Obama might be the dumbest president we have ever had.

[Final-Fan]

akuma587 said:

Tyrannical said:

akuma587 said:

Tyrannical said:

SciFiBoy said:
um, isnt the root cause of the crisis the overcomplication of the financial sector and inter bank lending as well, its not just loans to small bussiness and 100%+ mortgages, i think Obama is talking about sensible lending, not the reckless lending that happend before the crisis

The root cause of the problem was a Democratic policy of encouraging housing loans to unqualified poor and minorty borrowers, who then defaulted in record numbers.

Definitely had nothing to do with the reckless financial practices of every major bank in the country.

Of course it did. I'm just saying why it happened.

But that's like saying the 2nd Amendment is responsible for gang violence.

 Also, is it even true?  (About the Democratic policy leading to the failed loans.)  I understand there was a program that's been around since the '70s; what evidence is there that these loans are failing in greater proportion than other subprime mortgages that have nothing to do with that program (or some other specific program such as you describe)? 

(I'm aware that Democrats were complicit with Republicans in the stripping of regulations that helped to allow the general problems / industry abuse to occur.  But that's not what you seem to be talking about.)