Is it the government's job to fix the economy?

iVillage Member
Registered: 07-11-2006
Is it the government's job to fix the economy?
628
Mon, 09-12-2011 - 9:21am

Do you think this controversy will play a role in the upcoming election?

WASHINGTON (AP) — The economy needs to be fixed. On this, Democrats and Republicans agree. They part ways over how to do it and, specifically, what role the federal government should play.

"Ultimately," President Barack Obama tells Congress, "our recovery will be driven not by Washington, but by our businesses and our workers. But we can help." His argument that government has a responsibility to do so probably doesn't sit well with an America that's down on Washington.

Texas Gov. Rick Perry, former Massachusetts Gov. Mitt Romney and other Republicans competing for his job take a different tack as they court a tea party-infused GOP electorate: The economy will thrive, they say, if Washington simply gets out of the way. As Perry puts it: "Smaller government, less spending, fewer regulations.At the heart of the 2012 presidential race is an issue as old as the country itself."

Is it the federal government's responsibility to address what ails the nation, in this case the economy? And if so, to what degree? What is the right balance?

More:

http://news.yahoo.com/analysis-governments-role-fix-economy-072531745.html

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iVillage Member
Registered: 05-03-2011
Conservative rhetoric is a good description. No truth to it. It cracks me up with all the talk about how liberals want everyone else to pay for their homes or cars, etc. It's ridiculous.
iVillage Member
Registered: 07-11-2006

Conservatives, on the other hand, think you should own a

iVillage Member
Registered: 09-30-2011

Liberals see home-ownership.... should be paid for on the backs of other taxpayers.

That is not what liberals think. That is conservative rhetoric.

Obviously it's exactly the way they think.

iVillage Member
Registered: 09-30-2011
Conservative rhetoric is a good description. No truth to it. It cracks me up with all the talk about how liberals want everyone else to pay for their homes or cars, etc. It's ridiculous.
So you agree with conservatives?
iVillage Member
Registered: 09-30-2011

Yes, there were many policies where Bush showed his latent liberalism, but to be fair, unlike the Democrats, most of Bush's policies still put the onus and responsibility on the homebuyer and he put a lot of effort into pushing regulations on Fannie and Freddie only to be rebuffed by the Democrats.

iVillage Member
Registered: 05-03-2011
What does that have to do with conservatives? It's sound financial practice to not give loans to people who don't meet certain criteria.
iVillage Member
Registered: 07-11-2006

[Bush] put a lot of effort into pushing regulations on Fannie and Freddie

iVillage Member
Registered: 07-11-2006

Apparently liberals feel that someone other than the wannabe "home-buyer" should be responsible for coming up with the downpayment for their own homes.

Maybe a few do, but I doubt significant numbers do. I know that I don't and that I never said anything remotely like government should give everyone who wants it a down payment on a home. That makes no sense whatsoever!

And no, I never said "everyone who lost their home got what they deserved"...just the dopes who bought homes they couldn't afford...

So, you agree? Some people lost their jobs and homes in spite of their responsibility? How do you tell the difference, after the crisis, between the "dopes who got what they deserved" and the others?

"Boo Hoo...life ain't fair."

So, yes, you believe that having the right parents entitles you to home ownership, even if you can not come up with the down payment on your own. IYO, that is the way it is and people should just deal with it, right?

The CRA.

No, the CRA was a 1977 legislation.

In 1992, President George H.W. Bush signed the Housing and Community Development Act of 1992. The Act amended the charter of Fannie Mae and Freddie Mac to reflect Congress' view that the

iVillage Member
Registered: 07-11-2006

Interesting quote:

“The sub-prime problem was driven by Wall Street firms that needed a product to sell” in securities tied to sub-prime mortgages, Moeling says. “The Democratic political left love the idea of home-ownership, and the Republican political right love the idea of making money off home ownership. It was a perfect marriage where nobody wanted to say uncle or that the king had no clothes on.”

http://www.dealwatchblog.com/post/2008/09/17/Lawyers-say-repeal-of-Glass-Steagall-isnt-to-blame-for-Wall-Street-woes.aspx


iVillage Member
Registered: 09-30-2011

What does that have to do with conservatives? It's sound financial practice to not give loans to people who don't meet certain criteria

I agree...it's a shame that the liberals in Congress didn't feel the same way when they forced banks to make loans to people who couldn't afford them.

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