http://news.yahoo.com/s/nm/20071227/bs_nm/usa_economy_mortgages_dc
2007-12-27 04:21:47 · 23 answers · asked by Darth Vader 6 in Politics & Government ➔ Politics
Darth, our President is neither responsible for the housing market or your hemmoroids. Lenders and borrowers alike are at fault for the housing market. As for your hemmoroids, who knows?
2007-12-27 04:31:43 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Don't believe you can lay the blame to the current housing
market conditions on the doorstep of the President or his
administration.
You might want to explore further the lending policies of
the mortgage money lenders, their investors, and the
people who took out loans they could not afford when the
interest rates increased to determine the real
culprits of this debacle. Some mortgage money lenders
did deceive the mortgagee into accepting a loan they
could ill afford. Also, a major contributing factor
is that some salaries of mortgagees on the average have
fallen and their mortgage payments are too high. More defaults on credit card debits will occur for the same type of reasons. People overspent because they wanted whatever
and failed to think of the future when payments became due.
2007-12-27 04:32:42 · answer #2 · answered by Chief70 2 · 3⤊ 0⤋
Bush didn't destroy it...
...it was all the Mouthbreathing McMorons who got jumbo mortgages thinking they could flip their house in a year or two for way more than it was worth and use the equity to buy a bigger hosue, an H2 on 24's and a boob job for their wife.
...it was all the liberterians who are obsessed with "property" (news flash: it isn't yours till you've got the deed and lien in your hand!) who bought up more land than they could afford in places that have next to no value.
...it was all the people who got a house, gained a *little* equity on it in a short amount of time, and used that as an ATM machine to finance an unsustainable lifestyle!
...it was the predatory lenders that used fifty-page long contracts full of ambiguous terminology to lie to people and make them think that they'd have a manageable payment.
Bush didn't even have to step in: too many Americans did it to themselves, and so did American companies... how ironic that their slash-and-burn business practices have made many of them bankrupt. Don't get me wrong... I hate the guy... I hate his wars and his mismanagement of the economy, but this nation's short-sighted drive for consumerism fuelled an already ballyhooed economy to revolting depths, and that was the fault of millions of Americans signing off on credit cards and loans like there was no tomorrow and no bill in the mail.
I'm glad I watched from the sidelines, built up my credit score, and saved for a down payment... because there are a hell of a lot of deals out on the market now that the economy is tanking.
I know that I'll probably get thumbs down left and right for posting this but I'm sorry... it's the truth.
2007-12-27 04:35:14 · answer #3 · answered by Mysterious Racer P 7 · 3⤊ 0⤋
in my opinion it is not bush's fault
the housing market slump is the fault of Americans with bad credit and the banks who were stupid enough to trust them
they got loans they knew they could not pay with an adjustable rate which raises the monthly payment by hundreds of dollars a year
since the people cant be trusted with anything why cant we just bring in hilary and big government and allow them to buy our homes from now on
because the government can do everything better
(sarcasm)
2007-12-27 04:45:23 · answer #4 · answered by conversionpro 1 · 3⤊ 0⤋
The Federal Reserve cut interest rates below reasonable levels, plus some mortgage lenders were putting people in homes beyond their means with teaser ARM rates that went up and up so many could not pay the higher rate of interest. Bush has very little to do with this. You assume he has more power than he really has. He didn't make these people sign on these bad loans.
2007-12-27 04:27:10 · answer #5 · answered by Elliott N 6 · 5⤊ 1⤋
If Bush is truly to blame, then you have to cast blame on the (almost) 50% of people that voted for him in 2000 and the ones that repeated the mistake in 2004.
Why is it again that you don't need to take a personality and IQ test to take on the biggest role in the US government?
I look at it this way, if you had to have open heart surgery and you had 10 doctors to choose from, would you want the one that got his medical degree from a cracker jack box?
2007-12-27 04:30:55 · answer #6 · answered by brettj666 7 · 1⤊ 2⤋
I don't think that he did, but the housing market was on a lofted "high" and people were buying and buying due to low interest rates brought on after the recession following 9-11 (do you remember stock prices dropping completely low). These elevated prices couldn't hold out forever.
2007-12-27 04:26:41 · answer #7 · answered by Anonymous · 6⤊ 1⤋
Because he is president of the United States of America, and he can do it, if he wants to.
I Cr 13;8a
2007-12-27 21:45:37 · answer #8 · answered by ? 7 · 0⤊ 0⤋
Um, I would say the bail out is what is going to destroy the housing market and that is the fault of the dems. Don't buy the house that you can't afford now even if a bank will lend you the money with an adjustable rate mortgage. PERSONAL RESPONSIBILITY!
2007-12-27 04:29:02 · answer #9 · answered by Anonymous · 4⤊ 4⤋
He was setting around on day and said to himself, "self what would you like to destroy today and self said the Housing Market looks like it needs to be destroyed" so that is why and how it happened. LINK LINK LINK
2007-12-27 04:27:12 · answer #10 · answered by Anonymous · 4⤊ 2⤋