Quote:
Originally Posted by tony404
let them all go. it cant be worse than the shit they have done here.
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just proof that you are so completely clueless about even the most fundamental principles of macroeconomics or economics in general.
"they" - you like using the word "they"... who are "they"????
The Fed for historically low interest rates?
the person flipping homes?
the mortgage broker?
the banks lending officer?
Clinton Administration for the Community Reinvestment Act?
the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 making it harder for people to declare bankruptcy?
The banks for figuring out how to package loans to make them less risky?
The guys who created the first CDO's?
The S&P guys who gave them AAA investment ratings?
The Fed Chairman for saying there isn't going to be any fallout from the loan defaults and the CDO's values?
The SEC for letting all this happen?
The brokers, mutual funds, investment funds, insurance companies and others that couldn't wait to snatch them up?
The obvious and inevitable housing market bubble bursting?
the list goes on for ever as to who is "responsible" - and it starts at the bottom from the idiot who bought a house where payments were 40% of his income on up the chain to the top.
in addition to that... all that you are ranting about, had it not happened, would have denied home ownership to millions of people.. which is a funny irony.
and last but not least.... since you fucktards can't wrap your mind around it..
ECONOMIES EXPAND AND CONTRACT and the two are relative to each other. We had 20 years of unprecedented, global economic growth and IT HAD TO END SOMETIME. LIKE ALL OTHER RECESSIONS WHICH ARE A SYMPTOM OF GROWTH..
how fucking simplistic does a person have to be to just sit back and point the finger at one or a few and say "they did it to me"... "they caused this"?