In response to the person that said their were 20 bank failures under Clinton....
Take note from above... there were 2.036 under Reagan, who is REPULICAN. That is a lot more than the 20 under Clinton.
The bottom line is... people should have lived within their means.I am sure athe people receiving welfare and unemployment were not the ones buying $400,000 plus homes in California or else where.
Who is to blame ... the American people who are living above their means, greed. Those that support the musicians, actors and sports figures, who are all VERY overpaid. CEO's that are overpaid. Reagan did away with the middle class and focus his presidency to the top 5% who became wealthier and wealthier. We built a home in 1975 for $60,000 including land. Payments were one weeks net salary. Today that home would cost me well over $300,000. Our wages could not afford the payment, based on one week net salary.
Some of the banks were stupid for handling out loans that families could not afford. American's were stupid for wanting the "best" immediately. The 'I deserve it' attitude. More wants than needs. I continue to see the 20 and 30 something agers buying "the brands", getting their nails done, paying over $100 for a haircut, etc. I know for a fact some of these only make $15 an hour. Come on people get real.
Marilyn
of WI
@
Dec 07, 2008 13:49:46 PM
economy
well if you think about it we really do not need another democratic president in the middle of this crisis , the last one,bill clinton led to over 20 bank failures that is unmentioned on this blog
uneeded
of VA
@
Oct 15, 2008 09:30:37 AM
While Americans sleep in carborad houses and machine packings thrown out , the American aid receivers in so called poor countries eat well and sleep in cozy blankets given by American Government. The hype ended
when Bush under pressure asked banks to ignore security norms on martagages. In two years time the economy collapsed like house of playing cards.
No mercy when you lend rule for lender. Don't take it easy with a loan on your head. work hard avoid luxury pay promptly rule for borrower.
Pratima
Pratima
of
@
Oct 06, 2008 08:42:30 AM
Response to Darrow
Read this:
MORTGAGE PRESSURES
Under former President Bill Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers by the year 2001.
Instead of looking at "outdated criteria," such as the mortgage applicant's credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit worthiness.
Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for mortgage. That isn't a joke --- it's a fact.
So who's to blame for all this mess?
Nemo
of CA
@
Oct 03, 2008 16:12:27 PM
bank failures
To the genius that lays the blame for bank failures and investment house crumblings on Barack Obama: He was organizing in Chicago, when Phil Graham and the rest of McCain's campaign staff were lobbying/ voting for loosening of banking regulations that prepped the industry for collapse. Wall Street avarice and the control it has had over this regime is not laughable anymore. One can only imagine the chaos if Bush and McCain had their way with Social Security privatization. It is equally odd that we tax and spend Dems left a huge Treasury surplus after paying off the deficits of the fiscally conservative Republicans only to have the same Republicans spend that surplus and create the largest deficit in our nation's history. It wasn't the "Contract for America", it was the"Contract on America" ruining our standard of living and our respect world wide. The mantra "Get the Government off your Back" is just elitist code for deregulation and more taxes for the middle class. Please take a close look at McCain's tax plan. Yes, everyone gets a tax cut, admittedly larger for those making the most money. But there is a problem with the ledger. All of the tax cuts are on the leftside of the ledger, with NOTHING on the revenue side.I'm no accountant, but someone needs to explain how an enterprise as deeply in debt as the U.S., can survive under McCain's plan. And finally, what is different about this crowd compared to those that founded this country? Weren't they just rich folk who didn't want to pay Taxes?
Darrow
of PA
@
Sep 30, 2008 22:52:45 PM
obama
if he wins we are sunk. He does not know what he's talking about. He is a bigger crook then the crooks we have in their.
Here is a link to bank failures by year, not just decade. Now you can decide for yourself and spin it in such a way to back up your arguements about Republicans are better, or Dems are better.
I would be inclined to believe that during the first couple years of the Clinton administration, the chaos from the '80s was still being cleaned up by whomever you decide cleaned it up. In any case, I don't think it is fair to say, "Many more banks failed under Clinton than Bush 2." I think you need to qualify that by saying that Clinton entered office with an apparent mess and it was "cleaned up" by the time he left. Keep in mind, there is some amount of lag between introduced legislation and when that legislation actually makes a difference. By looking at the graph, you could claim that Bush 1 quelled the chaos of the '80s. Who knows? I'm no expert. I'm just looking at the graphs.
Adam
of CA
@
Sep 29, 2008 12:07:08 PM
BAILOUT
THE FOXES ARE NOT JUST IN THE HEN HOUSE, THEY ARE RUNNING IT. Hand Mr. Paulson and friends 700 billion dollars? Ridicules!
Why not put the money back to work by simply doing the following:
1- Every mortgage (in default or not) has a Servicer to collect payments and make disbursements etc. Direct all servicing companies to rework the loans that are in default. Set amortization schedules to current lowest fixed rates possible.
2 - Use the billions to bring said mortgages current if the owner passes a simple check of their income to prove that they will be able to make the new payments.
Properties with mortgages that can not be salvaged will be auctioned off. The funds will be put into the U.S. Treasury. Real Estate Auctions were used by Fannie Mae and others in the past with outstanding results.
The F.B.I. is investigating the current financial mess? We hope they are investigating Frank Raines, past Fannie Mae CEO, Alphonso Jackson and Mel Martinez, past directors of OFHEO and others. The job of OFHEO is to watch-dog Fannie Mae and Freddie Mac to be sure that they are following FHEFSSA guide-lines and are operating safely. We should also ask where OFHEO was when Frank Raines was throwing out all the good, proven real estate lending guide-lines.
We hear that D.C. still does not know what happened. Every mortgage and real estate broker in the country knew in the year 2001 that there would be thousands of foreclosures because most lenders follow Fannie Mae lending guide-lines. While sub-prime mortgages were being written, we just did not know that D.C. would also give our jobs away with wonderful “Free Trade Agreements” and they would push a thing called “Out-Sourcing“.
The increase in oil prices was just another wonderful “do nothing” D.C. situation. How about going after all our white collar crooks and recoup some of our money. Then put them in jail where they belong. By the way, what happened to all the Private Mortgage Insurance dollars paid by PMI Insurance Companies?
Marilyn of WI @ Dec 07, 2008 13:49:46 PM
uneeded of VA @ Oct 15, 2008 09:30:37 AM
Pratima of @ Oct 06, 2008 08:42:30 AM
Nemo of CA @ Oct 03, 2008 16:12:27 PM
Darrow of PA @ Sep 30, 2008 22:52:45 PM
Sally of AL @ Sep 29, 2008 21:34:10 PM
Adam of CA @ Sep 29, 2008 12:07:08 PM
Richard Geisland of FL @ Sep 29, 2008 12:03:54 PM
esme of MT @ Sep 27, 2008 18:14:16 PM
serah of MT @ Sep 27, 2008 18:12:20 PM
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