"NewsGroups" spar@plaus wrote in message
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"Too_Many_Tools" wrote in message
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On Mar 19, 7:23 am, "NewsGroups" spar@plaus wrote:
"Too_Many_Tools" wrote in message

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A word of caution....it can happen to your neighborhood.

Nothing to doo with republicans! All to do with people who spent MUCH
more than they had coming in. People ,with no commin sense, that can only
blame themselves for the situation they are in.



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Wrong.

Banks are the gatekeepers...they have a responsibility to their
creditors to lend money responsibily.

When they make bad loans...and they have made MILLLIONS of bad
loans...it shows that there was no oversight...and that places the
blame squarely upon the Republican Adminstration.


Typical leftist rant !!!

The deregulation of banking that led to this debacle started under Reagan,
continued under Bush I, accelerated under Clinton, and basically was all but
abandoned completely under Bush II. Before Reagan, those loans would have
been illegal, because banks faced an explicit regulation for "prudent risk
management practices," and against "predatory lending," which included
several of the things these loaners have done recently: Now, it's a
"guideline."

It wasn't Republican or Democrat. It was the Washington Consensus of
economic policy, which, among other things, advocates deregulation of
banking and finance. You really can't lay it on any single administration.
You CAN lay it on an ill-advised idea that banks would behave prudently,
even when money is hot and competition demands that they make lots of loans,
just to stay afloat. It was a failure of oversight, fueled by a sophomoric
ideology.

--
Ed Huntress