joether
Posts: 5195
Joined: 7/24/2005
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There really is another element to this whole issue. It is one of spending habit. Conservatives have it worst then liberals, even though some liberals are just as guilty. It has to do with wealth aquirement. For a long time, houses were considered a good investment. They would generally rise in worth barring unforseen issues like fire, blight or 'Acts of God'. And for the time period starting back in the late 1940's, this was true. The credit score of people, was not the original problem. It was the problem that grew from it. As times changed, and America advanced in to the economic power she became, Americans were increasing conditioned to buy, buy, buy. It did not happen all at first, but over time. Tiny bits, little by little. Sort of like (metaphorically) how one steams a Maine Lobster; mmmmmm......lobster.....
Anyways, Americans were told, "If you want to appear successful in life, you need..." Back in the 50's, it was a car, garage and a nice house. In the 70's, it was to be making trips across the country and abroad. In the 90's, it was 2-3 cars, and a LARGER house. In the last decade, it was 2 SUVs and 1 luxury/sports car, big house, trips, and lots of high tech equipment. For Americans, the wanting to aquire material wealth, virtually drained their bank accounts of raw resources (i.e. dollars). They started expanding their addiction to credit. Back before 1980's, some of the costs (health care, gas, even groceries), were pretty cheap. Now adays, those things have added up, in addition to the materialized wealth, we Americans have been programmed to believe we need.
Even those of bad credit, want to feel like they are some what successful in life. A house represents both a good long term investment, stability, and a place to live (oh yeah, nice spot for a dungeon too). Unfortunately, due to virtually little to any regulations, companies were able to entice this section of the population, with bad loans. There were more then a few cases of 'borrowers made $68K/year, and the loaner set them up for $85K/year'. The result, were borrowers losing everything to an unscrupulous persons. Fortunately, the financial reform, is to help prevent this sort of 'predatory lending'. Democrats did try to curb this predatory lending practices back in the late 1990's (when Republicans controlled Congress), and on up to, now (Republicans controlled Congress until 2006). We've witness the fallout, and the crushing defeat Americans have felt from this crap.
So again, I ask, Why should we vote Republicans back in to office in November?
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