Stock market woes all the fault of Carter, Clinton, Democrats and poor people.

edbermac

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Wed Oct-15-08 01:13 AM
Original message

Stock market woes all the fault of Carter, Clinton, Democrats and poor people.

Naturally. Got on a message board and argued how BushCo has caused more damage to the USA than bin Laden ever hoped for and got this reply:

"It was the Democrats, including Bill Clinton, that forced Fannie Mae and Freddie Mac to lower underwriting standards so lower income people - who did not qualify for a mortgage - could get a mortgage. It was a social experiment started by Jimmy Carter but vastly expanded by Bill Clinton. Millions of loans were given to people who would not normally qualify for these mortgages. The result is that many of them defaulted and FM & FM were left holding these defaulted loans.

To Clinton's credit, he did admit that he was "partially responsible" for this mess.

Republicans, on the other hand, fought to get FM & FM to raise their standards. Their mistake was not fighting hard enough. So, in my opinion, they are almost equally to blame. Ask any banker or economist who is to blame for this crisis. The answer you will get is that the failed social experiment to give poor people loans is what caused it. Not Bush. This is one issue you cannot peg on him. "

Why do I keep forgetting that this is all OUR FAULT? Probably all that dope I smoked years ago gave me brain damage.

:sarcasm:

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Dogmudgeon

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Wed Oct-15-08 01:17 AM
Response to Original message

1. Tell him to check the default rates

The lower-income default rates are relatively low. The real problems are from middle-class people who were stretched to begin with. They were sold on the idea that the value of their property would increase faster than the rates of their mortgages.

They gambled and they lost. They were played as suckers.

These numbers have been reported in the press over the last week. It's quite revealing.

--p!

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SoCalNative

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Wed Oct-15-08 01:17 AM
Response to Original message

2. Oh heaven forbid

Edited on Wed Oct-15-08 01:18 AM by SoCalNative

we actually give loans to poor people!

But all of those farm subsidies and loans are okay in the Freeper rethug playbook I guess?

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sutz12

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Wed Oct-15-08 01:18 AM
Response to Original message

3. The really sad part about that argument....

is that the person making it typically has much more in common with the "poor people" he tries to blame than the Wall Street hucksters that really created this mess and ran off with the cash before it came crashing down.

:shrug:

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sandnsea

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Wed Oct-15-08 01:56 AM
Response to Reply #3

8. Probably has an FHA loan

That's what always gets me, when they trash the exact same programs they're benefitting from. :crazy:

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prayin4rain

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Wed Oct-15-08 01:20 AM
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4. of course it is poor people's fault! who do you think were buying and selling all those credit

default swaps????? :sarcasm:

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truedelphi

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Wed Oct-15-08 01:20 AM
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5. There were not enough poor people in the world to cause this Global crisis

Especially given that it is not poor people who set up complex financial instruments for the Wall Street Crowd to gamble on. But of course the poor will be blamed.

It is really a lot more about the Credit Default Swaops, the "insurance" that wasn't insurance even though it was sold as insurance, and yet the upper-incomed folks do not want to admit that it is their gaming the system that caused the sytem to collapse.

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Believing Is Art

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Wed Oct-15-08 01:22 AM
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6. Didn't this get debunked in McClatchy on Sunday? n/t

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JCMach1

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Wed Oct-15-08 01:46 AM
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7. you forgot the CLENIS

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JohnnyRingo

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Wed Oct-15-08 02:10 AM
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9. I had a wacko conservative friend email that theory to me

Edited on Wed Oct-15-08 02:10 AM by JohnnyRingo

I really let him have it, giving him hell for going back ten years to excuse a party that was apparently duped so cleverly by Clinton that there was nothing they could do, with all the power of the three branches, to outwit Slick Willy's economic checkmate.

Lord Knows they tried to counter the Democrats, but their plans to socialize America left Buxh no choice but to nationalize the financial system.

...and I remember when they told me during the prosperous Clinton years that "we're seeing the reagan tax cuts kick in."

Lets put a Democrat in this year, so we can enjoy the benefits of the Buxh tax cuts.

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Hannah Bell

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Wed Oct-15-08 02:55 AM
Response to Original message

10. Poor people are to blame for everything. Especially the dissolute, stinky ones.

They are EXTREMELY powerful.

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