Obama's new Bank/Mortgage "relief bill" will cause foreclosures to climb

Oh go figure, they didn't think about the unintended consequences of their stupid actions. Now more people will lose homes. First the CRA forced banks to make bad loans, now this will kick people out of them. Good thing the government got involved

Had they simply stayed out of the housing market to begin with there would have been no artificial run up of values, no correction, and no need to fix their screw ups. In fact there would be no need to look forward to a future recovery because it would have never collapsed.

Re: Obama's new Bank/Mortgage "relief bill" will cause foreclosures to climb

Had they not repealed Glass-Steagall we wouldn't be here either. That gave way to all the exotic forms of financing and selling mortgages bundled. There is where the problems began and now is like closing the barn door after the horse is loose.

Re: Obama's new Bank/Mortgage "relief bill" will cause foreclosures to climb

Joe, your example makes my point!

As I said, IF THE GOVERNMENT WOULD HAVE STAYED OUT OF THE HOUSING MARKET to begin with then this would have never been an issue.

We pass stupid laws. Then we pass new laws to correct the problems caused by the prior laws. Then we pass even more new laws to correct additional unforeseen consequences. Then we repeal laws to correct problems. Then we pass more laws.

How about we get control of our government and have them STAY OUT OF WHAT THEY SHOULD NOT BE INVOLVED IN!!!

Re: Obama's new Bank/Mortgage "relief bill" will cause foreclosures to climb

Melensdad said:

Joe, your example makes my point!

As I said, IF THE GOVERNMENT WOULD HAVE STAYED OUT OF THE HOUSING MARKET to begin with then this would have never been an issue.

We pass stupid laws. Then we pass new laws to correct the problems caused by the prior laws. Then we pass even more new laws to correct additional unforeseen consequences. Then we repeal laws to correct problems. Then we pass more laws.

How about we get control of our government and have them STAY OUT OF WHAT THEY SHOULD NOT BE INVOLVED IN!!!

Click to expand...

Ah Glass-Steagall was also government regulations on Banks. Government should restrict some business practices other wise we live under a Laissez a Faire system which would be terrible in my opinion. It is the need of for a few decades now that government is bad that hass lead to little or no restrictions and the lack of them is our problems.

Re: Obama's new Bank/Mortgage "relief bill" will cause foreclosures to climb

You keep proving my point.

Thank you.

The fact that the government ***ed it up in the first place, then patched it over a dozen times, is now going to cause EVEN MORE FORECLOSURES.

Re: Obama's new Bank/Mortgage "relief bill" will cause foreclosures to climb

Sometimes they just won't listen Melensdad.
Glass Stegall was, as you said, the government geting intosomething of which tey should have stayed out.
A barely Republican congress in cahoots with a Democratic Whitehouse,,,all bent on getting re-election funds from Wall Street.

Doing what the Founders argued they the Federal governmentshould not do.

Our government has historicaly put it's thumbon thescale of our economy. Seemed to work fine when it was a smalllimited Federal governemt.

But it has become an elephant, a mega monster, and it's weight on the scale has enormous, disaterous, consecuences. They need to back that big ass buss up andget it out of the way.

Won't happen. So, sans any real solutions, I guess we are left with Blaming the party we don't like for ALL the troubles of our nation.


Yeah, that'll fix it