How did the credit crisis happen?

how did the credit crisis begin

If the democrats are so smart, why didn't they begin to immediately fix the problem when they received control after the 2006 elections? The republicans actually began warning about this in 2003, 2004 and 2005. Both Bush and McCain are on record as providing warnings of this problem. If the problem was visible. show more If the democrats are so smart, why didn't they begin to immediately fix the problem when they received control after the 2006 elections? The republicans actually began warning about this in 2003, 2004 and 2005. Both Bush and McCain are on record as providing warnings of this problem. If the problem was visible, or even remote foreseeable, in 2003, then it only makes sense that the problem continued to get worse along the way.

Why didn't the democrats start working on this in 2007 or at least by the first quarter or two of this year?

Update: nothingconstant - Yes, I read all of your post. Your statement that "Loans were given to qualified applicants" is a joke and you have no clue as to what was really going on in the recent past. I propose that you simply use this information to justify your beliefs. This problem wasn't started at. show more nothingconstant - Yes, I read all of your post. Your statement that "Loans were given to qualified applicants" is a joke and you have no clue as to what was really going on in the recent past.

I propose that you simply use this information to justify

your beliefs. This problem wasn't started at the point the loans were sold to the 2nd or 3rd party.

How do I know what you obviously don't? I personally was involved in selling several properties between 2002 and 2006 were I wouldn't have lended the buyer a dollar unless I was willing to write it off. Of course, as the seller, I couldn't question the qualifications of the seller without cause, even though I KNEW that each and every one of those loans would end up in default. And guess what? They did. So, the problem was the quality of the loan and the ability of the lendors to claim they were acceptable.

So, how does that make your partisan cut-and-paste crap look now.

Update 2: Neoga illinois - What a lame attempt to discredit my question. Do you even know what a troll is? The facts speak for themselves in regards to who proposed more oversight for Fannie and Freddie, so you are apparently not informed enough to know. That also covers JLC who apparently has his eyes shielded from. show more Neoga illinois - What a lame attempt to discredit my question. Do you even know what a troll is? The facts speak for themselves in regards to who proposed more oversight for Fannie and Freddie, so you are apparently not informed enough to know.

That also covers JLC who apparently has his eyes shielded from anything that would go against the liberals who praised Frannie and Freddie all the way down.

Source: answers.yahoo.com

Category: Credit

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