There's the Bingo!
When the government started deregulating everything in the 80's it opened up the whole financial system to the wolves in three piece suits.
The sub prime mortgage problem is directly linked to deregulation (and The ARM loans haven't reared their ugly heads yet)
Also, there used to be usury laws in this country, deregulation fixed that right up. If you're not familiar w/ the term usury, it's defined as "the illegal action or practice of lending money at unreasonably high rates of interest." When the government (Repubs and Dem's) started getting paid off by lobbyists we became a nation of indentured servants. 30% interest on a credit card? No problem guys, go for it!
As long as we the people keep paying attention to the political talking points (God, Guns, Abortion ad nauseum) and not the fact that most are only in it for the money we will continue to have these pukes (Repub's and Dem's) stealing from us.
Most of the regulation that has been destroyed came out of the EXACT SAME greed that brought about the Great Depression and we just keep on mortgaging the future so we can have that big screen TV and the application that makes our Iphones fart.
Bottom line is they are elected officials and we are the idiots who put them in power by believing they have our best interests at heart.
But hey, Greed is good!
"dingus" wrote:
Wow. That's pretty good.
I agree with you about b.s. issues that just divide. Right now, they are gay marriage, abortion, stem cell research, flag burning, etc. Everyone's got a strong opinion on them one way or another. Meanwhile, the Republicrats are stealing from the American people and the Americans are too busy fighting over those b.s. issues.
The reason I asked Tripp about credit cards - I had no credit card balance until my job got sent to India. Then it took 22 months to find another job (this was during the dot com bust). Well, still had bills to pay and soon had credit card balances. We had a renter that was always late so we ended up bouncing a few checks.
Well, you bounce a check against a credit card and they mark it as a missed payment so it instantly goes to 30% interest. I can get better than 30% interest from borrowing from the mob.
And it wasn't like I'm a spendhappy yuppie. I bought a used tv for $50, always drove cheap cars that I paid off asap (Ford Taurus, Saturns, never anything flashy). I have a used suit for interviews, etc.
I guess we didn't learn from the first time. Here, the banks were lending 950k houses to people who made 90k a year. They looked the other way as the people making 90k said they were making 250k. Then one of the guys I knew with a 950k house bought himself a 55k BMW. The other guy with the 950k house bought himself a 90k Audi. They've both since walked away from the houses.
That's deregulation for you. In reality, the banks are lying and us taxpayers are left bailing them out. Our grandkids are going to hate our generation, as they should.
My man Donald Driver
(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷