Does Phil Gramm call it "whining" when Americans lose their homes due to his deregulation of the subprimes?

Question

The mortgage crisis is not a matter of "not being responsible" for debt, or "taking on too much debt."

You are not allowing facts to enter the debate, you are simply swallowing propaganda.

Fact #1) The mortgage industry has made billions upon billions of dollars in extraordinarily high interest rates off of people with less than stellar credit. THAT is called "predatory lending" and it is unethical.

2) Mortgage industry had absolutely no problem whatsoever selling to people with less than stellar credit for the past 30 years or so - again, they made BILLIONS off of it.

3) Employees at these subprime mortgage agencies are TRAINED to mislead, omit facts, pooh-pooh any questions from the borrowers. "Oh, it's standard... just sign here.

4) You can say "they should have read it before they signed it all day long till the cows come home", but it is a FACT that the average Joe glances over long, tedious, detailed documents which are intentionally written in "LEGALESE"

Answer 1

Apparently.

Answer 2

Yes. He did.

Talk about dissing America. It doesn't get any clearer when a senior McCain spokesman says that "America is a nation of whiners". Or that the economic downturn is a mental condition.

This ranks right up there with Barbara Bush's comment that people in New Orleans were better off homeless and pennyless.

Anyone who votes Republican after hearing comments like these should turn in their flag pins.

Answer 3

Take some responsibility and quit your whining!

Answer 4

Like any Republican worth his salt, Phil Gramm thinks if we can't do anything anout it, we should just bend over and enjoy it.

Answer 5

Not being able to pay your bills is always someone elses fault. Never your own for spending too much or taking on too much debt.

Whinner!

Answer 6

They do act like predators in such circumstances and this government doesn't discourage it because it is above them who the banks rob.

Sadly most people want what they can't afford to give their self-image a boost and because the cheaper stuff comes with extra work using more time and expense to sort out and DIY is not an easy task.

I want to suggest people don't touch what they can ill afford even if they don't think they will look flash. However I can't, but repossession is not in the least bit cool, when people fail to pay off the ridiculous dept which are mostly high interests rates, granted, and the bank say, goes Bankrupt, eg; Northern Rock this government took billions of pounds of tax payers money and gave to the said bank bailing it out of its crisis. WTF?? That is a bigger scandle for me.This government wants everyone to work for the bank it keeps everyone keen to work for cheap labour. The more at work the more income tax they can also rob along with all the other taxing scams they have tricked people into paying up for.

The whole system is a scam and people who lack confidence have fallen hook, line and sunk!

Answer 7

Deregulation means freedom to choose based on wise decisions. It did not mean abuse the system. It also falls on unscrupulous lenders. It also falls on unscrupulous real estate agents. It also falls on financial institutions for allowing this type of lending practices. It falls on the States for not placing 'locks' so that thise would not happen. Ultimetley it falls on the average citizen for failing to respond when a lot of us saw this happening.

The Citizen that is about to loose their home, No Mercy. They were the unltimate failures for not reading the fine print. Is it my fault that this Citizens failed their Math and Reading/Grammar Class. Is it My Fault that they wanted to live a dream of wealth - kinda like the train, 'I think I Can, I think I Can - uugghh, uuugghhh -  N O T..'

Deregulation meant, 'Planning' - which means, do your research, go thru 'your' numbers. It seems the Majority Exagerated those Numbers and off course, Cheap Lenders and Cheap Brokers aided that exageration by exagerating their client.

In the end, The Average Citizen that played by the Rules, we are the ones that get to foot the Bill. We will see higher taxes which are placing a burden on us - thanks to the Ignorant, Greedy Citizen - I Want a Big Bad SUV - d**n that giggle juice - gotta love it.... I want cheap Gas.... N O T

Face Reality or Reality Will Face You - oops, I guess it already faced some - huh...

If I had spare change, I would have bought me a tax certificate or two... kick some of those false home owners into apartments or back to mommy & daddy.. Ignorance is no Excuse of the Law.

Answer 8

Yes. He'd probably call this question whining too. I'd agree with him on both.

Answer 9

Ugh!!! I am a firm democrat...but I still believe you must be the responsible party and not take on more loan than you can afford to pay back and read the loan application before signing. Anyone with a basic education should be able to understand what a fluctuating rate is....and that that rate can possibly rise....especially when that rate is extrodinarily low upon signing.