DNC: Anyone watching? Thoughts? (Please keep it civil)

[Mr Khan]

badgenome said:

Mr Khan said:

See, i blame it on the banks who took what they knew were risky loans and decided to infect the whole system with it. The slowdown would have been much less painful if it weren't for banker greed.

And debt slavery is a bad thing on a national level, but you'll never here America complaining, as it reaps the benefits of such slaves as Argentina

Well, that's pretty silly of you to blame the people who are forced to do something and not the people who forced them to do it, to say nothing of the people who took out loans they couldn't afford to buy McMansions or whatever. It was called the subprime lending crisis for a reason. The CRA compelled banks to make a certain percentage of their loans to subprime borrowers, and once they started lowering their lending standards so as to meet this quota, it was only a matter of time before it simply became the way of doing business. So they found a way to make it work for them - until it all went kaput. The bankers aren't entirely innocent, of course, but the origin of the problem was Thomas Sowell's first rule of politics in action.

And I hear America complaining about impending debt slavery all the time. There's just no leadership to actually do anything about it.

I mean in terms of lumping so many of the riskier loans into securities in this nebulous derivitives market (the market that is the proof that fiat money has no purpose and that the money men can literally make value from nothing). They knew they were playing with fire and got off scot-free while the economy tumbled. Was it right for them to be forced to make loans under such circumstances? Probably not. Was it right for them to decide to work some sort of financial voodoo on those same iffy loans in an attempt to make a profit and maximize the risk to the entire planet? Definitely yes.