Cande from U.S. News & World Report

http://money.usnews.com/money/blogs/flowchart/2010/06/25/4-things-financial-reform-wont-do-for-you

EXCERPT:

“Sweeping new rules on banks are meant to protect consumers against greedy lenders and risky financial offerings. What they won’t do is protect consumers from themselves.

There’s a long list of villains who contributed to the financial meltdown of 2008 and the economic blowout that followed: shady lenders, reckless Wall Street firms, naïve policymakers and torpid regulators who couldn’t find a rat in a sewer. But American consumers weren’t exactly innocent bystanders. Millions of Americans fueled the problem by bingeing on debt, living beyond their means and using their homes as piggy banks. For every booby-trapped mortgage, there was a borrower happy to commit to monthly payments his income couldn’t cover.”

Hello U.S. News & World Report,

I am calling into question your professional journalism.

Where is Rick Newman’s proof of “For every booby-trapped mortgage, there was a borrower happy to commit to monthly payments his income couldn’t cover”?

Got Fact & Evidence?

* Some people were duped and deceived, and didn’t know how much the ARM (adjustable rate mortgage) would double and triple their monthly payment.

Subprime happened during a time when…after the 9-11 Terrorist Attack President Bush told us to “go shop at the mall.” Subprime deceptive practices happened during a time when…President Bush deceived the American people with Weapons of Mass Destruction to start a false war in oil-rich Iraq (a country that had nothing to do with 9-11 or al Qaeda). Subprime happened during a time when…President Bush encouraged Americans to buy houses as part of his agenda to build an “Ownership Society.”

President Bush and the Republican-majority Congress from 2001 to 2006 set policy and the tone for our culture that fueled the mass malfeasance that eventually trickled down to Main Street as Subprime.

Please run a correction: “There were plenty of innocent bystanders during George W. Bush’s presidency – the time of Subprime.”

Thank you, your fellow American

Fande = Fact & Evidence; Cande = Conjecture & Exaggeration

Bring your Fande, leave your Cande!

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: