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[URL="http://www.examiner.com/article/new-study-confirms-economy-was-destroyed-by-democrat-policies"]New study confirms economy was destroyed by Democrat policies - National Conservative | Examiner.com[/URL]
Who came up with the crazy idea you could sell houses to people too poor to keep them? Geesh.
I don't know why these men aren't in jail.
President Bush [URL="http://www.thegatewaypundit.com/2008/09/bush-called-for-reform-of-fannie-mae/"]went[/URL] to Congress repeatedly for years warning them that [URL="http://www.examiner.com/topic/fannie-mae"]Fannie Mae[/URL] and Freddie Mac were going to destroy the economy (17 times in 2008 alone). [URL="http://www.examiner.com/topic/democrats"]Democrats[/URL] continuously ignored him, shut down his proposals along party lines and continued [URL="http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html"]raiding[/URL] the institutions for campaign contributions on their way down.
There was never any doubt amongst non-biased, well-informed thinking people as tot he true cause of our budgetary and economic woes.
That's why Glass-Steagall was put in place. But that got repealed..remember ?
There's plenty wrong when the government tells you to count unemployment as money coming in to qualify for a loan. Geeze..that should be obvious to anyone.
Greenspan temorarily gave the grreen light to the Citibank/Travelers merger and then held a gun to the head of Congress.
The portion of Glass Stegall that was repealed leveled the playing field between U.S. banks and its global counterparts who had no such restrictions. If the absence of this regulation was the primary cause of all that followed, banks all over the world would have self destructed, a long time ago.
A more substantial piece of this puzzle was the amount of leverage the big 5 players had over all other investment bankers. They Goldman, Merril, Morgan Stanley, Bear and Lehman lobied to change the Net Capital Rule as it related to their interests.
The SEC's 2004 decision to change its Net Capital Rules and allow some investment bankers to borrow 30X their net capital and a failure to regulate those entities was another contributing factor in what followed.
I posted this in November 2008, a week after the election. Most people have probably forgotten about it by now.
Again, If the only thing hitting the fan was a huge bunch of sub primes mortgages gone bad, the banking system could have absorbed the losses and moved on.
As of this writing (Feb. 2013), there are still no plans to repeal any of the legislation that triggered the risky lending and, eventually, the crash and recession we are still suffering from.
You don't hear anyone in DC demanding reform. And yet, generally speaking, high risk mortgage lending self retired. Ask anyone who is trying to get a mortgage, right now.
Having said this, the risky whole loan mortgage was one small piece of the puzzle.
When's the last time a republican president balanced the budget, or did anything besides implement more huge government and spending ourselves into oblivion?
Q: Eisenhower.
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