Stopped watch
It was not the banks that created the mortgage crisis. It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp.
Mind you, the banks were cool with it as long as it was profitable.
10 Responses to “Stopped watch”
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November 2nd, 2011 at 9:12 am
And the Congress liong since abdicated their Constitutional duty, handed our money over to the banking cartel so it could print money backed by no goods, no services and no precious metals and then loan it to us and collect the interest. Meanwhile when we work, producing goods and services and then save some, they collect our interest on our savings…double taxation.
Bernie Madoff was a small time operator in this game.
November 2nd, 2011 at 9:28 am
Neither answer is correct.. Congress and the banks only facilitated it… What it took was the greed of the American people to cause the problem.. They were promised and easy way to get their dreams and they took it.. Classic ponzi scheme. Problem is nobody who runs a ponzi scheme ever forces those who put their money in it to do so.. People who put their money in are motivated by the get rich quick greed… Nothing else. The failure of the economy was not the failure of leadership but the failure of a nation who let greed and entitlement lead them into a plainly visible trap….. Greed blinds the fool…
November 2nd, 2011 at 9:36 am
John Smith,
Yes, that’s also correct:
“The people are responsible for the character of their Congress. If that body be ignorant, reckless, and corrupt, it is because the people tolerate ignorance, recklessness, and corruption. If it be intelligent, brave, and pure, it is because the people demand these high qualities to represent them in the national legislature.” –James Garfield, President (1881-1881)
James Garfield, like his presidential predecessors, Thomas Jefferson and Andrew Jackson, also opposed Congress handing over its Cosntitutional delegated powers re: the issuance of currency to the banking cartel….to which the people ignorantly and recklessly acquiesced in 1913….and continue to do so.
November 2nd, 2011 at 9:40 am
And I forgot to mention to other presidents:
“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it’s issuance.”
― James Madison
And then there was Abraham Lincoln, assassinated, as was Garfield.
November 2nd, 2011 at 10:41 am
I just love it when BILLIONAIRES like Bloomberg Bitch about “Fiscal Irresponsibility.” Pot, meet Kettle.
November 2nd, 2011 at 12:05 pm
Banks played a part. So did the government.
Kind of funny they never offered me a million bucks to run a bank… and the government never gave me a million bucks in grants to start a biz.
But they sure give SOMEONE that kind of dough! But it’s their buddies.
November 2nd, 2011 at 1:08 pm
The government, the banks, the non-Bank lenders, Fannie Mae and Freddie Mac, The bundlers who made securitized bad loans or faulty loans, The first time borrowers, the greedy mortgage refinancers … They all had a part in this. They all worked together. None of this happened in a vacuum. Just some entities were extreme enablers.
Read “Reckless Endangerment” to get a feel for the worst of the guilty parties. Pretty sickening to see how this got as bad as it did and how horribly the government did overall.
November 2nd, 2011 at 1:25 pm
That kind of depends, if the government says you must do this or else, and then the government says don’t worry, you have insurance in case something really bad happens, then I guess you could say the banks were “cool” with it.
http://directorblue.blogspot.com/2011/10/smoking-gun-document-found-that-touched.html
November 2nd, 2011 at 11:32 pm
Bankers killed Lincoln? WTF?
November 3rd, 2011 at 11:21 am
The problem with blamming banks is that you are all calling the kettle black.
Face it, the goverment force banks to lend out bad loans, and then gave them a method to do it without risk.
If the goverment offered to hand you free money you would do the same thing. AND IN FACT you do.
What you never claimed a tax credit?
Hows it goin pot, I have this kettle you should meet