Zoho bitterness at the credit crunch...and a solution

Missing Facts...: You're missing several key facts about our current mess...

1) The banks were forced into making high risk loans by our delightful government. Based on a study (later determined to be flawed) showing bias in lending, the Clinton administration passed laws requiring banks to make sub-prime loans. The loanee's ability to pay on the loan was NOT allowed to be a consideration on making the loan.

2) Combine this with massive corruption at Fannie Mae and Freddie Mac in the early part of this decade and you have a recipe for disaster.

But - the current disaster could have been largely avoided: a bill was introduced in Congress in 2005 to provide regulatory oversight to FM & FM. Thank the Democrat controlled congress for shooting that one down. Oh, and btw, one of the senators who introduced the bill that could have stopped this mess? One Mr. John McCain...

The fault for our current mess does not lie solely with "Wall Street Greed". While there's certainly no shortage of greed on Wall Street, the Clinton Administration and our current Democrat controlled congress were, and are, significant players in the making of this mess.

For more information, check out Bloomberg, and Investors Business Daily.

Steve G.; Posted by: aureolin@... Posted on: 09/30/08 You are currently: a Guest | Members login | Terms of Use

Reply to Story Reply to Message

Subscribe to this discussion via Email or RSS

Missing Facts... aureolin@... | 09/30/08

Trust me dahowlett@...

| 09/30/08

pathetic pgit | 09/30/08

as are you... pgit | 09/30/08

What do you think?

Building the Virtualized Enterprise with VMware Iinfrastructure VMware VMware virtualization software has been adopted by over 120,000 enterprise ... Download Now
Five Steps to Determine When to Virtualize YourServers VMware Server virtualization isn't just for big companies. Entry-level ... Download Now
Three Steps You Need to Know to Stop Data Loss Varonis Sensitive data exposed to misuse or loss... it is the stuff of nightmares ... Download Now

Here to help you with your Document Management Needs
Check out Doc’s Blog on ZDNet
Help your company, help the earth I want to share with you the Environmental Defense Fund Paper Calculator, which allows you to gauge your organization's environmental impact.
Which is Greener: Paper or Digital? The Answer May Surprise You Anything we can do to reduce paper consumption is good. But what about the impact of digital waste?
Produced by
ZDNet and