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Originally Posted by stonegossard
So the only ones hit by this were the people who took out the loans ?
Go to google and type in "CDO". I agree that a lot of the people who got hurt had zero business getting these huge loans/mortgages...but to say they were the only ones affected is moronic. There are a TON of people who are being affected by whats going on, and had nothing to do with these bad loans. Go do some reading on Auction Rate Securities and whats goin on with them, and how their failures are effecting not only a lot of people...but a lot of businesses.
Your views are beyond distorted...just like the guy you are obviously a big fan of who thank god is a goner in 6 mos. It's kinda funny how his colossal screw ups are gonna hurt his party big time in November.
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The VAST majority of people who got "bad" or "clever" loans could afford a home, just not the one they got. And while I blame the lenders, the borrowers are the ones at fault for trying to purchase more home than they could afford.
Very, very few responsible people are going to be affected by the housing issue. Will some? Yes. But by and large, it will be greedy people who made a financial decision that they had no business making.
My comment about bank accounts was an overreaction to your childish comment abou whether or not I had a job. I should not have made it, and I regret it. But yes, I have a job and I earn a living. Not that that matters.
I am not a fan of George Bush. But I am a republican.
I also never got personal until you did. You acted in a way that most democrats I know act. When someone disagrees with you and responds with facts, you attack the person instead of the argument. It happens all the time. I live in Washington DC, and I know a ton of people in politics. I have been in a million debates with both democrats and republicans. And there is nothing easier than identifying a person's political persuasion by their style of argumentation. The more personal attacks and emotional retorts one makes, the more likely he is a liberal. Take it to the bank. Go back and compare my arguments to yours, and see if I am right.
The botton line is that the economy is so vast and complicated that if you put ten economists in a room and told them to come up with a definition of the economy, you could probably not get any two of them to agree. But one thing they WOULD agree on is that every economy goes through cycles. And just because some times are better than others does not mean that the bad times equate to a bad ecomony. That's just nonsense, especially when everyone has a job and people are spending money on things like TVs and vacations.