It's no good being on the losing team. Ron Paul was saying a housing crisis was just a matter of time in 2003 and describing exactly how it would come about.
Herman Cain
- Thread starter samgeneric
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It's no good being on the losing team. Ron Paul was saying a housing crisis was just a matter of time in 2003 and describing exactly how it would come about.
It was not just RP that knew.
[ame="http://www.youtube.com/watch?v=_MGT_cSi7Rs"]Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis - YouTube[/ame]
Did you read about him saying "wake up people!" to those who opposed the bailouts?
"Wake up people! Owning a part of the major banks in America is not a bad thing. We could make a profit while solving a problem.
But the mainstream media and the free market purists want you to believe that this is the end of capitalism as we know it. It is not for several reasons that they have conveniently not explained." - Herman Cain, 2008
FLASHBACK: In 2008, Herman Cain praised TARP, chided "free market" purists | Philip Klein | Beltway Confidential | Washington Examiner
Cain being part of a platoon of politicians who thought the positing of a crisis in the media was mostly an attempt to discredit the Bush administration on the way out the door doesn't make him attractive as a presidential candidate. Cain is interesting as a neocon's anti-Obama.
That's what I was trying to say when I said "It was not just RP that knew".
Exactly to both of the above.
Funny how we never hear of the "evil homebuilders" who were taking down hundreds of thousands of dollars per home sold. I mean we were buying lots, building homes and selling them with $100K margins per home - even mobile homes with $85K cash profits per home on land.
Funny. Borrower bought home, bank made loan, all the money went..... where? To the homeseller/homebuilder. So, who has the money? I just answered my question. They cannot go after and blame the homebuilders because then they would have to go after each non corporate home seller, aka individual's, and that is not something we do in this political environment.
I agree that the US should focus on managing finances more responsibly, I just think that "running the country like a business" doesn't just effect finances, this mentality would have to stay consistent with other areas of government as well. Applying strict profit motive to the management of a country often strips the people of their rights to accommodate for economic growth.
Ideally, instead of raising taxes on the middle/lower class and bailing out big businesses, the government should take responsibility and start allocating those tax dollars with more consideration for the people that paid them.
They weren't evil.
Please take time to learn about money and banking. Your analysis of these situations will benefit greatly.
Apparently it was not obvious that I was being sarcastic with the use of "evil" - because so many call everything "evil" these days.
As for money and banking you will have to point me to what it is you think I do not understand. The bankers may have over leveraged themselves with guarantees that could not ever be paid but much of this crises leads all of the way down to the underlying transactions - the purchases of the overinflated homes. In each of these transactions, the money was placed into the hands of the Seller.
I am not blaming the Seller's (Homebuilders) just mentioning that they are rarely mentioned and yet they took gobs of money that is now being written off daily by the investors that hold the notes.
I actually believe I have a very good handle on the entire situation.