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They pushed the bills through that caused the disaster in the first place mainly from the tax cuts to the rich, false war in Iraq, bailouts to the big banks, give-a-ways to big oil and other large corporations etc,..
I often hear some people pointing to congress as playing a key role in the U.S financial meltdown. Could someone elaborate on congress's role in this?
In 1992 Congress passed, and Bush 41 signed, federal legislation that imposed first-ever quotas on the mortage industry. The Act required HUD, Fannie, Freddie and banks to make mortgage loans to low-income and minority borrowers. (See Federal Housing Enterprise Financial Safety and Soundness Act of October 1992).
Once these "affordable housing goals" were in place, there were numerous federal programs designed to help low-income and minority borrowers get loans. (See Fannie 97, Fannie 100 and American Dream Downpayment Act among others).
In 1992 Congress passed, and Bush 41 signed, federal legislation that imposed first-ever quotas on the mortage industry. The Act required HUD, Fannie, Freddie and banks to make mortgage loans to low-income and minority borrowers. (See Federal Housing Enterprise Financial Safety and Soundness Act of October 1992).
Once these "affordable housing goals" were in place, there were numerous federal programs designed to help low-income and minority borrowers get loans. (See Fannie 97, Fannie 100 and American Dream Downpayment Act among others).
That was also done during Clinton's administration.
True. Bush 41, Clinton and Bush 43, all pushed to increase low-income and minority homeownership. So did both political parties and both houses of congress.
They're all guilty, and the American people are paying the price.
Wall Street played a role as well, but none of it would have happened if Washington had not pushed over the first domino.
Among many other contributions, these folks, one a government assigned watchdog intended to protect the consumers are the poster children for the poor choices the US electroate can make and remake and remake.
You guys should read "The Big Short" by Michael Lewis if you really want to know why our economy collapsed. Congress didn't have much to do with it. It was Wall Street, who we all know are the true masters pulling the strings. Blame Congress if you want, but what you're essentially doing is kicking the little dog you can kick because you can't take out your frustration on the real problem -- the very big dog who just ate your lunch. If we had some mechanism to punish Wall Street like we do with Congress (regular elections), more would probably be focusing their anger in the right direction.
Have we forgotten that Carter started this ball rolling??
That's a bit of a stretch, Freightshaker.
Should we blame Adam and Eve as well? They made the decision to have children.
Lets blame them too!
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rolled over like the good watchdogs they are
