On Apr 29, 4:25*pm, bpuharic wrote:
On Thu, 29 Apr 2010 05:51:52 -0700 (PDT), Mike
wrote:



On Apr 29, 6:18*am, bpuharic wrote:
On Wed, 28 Apr 2010 19:22:17 -0700 (PDT), Mike
wrote:

so tell me...how is it the fault of the middle class?

Doesn't matter though; you're brainwashed. *Carry on with your ranting
and raving.

*You* got screwed. *We get it.

Good grief :)

yeah. the problem with the right is they deny there's a problem.
caused by the unregulated free market.

they have their delusions. i have the facts

As much as I can't stomach some of the sleezy losers on Wall Street,
including the banks that endorsed creative BS financial tools like
CDS's, do you honesty think we, as middle class, were not somewhat
responsible for the record foreclosures, as you've claimed?

we were. we kept voting for politicians that preached free market
fundamentalism...look at the GOP and the teabaggers today, and the
fact they'll probably win the house in november.



I know people that were fully aware should not be trying to take out a
loan for a $450K+ house but did so anyway. *Also know people that
purposely faked their true incomes to get the loans. *And, many were
on a "home-flipping" spree and bragging about it during the housing
bubble. *They knew what they were doing.

But, according to you, it wasn't their fault. *They were the
"victims".

Give me a break.

the average % of homeowners has been about 65% for 40 years. that has
stayed constant. *homeowners werent responsible because we were
marginal influences. *compare that to the scope of CDO's:

1 trillion in '96

62 trillion in 2006.

tell me which was the bigger..by far...influence.



*Many* were responsible for the housing bubble and subsequent crash.
Including us regular Joe's and Jane's. *But also people like your
beloved Dems in Congress, namely The Honorable Congressman Barney
Frank.

irrelevant. you're talking marginal influences

i'm talking meat and potatoes. *that's why you need FACTS rather than
right wing myth



Sorry, just can't buy those statistics. You honestly think that
substantial increase didn't have anything do do with the many more
loans bundled up and sold off to investors? The fire that fueled the
CDO's and CDS's was the increase in loans and a "belief" that house
prices would continue to appreciate to astronomical levels.

If you really want to start tracing the origins of this mess, go look-
up the Community Reorganization Act (CRA) from the 70's. It was a
legitimate program.

But, later on (as you'll read), it became a *penalty* (and fine) for
banks not to loan (signed by Bill Clinton). Years later, the greedy
assholes on WS sunk their teeth into it and developed creative
financial tools to capitalize on it. But again, they were not
*solely* responsible. Many people, including us, were.

Mike