Now don't get me wrong, I agree if people do not pay off loans it can certainly have a negative effect on the economy..I mean someone has to pay eventually. But I place the blame on Wall Street and deregulation for the mess we are in more then a hard working American who simply wanted a piece of the American pie, and was approved for a loan they could not possibly ever re-pay.
I could probably write a 600 page thesis on this...but I will copy and paste this article from Yahoo finance dated Oct, 6 2008 written by Ben Stein which edits it down quite brilliantly and factually.
HOW TO RUIN THE U.S. ECONOMY...
1) Have a fiscal policy that creates immense deficits in good times and
bad, burdening America's posterity with staggering burdens of repaying
the debt.2) Eliminate regulation of Wall Street and/or fail to
enforce the regulations that already exist, instead trusting Wall Street
and other money managers and speculators to manage other people's money
with few or no regulations and little oversight.
3) Have an
energy policy that disallows producing our own energy and instead
requires that we buy energy from abroad, thus making our oil prices
highly volatile and creating large balance of payments deficits,
lowering the value of the dollar and thus making the problem get
progressively worse.
4) Have Congress mandate that banks and other
financial entities lend money to persons they know in advance to have
poor credit ratings or none at all.
5) Allow investment banks,
insurers, and banks to bet their entire net worth and then some on the
premise that borrowers known to be improvident will in fact repay those
loans.
6) Allow the creation of large betting pools called "hedge
funds" that can move markets and control the outcome of trading, thus
taking a forum for savings and retirement for families and making it
into a rigged casino game that exists primarily to fleece suckers like
ordinary working men and women.
7) Have laws that protect
corporate officers from being sued for misconduct but at the same time
punish lawyers in the private sector who ferret out such misconduct and
try to make accountable the people responsible for shareholder and
investor losses. If one of those lawyers gets particularly aggressive in
protecting stockholders, put him in prison.
8) Appoint as head of
the United States Treasury Department a man whose whole life was spent
on Wall Street, who became fantastically rich through his peddling of
junk bonds at his firm while the firm later sold short those same sorts
of bonds.
9) Scare Americans into putting up $750 billion of their
hard earned money to bail out the billionaires and their friends who
created the market for loans to poor credit risks (The "subprime"
market) and the unbelievably large side bets on those loans, promising
that such a bailout would save the retirement savings of Americans, then
allow the immense hedge funds to make the market crater immediately
afterwards.
10) Propose to save the situation by surtaxing the oil
industry, which is owned by our fellow Americans, mostly in their
retirement plans, thus penalizing Americans for investing in companies
that efficiently and legally produce an indispensable product.
11)
Insist that the free market requires that banks and insurers with
friends of the Secretary of the Treasury be saved but allow other
entities not so fortunate to fail, thus creating total uncertainty and
terror among financial institutions, and demolishing all of the
confidence built up in financial circles since the days of FDR.
12)
Then have the Republican candidate say he would keep on the job the
Treasury Secretary who facilitated the crisis, failed to protect the
nation from the crisis, got the taxpayers to pony up to save his Wall
Street buddies, and have the Democratic candidate, as noted, say he
would save the day by taxing the stockholders of energy companies.
Why file a report here? Ripoff Report is a permanent record! Other complaint sites copy our content then remove reports for money.
