Americans now have the highest credit-card debt in U.S. history

No, but you are to believe that those ****ers blew up their banks and we bailed them out then rewarded them with trillions. And because of our actions the economy has never purged the bad debt and recovered, despite them making obscene money in the process

 

What does any of that have to do with personal responsibility for personal monies?

 

They made fortunes lending and creating derivatives from the lending. When their banks blew up they didn't have to live with the results of their bad business decisions.
We did.

 

WHAT, the Democrats held both houses of Congress AND the Presidency 2009 and 2010.

 

Suddenly 8 years is now 2. And the way the GOP was able to do change things, especially now. It's just a full fail so far. Geez... not even Obamacare reversed. Too busy with golfing, and starting wars in Venezuela, Iran or North Korea. That and wondering who should be fired next.

 

Yes there were being pressured to and even encouraged to make such loans by Freddie and Fannie. And what else were they supposed to do with them. They are brokers, they sell the mortgages banks and lending institutions issue to investors. Investors buy those according to risk and no one was going to buy those risky loans. So they bundled them with safe loans to balance the risk of all the sub-prime loans.

Well of course it was profitable, don't know what you mean by it becoming highly profitable. What enabled it was Fannie and Freddie backing them.

 

What on earth are you talking about and are you denying the Democrats had total control of the government in 2009 and 1010?

And your bromides and platitudes are of no interest.

 

The FED with Fannie and Freddie insuring them. And they had to bundle the loans because no one would but the sub-prime ones by themselves.

 

Point was made that they were 8 years in control. I admit that it is just 2.
And as the OP says this currently is Obama's fault.
While who is in full control, but too busy with playing golf? It's the GOP.

 

I don't think it's officially ended. There are still a number of areas where things aren't as strong as they should be, but I do like the high number of job openings in this country. It's a good sign for those looking for work or to earn a better living. Plus it provides plenty of work for those under 24 entering the workforce. It's a win-win. Thanks Trump!

 

hundreds of trillion$.
Much less than 1 trillion in sub prime loans.
The wall street banks were gambling their asses off making huge profits, then blew themselves up. How in the **** can any self proclaimed capitalist agree with bailing them out ?

 

Geezz.......they had majority control for 8 years with both houses of congress 2007-2008, total control, 2009-2010, majority control 2011-2014 with one house of congress and White House. Republicans took majority control 2015-2016 and now have total control. To judge government and policy and the economy simply by who is president at the time is folly.

 

Where is it $20/pack? In my neck of the woods they seem to be about $5.30ish for premiums like Marlboros and less for weird brands like Cherokee. Anyway, the bigger point is that people can invest and generate income. It may not rain down on you today. It may take 40 years for that to happen, but it is better to be rained upon 40 years later than not at all.

 

20$/pack? You smoke Habanos or what? In Sweden a pack of **** is around 8 USD (we have quite a high tobacco-tax).

 

The actual information on the cause of the crash is widely available and it was not Fannie and Freddy. They were a tiny part but the crash was due to the collapse of the securities which were derived from the loans. Collapse had nothing to do with Fannie and Freddy.

 

And all is as usual the guilt of the left, the liberals, Obama and the Democrats ... maybe also Hillary is guilty for this too, if this went again into a financial crash as in 2008 we had!

 

Bush and the Congress had the ability to stop the lending to deadbeats from the 2000 til 2006 election cycle, the heart of the housing boom. Why didn't they?
Who "made" the lenders lend to poor candidates during the housing boom?

 

Yes.
The derivatives on the books of the banks were totalling hundreds of trillion$. Still are

 

But, if Idiot Bush had advocated cutting off loans to "poor candidates", the hyperliberal Democrats would have blasted him for being "insensitive", and a "RACIST" who was trying to keep 'downtrodden' people from realizing their dream of owning a house!

Truth? At least half the reason we had this "Great Recession" in the first place was because of the Democrat-pushed "Community Reinvestment Act": https://www.forbes.com/2009/02/13/h...ibutors_0216_peter_wallison_edward_pinto.html

. "Ev'wybody deserves to buy more house than they can afford... and the government should mandate it!"

 

So this is an excuse for not doing the right thing? He was the president. Couldn't he have started a PR campaign and used his bully pulpit to explain it to the american people? Why did he not do everything humanly possible to avoid the catastrophe that brought down the world banking system and required us to give the culprits trillions of dollars to save us? ........Because he didn't want to either

The sad thing is, neither party will actually reign in the FED/wall street cabal. They just do nothing and blame the other party.

And,....... the community reinvestment act, with much less than one trillion in mortgages did not cause hundreds of trillions of dollars in derivatives to be created.

 

Yep, if you had to find one group to blame in was probably the rating agencys that gave the debt instruments secured by the bad loans AAA ratings allowing the derivative to be sold both in the US and worldwide to trusting investors without much additional scrutiny.

 

Several hundred trillion $ on less than 1 trillion is not "insurance". This was speculation on the grandest scale, and we rewarded them by allowing them to keep their banks and make fortunes

 

Hell, no, I don't excuse Idiot Bush for anything! As he was heading into mid-term congressional elections in 2006, he already had a sour mood among Americans to deal with because the whole Iran/Afghanistan thing was showing unavoidable signs of bogging down in the mud, with increasing casualties and huge expenses in "nation-building" these Isalmic piles of sh*t. Plus, the Bush and the Fed had been doing everything imaginable to keep the economy moving in the aftermath of 9/11 and the resultant 'slowdown', but it had only made things worse..

Sure enough, the Democrats took over Congress in 2006, and from the point onward it became clear to anybody with a triple-digit IQ that the big "boom-times" party was going to over shortly. In August 2007, the Fed started slashing interest rates as the whole, corrupt, fraudulent thing started to come undone. Soon after that, the Fed started "printing" hundreds of billions of imaginary dollars and stuffing them into client banks through the Fed's notorious "discount window" (so the banks could survive and remain fat while actually doing absolutely nothing).

Thus, from January 2007, when the new horde of Democrats took over Congress, everything went into the toilet. Idiot Bush became a clueless deer-in-the-headlights, being told everything to do and say by the Fed, via Henry Paulson. Then here came Idiot Obama, who was told everything to do and say by the Fed via Timothy Geithner.

So, now the hyperliberal Left decides that Trump is to 'blame'...? For what, exactly? On paper, the stock market has done very, very well since Trump won last November. So what's the connection? Typically, the crafty, intelligent kind of people who "live large" on the stock markets are not the same ones who run up vast amounts of debt on credit cards and then stupidly have to pay interest on those ballooning balances.... But Trump's to blame (or the GOP, either, for that matter...) for people drowning in credit card debt...?

-- I know how to say "bullshit" in five different languages!

 

Well probably end up bailing out the credit card lenders too