working at minimum wage aren't supposed to have a livable wage. Leave the McDonlad's jobs to school kids and the elderly (for benefits) , it is not feasible to expect those jobs to support a household.
By raising the minimum wage , we the people merely get a pay reduction . not the other way around.
The costs incurred for payroll to increase this wage are passed on to the consumer, minimum wage earner included , thereby increasing costs on all and benefiting no one but the minimum earner , if then.
It is detrimental to the entire economy to push economics from the bottom and futile at best.
It lessens the value of those who get an education and skilled positions in multiple ways , inflation being the first and a direct reduction of economic value the most.
That is the "trickle up" economics of the Democrats. Give to the bottom and allow the top to pay for it.
Fine , but those of us in the middle pay for it first and with much more detriment to our own situation.
Getting an education is just as much a decision as taking out risky loans.
You choose not to integrate into society and pursue the American dream , don't expect to reap the rewards this country has to offer.
That's the beauty of capitalism , you can make your own way successfully or make that money for someone else.
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