Are Republicans and Democrats to Blame For the Sub-Prime Mortgage Disaster?
Do you find it rather interesting that the left continues to blame the Republicans and President Bush for everything from Natural Disasters, to the Global Terrorists and from Global Warming to the Global Subprime Mortgage crash?
Not long ago, a political pundit who claims to be a moderate stated in a political debate; “Was it not because Republicans colluded with Democrats in pushing “affordable housing,” sub-prime mortgages, for folks who could not afford houses?”
Now mind you, someone on the left that picks and chooses their favorite TV news might indeed believe some of that nonsense, blaming the Republicans for it all and claiming that they initiated the problem. Yes, one could definitely make that argument, and there is ample supply of facts and evidence to back it up, but to deny the reality of the Democrats seeking low-interest loans for those who couldn’t qualify is ridiculous, if anyone initiated it, it would be the left.
Indeed, to further go on and state that the continued decline will be at the hands of the Republicans if they do not vote for Barney Franks increased regulations on banks is silly. As the political pundit asks;
“Is the GOP prepared to demand tough terms for home loans?”
No why should they? There are already laws on the books and banks to look out after their own self-interests, and why would the Republicans wish to prevent economic recovery? More regulation? No, that’s the wrong way to play it while credit markets are shot, banks teetering on assets, and a 4% drop in home prices now would send this whole mess back into the sewer.
No, we have plenty of rules on the books, we just need to follow them and allow banks to be prudent without intervention on who they must loan money too, even if they cannot qualify. Speaking of which GE Capital and CIT are in deep do’do, and we are not out of the woods yet, and I sure as heck wouldn’t invest in any California banks right now. Think on this.
Lance Winslow is a retired franchisor – Lance Winslow’s Bio. Lance Winslow is formerly the CEO of WashGuys family of franchises for instance one of Lance Winslow’s favorite companies on the team; http://www.windowwashguys.com/links.shtml/.
Are Republicans and Democrats to Blame For the Sub-Prime Mortgage Disaster?
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