This isn't going to last long once a mod find out this went political as they always lock those threads, but...
Yes it would be entirely a coincidence that he plays golf and we are in a recession because we were in a recession when he was voted into office let alone when he took office. I am by no means taking sides or even saying it was Bush's fault, just if you think Obama created the current economic crisis you have paid no attention to the economy or politics prior to yesterday. Whether you like him or not the current problems were there when he started.
We are in a recession because stupid people thought they could buy a half a million dollar house with nothing down as well as finance two escalades on a total household income of 50K a year.. Reality set in and they couldn't pay. Stupidly our economic system was allowed to hold itself up on banks giving loans to total morons and shit hit the fan.
No one single president is even remotely responsible for this recession, millions of stupid people are.
I take that back millions of morons allowed me to buy a house at half off :biggrin:
Umm, close, but not exactly.
Yes, millions upon millions of people who lived beyond their means are at fault.
But, you remember a guy by the name of Clinton? He deregulated the banking industry. aka, letting banks do whatever the fuck they wanted. The democratic mentality is that everyone, regardless of income, should be able to live / afford the american dream. 4 bed room house / 3 bath / 2 cars / 3 kids & a white picket fence.
Also, banks were required by LAW to lend to non-credit worthy applicants. If they did not do x amount of business, they were fined. As crazy as that sounds, thank you democratic/socialist mentality.
I was a whole sale mtg banker for god knows how many years, were lending A paper as 620 fico. Can you imagine sub-prime borrowers w/ 400's getting 350 k... yeah. can you say field day??
enough out of me. i can go on for days.
<-realtor / mtg lo / entrepreneur