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ORIGINAL: Joenextdoor

McCain suspended the campaign by not making appearances and not running ads.  Effectively, it stopped.  If the other side had done this, maybe the media would have been 100% focused on DC, and maybe, would have done a better job of explaining just what this bill is, so that the average person would understand it.

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ORIGINAL: Joenextdoor

The seeds of this whole mess were planted in the first Clinton administration.  After 4 years, he saw the mess that was going to happen, but for whatever reason, he didn't push to fix it.  It was further spurred on by Barney Frank who demanded that Fannie and Freddie encourage banks to give loans to those who don't qualify.  Housing starts went up, as well as housing prices.  Most if those loans for less than qualified people went out with no money down.  These homes were over valued.  When the housing bubble began to burst, and prices started falling back to more a more true valuation, ARMs reset and the foreclosure mess began.  Once that began, it fed itself, in that as more were foreclosed, it depressed prices which caused more resets, and more foreclosures.  I am tired of hearing that the fault lies with Bush.  He has been a convenent boogeyman for the last 7 years.  He was not in office when the rules were relaxed.  He is not guilt free, as he could have made this an issue, but really all parties were asleep at the switch anyway.  In this country, we do a poor job of looking ahead, and only seem to react to disaster. 
  The last point I want to make is about ACORN.  ACORN was going out and encouraging poor people to buy homes.  They helped them find lenders, helped with the applications, and basically put people in this situation.  They pressured lenders to make loans, and now they are calling those same lenders "predatory".  This organization needs to be looked at by the Justice Dept., but that won't happen as the Democrats won't let it.  They are corrupt and committing voter fraud, but nobody seems to care.
  We need to get back to a situation where people who buy homes actually have a documented income, an acceptable credit score, and a down payment of 5-10%.  What on earth did Barney Frank think would happen if we got away from this standard??  The idea is a good one.  Create home ownership among those that might not otherwise become owners, but we see now the huge mess this has created.  It all goes back to what I have always believed....You can't help those who won't help themselves.  Government should not give people things, but instead, create an environment where hard work rewards the individual with the things that they want, such as a home. 

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ORIGINAL: VivaciousSub

Actually, this is a common fallacy. Since 2002, the Republican party - specifically, John McCain and others - had warned us no less than 17 times that an economic crisis was increasingly likely as the subprime scandal took off.

Check out http://www.youtube.com/watch?v=H5tZc8oH--o for more information on the root of the problem.

Interesting to note, guess who's received the most money - ever - from Fannie Mae and Freddie Mac? That'd be Obama.

Finally, the Democrats, being in the Majority, do not even need the Republicans to pass the bailout bill. So why on earth are they waiting around for them? Cause they need to be able to claim complicity should something go wrong.

Always handy to have those Republicans around to dump on should the shit hit the fan from this. No one bothers to check further

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ORIGINAL: Joenextdoor


  We need to get back to a situation where people who buy homes actually have a documented income, an acceptable credit score, and a down payment of 5-10%.  What on earth did Barney Frank think would happen if we got away from this standard??  The idea is a good one.  Create home ownership among those that might not otherwise become owners, but we see now the huge mess this has created.  It all goes back to what I have always believed....You can't help those who won't help themselves.  Government should not give people things, but instead, create an environment where hard work rewards the individual with the things that they want, such as a home. 

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ORIGINAL: Joenextdoor

Actually Obama did do legal work for ACORN. 

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Sounds fair to me...we get porked, should be some bacon in it for us too, eh ?