[StBernard] Burning Down The House: What Caused Our Economic Crisis?

[Westley Annis]

How true of this video.

I was a renter/Apartment dweller until age 30. Then my salary upped and I
became an owner until the mortgage was paid by age 60.

Then I had a storm called Katrina. And I had to start over. (but as a
homeowner once again.

The point to this video was that some people are not destined to become a
homeowner. I know because my parents were NEVER homeowners and believe it
New Orleans is/was once a haven to renters by probably 2/3 of its once
population pre-K at least.

That goes true of today in exception that many low-income people were
favored by government and mortgagers to "own your own home--little or no
money down or attractive, very low--interest loans" (and plenty at
high-interest rates which made high mortgages soon thereafter unreachable
for long-term. Especially if jobs went south or reduction of salary
throughout the term of the loan.

Many found out they not only had to pay the mortgage, but insurances, taxes,
utilities and more. Result? Default. And in the past few years, it escalated
to a point where people became renters and apartment dwellers, (or lived
with relatives or homeless).

Many of these should not have been given "easy homeownership". 

Life is cruel, but although considered a "dream" to own one's home gave one
hope as a low-income recipient that everyone in the American dream (by
default, "own your own home for $1 down", an auction--even little to no
interest.

Banks default through deceptive practices, mismanagement, greedy CEOs (many
with the alleged "golden parachute <rich retirement/pensions/company move>)
and much more sank a not-so-tight ship of economic security for our company.
(Which seems to have started by late 90's during the Clinton era) and moved
into the Bush years and later with a democratic congress.

We'll have to see about the compromise made by both parties. I would hate to
see $700 billion of our taxpayer's money as a bailout unless absolutely
necessary to those who KNOW what they are talking about <economic experts).

Wouldn't it be a pure disaster to see B. Hussein O. in office with other
ultra liberals, Biden and Pelosi in place? 

This will be the election of elections without experience of a leader like
Mr. McCain. Think checks and balances (as was proposed by our founders).
These founders didn't pick a school-teacher (no insult here) or a tinker to
lead the country as president. They chose a leader named GENERAL George
Washington, and we should follow by example of likewise experience, strength
and leadership through these troubled times.

--jer--


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Burning Down The House: What Caused Our Economic Crisis?
http://www.youtube.com/watch?v=H5tZc8oH--o