OBAMA'S ANALYSIS OF TODAY'S FINANCIAL BREAKDOWN IS EITHER BACKWARDS OR UPSIDE-DOWN
“I certainly don’t fault Senator McCain for these problems, but I do fault the
economic philosophy he subscribes to,” Mr. Obama said in a statement. “It’s a
philosophy we’ve had for the last eight years – one that says we should give
more and more to those with the most and hope that prosperity trickles down to
THIS IS EXACTLY WRONG.
What's causing the financial breakdown is the SUB-PRIME MORTGAGE CRISIS which was caused by banks LOOSENING THEIR LENDING PRACTICES TO MAKE IT EASIER FOR POOR PEOPLE TO BUY HOMES.
IOW: LIBERALIZING AND LOOSENING LENDING PRACTICES AND EXPANDING SOCIALISM.
We all saw the ungteen bazillion ads on TV:
"No down payment necessary and poor credit... that's OK.!"
They lent money like there was no tomorrow. Only there is ALWAYS a tomorrow and that's when the fiddler must be paid.
Go read the rest at Astute Bloggers.