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<blockquote data-quote="SpartaChris" data-source="post: 357766" data-attributes="member: 1007"><p>Due respect to your dad, but it's ridiculous to have that kind of pension system. I get they realized early on that type of system was insolvent, but there is absolutely NO reason why government union workers should receive a pension funded by tax payers. Working for the government doesn't make them special, and they shouldn't be treated as such. </p><p></p><p>As for pinning all the blame on wall street, I don't think all the blame should fall there but should be distributed equally among them, the government who coerced Fannie Mae into lowering their lending standards, and the consumers who knowingly bought houses they couldn't afford. </p><p></p><p>The Clinton administration wanted to make it easier for people who couldn't meet normal lending standards to buy homes, so they coerced Fannie Mae to lower their lending standards. They also repealed the Glass-Steagall act, thereby allowing investment and traditional banks to merge. </p><p></p><p>You also had people making $12/hour buy $1Million homes, using those stated income, no money down, interest only loans. Consumers were being just as greedy as traders on wall street, speculating on the continued dramatic increase of property values. </p><p></p><p>There was a perfect, greed driven storm created by the government and perpetrated by investors and consumers looking to make an easy buck. The end result is the crisis we have today. </p><p></p><p>Something else to consider, as it pertains to government deficits, is many local and state governments made these pension deals when times were good, never taking into account what could happen if times were bad. It's classic mismanagement, which is why you see so many cities having problems today.</p></blockquote><p></p>
[QUOTE="SpartaChris, post: 357766, member: 1007"] Due respect to your dad, but it's ridiculous to have that kind of pension system. I get they realized early on that type of system was insolvent, but there is absolutely NO reason why government union workers should receive a pension funded by tax payers. Working for the government doesn't make them special, and they shouldn't be treated as such. As for pinning all the blame on wall street, I don't think all the blame should fall there but should be distributed equally among them, the government who coerced Fannie Mae into lowering their lending standards, and the consumers who knowingly bought houses they couldn't afford. The Clinton administration wanted to make it easier for people who couldn't meet normal lending standards to buy homes, so they coerced Fannie Mae to lower their lending standards. They also repealed the Glass-Steagall act, thereby allowing investment and traditional banks to merge. You also had people making $12/hour buy $1Million homes, using those stated income, no money down, interest only loans. Consumers were being just as greedy as traders on wall street, speculating on the continued dramatic increase of property values. There was a perfect, greed driven storm created by the government and perpetrated by investors and consumers looking to make an easy buck. The end result is the crisis we have today. Something else to consider, as it pertains to government deficits, is many local and state governments made these pension deals when times were good, never taking into account what could happen if times were bad. It's classic mismanagement, which is why you see so many cities having problems today. [/QUOTE]
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