Why should banks loan money to the public when they can make twice as much with half the risk by betting against the American dollar?
Congresswoman Carol Shea-Porter is beginning to flip-flop on her support of the Stimulus bill after she voted for it. I wonder if she would be backtracking if she wasn’t coming up for reelection?
Speaking to bankers at a Democratic fund raiser, President 0bama stated , “But we also know we should never again have to face potential calamity because of reckless speculation and deceptive practices and short sightedness and self-interestedness from a few.” He should be preaching to the U.S. Congress instead of bankers.
3 comments:
He was talkin to the part of the right people. It was the recklessness of the banking industry and the greed on Wall Street that caused the fall, not he Congress. Their downfall was for not regulating these people and allowing them to run amuck.
Old Timer,
I have to disagree with you.
Our government forced the banks to make home loans to people who couldn't pay them back through Fannie Mae and Freddie Mac.
And it was the housing bubble that brought down the house of cards.
Let me know if you would like proof and facts... unless you're a liberal; then proof and facts won't matter.
Denny, I respect some of your opinions but on this one I have to disagree. The debauchery that caused the fall of the financial empires was not the loans that Fannie Mae and Freddie Mac encouraged the bankers to make, but was brought on by the greed on Wall Street by the executives that run the Coperations. They have no loyality to anything except the almighty Dollas. This caused them to make the bad loans, not the government. But the downfall was not triggered by the bad loans only. Wake up and see the light of Day.
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