Do you think it's true that your next pay check my not come and your credit card may not work next week?
Even if the business you work for is healthy and even if you have good credit? All this because Barney Frank, Chris Dodd, Bill Clinton and Janet Reno forced lenders to start lending to bad risks in the 90's? In other words, this crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era?
Current Events - 10 Answers
Random Answers, Critics, Comments, Opinions :
1 :
lol no... Unless your bank is WaMu ;p
2 :
YES! The end of an economy is at hand! We should revert to anarchy! Burn your credit cards! Loot stores! There will be no tomorrow!
3 :
No, not true at all. And the crisis was not caused by PC being forced on anyone. The banks made bad decisions. That was more about greed than politics.
4 :
nope, not true. Your credit cards may not work next week, but that'd be a function of the bank deciding to reduce credit lines to existing account levels to reduce their credit outlays.
5 :
Anything is possible the way things are going these days.
6 :
No i do not . I think the rich will get richer and the poor will get poorer but the rest of us will keep on keeping on. There is more to our economy then the housing market and the stock market. While oh so many will be hurt and the pain will go on for a long time we will survive. And just maybe we will chose our leader,s more carefully in the future. We should really pay attention to who they are and what they have done rather then what their party affiliation is. Let,s all pay attention from now on.
7 :
yes very true. I had all my credit cards (7 of them) mail my a letter saying since I wasn't using my extra money on my cards they are going to cut off that limit. Like they were trying to be nice. They are trying to stop shady folks who take on the money out of their cards and then file bankruptcy. As far as a paycheck I am not sure about that. As a good company I wouldn't worry about it, but if they are doing bad and are gonna file bankruptcy then yeah you might get screwed. Good luck and God bless cause this world is a mess. Oh yeah but yes Clinton did approve to have creative financing. It definitely jacked us.
8 :
NO. No decent companies have to borrow money to make their payroll. And people borrow too much on their credit cards anyway. The banking regulation that Clinton pushed through simply ALLOWED and ENCOURAGED banks to make loans to people under less strict credit guidelines. It did not FORCE anything. Worse still, the REPUBLICANS later pushed through a bill that allowed banks to lend 40 times the amount of money they held, when previously it was 12 times. If these banks had only net out 12 times their holdings, we would have NONE of these problems. And fewer than 5% of the current loans in default fall under the Clinton's revised "redline neighborhood" guidelines. Please understand your facts before you allow lies to be spread.
9 :
There is way too much borrowing on credit cards. I was raised with the philosophy that one should only buy a home and a car on credit. All other purchases should be made with cash saved for that purpose. To have to save for something teaches a valuable lesson. However, most people with reasonably good credit would not have begun over-extending themselves financially if they hadn't had their incomes reduced during the last few years by inflation caused by rising gas prices, exorbitant war spending, higher taxes on the middle class, and a declining standard of living. It is human nature to try to maintain a comfortable situation rather than take a hard look and be honest with your family and say "Gas has gone up again, what do we do without this month?" Greed is not something that has to be "forced" on anyone. It just comes naturally due to human nature. Greed must be regulated with laws or it will destroy the stability of our American culture.
10 :
scare tactics, remember these are the same folks that told us about weapons of mass destruction, and before that, the russians are coming.
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