Quote:
Originally Posted by Charlatan
Fiscally speaking, there is a big difference between what you describe as traditional conservative values and what the Bush administration has done over the past 8 years. Their policies, the ownership society, etc. have directly encourage the marketing of sub-prime mortgages and the lowering of the entry into credit (and credit cards).
If you are a government that *leads* you should lead by policy and you should lead by example.
The Bush administration's examples and policy suggest that it's a good idea to spend what you don't have.
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As a supervisor in the military, let me assure you that people did not practice good personal financial management through the Clinton years either.
If the schools in this nation taught personal finance we would not be in this situation or it would not have become such a huge problem.
It still falls under personal responsibility. Just because the banking industry offers 0 down loans does not mean that people should not be intelligent enough to refuse them.
If Ford still built the Pinto would people still buy it?
What exactly did the Bush administration do to force people to purchase more than they could afford? I received a VA loan during the Bush administration and it was a thorough credit checking process. I do remember some of my subordinates that were "house poor" in 95-99 in AK and NC. They were overfinanced and could barely make their monthly payment.
I do agree that some of the packaging of sub-prime loans bears investigation.