.

Can it be Obama's spending worsened subprime defaults?

SoreShoulderSoreShoulder Member Posts: 2,605 ✭✭✭
Borrowing and spending trillions would tend to make borrowing money more expensive.  Anyone with spare cash on hand could get a better deal from a government bond than putting the cash in a bank.  

If subprime borrowers missed some payments, I think the banks were entitled to renegotiate or sell the debt to another lender.  

The terms were surely much harsher than when the loans were taken out, because the country was much more heavily in debt because government bonds were more attractive than CDs. 

Comments

  • SoreShoulderSoreShoulder Member Posts: 2,605 ✭✭✭
    If Biden starts sending the automakers billions again, it might put a few Detroiters and Clevelanders and Chicagoans to work, but it may make actually owning a new car much harder because the rates will skyrocket. 
  • chiefrchiefr Member Posts: 10,977 ✭✭✭✭
    edited October 18
    The "Subprime" market was created after Bill Clintons inauguration when DEMOCRATs had total control of both houses of congress. Some of you will remember the Assault Weapons ban was created by the same DEMOCRAT congress and signed into law by a DEMOCRAT POTUS during the same period.

    What caused the subprime market was all of the members above and in the interest of fairness decided to force lenders such as Freddie May, Fannie Mack, Country Wide etc loan money to people who never should have been given loans in the first place.    

    Of course dishonest dirty corrupt media and a chorus of DEMOCRATs went and blamed Bush for the debacle when Bush was the one who fixed the problem.
  • mac10mac10 Member Posts: 984 ✭✭✭
    auto plants are far more automated than in 2008  ,,rise of the machines
  • SoreShoulderSoreShoulder Member Posts: 2,605 ✭✭✭
    Of course it all started when our Affirmative Action president slept through a terrorist attack which led to two major wars.  So in all fairness, Obama inherited a mess. 
  • Horse Plains DrifterHorse Plains Drifter Member Posts: 35,546 ✭✭✭
    chiefr said:
    The "Subprime" market was created after Bill Clintons inauguration when DEMOCRATs had total control of both houses of congress. Some of you will remember the Assault Weapons ban was created by the same DEMOCRAT congress and signed into law by a DEMOCRAT POTUS during the same period.
    And supported by the NRA, don't forget to add that part........
Sign In or Register to comment.