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Reply #19: That is exactly right and the issue they refuse to talk about. [View All]

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Greyhound Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-14-08 11:35 AM
Response to Reply #2
19. That is exactly right and the issue they refuse to talk about.
Edited on Sun Sep-14-08 11:37 AM by greyhound1966
Gramm & his band of looters pushed the hyper-inflationary finance reform through in order to fuel the artificial and unjustified inflation of real estate.

We were warned then that this is exactly what would happen and now it's too late. Prior to this travesty, there was an absolute link between wages and housing prices, IOW the price of housing could not outstrip wages simply because anything is worth only what you can sell it for and people were limited to paying what they earned over time to buy a house. The so-called sub-prime (a misnomer designed to implicate that the borrowers are beneath, or less than, when the fact of the matter is that it is the lenders and brokers that are at fault) loan industry allowed the hyper-inflation we saw and the only solution is to let the market return to it's supportable levels. Of course this is politically unmentionable because it means not only letting thousands of banks and other financial institutions go under, it also means Melvin & Martha Middleclass will take a hit on the value of their ticky-tacky huts too and expose how far beyond their means they are living.

Remind me again http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act">which President signed that bill?




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