Humm,
I remeber when I heard that people could get a loan for a house and all they had to do was pay the interest, not the Principal. At the time i didn't realise what was happening because the New Media didn't report any of the details. At the time I thought, how stupid can that be, how could you ever get your house paid for.

Since then most of the facts have came out but not because of the News Media reporting it. It seems the Government, forced or encouraged the Banks to make the loans and Fanny Mae and Freddy Mac would buy and gurantee the loans. But because most if not all who took these loans had no way to pay for them, I think after a certain time the regular payment came due and at that time most if not all people that took these loans had no resources so the housing bubble burst. SO, the Taxpayers are on the hook for billions of dollars. Because of the housing bubble, I think Leman Brothers lost 600 bilion dollars.

Now excuse me there hacksaw but it wasn't Wall Street, Bankers, or Brokers that made people take these loans. The people themselves decided that. The Liberal thinkers sold the people a bill of goods and the people bought it. Actually the greedy people here are the people that thought they could get away with getting something for nothing. It failed. Not because so called greedy bankers, but greedy people.

Last edited by Ray E. Strode; 03/19/12 12:20 PM.
Ray E. Strode