Who do you Trust = Who do they blame

[alw 0]

There is a vitriolic blame game going on regarding the banking crisis so much in the news. I expect the candidates to say their plan is better than the opposition, that is politics after all. The solutions to date don't excite me on either side. I tend to look beyond the, "And the answer is . . ." and try to read beyond the fold on larger policy.

What does strike me regarding the blame game is the differences. While one candidate is assigning the whole of the blame to the party opposite, one is blaming both. I believe that you have to be willing to express that no one party is without blame. Both candidates blame the banking sector, both blame fat cat CEO's and neither blames people who live beyond their means and then cry foul when the bill comes (so far - don't hold your breath on ths one).

---------------------------------------------
Every day is a bonus - every night is an adventure.

[Gawain 0]

http://www.freerepublic.com/focus/f-news/2083758/posts
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
There are four whom I will withhold blame: Senators Hagel, McCain, Dole, and Sununu as they were cosponsors of the Federal Housing Enterprise Regulatory Reform Act of 2005 - S.190. They couldn't get a vote.

So I try and I scream and I beg and I sigh
Just to prove I'm alive, and it's alright
'Cause tonight there's a way I'll make light of my treacherous life
Make light!

[alw 0]

Roger that

---------------------------------------------
Every day is a bonus - every night is an adventure.

[kallend 1,683]

Quote

http://www.freerepublic.com/focus/f-news/2083758/posts
http://www.govtrack.us/congress/bill.xpd?bill=s109-190
There are four whom I will withhold blame: Senators Hagel, McCain, Dole, and Sununu as they were cosponsors of the Federal Housing Enterprise Regulatory Reform Act of 2005 - S.190. They couldn't get a vote.

www.govtrack.us/congress/bill.xpd?bill=s110-1100

I wonder why McCain didn't follow through in the next session?

You should also praise Rep. Barney Frank
www.govtrack.us/congress/bill.xpd?bill=h110-1427

And Sen. Obama:
www.govtrack.us/congress/bill.xpd?bill=s110-1222&tab=summary

...

The only sure way to survive a canopy collision is not to have one.

[wmw999 2,178]

Quote

While one candidate is assigning the whole of the blame to the party opposite, one is blaming both. I believe that you have to be willing to express that no one party is without blame.

While I agree with your second statement, your first one is a little ingenuous.

One party has controlled the legislature for 12 of the last 14 years, and the executive branch since 2001. They make a much easier target, and don't think that if the worm were turned, the target wouldn't be just as singularly picked-on.

Wendy W.

There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)

[klingeme 0]

How about blaming people who do not read their contracts that say "This is your rate for the first 5 years. This is your rate for the next 10, and this is your rate for the last 15" or however the contract is written. DON"T BUY THINGS YOU CAN NOT AFFORD!!!! If you buy a car that says no payments due for 90 days, don't buy it if in 90 days (and 120 days,....) you can not afford the payment.

These people signed a contract that clearly stated the terms. The fact that they did not read them is just a case of someone trying to get "Something for Nothing (or less than is possible)"

If your initial car payment is $50 on a $50,000 car, you will either be paying for it forever or the rate will go up. Then these people will complain in 2 years than they owe more than the car is worth.

My parents always told me when I was growing up "If it looks too good to be true, it probably is." How about the people who are losing thier houses take their share of the blame.

[alw 0]

The point here is that if you are only willing to blame one party you will never make progress. You must accept that the problem goes beyond partisan politics. I've only seen one candidate will to go after both parties and I believe that if there is any chance to get beyond this issue that is going to be necessary.

---------------------------------------------
Every day is a bonus - every night is an adventure.

[alw 0]

I see that we are in violent agreement. I've got to admit that watching your posts I was surprised (pleasantly) that you lean conservative. Who knew

---------------------------------------------
Every day is a bonus - every night is an adventure.

[grimmie 177]

I blame the CEO's of these companies that diregarded basic business rules.

[klingeme 0]

Quote

I see that we are in violent agreement. I've got to admit that watching your posts I was surprised (pleasantly) that you lean conservative. Who knew

Not so fast....I also think Gays should have the right to marry and that a person owning a Bazooka is a bad idea.

I'm not that conservative. I think I'm an issue voter.

[rehmwa 2]

Quote

I see that we are in violent agreement. I've got to admit that watching your posts I was surprised (pleasantly) that you lean conservative. Who knew

it's his haircut

...
Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants

[alw 0]

Quote

Quote

I see that we are in violent agreement. I've got to admit that watching your posts I was surprised (pleasantly) that you lean conservative. Who knew

Not so fast....I also think Gays should have the right to marry and that a person owning a Bazooka is a bad idea.

I'm not that conservative. I think I'm an issue voter.

As are most of us - even me.

---------------------------------------------
Every day is a bonus - every night is an adventure.

[FreeflyChile 0]

Quote

How about blaming people who do not read their contracts that say "This is your rate for the first 5 years. This is your rate for the next 10, and this is your rate for the last 15" or however the contract is written. DON"T BUY THINGS YOU CAN NOT AFFORD!!!! If you buy a car that says no payments due for 90 days, don't buy it if in 90 days (and 120 days,....) you can not afford the payment.

These people signed a contract that clearly stated the terms. The fact that they did not read them is just a case of someone trying to get "Something for Nothing (or less than is possible)"

If your initial car payment is $50 on a $50,000 car, you will either be paying for it forever or the rate will go up. Then these people will complain in 2 years than they owe more than the car is worth.

My parents always told me when I was growing up "If it looks too good to be true, it probably is." How about the people who are losing thier houses take their share of the blame.

What you are saying makes sense, and I am a huge believer in personal responsibility. I think that there are those people who, when approved for these deals, went forward in bad faith.

I also think that there are those people that were probably on the borderline of being fine and not being able to pay. Then something went adversely, and they found themselves unable to pay. Not saying they should have entered into an agreement so close to the critical breaking point...but owning a home is a dream for many and hell, if they can just make ends meet, everything will be fine.

I think that there's likely another group of people who are hard-working people that don't make very much. These people probably don't understand contracts or bank related documents very well...they just are told by their banker that they are approved for their house/car/whatever. And of course, they trust that the bank knows what it's doing - sure, they know that the bank is making money off of them and maybe they didn't get as good a deal as someone that is a banker or lawyer or whatever, but in the end they know that the bank surely wouldn't loan them money if they couldn't pay it back..so of course they accept.

Again, I think that for contracts and just general business to work you have to place a certain amount of trust that the other party will live up to the deal or that, if they don't, they will suffer the appropriate circumstances. Still, in this case, I think that with all of the different types of people that sought loans, with all of their stories and backgrounds and credit scores and jobs and incomes - the constant was the banking institutions that OK'd these things.

For a handful of defaults - I blame the people that went in over their heads. For a systematic failure that happened because the banks went ahead with business tactics that they either knew or should have known were risky at best - well, I think assigning blame to the institutions is in order.