[quote=TheBreeze][quote=rnen]Yep, thats the answer alright…. have the government control a single bank. That would solve all our problems, I mean look how successful the past administrations, BOTH Dem. and Rep., have been at running any programs. The astounding results of the Social Security program is all I need to see! How could we all have been so blind to the obvious answer to all of these problems… bigger and better government. Hey, we already have two people that could step in and run the bank so success would be assured and good times and prospierity for all would result… Barney Frank and Chuck Shumer!!
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Not sure if you’ve been living under a rock or not, but pretty much all the big banks would be out of business if it weren’t for government/taxpayer dollars propping them up. The same fate would probably befall most of the small banks too. So what exactly is the point of your ridiculous rant?[/quote]
I guess under your rock the government had nothing to do with the whole lending fiasco? No legislation passed and pressure applied to banks to lend money to those who had no business getting loans? Frank, Shumer, Waters and the like did not further the problem by not only berating the regulators but blocking any type of reform. In case you did not have access to this gem from Frank under your rock I think you may find this interesting:
“These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Do we need to rethink the banking system as a whole? Absolutely. Do we need to put regulations and controls on the banking system? With out a doubt. Do we want the government to decide who qaulifies for a loan? Gee, maybe not such a good idea.
Just imagine the shape we would be in if the likes of Frank, Shumer and Waters dictated lending policies.
