Who's responsible for economic troubles?
It looks to me as if Wall Street has been protected as much by the Democrats as by the Republicans. Follow the money. Wall Street contributed far more to Obama's campaign than to McCain's. Why?
The two people who should be either convicted and sent to jail or committed to an insane asylum are Chris Dodd (D) and Barney Frank (D). These two, more than anyone else, aided and abetted the housing market free fall. In the '90s, both parties passed legislation which loosened financial requirements to get a mortgage. Effectively, banks and mortgage companies could not withhold a home loan on the basis, the applicant had no means of repaying the loan. They were called NINJA loans, which meant No Income, No Job, and no Assets.
Anyone who was watching financial news and or Fox news, knew, for at least two years, a crash was coming. Real estate experts repeatedly said the rise in prices could not continue and the RE market was a house of cards based on the toxic loans of Fannie and Freddie.
If you only watch "lame stream" media, you might not realize or remember January 3, 2007, was the date (two years of Bush term left) the Democrats took over Congress. The Dow Jones was 12,621.7, the GDP was 3.5 percent, and unemployment was 4.6 percent. January 3, 2007 was the day Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. Bush had asked Congress 17 times to stop Fannie and Freddie, starting in 2001. No one listened! McCain was one of 3 composers of S190, which might have averted this mess but it was rejected by Congress.
To this day, nothing has been done about Fannie and Freddie, except to keep pouring taxpayer money into its bailouts. In June of 2010, Sen. Bob Corker, R-Tenn., proposed borrowers put down 5 percent on loans guaranteed by Fannie and Freddie. It was rejected 57–42, party line vote. Chris Dodd said, "this would restrict home ownership to only those who can afford it." Say again?
We could almost laugh about that comment, if it weren't that all taxpayers and their children, and grand-children will be paying for people buying homes they cannot afford. And now for the straw that breaks the camel's back. We are running out of taxpayers. Many taxpayers no longer have jobs because of the real estate/financial melt down.
Nancy Dittman, Barstow