whats funny is for the most part this whole thing hasnt hurt where i live......why? cause the local banks are a lil more cautious in lending money which is why ive got a mortgage i can afford though there are plenty of places locally where i could have paid 4 times as much......havent heard of any more foreclosures than 10 years ago
this happened cause banks started getting really loose in their lending habits.....they did not go through the effort of actually seeing if the borrowers could pay back long term.....it actually would have worked fine if the housing bubble hadnt burst cause those who couldnt afford it could just sell their homes and their arse was covered.....this happened cause Fanny Mae and Freddy Mac were giving lots of money to low income families so they could buy a house when they really couldnt afford it....anytime those in congress cried out that the bubble was going to burst(Ron Paul did in 2002, McCain did in 2005, Bush tried to push forth more oversight on these two programs 17 times this year alone) they were met with cries or racism and elitism and money kept being given to ppl it shouldnt have been........it was flat out stupid......
AIG aint broke, its just got all its liquid assets tied up in property and businesses it cant sell at the moment like they could 10 years ago.....they own tons of property and business interests worth mega bucks.....they just cant sell much of anything to meet their liquid capitol needs
if you or i lended money to a friend to help him buy a house or if i paid cash for a $300,000 house that 6 months later was only worth $200,000 everyone here would be telling me tough luck that will teach yah ..........but the feds do it then expect us to foot the bill for their stupidity.....
this happened cause banks started getting really loose in their lending habits.....they did not go through the effort of actually seeing if the borrowers could pay back long term.....it actually would have worked fine if the housing bubble hadnt burst cause those who couldnt afford it could just sell their homes and their arse was covered.....this happened cause Fanny Mae and Freddy Mac were giving lots of money to low income families so they could buy a house when they really couldnt afford it....anytime those in congress cried out that the bubble was going to burst(Ron Paul did in 2002, McCain did in 2005, Bush tried to push forth more oversight on these two programs 17 times this year alone) they were met with cries or racism and elitism and money kept being given to ppl it shouldnt have been........it was flat out stupid......
AIG aint broke, its just got all its liquid assets tied up in property and businesses it cant sell at the moment like they could 10 years ago.....they own tons of property and business interests worth mega bucks.....they just cant sell much of anything to meet their liquid capitol needs
if you or i lended money to a friend to help him buy a house or if i paid cash for a $300,000 house that 6 months later was only worth $200,000 everyone here would be telling me tough luck that will teach yah ..........but the feds do it then expect us to foot the bill for their stupidity.....