What Caused Our Economic Crisis? [VIDEO]

[DaddyHalbucks]

What Caused Our Economic Crisis? [VIDEO]

https://youtube.com/watch?v=H5tZc8oH--o

[TheSenator]

Community Reinvestment Act....its a myth that the conservatives want you to believe in...so as sheep believe.

[directfiesta]

Originally Posted by DaddyHalbucks

What Caused Our Economic Crisis? [VIDEO]

https://youtube.com/watch?v=H5tZc8oH--o

already posted so many times ... any other ones ....

Sure, it is all the dems fault, after all they have been in the WH for the past 8 years as well as control house/congress since 2001 ....

[MarkMan]

so the poor American public , can now vote #1 john mccain which is like voting for bush that got the country into an unneeded war .. and got his friends some money running the operation of that war


or they can vote #2 B Obama , that had his friends bankrupt the entire us economy.


what a choice

[yys]

Originally Posted by directfiesta

already posted so many times ... any other ones ....

Sure, it is all the dems fault, after all they have been in the WH for the past 8 years as well as control house/congress since 2001 ....

Google news archives are your friend. You can find all kinds of quotes from Dems stating that there is no problem and proposed reforms to Fannie and Freddie are just designed to stop low income people from access to affordable homes.

“I want [Freddie Mac and Fannie Mae] to help with affordable housing, to help low-income families get loans and to help clean up this subprime mess. Otherwise, why should they exist?”

- Rep. Barney Frank, Sept'08 .

You guys can try to deny it but the Dems blocked legislation multiple times. There own words on record prove it.

'The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

Gives me a good chuckle to listen to good ole Barney talking on the news the past few weeks about how he is going to fix the mess the Republicans got the country into.

BTW, can anyone find any of the proposed reforms to Fannie and Freddie that the Dems have proposed in the past 5 years? I can't and I would appreciate it if someone could point them out to me. Thanks in advance

[- Jesus Christ -]

Ignoring the democrats involvement is just as delusional as believing McCain and Palin are going to fix it.

[DaddyHalbucks]

Liberal social programs are at the root of virtually all of the economic problems facing our country.

[tony286]

lets say cra was the problem the right controlled it all from 2000 to 2004, why didnt they change this bad bad thing?

[IllTestYourGirls]

Originally Posted by - Jesus Christ -

Ignoring the democrats involvement is just as delusional as believing McCain and Palin are going to fix it.

exactly. They want you fighting over who is to blame. That way they can keep doing it to you.

[$5 submissions]

Originally Posted by DaddyHalbucks

Liberal social programs are at the root of virtually all of the economic problems facing our country.

YES! Thank you. The solutions:

Cut down the size of government and government spending/borrowing
Pass a Balanced Budget Amendment
Slash taxes on the federal and state level
Go back to the GOLD STANDARD

[brandonstills]

Here's an idea. The people giving the loans should be responsible for the consequences if the loan goes bad. Everyone involved with creating loans got paid for making the loan happen. There was no consequence for lending irresponsibly.

[David!]

Originally Posted by brandonstills

Here's an idea. The people giving the loans should be responsible for the consequences if the loan goes bad. Everyone involved with creating loans got paid for making the loan happen. There was no consequence for lending irresponsibly.

How about the retard making $6 an hour at taco bell and signing off a loan for a $300k house?

[SilentKnight]

Originally Posted by brandonstills

Here's an idea. The people giving the loans should be responsible for the consequences if the loan goes bad. Everyone involved with creating loans got paid for making the loan happen. There was no consequence for lending irresponsibly.

How dare you offer a sensible solution on this forum!

[pocketkangaroo]

CRA has under 20% of the total sub-prime mortages in this country. It also only goes for FDIC banks, not all the investment banks that dealt in sub-prime. It has been in place since 1977 with no problems till now.

Loans generated from the CRA were also much less likely to get into the secondary market which is what has caused this mess to get as deep as it has. Read up on some articles on why the mess is what it is. Saying that some poor black people destroyed the big wigs on Wall Street is stupid. It's just revisionist history.

Whlie both sides of the aisle are responsible, it's absolutely retarded to not put blame on the party that has been in control of the Congress since 1994 and the Presidency since 2000.

[DaddyHalbucks]

Originally Posted by pocketkangaroo

CRA has under 20% of the total sub-prime mortages in this country. It also only goes for FDIC banks, not all the investment banks that dealt in sub-prime. It has been in place since 1977 with no problems till now.

Loans generated from the CRA were also much less likely to get into the secondary market which is what has caused this mess to get as deep as it has. Read up on some articles on why the mess is what it is. Saying that some poor black people destroyed the big wigs on Wall Street is stupid. It's just revisionist history.

Whlie both sides of the aisle are responsible, it's absolutely retarded to not put blame on the party that has been in control of the Congress since 1994 and the Presidency since 2000.

Of course, the scam worked for a while! All scams work for a while. However, when things started changing and interest rates started rising, guess what? The fabric unravelled.

Last I checked, the Dems controlled Congress.

[DaddyHalbucks]

They tried to ban the "Burning Down The House" video..

...but, it's back..

https://youtube.com/watch?v=1RZVw3no2A4

[nico-t]

twisting and turning, no matter who are in the white house, it's always the democrats fault.... fucking sheep

[directfiesta]

Originally Posted by nico-t

twisting and turning, no matter who are in the white house, it's always the democrats fault.... fucking sheep

Sure , it is simple:

- If the GOP is in the whitehouse, it is the fault of the previous admin, the dem...

- If the dem are in the whitehouse, it is their fault


simple and easy.

[DaddyHalbucks]

Originally Posted by nico-t

twisting and turning, no matter who are in the white house, it's always the democrats fault.... fucking sheep

Au contraire.

The President is only the titular head of the government.

The real power is based in Congress.

And guess which party controlls Congress at this time of great upheaval?

[- Jesus Christ -]

ITT...

[pocketkangaroo]

Originally Posted by DaddyHalbucks

Of course, the scam worked for a while! All scams work for a while. However, when things started changing and interest rates started rising, guess what? The fabric unravelled.

Last I checked, the Dems controlled Congress.

That "scam" didn't account for many of the bad loans at all. Read my previous post. CRA loans were a small percent of the loans and were not the ones that ended up on the second hand market. The had lower interest rates and were more regulated. Most of the bad loans were done by investment banks that didn't have to abide by CRA.

And the Dems didn't control congress when these loans were given out. I'm not saying they aren't to blame for some of the stuff, but the Republicans had full fucking control of everything for awhile and the power to change whatever they wanted.

There are a lot of culprits on both sides of this mess. It goes back to our government telling everyone that they should buy a home. Giving massive tax breaks to those with mortgages. Eliminating capital gains tax on the first $500,000 of our home. We basically told everyone that they were dumb if they didn't own a home. That it was the greatest investment we could have. Both administrations did this heavily. Throw that in with Greenspan's fuckups by lowering interest rates to too low of levesl early in the decade, and you have this mess. You can also throw in dumb borrowers and greedy lenders.

To blame this whole mess on an Act passed over 30 years ago that has been working just fine till now is laughable.

[pocketkangaroo]

Originally Posted by DaddyHalbucks

Au contraire.

The President is only the titular head of the government.

The real power is based in Congress.

And guess which party controlls Congress at this time of great upheaval?

There are elementary school books that will teach you the job of the President. That whole signing and vetoing thing. The checks and balances of our government. I honestly learned this when I was 9 years old.

And guess which party controlled Congress when all these bad loans were made?

[pocketkangaroo]

Originally Posted by DaddyHalbucks

Liberal social programs are at the root of virtually all of the economic problems facing our country.

It's the red states that are the drain on our economy. They are the ones that are the poorest and require the most federal aid (while putting in the least).

And speaking of socialism, guess which party socialized the banking, finance, and insurance industry the past couple weeks?

[erraticimpact]

Democrat or Republican or any party makes no difference, that's smoke and mirrors to distract you from the real problems. A major one we could begin with is the Fed. When a government rather than using its power to issue lawful money that's backed by something of value hands it over to a private corporation who then prints fiat currency out of thin air and lends it back to the government with interest... you get inflation... you get recessions and lots more.

That's just one problem, a good start though, I think some dude in the '60s tried to get rid of them with EO #11110. I think we all know what happened to him though so good luck solving this

[Redrob]

Greed on the part of bankers, investors, buyers, advisors, and anybody else associated with this fucked-up, deregulated, bankrupt system of finance and investment.

[Useless Warrior]

I would like to admit personal responsibility for our financial crisis. I apologize and it won't happen again - I've switched to energy saving light bulbs and use all condoms 2-3 times each.