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No the main problem was the banking collapse caused by the lending of money to people who had no business receiving the money. Thanks to the CRA. The problem was compounded by bailing out the banks, car companies, Fannie and Freddie.
This is a right wing myth, you don't know what you are talking about. The CRA was about Community banks and never forced anyone to make loans to people who couldn't afford them.
Please provide links to your claims about the CRA. Here's a hint: Youtube, and hardcore right wing blogs do not count. Provide raw data to back your claim. Any honest person knows that if the banks were not bailed out we'd be in the middle of a Great Depression now. Bush had to do it on the way out, and Obama has to do it on the way in. Anybody who denies this is only being dishonest with themselves.
Yes I see the words right out of theirs mouths can't be trusted. I agree with you there. LOL.
It was the state of the ECONOMY as left behind by George W. Bush.
And the economy in Jan 2009 was bordering on another Great Depression.
It was bankruptcies, foreclosures, job losses, and a rapidly declining stock market.
And fixing the ENORMOUS ECONOMIC DISASTER left by George W. Bush added A LOT to the National Debt.
Just like the Energizer Bunny ... the damage created by George W. Bush just keeps going and going and going ...
Yes, that's right ...but some people have the brain of a gnat and think it all started on January 20, 2009....
they are quite demented, and are trying frantically to get people to forget the Cheny/Bush administration and the mess they left us in....
only a handful of other people are stupid enough to believe it all started 1/20/09......THEIR President had no sense of PERSONAL RESPONSIBILITY.....it's ALL Obama's fault
The destruction of the US middle class started during the Reagan administration, not 1/20/09....but repugs HATE education so never learn about our past and how it has affected the present and will affect the future.
This is a right wing myth, you don't know what you are talking about. The CRA was about Community banks and never forced anyone to make loans to people who couldn't afford them.
No the banks were never cooerced to make loans to subprime borrowers.LOL
"Acorn found its way into the mortgage business through the Community Reinvestment Act, the 1977 legislation that community groups have used as a cudgel to force lenders to lower their mortgage underwriting standards in order to make more loans in low-income communities. Often the groups, after making protests under CRA, were then rewarded by banks with contracts to act as mortgage counselors in low-income areas in return for dropping their protests against the banks. In one particularly lucrative deal, 14 major banks eager to put CRA protests behind them in 1993 signed an agreement to have Acorn administer a $55 million, 11-city lending program. It was precisely such agreements that helped turn Acorn from a network of small local groups into a national player. And Acorn hasn't been alone. A U.S. senate subcommittee once estimated that CRA-related deals between banks and community groups have pumped nearly $10 billion into the nonprofit sector."
And Obama is going to have to keep spending! Wake up and get used to it almost every state is borrowing money from the government to stay a float. I don't think anyone could forecast what was going to happen after the banks were bailed out. When have we seen such conditions? Obama may have a little gum on his shoes, but he is for the people I believe. It is the archaic stone throwers on the left and right that are taking lobbyists' money that need to stop tieing up the system and go! 1/3 of this country is sick of it why else would independent numbers be on the rise? Not one will grab their balls without fear of having something on their record come election time.
"And Mark Zandi, chief economist for Moody's Economy.com and a top adviser to the 2008 presidential campaign of Sen. John McCain (R-Ariz.), testified in April that it's more important to preserve extended unemployment benefits than to worry about what doing so would add to the deficit. "It would be desirable if the costs of the benefits were paid for, not now but in the future once the economic expansion is in full swing," said Zandi. "The greater immediate risk is not that long-term interest rates will rise too high, but that hiring and job growth will fail to revive as anticipated... Costs to taxpayers will be measurably greater if the economy does not turn the corner to expansion but instead retreats back into recession."
Everyone needs to read about these chicken #hits. How is it not an emergency when 3 million long term unemployed are without benefits? We have 50+ year old people that have no retirement left, no home, and no chance at a job from being profiled. We bail out the banks,Haiti,Greece,and now BP not to mention all the money being dumped into the military! People need to wake up and realize money is going to be spent. Democrats Retreat From Class Warfare
And that doesn't even include the $2.5 Trillion of obamacare.
It will hit 14-15-16 very soon with this idiots wasteful spending.
What happened to the campaign promise -
I will run the government's budget like you run your household budget.
To those whiners who want to blame Bush, if you only understand money and how it works you would not be saying this.
You can stop any bleeding rather easily, its called stopped SPENDING and stop WASTING.
Stop the lame excuses because most of us know liberals cannot run a popcorn stand without it going bankrupt.
Porky the Pig Obama is spending us into total destruction of debt.
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