Watch this very fast and interesting video....
Whether you are Republican or Democrat...no matter, share your thoughts and lets open this up for a good discussion!Who is to blame? Did it really start long ago? Is there a responsible party or does it involved so many players? Who can explain it best? Who wrote the best explanation?
What Say YOU?
Actually I got half way thru it and found it was not an educational video at all, but rather another McCain ploy.
The Community Reinvestment Act was something that did assist people who were not qualified for homes to get one. I saw the good it did for families. And I truly feel greed caused this Bubble...everyone wanted a piece of the pie.
Wall Street, Lenders, Mortgage Banks or Brokers, Loan Officers, Real Estate Agents and the Consumers themselves. They are all quilty.
Okay, Candace, call me 'chicken, but, I got involved with one of these yesterday and the end result was that it turned out to be a partisan conversation/arguement!! Well, I will have to say something! My thoughts--there are many more people involved here that got us into this mess--however, I do feel that we must look forward and try to figure out a way out of this mess! I don't think either political candidate can get us out of it alone--they're going to need MUCH smarter people than themselves to clear this up.
The Americans have to elect those who will really make a difference...our Senators for starters.
Candace - I didn't watch your video - I'm buffering the barrage of input I'll accept. But, I wanted to say I believe it is critical that we move away from the blame concept into finding a solution.
I would say the lender provided the vehicle and put the buyers in the passenger seat instead of the lender being in the passenger seat telling them how fast they can go.
Candace, The truth be told...what am I saying, the truth won't be told. Politicians will cover each others butts for this one. A couple of low level employees will take the fall, lots of wind generated in DC, lots of accusations...and than nothing. We should be used to it by now.
Nancy - I have very similar feelings and think you are spot on with the "Greed" theory! Thank you for sharing.
Debe - Sorry the previous discussions didn't fair well. I think many are so confused and baffled and looking to lay blame instead of perhaps puttng all that energy together and finding resolve! This is a big hole "WE" have put ourselves in and collectively it's going to take "US" to get it back to reasonable. Thanks for your comments.
Nancy - aren't both politicians running Senators? Confused with your comment.
Karen - Yes - I can see your reason, the blame game is getting old. I just thought this video was rather interesting. I have to agree with Nancy - It did favor the Republicans and McCain's camp.
Mike - Do you believe the Lenders were doing what they were told?
Richard - I am hoping that we can still have faith in the government and see through this storm! It would take a admirable person to run this country and accept responsibility. However, I believe in my opinion there are many players that need to join in that responsibility. Pointing fingers is getting old, serious resolve is going to make this crisis turn around.
Phil Gramm was a Senator. He had a lot to do with the late-90s deregulation. And he would be McCain's Treasury Secretary. He called Americans a "nation of whiners". It's too easy to make a You Tube Video, I guess.
The video is a great video - very telling. I think everybody should play it !!! The truth is out there !
Ann - I had not heard that, 'nations of whiners' thanks for sharing Ann!
Chris & Stephanie - I found it interesting and yet I'm still digusting all the market crisis and very intrigued as to how this will play out and what will happen! No one knows!
Hi Candice...all of this could certainly become a House of Cards,
Cheers, Happy Canadian ThanksGiving !
Fred - I can't agree more! Thank you!
uhm...there's still too many people who can/could pay who didn't/don't pay. That stinks!
I think there is still more to the story....I think that the conclusion somehow involves all of us on some universal level. Not too sound to airy-fairy but we are all members of the same body. We all suffer from greed (and other human short comings)and we all have the power (ability) to seek redemption. Now the question becomes....will we?
I left sub prime and no more Alt-A's as well. No one has deflaunted on any of the mortgages I had dealings with. I am in APaper now and looking to get out of Mortgages completely and going into Real Estate, concentrating on the Over 55 clients.
Candance, I just found the video, two days after the election. It leaves me speechless. Thanks for sharing. BTW, I still need to get some info to you... for the footer for my profile. ~Pat