Most Democrats are placing the blame for the financial crisis on the Republicans, capitalism and the lenders. Where is the blame for those folks who borrowed on their first home to buy a second, or just went out and bought a luxury car they didn't need? Or spent their monthly home payments while shopping hoping the credit card bill would be lower than they knew it was going to be?? Did we really spend that much? The problem is as usual, pass the blame to someone else. Clearly there are individuals who signed up for loans they knew they couldn't afford. And paid no attention at home or in school (schools seldom teach personal finance let alone, responsibility) about an individuals responsibility of paying back in a timely fashion everything they borrow, plus interest if not paid on time.
And, yes, Fannie and Freddie with Barney's and Christopher blessing, did make these loans, maybe indirectly and farmed out the dirty work of actually doing the paperwork to banks and mortgage bankers. Fannie and Freddy are the Democrats babies created under the guise of equalization for the "underclass".
Plenty of blame to go around but blame is seldom equal. Now what will all these "talented" politicians and Finance MBA's do to get this country out of this regularly occurring recession, albeit, this one is worse than in most peoples recollection. Not mine, I was a depression kid whose Dad and Mom paid back every dime lent them.
Ultimately, the responsibility to pay back borrowed money is the obligation of the borrower.
Too many people watching MTV. What's new?
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