"Most of the economists agree that the problems we are witnessing today developed over a long period of time,'' Bush said, citing an influx of money into American banks that enabled Americans to get easy credit - some getting home loans, some new business loans. "Unfortunately, there were also some negative consequences,'' he said, citing "easy credit'' that led to "excesses'' and "bad mortgage decisions... Many borrowers took out larger mortgages than they could afford.
"Eventually the number of new houses exceeded the number of people willing to buy them... Borrowers with adjustable rate mortgages... were stuck with homes worth less than expected, along with mortgages they could not afford... These defaults had effects well beyond the housing market.''
I have heard that insanity can be defined as doing the same thing again and again expecting different results.
I find it insane that President Bush recognizes that the economic crisis we are facing was caused by the fact that credit was extended to people with far less than perfect credit histories on properties that were valued at far greater amounts than they should have been. And now he proposed that the United States Government do the same thing.
The national debt is at $9,794,167,845,969.82, seems to me that creditors need to put a halt on this consumers credit.
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3 comments:
HA AMEN to that sister!!!!
I really don't even know what to say, except I hope that one day all of these people will get what is coming to them.
I really don't even know what to say, except I hope that one day all of these people will get what is coming to them.
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