Indeed. In addition this is a global crisis not just an American one. It will take more than one administration to fix this problem.
Just wait and the market will fix itself =D
Arguably this is how the crisis started in the first place, with no regulation of the banks. Also a footnote, you sound surprisingly free market considering your left wing political ideology.
Barack Obama can do things but he also needs the approval of Congress and in some cases in case it involves the Constitution he would need the United States Supreme Court. Plus we would need all the civilians of the U.S.A. to work together and not show off by taking out more mortagages. Not to mention now the whole world's economy is suffering so they need to fix their economies too. It would take more then one man with 4 years on his hand.
Arguably this is how the crisis started in the first place, with no regulation of the banks. Also a footnote, you sound surprisingly free market considering your left wing political ideology.
It was sarcasm quoting free market Ayn Rand lovers.
Plus we would need all the civilians of the U.S.A. to work together and not show off by taking out more mortagages
i hate to throw you out there again bro. But what do you expect the citizens to do? not get houses? People don't get mortgages to show off, they get mortgages to pay for their houses. The problem was not people showing off and buying houses because they want to impress their friends, it was the banking companies that screwed over the people because they got greedy and wanted a little extra cash so they could spend it on a $400 million cruise.But, buying houses, paying mortgages properly, is essential for the economy to get back on its feet. Money needs to start circulating around again in order to keep the economy going.
No the fact that the banks HAD to give out loans, with little money down killed our economy, people bought houses without thinking that anything bad would happen, because the could barley afford the house as it was. Maybe not even the might have been hoping for a raise or something.
It was sarcasm quoting free market Ayn Rand lovers.
ahh i knew something was up!
Evidently the US govt disagrees with the free market sorting itself out. Like i said before it is a global problem stemming from America aside from mortgages banks need to start trading with each other again, mortgages in the US are on piece of a big puzzle.
No the fact that the banks HAD to give out loans, with little money down killed our economy, people bought houses without thinking that anything bad would happen, because the could barley afford the house as it was. Maybe not even the might have been hoping for a raise or something.
how many people do you know that can just buy a house with cash? and very rarely do people put too much money down either. that is the reason they have mortgages. Mortgages are made so that the average citizen can buy a house and pay a monthly bill and the banks make money off this by collecting interest. Hell i only know like 2 people that could buy cars without taking out a loan. these loans have been taken out for decades and there was never a problem before.
