House Passes Obama's Economic Stimulus Bill

The Democratic-controlled House passed President Obama's $819 billion stimulus bill, with Republicans unanimously opposed. (Jan. 28)

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[PATRICELUMUMBAS]

way your contrie quill lumumba and kabila .way

[abovefilms]

ronald regan did more to destroy the lower and middle economic sector of america then any other president in modern history. he's despised the country over.

[Christoppher1994]

Imagine that you are a highly successful bank, who gives loans to anyone within a certain credit score. You're happy, your clients are happy, but then the president signs a bill that forces you to cater to lower credit people. You happily agree. However you soon realize that giving loans to these people who want houses who are lower credit, is losing you cash and you have to fire employees and give less loans. Though you still are losing cash. In this recession, this happened with lots of banks

[lthom33]

Again, I disagree. I don't think you're a racist but you have been listening to prejudice news. The CRA was and still is a great Bill in which has helped many Americans. It was the deregulation Bill which allowed greedy CEOs to give loans to people who couldn't afford them-both were wrong. There was no government oversight from Greenspan & this is why the problem was at the crashing level. 8 yrs is a long time without rules & regulations.

[lthom33]

This is a misconception. The facts are that CRA did very well. You're speaking about banks such as Bear Stearns which I mentioned. These are the banks which did credit swapping & gave bad loans to Americans who could not afford them -Bush bailed them out! ARM loans really hurt Americans because they start off with a low interest rate, then it balloons higher. What was a $1500 a month mortgage went to $2500 and they couldn't pay it.

[lthom33]

The average American was $35,000 in credit debt several years ago. Hard to tell what it is now.

[Christoppher1994]

But it still is. Don't call me a racist but minorities tend to do riskier things that before CRA and CRA jr, they would not have qualified for loans. But now anyone can get a loan. I'm sorry, but that's statistically proven.

[Christoppher1994]

The CRA is a forerunner to what happened in the 90's. Carter essentially trained Clinton in the ways of huge govt. The result: We now have a system where a high school drop out who has spent wisely in the last 6 months, can get a loan. I don't want to be prejudice but you shouldn't make bad decisions and get rewarded for it.

[Christoppher1994]

Right, and 20 years later, these Americans are wealthy (as in middle class and up), have a nice house, a good job, and have a little extra money for some nice things.

[lthom33]

Ronald Reagan is the one who encouraged Americans to use credit cards. Also it' a misconception that the government is helping Americans that were wreckless. It' only those people who didn't abuse the system & have made payments on their mortgage. Those people who did not are "burning their hands" as you say.