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Thread: "For Chinese, US election is entertaining"

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[quote=GRIZ326,327655]Using good force versus bad force would be more politicially correct in the USA; the words black & white are politically charged.

Thomas Jefferson believed that government always becomes corrupt over time and that revolution is needed maintain citizen control of government. That's certainly proven to be true in the USA.

As for the roots of the financial crisis, Mr. Paulson had little to do with the current situation. The problem started when the government permitted and encouraged approving home mortgages for people without jobs or money. As a result, the greedy and opportunistic vermin exploited a well-intentioned plan and now we see the result.

Traditionally, mortgages in the USA required a minimum down payment of 20% of the sale price of the home, a stable job and a good credit history. Allowing people to buy homes without a down payment, a stable job or even a good credit history drove home prices far above real value. When the buyers began defaulting on their loans, the banks found that the asset value of the homes was hugely inflated.

I doubt that greed endorsed by government regulation qualifies as a scandal. The scandal that may emerge is why both Republican and Democratic leaders did not do something about it when the trouble was foreseeable 4 or 5 years ago. ...and that the banking industry made HUGE campaign contributions to many politicians. One of the top-5 money grabbers is the wonderous Obama; his chief economic advisor is a key figure in the mismanagement of this financial mess and may even be criminally involved in the trouble.[/quote]

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