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post #1 of 5 (permalink) Old 12-15-2009, 11:02 PM Thread Starter
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WSJ Rips apart Obama's banking policies

I think this guy said what most people have been thinking....

Obama Blames Bankers - WSJ.com

Personally I agree with much of the article, however the only part I think that's missing is that banks aren't completely innocent. We all know banks have played a major part in this recession, but a lot did stem from existing government policies years ago, as well as piss-poor management and underhanded practices by banks.

In short, I think this does put a big bullseye on how government policies are so damn contradictary. Can anyone look into the future of health care if the current health care bill passes????

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post #2 of 5 (permalink) Old 12-17-2009, 08:34 AM
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Re: WSJ Rips apart Obama's banking policies

We will be screwed if this thing passes in any form now.

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post #3 of 5 (permalink) Old 12-17-2009, 01:34 PM
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Re: WSJ Rips apart Obama's banking policies

Pretty good article.

"I think this does put a big bullseye on how government policies are so damn contradictary"

Right on point.

The author points out the out of control lending by Freddy and Fannie. There was also a trickle down to other banks. Banks were obligated to make a certain number of loans to people who really coundn't afford them, or face penalties that were pretty steep.

It really got ugly when people who should have known better started using these risky ARM's to buy houses they were never going to live in. It turned into a huge game of musical chairs where millions where left standing.

It didn't help when people (again who should've known better) took home equity loans out that were greater than the orignal cost of the house. Just so they could have granite floors and counter tops.

The author also points out that small business owners for the most part don't want loans, other than what they may need to stay in business vs expanding the business which is growth, what we need to bring down unemployment.

As a small business owner, why should I take on more risk to try to expand my livelihood when the the Obamaton Nation seems ready to make me pay someone elses bills.

I have a philosophy? Who knew. Ok, where's the beer?

In lockstep to the end of the world....


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post #4 of 5 (permalink) Old 12-17-2009, 04:57 PM
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Re: WSJ Rips apart Obama's banking policies

That's exactly what Hitler did. He blamed the bankers for charging too much interest, keeping too much money for themselves, and not lending to people that needed it. Once he had all the people in an uproar, he took complete control of the banks to help fund his military build up.

Go ARMY!
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post #5 of 5 (permalink) Old 12-17-2009, 05:41 PM
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Re: WSJ Rips apart Obama's banking policies

Quote:
Originally Posted by Fddriver2 View Post

The author points out the out of control lending by Freddy and Fannie. There was also a trickle down to other banks. Banks were obligated to make a certain number of loans to people who really coundn't afford them, or face penalties that were pretty steep.

It really got ugly when people who should have known better started using these risky ARM's to buy houses they were never going to live in. It turned into a huge game of musical chairs where millions where left standing.
Exactly what happens when the government gets involved in telling business HOW to operate. Many of them were forced to make these high risk loans. And, like any good capitalists, they figured out ways to make money from them. It's what they do. Not defending their actions, but if they had been left to just run their business as they had been (prior to the government "strong arming" them), I wonder what the results would have been, compared to what they are now????


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