Sick of It!
Posted by reasonfactory on September 25, 2008
I am sick of this BS spewed by Larry Cudlow, Neil Cavuto, Campbell Brown, etc crowd that blame congressional democrats for pushing legislation to help low income families get home loans, etc. They assert that the Freddie and Fannie and congressional dems are responsible for this financial mess.
“At the center of this crisis are Fannie Mae and Freddie Mac. Although they didn’t intend to encourage this spiraling chain reaction, it was leading Democrats in Congress — Senate banking chairman Chris Dodd and his long-time counterpart in the House, Barney Frank — who supported legislation that ultimately led to more and more of these bad loans we are all stuck with” – Campbell Brown.
BS. Ultimately the banks and other financial institutions have the last word (Yes or NO) when they are considering whether to extend credit or not. Poor people would sign anything that is offered to them by a mortgage company if the company’s “expert” assures them that that is something they would be able to afford. Therefore, please don’t give me that bs crap about how it is all poor folks fault.
These were the financial institutions who extended that credit, and it was them too who came up with these ridiculous flawed financial products (mortgage backed securities, sub-prime mortgages and other crap) that now turn out to be worth nothing. What, blame poor crowd? Should we also blame the tech bubble collapse of 2000s on poor people as well?
Have some shame corporate apologists!
