Avinash_Tyagi said:
TheRealMafoo said:
Avinash_Tyagi said:
badgenome said:
Avinash_Tyagi said:
badgenome said:
Avinash_Tyagi said:
Actually government does have a role to play in a lot of aspects of our life, in fact if not for the government role, our economy would have collapsed a year ago
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Er... the government caused the problem in the first place. 
And whatever disaster they've managed to forestall, they have only continued to exacerbate in the long term.
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No, they didn't, the causes were pretty much across the board, sorry (you need to stop getting all your info from fox news) 
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So government intervention in the housing market wasn't a driving factor? Seriously?
LOL YOU PLAYED THE FAUX NEWS CARD THO I GUESS THAT MEANS U WINZ
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No more than predatory lending and over-leveraging and taking on too much debt by consumers and private companies lack of regulation of shadow banking, like I said don't just take what the right wing sites tell you about the crises, lending institutions didn't have to give out loans to people who had no income and no jobs, they did it because they thought the market would keep going up and wanted to cash in, and people wanto get the loans for the same reason this wasn't the government forcing it
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Instead, just take what the left wing news sites tell you?
The problem was everyone. The door was opened by the government subsidizing homes loans for those that banks would never have given loans to if the government didn't pay them to do it.
How that can not be blamed on the government in your eyes, is beyond me.
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Did the government force them to give out the loans to people with no income or jobs, nope, did the government force people to take it, nope, did the government cause continued lending even when it was clear the market was over leveraged, nope, did the government cause the lack of regulation of the shadow banking, bait and switch, and other predatory lending practices, nope, all those were not the government. I thought your right wingies were all about personal responsibility, none of that was the government, so you can't say it was the government's fault if you talk about personal responsibility, people acted stupid, and they are to blame
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The first line in my post was "The problem was everyone".
And the government didn't just say "loan money to whomever you want". The government PAYED the banks to loan money to people the banks would not otherwise loan money to, and told them the loans would be covered by the government.
So it was basically the government cosigning on a loan. If I am bankrupt, don't have a job, never plan to work, and Bill gates cosigns on a loan for a house, you think it's stupid to give that loan out? Any bank would be crazy not to give out that loan with Bill Gates on the hook for it.
The mistake would be Bill Gates, because he is guaranteeing a loan that I will never pay. So, he has to pay it. In this case, it was government paying the loans. Except they cosigned on more then they could pay back, and everything fell apart.
