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Originally Posted by Supermans
I think you are mistaking who got this country into a mess in the first place. Do sub prime mortgage lending and Community Reinvestment Act ring any bells.. The law regulating Fannie Mae and Freddie Mac was rewritten to reduce their capital requirements, meaning they would become riskier.
"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." [New York Times, September 11, 2003 ]
Anyone remember that? Ultimately this spiraled into the housing market boom and eventual crash which affected General Motors and every car company since people's home value's were slashed in half or more and people were upside-down on their mortgages.
Now Barney still has a job and is regulating GM in his position. Go figure considering he was part of the problem in the first place.
Insanity is doing the same thing over and over expecting different results. I'm hoping the people of the US learn from their mistakes and their elected officials mistakes. However it is important to know where the "mess" started and who mostly contributed to getting our country in the "mess" to begin with. Put the blame where it is deserved and then try and rectify the problems and eliminate the waste from the ground up. GM's restructuring hopefully is heading in the right direction. I have high hopes, but it is decietful things like repaying back loans with other loans that are still having interest piled on it is disingenuous at best..
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Yes, I do remember, and you are right about this. IT WAS THE SUB PRIME MESS THAT DODD AND FRANK CREATED THAT CAUSED THIS RECESSION.