Do you think illegal's had a great deal to do with bank failures, and declined economy?

Question

I am certain the government is held responsible behind all mis-judgements, and bendings to political correctness!

Answer 1

No.    They did prop up the poverty stats for about ten years - - the whole business about "it's a broad recovery but it's not reaching the poor, helping them escape poverty, since there are just as many poor people as before" argument was bogus - people WERE escaping poverty, in record numbers, just being replaced more than 1 for 1 will illegals.

But they're building the fence now and in a recession, people mow their own lawns, clean their own bathrooms and watch their own kids, so there are fewer jobs for the illegals and fewer are coming.

Answer 2

nope

Answer 3

Not a great deal, but that is a seperate issue that needs to be adressed. We are complacent people, concerned about our sports teams, weekends, and any other pleasure diversion, and neglect our country's needs. We have the right to be strongly heard from, but only *****, and wait for someone to do something. We could have stopped the war, and interference with arab governments, why?  because we are not God, and it will take an act of God to do what we believe we are called upon by God to do. The terrorists will self destruct when we use their weaknesses against them, as any rabid dog will.

Answer 4

Yes.  I believe that if you look into the Bear Stearns collapse, you will discover they assumed the illegal aliens would be approved for amnesty, and the loans made to allow them to buy homes would be acceptable.  Same thing for IndyMac, and when it was clear this was not going to happen, IndyMac couldn't dump those loans on other people.

I don't think Amnesty will happen in the form Barrack suggests, but the American Taxpayers will pay for the consequences of Mr. Bush's policy of allowing those loans to be made.

Answer 5

I am afraid so

Answer 6

Oh yes !

Answer 7

no i think it was the shady lenders who knowingly did this to many Americans who couldnt afford the mortgage. Many ppl took advantage of the equity in their homes but only to pay huge interest rates after their fixed APR had expired many ppl's mortgage doubled and of course they couldnt pay it or refinance to get out of it. this is why so many ppl have lost their homes to forclosure, yes many were Americans  and some were illegal immigrants. But at this point i think lenders had no mercy or compassion when they approved these risky loans. now ALL Americans are paying for it!!!

Answer 8

depends where you are geographically.in southern  california and border states this is high.but if you look at detroit or philadelphia.it is just people who never should have got a loan in the first place.this was a win /win for banks.even if the loans failed,they were fdic insured.this was part of that democratic push to make it affordable for all to own a home policy.more failed problems from them.you think they would have learned after the savings and loan bail out!

Answer 9

Absolutely, they did.

Answer 10

No.

The bank failures are due to banks lending to people who could not afford to pay back the money they borrowed (normal americans, not "illegals"). The economy declined because banks stopped lending money to each other, and put up interest rates. They then pulled a lot of their deals for the general public, making it more difficult to get money.

We live in a buy-now, pay-later culture, but the avaliability of credit has decreased dramatically, so people can afford less (especailly when coupled with high food and oil prices). If people are spending less, the economy declines...

Nothing to do with illegals at all.

Answer 11

What are you talking about? is this another issue to blame on the illegals? where are you getting your information? no banks have failed because of the illegals? and the declined economy is due to gas prices, inflation, the war, the media's scare tactics and the GWBA. If anything, the economy would crumble especially right now if all the illegals were to get deported. They are consumers..they buy houses, cars, food, cloths, electronics etc.. They pay taxes when making these purchases, and taxes are withheld from their paychecks. They pay taxes when they pay their rent.  A lot of American companies felt the blow after the immigration raids because no American wants to do the jobs the illegals do. Get your facts straight before blaming illegals for issues Americans put on themselves.

http://www.aollatinoblog.com/2008/04/14/...

Immigrant Households and Businesses Generate Billions: In 2005, immigrant households and businesses paid approximately $300 billion in federal, state, and local taxes: $165 billion in federal income taxes, $85 billion in state and local income taxes, and $50 billion in business taxes.

Immigrants Pay More in Taxes Than They Use in Services Over Their Lifetimes: Depending on skills and level of education, each immigrant pays, on average, between $20,000 and $80,000 more in taxes than he or she consumes in public benefits.

Immigrants' Relative Youth Contributes To Social Security's Health: Current levels of immigration will provide a net benefit to the Social Security system of nearly $450 billion in taxes paid over benefits received during the 2006-2030 period--and almost $4.4 trillion during the 2006-2080 period. This is because 75 percent of immigrants arrive in the US when they are in their prime working years (age 18 to 65). But the share of native-born citizens in their prime working years now stands at only 60 percent, and will decline rapidly over the coming decades as the Baby Boomers retire.

Immigrants Educated on Home Country's Tab: The roughly 26 million immigrants now in the United States who arrived when they were over the age of 18--after their upbringing and basic education were paid for in their home countries--represent a windfall to American taxpayers of roughly $2.8 trillion. The US receives all of the tax payments made by these immigrants, while bearing almost none of the costs of raising and educating them.

Answer 12

The banks and uneducated consumers can only blame themselves.  Banks got greedy and convinced their customers that they could afford those ridiculous mortgages and loans.  Then on top of it, marketed the idea to use all that wonderful equity in their home to pay bills, go on cruises and "live the life you deserve"!  The only time you tap into your equity is when you plan to put it back into your home, not to use your home like an ATM.  The problem is called entitlement (on the consumers end) and lack of banking regulations (misleading the public for financial gain).

So no, I don't think they did.  Even though illegals can buy homes in this country (as a social security number is not required to get a mortgage), I think it is wrong, they are not in the majority.  We can only blame ourselves.

Answer 13

No. I was in the banking industry at one time and they really don't have a great impact regarding banks. Decline in economy? I blame that more on big business and the ridiculously wealthy - especially the two oil mongers we currently have in the White House.

Answer 14

yes...their cheap labor enabled the housing to soar to new heights and then crash