This pill is hard to swallow!

Correct me if I'm wrong, but wasn't the financial downfall of the United States triggered by our government pressuring financial institutions to loan hundreds of billions of dollars on homes that borrowers could not repay.

President Obama said, "Lenders tricked people into buying homes they couldn't afford and some folks knew they couldn't afford them and bought them anyway"?


IS HISTORY REPEATING ITSELF?

“House Financial Services Committee Chairman Barney Frank said President Barack Obama will require banks receiving government aid to lend more to businesses and consumers…” Bloomberg

I can understand the reasoning, put the money back into play. What I cannot get my head around is why anyone would allow someone as dishonest or clueless as Barney Frank to be in a position to make the recession worse.

One final suggestion to all my friends in the blogosphere: Borrow as much as you can before declaring bankrupsy.