greenspan is an idiot
the former federal reserve chairman came out today and stated that the federal government should give cash bailouts to people who are having house foreclosures.
this man has lost his mind.
he must've forgotten that he is the one who presided over the federal reserve lowering interest rates so low that banks were literally giving loans away and that helped to cause this subprime loan mess that we are going through now. maybe he's trying to cover his ass about 5 years too late.
ya know what, to be honest, if people got into risky loans on a house that was more than they could afford and took out an ARM instead of the 30 year fixed, its their own fault. its not like banks were giving money to children. they were loaning money to ADULTS (supposedly). if your an adult and you don't do your financial homework, how is it the bank's fault? not only that, why should the government bail you out at the expense of everyone else. that is simply a slap in the face to everyone who is financially responsible.
this man has lost his mind.
he must've forgotten that he is the one who presided over the federal reserve lowering interest rates so low that banks were literally giving loans away and that helped to cause this subprime loan mess that we are going through now. maybe he's trying to cover his ass about 5 years too late.
ya know what, to be honest, if people got into risky loans on a house that was more than they could afford and took out an ARM instead of the 30 year fixed, its their own fault. its not like banks were giving money to children. they were loaning money to ADULTS (supposedly). if your an adult and you don't do your financial homework, how is it the bank's fault? not only that, why should the government bail you out at the expense of everyone else. that is simply a slap in the face to everyone who is financially responsible.