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America's Fiscal Stupidity Mirrors Detroit

Joseph64 Wrote: Mar 02, 2013 9:21 AM
The blame for the housing meltdown can be laid squarely on two parties. The lenders, who made it easy for unqualified borrowers to buy homes they knew they couldn't afford and the borrowers, who bought the homes anyway knowing they couldn't afford them.
wiseone Wrote: Mar 02, 2013 10:25 AM
The lenders were extorted into making loans they would not have made on their own.

The real culprits were Carter, Clinton, Reno, James Johnson, and Franklin Raines.

With Maxine Waters and Barney Frank receiving Dishonorable Mention.

And let us not forget the black woman at the Boston branch of the Federal Reserve who triggered the whole mess by fudging an audit of mortgages in the Greater Boston area (a BLUE STATE) to'prove there was racism in the home lending market.
Raymond, (Ret) Wrote: Mar 02, 2013 9:39 AM
Celebrate Homogeneity Wrote: Mar 02, 2013 9:32 AM
You forgot the US Government departments forcing the lending to take place or the banks would be fined, or worse, for "discrimination" and "red-lining".

It’s fitting that on the day Washington, DC is cutting the budget by an agreement that they really didn’t mean, that the city of Detroit will finally get what’s it has needed for a long time: declaration of fiscal disaster.

Michigan’s Rick Snyder has appointed an emergency city manager to do for Detroit what Obama, Biden, the UAW, GM, Chrysler, the city’s council and mayor have not been able to even with a $80 billion bailout of the automotive industry.

“Snyder’s decision comes after a state review team report concluded last week that Detroit is in a financial...