AOL News has a new home! The Huffington Post.
Click here to visit the new home of Politics Daily!Do any of the financial problems of the past two years have anything to do with
individual responsibility ? While I agree the banking system should be more trans-
parent, it is high time people realize they have to live within their means or
accept the consequences of their overspending. Is the next financial reform
legislation going to punish people for being reckless with their resources ?
i WAS A LIVE WITHIN MY BUDGET INDIVIDUAL - the problems caused today have nothing to do with Mr. and Mrs American living within the constaints of their income. Has alot to do with the banks, wall street, trading houses, securitization, swaps, toxic dervatives. Here is the set-up, A brokerage house sets up a retail mortgage shop in strip mall. Mr. and Mrs. A. Citizen walkin to see about buying a small house in the burbs. The loan officer doesn't even check to see what kind of income or revenue, savings, assets. A the loan officer wants is that big fat commission on that big fat mortgage he can sell. After some smooth talk he convinces Mr. and Mrs. Citizen, you don't need that average house, you need a MAC MANSION the equity alone will be worth the risk. And don't worry about it, the economy is just humming along. Mr. and Mrs. Citizen buy a Mac Mansion they can't afford, and the loan is bundled with a whole lot of other sour notes and sold /swaped as toxic dervatives. No problem Fannie and Freddie gurantee them. Then the bubble burst. I would gladly see the consequences of this collusion and racketerring RICOH type operation. REmember Repo 105
July 31 2010 at 5:01 PM Report abuse Permalink -5 rate up rate down ReplyI don't think it will be good, but emotions are mixed. I was not happy with with Dodd and his wife did to the banking regulations in the early 1990's. Dodd's wife worked for the Clinton Admin. in the Finance section. So, it was not good then and still not good for banks or the average American. But, I honestly don't have a solution.
July 21 2010 at 6:56 PM Report abuse Permalink +10 rate up rate down Replygreeting, unfortunatly i am one of the public that beleives that if is good for congress its going to suck for the public. I was very tempted to fly my FLAG upside down this last independece day. We need to stop the idea of hiring cheap help, even if this means checcking up on the small buisinesses that hire the people that need work to eat. I AM A 7th generation american that has been thrown back 20 years, as far as wages go, what are we going going to do for the americans that beleive the dreams of the constitution????
Very Concerned!!!!!!
Remember November is coming soon,,help yourself, and vote for the man that is ONLY for the people, big business can take care of itself. But, as I have seen for years now, the status quo will remain the same, the same goof-balls will be reelected, remember the Kennedy's,,Robert Byrd,etc; those guys didn't see a tax they didn't like. Remember if your Representative is not voting for/against bills you like/dislike then vote against him whether democrat or republican. lol, if I believed that would happen then there is a real tooth fairy and santa claus.
July 18 2010 at 11:26 AM Report abuse Permalink +15 rate up rate down ReplyThe only thing politicians protect are politicians.
July 18 2010 at 8:51 AM Report abuse Permalink +25 rate up rate down ReplyTrue. I HOPE everyone votes ANTI INCUMBENT! Maybe if we keep voting that way they'll change their 'business as usual' garbage??
July 18 2010 at 2:29 PM Report abuse Permalink +15 rate up rate down ReplyWhen Congress required most Americans to obtain health insurance or pay a penalty, Democrats denied that they were creating a new tax. But in court, the Obama administration and its allies now defend the requirement as an exercise of the government’s “power to lay and collect taxes.”
I think we should choose the latter...don't ya,melinda?
When Congress required most Americans to obtain health insurance or pay a penalty, Democrats denied that they were creating a new tax. But in court, the Obama administration and its allies now defend the requirement as an exercise of the government’s “power to lay and collect taxes.”
I think we should choose the latter...don't ya,melinda?
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