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Occupy Portland peacefully stood up to riot cops
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Re: Occupy Portland peacefully stood up to riot cops
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coboardgirl
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11/15/2011 1:55 PM
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Where am I factually incorrect? Where I said that people defaulted on loans and signed their names on loans they never should have gotten? Nope, that happened. Where I said there's a lot of blame to go around? Nope. There is. Where am I "just factually incorrect"?
I've read about the housing crisis. Yes, I know that they were approved for loans they never should have been approved for. Yes, they were uneducated and ignorant and didn't read the fine print. Does that mean that they are not to be held personally responsible for their own actions? They're not children. They were adults. There is a reason that so many people joke about signing their lives away when they sign onto a mortgage. Ignorance is not an excuse. They bought into it and got caught up in one upping their neighbors and showing off their success through home ownership. The only problem is that it wasn't true success. It was a borrowed mirage of success.
Yes, there was a reason why poorer residential areas were foreclosed on at a higher rate. Let's get into that one. There's another piece of the blame: Congress and the last two administrations. The Clinton administration was at the genesis of the problem with pressure on lending institutions to lower lending requirements in order to encourage home ownership for those more at risk to default. Their thought was to extend the American dream of home-ownership more so to everyone than ever before. Unfortunately the Bush administration further extended this encouragement. Even with all the signs flashing red at the end of Bush's term, his administration was in such denial about the coming crash that they completely ignored it until it happened and were trying to make it happen during the following administration.
Congress, no doubt, has a major share of the blame, too - again, both parties, for their typical reasoning. The Democrats wanted to promote housing for all to give minorities and illegals the opportunity to own a piece of the American dream, no matter who was impacted. The GOP saw this as great business for the banks, homebuilders and the rest of the housing market and saw it as a hot injection for a cooling market. Both sides played an equal role in failing this country.
Then you have the banks / lenders themselves who CLEARLY skirted the law, took advantage of deregulation and worked tirelessly to extended company and personal profits. Not only did they give away money to folks who clearly were unqualified to buy homes, but they loaned homebuilders more and more money to fund construction projects that never would have qualified buyers unless the banks FURTHER reduced their lending requirements. As long as they were making money hand over fist, no one worried that the party would come crashing down on all of us - and they were assured by their attorneys that nothing they did was illegal.
One of the reasons we haven't seen any of the fat cat bankers tried for crimes is because, technically, they broke no laws - they had plenty air cover from an equally culpable Congress and two presidential administrations.
- Yes, I see the reason for the OWS protests and it lies here. Congress fucked up, banks fucked up, and LOTS of people in general all fucked up by signing onto loans that they could not responsibly own up to.
Face it, folks - everyone's hands are dirty in this. If you want to "occupy" those responsible you'll have to occupy the banks, congress, and virtually every neighborhood out there.
Edited By:
coboardgirl
11/15/2011 1:57 PM. Edited 1 times.
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