JP Morgan And Wells Fargo Cut Back Subprime Loans Dramatically As Fears Mount

Anyone remember the subprime debacle? Get ready for round two.

Those who don't know history are destined to repeat it.

And this one will be the responsibility of Obama who did nothing to prevent a repeat.

It is exactly as the Government would like, they don't teach history so that people are continually unaware of what they are capable of. Then they use the media to tell us how these are rare one off events and it was someone else fault. It is not one administrations over another ones fault either, it is the fault of all the administrations for several decades now. Can any of you talk about the times when you were taught actual money management in school and how to create a personal budget? The current(last 20 or so years) governments have relied on economies driven by consumption. The only way to keep it going is to have more people consume products. They can't have that if everyone was educated on how to manage money and stick to positive growth based budgets. But hey, even all the modern governments have no idea how to manage money and stick to budgets that are sustainable and positive growth based. They continually spend more than they have and then just borrow more to keep feeding the need to consume.

MDarringer wrote "And this one will be the responsibility of Obama who did nothing to prevent a repeat."

Does that mean you believe that the current Administration will put regulations in place to prevent a repeat? Or do you just routinely blame the guy you didn't vote for for all the problems in this country?

TheSteve wrote "Does that mean you believe that the current Administration will put regulations in place to prevent a repeat?"

That is a not a response to what I said, but rather a logic fault that purports to answer the question--when it doesn't--by trying to walk the blame away for the root cause through misdirection.

It it IRRELEVANT what this administration will do when we are discussing the impending tidal wave of menace that stems from Obama's fiscal idiocy.

MDarringer: If you’re bashing Obama specifically and/or his administration for (a) being aware that the subprime debacle was brewing and choosing to do nothing about it, and then when the bubble burst and the fallout was the collapse of financial institutions followed by (b) the Obama administration’s multi-billion dollar bailout to select, failed, huge, and favored financial institutions… then brother, I am absolutely onside with you!

We must remember that although the Obama administration did not invent the subprime fiasco, they stood on the sidelines and allowed it to continue to a crescendo, unimpeded, and then when the house of cards collapsed, the administration soothed the failed, greedy, money-handlers (financial institutions), with what equated to a huge financial reward for their self-serving interests, deception, greed, and incompetence. I view this as despicable. I suspect you agree with me.


MDarringer wrote “…It [is] IRRELEVANT what this administration will do…”

On that, I disagree. If the current Administrator and administration acts similarly - just sit by the sideline and allow a fiasco from current memory to unfold once again - then I cannot in good conscious say “previous guys evil; current guys good.” Perhaps this is where we differ on this matter.

@TheSteve...the problem with Obama is that he did something about us and his solution was to plunge us deeper into debt at an alarming rate. He doubled the all-time debt of every President before him in 2.5 years and then nearly doubled that figure by the time he left office.

It rained here yesterday when the forecast was for sunshine and 77 degrees, I think Obama was the culprit.

Obama, who was a generally intelligent guy, has little or no understanding of how large-scale public finance works.

He simplistically decided to keep throwing money, in the guise of low interest rates, at the economy to keep it juiced to keep his fellow Democrats in power. His advisors played him for that fool that he was on these matters. One of his legacies will be the significantly declining fortunes of middle income and poorer Americans - i.e. the subprime borrowers who were granted 'EZ Credit' and are about to have the rug pulled out from under them.

No, they did not know any better because the Democrats (i.e. teachers unions) have long ago, started to 'decontent' the schools in districts where the parents either do not have a voice or do not exercise their voices. That's the scandal.

This made me die of laughter: "Obama, who was a generally intelligent guy..."

And to add to your comment mre30, he was also a very charismatic and eloquent speaker, which seemed to convey exceeding intelligence. The intelligence that the middle and lower classes were hoping for was not there, all the while they were misled by his politically correct smooth talking ways. But the biggest accuracy in your statement is the over reach of Government on education. The powers that be(both Dem. and Rep.)have for years altered what is taught to help mitigate any resistance to their meddling. Yet we still live in a society around the globe that neither has the desire or interest to teach themselves. Parents continually let the education departments direct their children what to think. Parents continue to both work and strive for more consumption in the need to "keep up with the jones" while continually giving developmental control of their children to big government. When the societies strive to reduce consumerism and focus more on simpler ways of life were they can focus on their own offspring's development and understanding of history and past mistakes, only then will this ship start to turn.