Mark J. Scarp is a contributing columnist for the Tribune. Reach him at email@example.com.
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Mark, After many years of welfare and entitlement programs most of the people have been convinced that the big government will take care of their needs and they don't have to worry about saving anything or being prepared.
It was a lack of regulation that brought this recession on.
Republicans whined and cried for years that regulations harmed their business and they bought enough Congressmen that they got the minimal regulations that did exist removed.
And they had a field day.
They cheated and lied and forged till their fingers were cramping.
They hired people to forge foreclosure documents they had so many.
Never listen to a Republican who wants to remove regulations.
Actually, Az wet-willie, it was an abundance of Democratic officials who brought about the initial reduced standards for housing qualification. Remember when Jesse Jackson and others threatened to sue lenders, followed the Clinton DOJ (led by Manet Reno) unless the loosened lending standards to include just about anyone?Those enforcements led the the derivative bubble, which led to a large part of the fiscal collapse (which everyone likes to blame on GWB).Now the Democrats are back at it again.
The only thing subjective about the history of the credit collapse is the POV of the liberals.
remo303 ,Your Tea party influenced mind washing is not correct!!!!Clinton deregulated commercial banks. The mortgage fiasco was brought about by dishonest mortgage bankers, not commercial banks.
chatmandu002, Let me guess, that'd be the 47% of those alluded to by Mittens, right? Even that's not MOST of the people.
Go fish for more lies, both of you.
More finger pointing by commentators. Bottom line: Naive Americans spent too much because credit was too easy to get and mortgages were too easy to get. They never had any money to save. They had credit and home equity loans-this gave the illusion of wealth and a lifestyle they could not afford to live. It is easy to live beyond your means when the banks are telling you it is ok to do so.
Once they got a mortgage, for a long time the value of the house went up and they used the ghost equity to continue to finance their new lifestyles. Then it all crashed.
Also, most Americans obviously seem to think having credit card debt is an ok thing, when it is a huge financial detriment. That diznee vacation is something to save for, not charge on the visa at 14% or more interest.
I learned my lessons in my twenties. Most never learn.
Ha told me I was spam because I mentioned the mouse company. Changed the spelling.
Spend when others save, save when they spend. The world is currently filled with the most wonderful bargains.
Mark, I agree, people need to learn to live within their means.
“Sometimes imagination grows too luxuriant. Sometimes reason grows too austere.” David Brooks
Cerulean - that's interesting when you're fully in support of Obama that is spending America in to oblivion.
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