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	Name:	water_watcher -
	Subject:	Bernenke
	Date:	12/7/2010 4:33:55 PM

I saw it ... he was defending his QE2 which is driving the dollar lower and lower. I was shocked when they asked him how confident he was that he could stop it at the right time to avoid a collapse of the currency and cause a run up in inflation ... his answer 100% confident. Wow.

I agree with most of what you said Hound ... you left out that the american people also borrowed against those inflated home prices that further boosted the economy (for a period of time) ... it is also why there is so many foreclosures because they had not only the mortgage that was many times under water, they had a equity line or debt as well ... so they just turned in the keys and walked. Many of the foreclosures are not involuntary ... a high percentage is just walking away. they had nothing down and then also borrowed against a false value.

But lets agree that while both parties share the blame ... the whole housing bubble did start with privatizing Fannie and Freddie, then using them to back loans under the CRA under carter and expanded under Clinton. They then took it a step further looking for more loans since bonuses were paid on loan production. This then led to creative Wall Street minds packaging loans backed by Fannie and Freddie and marketing them. The whole thing is a shame and a mess.

But I feel, if government did not get involved in the first place and let the private markets make the loans ... there would still be 20% down payment required and much higher credit standards and requirements. Yes fewer people would have had loans and owned homes ... but the mentality that everyone should be able to own a home, even if they can not afford it or does not have the credit, and the government will back the loand is insanity to me. It is not how I scraped and saved for the down payment on my first home. There is more pride when you work hard to get something ... rather than the government saying you are entitled to it and we will help you.

Other messages in this thread:

View Entire Thread

Bernenke - Talullahhound - 12/7/2010 3:35:01 PM

Bernenke - Tall Cotton - 12/7/2010 3:43:12 PM

Bernenke - water_watcher - 12/7/2010 4:33:55 PM

Bernenke - Talullahhound - 12/7/2010 8:54:09 PM

Bernenke - Woodrow - 12/7/2010 9:38:39 PM

Bernenke - Yankee06 - 12/8/2010 12:58:44 AM

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