Say Goodbye to the American Dream »
Posted By Shana4Liberty 9 months ago in Business & FinanceMost of us have seen the passionate speech given by George Baily in It' s a Wonderful Life to the evil bank-owner, Mr. Potter, begging for leniency towards Potter' s delinquent homeowners and espousing why owning a home makes the residents of Bedford Falls better citizens and more productive members of society.
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Shana4Liberty
I'm a stay-at-homeschooling mom of 4 living in central Alabama, but a native of south Texas. Feel free to friend me and send me ...
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Nowalive9 months ago
Excellent article. It doesn't lay the blame for this mess solely on one factor. I have been saying for many years now, that personal responsibility is the primary factor.
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You can't be forced to spend more than you make unless you are the federal government.
You can't be forced to lend money to a negative return entity unless you are the federal government.
The uneducated electorate will believe the 8 second sound bytes on the news channels and believe it is all the fault of which ever President is in office. The President has very little power to do anything. It all comes down to the 535 men and women in Washington routinely ignoring the will of the people.
The House and Senate are the regulators. The larger question is: Who regulates the regulators?
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simonsez9 months ago
A truly deregulated market would have never made these loans. Since mortgages came into being after WWII, you had to prove you could afford to pay the mortgage payment if you got one.
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It was only after Fannie and Freddie came into play and were allowed to make loans for any reason if someone wanted one. Congress forced the market to make these loans and they did in spades.
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