I believe this is actually what started the "crisis" to begin with, not so much the mortgages. Up to that point, people could make their payments and gas up to get to their jobs. Once the greedy speculators started upping the gas prices through buying futures contracts (aside-notice how gas is so high yet a bbl of oil is under $100? we saw these gas prices when oil was close to $150 - it's the speculators/hedge funds driving prices up) anyway, people then had to decide where to split their budget and usually the mortgage lost, thereby setting off the foreclosure house of cards the banks had made with their CDS and such. Also, people started to buy less "discretionary" things, like cars or even some clothing, which in turn causes those companies to layoff people, causing them to do the same, and so forth and here we are. Do you know, my sister just bought heating oil (hot water) and paid over $4 in JULY? That's just greed. Wall St. has made their money back and then some and yet the Repubs won't raise taxes on the wealthy or corps because it costs jobs -huh? That's crap. Clinton's taxes (where Obama want to go back to) created plenty of jobs and a budget surplus. Hmm, seems to me when the little guy has a job he spends money and pays his bills, which benefits us all. We need to get the speculators out of the fuel markets, but I know that won't happen. They lost so much money in the mortgage debacle, they're sticking with a sure thing.
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I believe this is actually what started the "crisis" to begin with, not so much the mortgages. Up to that point, people could make their payments and gas up to get to their jobs. Once the greedy speculators started upping the gas prices through buying futures contracts (aside-notice how gas is so high yet a bbl of oil is under $100? we saw these gas prices when oil was close to $150 - it's the speculators/hedge funds driving prices up) anyway, people then had to decide where to split their budget and usually the mortgage lost, thereby setting off the foreclosure house of cards the banks had made with their CDS and such. Also, people started to buy less "discretionary" things, like cars or even some clothing, which in turn causes those companies to layoff people, causing them to do the same, and so forth and here we are. Do you know, my sister just bought heating oil (hot water) and paid over $4 in JULY? That's just greed. Wall St. has made their money back and then some and yet the Repubs won't raise taxes on the wealthy or corps because it costs jobs -huh? That's crap. Clinton's taxes (where Obama want to go back to) created plenty of jobs and a budget surplus. Hmm, seems to me when the little guy has a job he spends money and pays his bills, which benefits us all. We need to get the speculators out of the fuel markets, but I know that won't happen. They lost so much money in the mortgage debacle, they're sticking with a sure thing.
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