I was a child when they were created, a teen when they proliferated, a young adult when they almost shut down the world economy, as they put it.

I didn't have a clue. I assume many Americans trust that they elect people to understand this nuance, and protect us from their pitfalls.

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Posted by LSURussian

Member since Feb 2005

127302 posts

Posted on 7/3/14 at 11:48 am to The Third Leg

quote:
I didn't have a clue.

So blame your parents. Stop trying to blame it all on a select few.

Everyone was happy as long as housing prices kept going up. When loans went bad, the collateral could be sold to pay off the mortgage. So everybody just kept keeping on. As soon as the collateral became worth less than the mortgage did the shite hit the fan.

quote:
I assume many Americans trust that they elect people to understand this nuance, and protect us from their pitfalls.

It sucks to be you for assuming anything like that.

quote:
I was a child when they were created,

That explains your uninformed posts on this board.

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Posted by KCT

Psalm 23:5

Member since Feb 2010

38911 posts

Posted on 7/3/14 at 11:59 am to The Third Leg

I remember watching this congressional hearing about 10 years ago or so. They had some underling from Freddie/Fannie testifying, and he was trying to tell them that there was a huge problem looming on the horizon.

Maxine Waters got pissed and was like, "How dare you come here and spread lies like this!". Gregory Meeks was even worse. He acted like a straight up street punk, and told the guy that he should be charged with a crime for lying about the financial condition of Fannie and Freddie

I'm pretty sure those two idiots are still in Congress. There was a lot of blame to go around regarding the 2008 financial collapse.

Bottom line, Bush presided over a failed presidency.

Obama has been worse. MUCH WORSE.

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