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Originally Posted by TH0001
McCain was saying two years ago that we need tighter regulations and authored bills on Fannie and Freddie TWO years ago... Obama voted present on legislature regarding such...
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You do realize that it is impossible to vote "present" on a US Senate bill? Those criticisms of Obama pertain to the Illinois legislature, where the "present" vote is a form of abstension.
Quote:
Originally Posted by TH0001
Our economy sucks because people who make 40k a year live in 400k houses and drive 50k cars... You cannot stop people from being dumb.
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Is that why it sucks? I guess you and I live in different parts of the country. Around here, we think the economy sucks because all the people work on Wall St. and get paid millions or 10's of millions of dollars to work in companies that reward people for writing bad mortgages, sending jobs overseas, cutting R&D, and then when their companies get in trouble, get bailed out by the government. Oh, and those Wall St. workers, because they have enough money to throw around, drive up the cost of housing so the "dumb" person in your example had to pay $400K for a $200K house. I personally don't come into contact with anyone like your example; are those your friends and neighbors? All the people I come into contact with either have more money than they know what to do with, or are struggling just to get by...without expensive cars or houses.
Maybe you can't stop people from being dumb, but you can stop them from getting a car loan or a mortgage if they can't afford it. Once upon a time, you had to qualify for those things. Other posters can blame this on government, but in the end, it's the lenders who lent money to bad risks, because (IMO) of their greed.