I am just wondering here:when are the american people going to start taking responsibility for their part in this recession/depression?When are they going to do something to change it?And why is everyone excepting one man to do it by himself?Be it Obama/McCain/Bush or anyone....isnt that just a little unrealistic?
its just i still see people buying expensive cars/houses/stocks and know that this was one of the biggest reasons we are in this mess.B/c most of these people can not afford it?
Asked by Anonymous at 1:44 PM on Jan. 16, 2009 in Politics & Current Events
realtorshelly -- People living beyond their means caused this. They got loans with outrageous payments and suddenly found they could not afford those payments.
The banks caused this by convincing those people they could afford the bad loan because Clinton and Bush practically forced the banks to make the bad loans.
If you're a bank with hundreds of thousands of customers with bad loans who suddenly can't pay the monthly minimum, your bank is going to fail because you no longer have cash flow.
If you're a consumer with a bad loan you're struggling to pay each month it leaves very little money left over to spend at the stores, movie theaters, car dealerships, etc. If the consumer stops spending money in droves, retail fails because they have no cash flow.
Wall Street didn't cause anything, it just reacted. Both the Democrats and the Republicans forced it on the banks.
Answer by Madge1428 at 4:44 PM on Jan. 16, 2009
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