Sub-Prime Fuzz

After the recent failure from the mortgage banking industry, both presidential candidates Barack Obama and John McCain made statements in vain attempts to inform voters of their respective stance. In the statements made Monday, both candidates had little to say aside from reiterating their vague stance is on government oversight of private industries.

The so-called crisis resulted after a number of large mortgage banks wrote many sub-prime loans. A sub-prime loan is one given to a person or family who does not qualify for a normal mortgage.

Obama hails this as the “the most serious financial crisis since the Great Depression,” and continuing to highlight that McCain's policies will be the same as President Bush’s to “stick our heads in the sand and ignore economic problems until they spiral into crises,” Obama claimed.

This article is worth reading because it demonstrates and highlights that neither candidate has a clear picture of what their financial policy will be once in office