Quote:Obama directly no. The Democratic Party and their housing laws dating back to Clinton's Administration yes.

Quote:The leftist economists blame the right. The rightist economist blame the left. I blame them all.

Quote:Not true. But I'm not here to convince you. If you wanted to know the truth, you could google it. You don't.

 

Actually, as far as the politics of the matter goes, it was the fault of both political parties.  However, it wasn't just politics that contributed to the meltdown in 2008.

 

- People borrowing and spending money that they couldn't afford to pay back.  Mortgages, credit cards, smart phones, smart TV's, college loans, home equity loans, etc.

 

- Predatory lenders preying on the elderly, the poor and the less educated talking them into loans that they couldn't afford.

 

- Mortgage brokers loaning money for homes to anyone with a pulse.

 

- Wall street bankers borrowing money against toxic assets.

 

The list goes on and on.  Quite frankly people spend money that they should be saving and/or investing.  We have become a consumer based society and it's backed and pushed by both political parties.  I would wager that there are more people on this message board that have more debt (excluding mortgage or student loans) than they do savings.  Want a new flat screen HDTV?  No problem.  Rather than pay cash for it, put it on a credit card.  Want a new vehicle?  No problem.  Just get a 5, 6 or more year loan for a car.

 

We also have people that expect our employers to pay for our medical needs and retirement savings.

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