McCain and Bush Destroyed our country
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| Also listed in: Healthcare Policy | Public Policy - General |
The Federal Reserve controls banks, and plays the role of Central Bank as in most western countries. Therefore, decisions of the Federal Reserve can affect predatory lenders, inflation, deflation and recession. The more you pump free money into streets, recipients have more to pay for goods, and prices would increase. We want just enough money to buy all goods and services produced so that full employment reached without a rise in prices.
Media Embellishes:
When GWB took over as President, McCain and Bush and GOP were in majority and they passed a major bank law. Many GOP Senators and some Dems except Senator Barack Obama voted for the bill. The legislature shifted loan responsibilities from lenders to borrowers. In addition, there was a red tape in place in the 90s to prevent hake over of homes from minorities. This red tape was removed.
Soon after, many minorities were purchasing homes. I saw a Nurses Aid making not more than $300 /week purchased a $500,000 home. I asked how much he was paying as interest and he said “zero interest, it was just her mortgage”. He was paying adjustable interest only. Bush made several public announcements about how many minorities had owned homes under him.
At the same time, the mortgages were packaged and sold at Wall Street. Stocks went up and we saw markets performing well.
McCain and Bush had this geo-political concept to take over all of Middle East. Kuwait and Saudi Arabia were already in the column. They needed Iraq and to use Iraq as a base to conquer Iran. The cost of Iraq war forced GWB to print more greens, bypass congress to sponsor unsupervised contracts in Iraq. The greens ended back on our streets. Feds panicked and tried to cut interest rates. Housing market was undoing any actions of the Feds.
Then other sectors started collapsing. Please go back to my definition of fiscal policy! The idea that Banks used fine prints is nonsense. The fine prints have always been used.
Markets exploit deficiencies. If banks are no longer responsible for loans, why go through the headaches of credit checks?
This brings us to where we are. People are not whiners. It is not a mental recession. McCain and Bush destroyed this country.
Media Embellishes:
When GWB took over as President, McCain and Bush and GOP were in majority and they passed a major bank law. Many GOP Senators and some Dems except Senator Barack Obama voted for the bill. The legislature shifted loan responsibilities from lenders to borrowers. In addition, there was a red tape in place in the 90s to prevent hake over of homes from minorities. This red tape was removed.
Soon after, many minorities were purchasing homes. I saw a Nurses Aid making not more than $300 /week purchased a $500,000 home. I asked how much he was paying as interest and he said “zero interest, it was just her mortgage”. He was paying adjustable interest only. Bush made several public announcements about how many minorities had owned homes under him.
At the same time, the mortgages were packaged and sold at Wall Street. Stocks went up and we saw markets performing well.
McCain and Bush had this geo-political concept to take over all of Middle East. Kuwait and Saudi Arabia were already in the column. They needed Iraq and to use Iraq as a base to conquer Iran. The cost of Iraq war forced GWB to print more greens, bypass congress to sponsor unsupervised contracts in Iraq. The greens ended back on our streets. Feds panicked and tried to cut interest rates. Housing market was undoing any actions of the Feds.
Then other sectors started collapsing. Please go back to my definition of fiscal policy! The idea that Banks used fine prints is nonsense. The fine prints have always been used.
Markets exploit deficiencies. If banks are no longer responsible for loans, why go through the headaches of credit checks?
This brings us to where we are. People are not whiners. It is not a mental recession. McCain and Bush destroyed this country.
