Description: Subprime Lending
Candidate: Gov. Palin
Question: Who was at fault for the subprime lending meltdown & what should be
done about it?
IFILL: Governor, Senator, neither of you really answered that last question about what you would do as vice president. I'm going to come back to that...
(LAUGHTER)
... throughout the evening to try to see if we can look forward, as well.
Now, let's talk about -- the next question is to talk about the subprime lending meltdown.
Who do you think was at fault? I start with you, Governor Palin. Was it the greedy lenders? Was it the risky home-buyers who shouldn't have been buying a home in the first place? And what should you be doing about it?
PALIN: Darn right it was the predator lenders, who tried to talk Americans into thinking that it was smart to buy a $300,000 house if we could only afford a $100,000 house. There was deception there, and there was greed and there is corruption on Wall Street. And we need to stop that.
Again, John McCain and I, that commitment that we have made, and we're going to follow through on that, getting rid of that corruption.
PALIN: One thing that Americans do at this time, also, though, is let's commit ourselves just every day American people, Joe Six Pack, hockey moms across the nation, I think we need to band together and say never again. Never will we be exploited and taken advantage of again by those who are managing our money and loaning us these dollars. We need to make sure that we demand from the federal government strict oversight of those entities in charge of our investments and our savings and we need also to not get ourselves in debt. Let's do what our parents told us before we probably even got that first credit card. Don't live outside of our means. We need to make sure that as individuals we're taking personal responsibility through all of this. It's not the American peoples fault that the economy is hurting like it is, but we have an opportunity to learn a heck of a lot of good lessons through this and say never again will we be taken advantage of.
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