Quote:
Originally Posted by US27inKS
I'll tell you what caused all of the foreclosures. Alan Greenspan (I'm sure with the encouragement of Bill Clinton) told all of the banks to give away money as cheaply as possible to anyone who can fog a mirror. At the same time Bill Clinton, at the request of Wal Mart, gave away half of our good paying jobs to china.
The mentality then becomes: Buy a big house on a adjustable mortgage, then fill it full of expensive furniture on the credit card. When the credit card gets out of control, we'll just re-fi and clear off the cards so we can do it again.
Eventually someone has to lose when you play those games. I don't think I should be held financially responsible for other people being idiots. I still have MY house because I DIDN'T upgrade when all of my neighbors were.
The "bad" economy and foreclosure "crisis" are caused by stupid people. As Ron White would say - "You can't fix stupid" but apparently you can bail it out.
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While agreeing with all of the sentiment and a goodly portion of the statements above I'm just a bit curious as to what "good-paying jobs" have gone to China via the pernicious influence of Wal-Mart on the unlamented Bill Clinton. I'm thinking about those thermos assembler and Tickle Me Elmo battery installer jobs or maybe those high paying jobs in the sneaker industry.