Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Sorry, but there were 8 years with MANY changes in banking and securities laws, you cannot blame Clinton for this.
Nice try.
It's pretty pathetic to blame Clinton for something that clearly was the result of the policies set forth AFTER 2001.
It's not Bush's fault! He's so smart! I like George Bush because he talks like me! He'd drink a beer with me!
Why do you people actually defend that moron? Name one thing he did (definitely didn't "keep us safe", more Americans died in disasters and terrorism related events than under any president since FDR) that was beneficial to this nation. Now explain how he would have been so smart about the economy, and yet would have missed this looming (I didn't, I sold off everything at the right time and have made a ton since the crash) disaster.
Thursday, April 17, 2008
Phil Gramm, Bill Clinton Key Culprits in Subprime Meltdown
After four years of investigating the Black Friday crash in 1929, Franklin D. Roosevelt's Administration figured out that the main actions that lead us into the Depression were bank's using their clients money to speculate on risky investments and pushing other risky investments on the very same customers.
To stop this from ever happening again, FDR and fellow Democratic Senators and Congressmen passed the Glass-Steagall Act in 1933.
When Bill Clinton was President in 1998, Citibank, by then called Citicorp, was trying to merge with Traveller's group (the investment firm with the ads with the red umbrella). Under the Glass-Steagall Act, this was prohibited The Gramm-Leach-Bliley Act of 1999 (called the Financial Services Modernization Act at the time) repealed 66 years of consumer protections and paved the way for financial mergers and the introduction of new investment products.
Clinton vowed to veto (http://query.nytimes.com/gst/fullpage.html?res=9C02EEDF1E3CF934A35756C0A96F9582 60 - broken link) the Senate version of the bill unless it was re-written to include "requirements that banks make loans to minorities, farmers, and others who have had little access to credit."The new version passed 90-8 in the Senate, passed the House, and Clinton signed it into law. Clinton's required reworking of the bill should be studied closely to see what role, if any, it played in illegal, often racist, subprime loans at higher rates than Caucasian borrowers were offered
Yup. I posted that same article, along with excerpts just a week ago. Thread dropped like a stone once the facts were presented. Interesting, huh? I also put a link to Bush's speech about that in the same post. From here. And then of course he fought all 50 state's Attorneys General, including filing suit against them being able to use their own state's consumer protection laws against federal banks. Here.
I don't think that folks are all so interested in the facts. Agenda drives all forms of common sense into the toilet these days.
Both Democrats and Republicans have their heads buried in the sand. They aren't interested in the shortcomings of this nation ... and neither side is capable of even putting two thoughts together long enough to come up with a solution if they even cared in the first place.
Reagan started it, Clinton continued it, the GOP created it, Bush implemented it, The Dems condoned it, Obama's got the mop....
Reagan created the CRA? No, Carter and the Dems created the CRA. Clinton gave it fangs by holding up bank mergers and expansions at a time of high economic growth that forced banks to find new ways to get home loans into the hands of uncreditworthy blacks. Bush and McCain both called for GSE oversight reform that the Dems threatened to filibuster. Obama's got band aids. They are hoping to reinflate the bubble with borrowed money in the form of TARP and the stimulus package. What's different? Why won't we find ourselves right back here again?
Reagan created the CRA? No, Carter and the Dems created the CRA. Clinton gave it fangs by holding up bank mergers and expansions at a time of high economic growth that forced banks to find new ways to get home loans into the hands of uncreditworthy blacks. Bush and McCain both called for GSE oversight reform that the Dems threatened to filibuster. Obama's got band aids. They are hoping to reinflate the bubble with borrowed money in the form of TARP and the stimulus package. What's different? Why won't we find ourselves right back here again?
LOL ... the fact of the matter is that We Will Find Our Way To This Point Again In The Near Future
... it will continue, with each instance being worse than the previous ...
Did Clinton cause the banking crisis? - MSN Money
On Wall Street and Main Street they call William Jefferson Clinton the "Comeback Kid," but it's not because of some Election Day surprise.
It's because almost everything he did regarding financial-services regulation has come back to haunt us.
Clinton created a fertile environment for home-lending charlatans and hiding places for Wall Street swindlers, and upset a regulatory structure that had served the financial marketplace so well for more than six decades.
I think Clinton is responsible for ushering in the period of deregulation back in the 90’s
Yes, Clinton's administration did in fact start the insane lending practices to offset what they perceived as an imbalance in lending practices for minorities and poor. Bush steered the bus to the cliff by continuing the practices and I recall him even taking credit for putting more minorities in homes. I do also recall during Bushs term severl members standing in front of the congress and warning us that Freddie and Fannie were in deep trouble and Barney Frank insisting that it was in good shape. That is awesome video footage that should inflame even liberals, but alas, they still get a pass. Fire them all.
Reagan created the CRA? No, Carter and the Dems created the CRA. Clinton gave it fangs by holding up bank mergers and expansions at a time of high economic growth that forced banks to find new ways to get home loans into the hands of uncreditworthy blacks. Bush and McCain both called for GSE oversight reform that the Dems threatened to filibuster. Obama's got band aids. They are hoping to reinflate the bubble with borrowed money in the form of TARP and the stimulus package. What's different? Why won't we find ourselves right back here again?
The CRA has NOTHING to do with these loans. The CRA adhered to strict lending practices. The MAJORITY of this sub prime loans had NOTHING to do with the CRA.
You right wing LIARS can say it until you are blue in the face, but that does not make it true.
Please tell me what legislation the GOP put forth that the MINORITY PARTY blocked? Furthermore, show me where they threatened to filibuster.
You you group of LIARS, At what point during the Republican Majority Congress and Republican White House was a BILL introduced to actually change regulations?
You you group of LIARS, At what point during the Republican Majority Congress and Republican White House was a BILL introduced to actually change regulations?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
