GoFuckYourself.com - Adult Webmaster Forum - View Single Post - I want to vote for Obama.... BUT.........

Matt 26z · 10-06-2008, 09:15 PM

Quote:

Originally Posted by Lane

FED lowered interest rates down to 1% (June 25, 2003)
link: http://www.federalreserve.gov/fomc/fundsrate.htm

FED chairman told people to get into adjustable rate mortgages (Feb 23, 2004)
link: http://www.usatoday.com/money/econom...pan-debt_x.htm

FED increased the interest rates by 4.25% over the next 3 years. (June 29, 2006)
link (same as above): http://www.federalreserve.gov/fomc/fundsrate.htm

3 year ARMs adjust, peoples mortgage payments go thru the roof, and market is flooded with foreclosure homes, which not only bursts the bubble but also accelerates the whole downward spiral that follows.

Seriously, is there anything else that had a bigger influence on creating this mess than the market manipulation done by the FED?

Exactly.

Idiots like to blame this problem on corporate greed, but it was actually our government who wanted to get more Americans into homes.

Now someone has to go down, and it damn well sure won't be anyone with the Fed.

And to anyone who thinks the government should have stepped in years ago and put an end to lax sub prime loans, that had ZERO chance of happening since voters would have been outraged. It was better politically for congress to wait until shit hit the fan on it's own so that they could finger the CEO's of these now failed companies.

As was the case with 9-11, the war in Iraq and now the loan mess, NOBODY connected to the government will be punished for this.