Well, it looks like greed and political ineptness have combined to really screw up the financial markets in this country. You can't blame the Republicans alone here. The Democrats are as much in the fire as the Republicans. I viewed a list of the board members on both Fannie Mae and Freddie Mac and there were a lot of Democrats from the Clinton era listed, as well as a few Republicans.
Then you have Barnie Frank who has been trying to loosen restrictions on home buying for years and now that Democrats got in control, he had his way also.
Now, the government will guarantee the worse loans and the tax payers will pay for the mess we are in. The failure of great brokerage houses can be directly tied to greed and a desire to take advantage of the general public, all in the name of increasing home ownership. OOPS!!!
I almost hope Obama wins. Not because I support Obama but because I don't think anyone coming into the office of President will have much success for his first 4 years. Obama and a Democrat controlled congress will continue to make things worse and we will pay even more. The only thing that keeps me from voting for such a mistake is that Obama will have the ability to appoint judges that will make the matter worse.
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You speak for me, friend. Obama's two top economic advisors, Franklin Raines (who left under accusations of fraud) and Jim Johnson, were former Fannie Mae CEOs, who walked away with $100 million and $90 million respectively. And, other than Chris Dodd, who chaired the overseeing banking committee, Barack's palms were greased with more Fannie/Freddie money any other politician. Follow the money and the bony finger points at Obama. If Obama is elected he will illustrate the folly of liberalism (much like Jimmy Carter did).
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