I no longer care who winds this election at all. Both sides are just going to make the government bigger and bigger, and neither has a clue about what to do to get through the economic situation.
Ten minutes into the debate, when Palin blamed “predatory lenders” for the economic problems without mentioning Fannie Mae’s starring role, I turned it off and gave up on this government. Later I read that her positives went through the roof at that moment, so the people are getting what they deserve I guess.
The problem with that statement about predatory lenders, of course, is that who in their right mind would lend money to someone they know cannot pay it back? They wouldn’t, unless they also know that they can sell the dud mortgage for a profit, to Fannie Mae. Rinse and repeat a few million times, and you’ve set the stage for GDII.
As an aside, isn’t it interesting how we call it “The Great Depression”? We used to call World War I “The Great War”, too, back when it was the only one. The time will come soon where it becomes quaint and dated to refer to the Great Depression, the proper terminology will be Great Depression I and Great Depression II, or GDI and GDII for short. GDI only ended when WWII started, all we can hope for now is that GDII doesn’t end in WWIII.


1 response so far ↓
1 j // Oct 3, 2008 at 12:10 pm
I freaked out at the moment exactly. Predatory lenders caused our entire economy to melt down? WTF? And what about this stupid crap Biden suggested for mortgage holders to reduce not only the interest rate but the principle on their loans. What a steaming pile of crap.
It makes me so angry. I have a home sitting vacant that I cannot sell for anything near what I owe. I still pay the mortgage payment each month along with rent in my new area. I did not buy a home in my new area because I thought 700k was too much for an 1100sq ft 1920’s bungalow. Stupid, stupid moral hazard.
I have a better idea, what don’t we write down the principle on the national debt. Sorry China, we only owe you 50 bucks now.
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