http://afcmin.org/ateam/742/presidential-debate-whos-responsible-for-the-financial-crisis Helping plans come together, one post at a time Sun, 03 May 2015 14:00:57 +0000 hourly 1 http://wordpress.org/?v=4.2.9 http://afcmin.org/ateam/742/presidential-debate-whos-responsible-for-the-financial-crisis/comment-page-1#comment-3172 Tue, 30 Sep 2008 04:48:00 +0000 http://afcmin.org/ateam/?p=742#comment-3172 The Republicrats are responsible.
http://www.ronpaul.com/2008-09-26/gw-bush-on-the-housing-boom-oct-2002/

]]> http://afcmin.org/ateam/742/presidential-debate-whos-responsible-for-the-financial-crisis/comment-page-1#comment-3171 Mon, 29 Sep 2008 22:24:00 +0000 http://afcmin.org/ateam/?p=742#comment-3171 s a CPA I have lost a lot of business telling clients to have their financial ducks in a row before buying a house. As a Christian I have pleaded with people to let home ownership be a blessing and not a curse. It was extremely unpopular and seen as foolish to give sound, conservative financial advice over the last 10 years. “The borrower is SLAVE to the lender” is not a verse that many of us are willing to put into practice.
In that time I was often asked to write “comfort letters” essentially taking on the responsibility of giving the mortgage company a green light on a loan. That was the day that I knew that we were going to end up here eventually. In every one of those cases I refused because my client was borrowing too much at too high a rate and the broker was essentially agreeing with me by asking me to sign off on the deal.
I know that there are other financial advisers who gave the same sort of advice that we give and it was largely ignored by the client. “If I don't get a house now, I will NEVER be able to afford it.”
In the day where you walked into a bank, gave all of your financial information to your neighbor who worked as a loan officer, there was a real interest in looking at giving you the right loan. They knew that they would hold that loan and collect all of the payments. The irresponsible lending practices would have easily been avoided had people had some integrity in selling the mortgages in the first place. This is a wonderful example of what happens in a capitalist society without a moral base.
The Democrats cry that you cannot legislate morality when it comes to social issues, but that is exactly what they are attempting to do in the financial markets.

]]> http://afcmin.org/ateam/742/presidential-debate-whos-responsible-for-the-financial-crisis/comment-page-1#comment-3170 Sat, 27 Sep 2008 17:14:00 +0000 http://afcmin.org/ateam/?p=742#comment-3170 Great post! It is amazing how quickly people forget the actions (and inaction) that get us into the mess we are in. And how quickly those responsible are to blame others, or at least throw up smoke to hide their own culpability.
It is unfortunate we need to turn to the very people who allowed this to happen to fix it. There is nothing new under the sun.

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