Source: Detroit News
quote: The people that got those loans couldn't afford to make the payments, defaulted on those loans, filed for bankruptcy or just walked away.
quote: When Reagan inherited Carter's mess, his plans caused triple the growth than what his happening under Obama.
quote: It worked for decades, until the Bush tax cuts had private debt growing at the rate of over 25% of GDP per year
quote: Doesn't matter. A bank is supposed to secure all its loans with adequate backing.
quote: Reagan's policies exploded private debt and used it as a crutch for growth.
quote: NOTHING will cure the economy without more demand. Not tax cuts, not debt repayment, not regulation removal, nothing. People with high income need to spend more voluntarily (fat chance of that happening) or be taxed so the spenders (either the gov't or the middle/lower classes) will do it for them. Without more demand, businesses have no reason for net hiring, investors have few new production needs to invest in, and unemployment only gets worse.
quote: People with high income need to spend more voluntarily (fat chance of that happening)