Date: Tue, 4 Nov 2008 09:23:05 -0800 (PST)
From: Mervyn Lobo <[EMAIL PROTECTED]>
>
The collapse of the western banking system was triggered?last year. It was
because?mortgage lenders in California were aggressively marketing loans to
people who?were not qualified. This could only happen because?banking laws,
that?were?in place since the 1920's, were removed. You can blame Jimmy Carter
or anyone else for this years crises. The fact is that people are blaming Bush
and the person who voted 90% of the time with him.
>
Mario responds:
>
This is false. The lowering of lending standards was taking place across the
US, not just California. This started under President Carter and was expanded
under President Clinton when his attorney general was threatening banks with
lawsuits if they did not comply.
>
This situation has nothing to do with obsolete banking laws from the 20's.
>
Two years John McCain tried to oppose what was happening and was voted down by
the Democrats, including Obama, who were all intent on "spreading the wealth"
by forcing the banks to lend to low income people, who eventually were unable
to repay their loans..
>
In western Europe, where there are far more regulations and controls the
situation is just as bad if nor worse. So, much for regulations, when one
political party is intent on "spreading the wealth".
>
Those blaming Bush and McCain are just plain ignorant of the facts.
>
Mervyn wrote:
>
Obama's career has been focused on helping the poor in Chicago.
>
Mario responds:
>
The attempt to help the poor to buy houses they could not afford is what is at
the core of the financial mess.
>
Mervyn wrote:
>
BTW, if any conservative is thinking of leaving the US, welcome to Canada. We
have a conservative govt and the best banking system in the world.
>
Mario responds:
>
Those who want to move to a second world country could move back to India.
>
