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Politics : Formerly About Advanced Micro Devices

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To: combjelly who wrote (435199)	11/16/2008 8:31:30 PM
From: i-node	1 Recommendation Read Replies (3) of 1573599

>> That is because you don't understand the problem. You fool. I understand more about this problem than you ever, ever will. And I'm going to tell you something. You can blame it all on this instrument or that, but the cold, hard reality is that the basis of the problem is loans were made to unqualified borrowers. The rest of it is just bullshit. And those loans were not only permitted, but ENCOURAGED and in some instances, DEMANDED, by the Democrats in Congress. There are many assertions claimed in that article that are downright bullshit. But one thing that is NOT bullshit is that the loans currently in default are those that were made with insufficient equity or cash flow, or with other terms that made the borrower unworthy for the loan in question. Had that not occurred, we would not be in this pinch today. You can try to blame it all on Phil Gramm or Bush or whoever you'd like, but it was Barney Frank and Chris Dodd insisting that unqualified borrowers be given loans. The Republicans in Congress fought it.

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