Finger Pointed at Clinton Administration/Illegal Aliens As Sub Prime Fiasco Cause (Japanese TV)

Wakaru TV, Fuji TV, Japan ^ | 6 April 2008 | AmericanInTokyo

[AmericanInTokyo]

A most astounding program has appeared on national Japanese TV, viewed by millions, in prime time. Just this last Friday night, April 4th.

It is a new show called "Wakaru TV", or "TV You Can Understand". They take five or six topical news buzzwords of the day which are often heard, but not truly understood by everyone--and then they give a core explanation of the word, with graphics, statistics and reenactments.

The Americans' "SUB PRIME DISASTER" was one of these words this last Friday night. What the Japanese moderator/announcer stated, and the panel agreed (some in true disbelief) showed that Japanese TV-beyond the hands of P.C.--could be amazingly frank about some of the the major causes of this national disasater back in the United States.

[AmericanInTokyo]

The Japanese news anchor/moderator told the nationwide audience and the panelists on the show, that it came down to two things. (I paraphrase into English from the original Japanese).

A) The CLINTON ADMINISTRATION.

Starting off with a policy in the 1990s that suggested that anyone in the United States deserves to have a home whether they can afford it or not. (They even provided a citation, and gave the official name of the Clinton program in a small caption on the bottom of the screen briefly.)

B) ILLEGAL ALIENS given loans even though they had no or questionable ID, no Social Security Cards, no independently confirmed income, nor even legal residence in the United States in the first place!

The Japanese panelists all looked at each other quizzingly over that second point, some sighed or gasped, one even saying "what were they thinking!?" and another one shaking his head, offering "how irresponsible!"

This was on the new TV show on FUJI TV network seen all across Japan.

The Japanese know a thing or two about irresponsible lending, and they wonder how some other nations could be so stupid and short sighted in their lending practices (by banks, mortgage companies) which such a path can drive whole economies into the ditch with a bleeding head wound.

It is refreshing to see things get out over the airwaves in prime time to millions, without being filtered out by P.C. or BS, because we might "hurrrrrrt" somebody's "feeeeeeelings" when we delve into uncomfortable truths and realities--it is kind of a shame it had to occur on TV overseas and not on US television reaching so many.

[AmericanInTokyo]

Ping.

[Just mythoughts]

It sure does make sense that old Bill Clinton has in his reserve that global slush fund with billions promised over the next few years. He calls it the global poverty and climate control protection. Amazing how the Clintons cream rose up to the very top of the global cash cow.

[dennisw]

Wall Street needs a lot more blame. Sure illegal aliens scammed mortgages. The dirty secret is that lots of legal immigrants were scammers too. It was their road to riches and ruin

I like the Japanese but let’s realize they are xenophobic in a good way thus are against illegal immigrants plus they look down on darker races.....call them monkeys. White people are hamburger eaters and smell

[DB]

Well there is an up side.

I know a number of people purchasing houses now that couldn’t afford them not long ago. They’re getting fixed rate loans at excellent rates. While there are a lot of losers, there are some winners too.

[balch3]

sure enough, the proof being that while nobody’s unscathed, some institutions have been hurt a lot worse than others. JP Morgan Chase being on example of a bank that’s weathering the storm pretty well. The argument that barely literate illegal aliens hoodwinked all those Harvard MBA’s doesn’t past the smell test. Sure there was a lot of fraud, and sure the government ‘encouraged’ a lot of bad practices. But there was also a lot of greed and just plain wrongdoing on the part of the mortgage industry. There’s more than enough blame to go around, as is usually the case.

[DB]

There was a south of the border family that bought a house in this area. They then sold it to other family members raising the price each time. The banks kept appraising the same house for more so each family member made substantial profits on each sell. In the end, the last family member defaulted on the loan. The family walked away with a couple hundred thousand at the banks expense. Who knows how many have done this...

[Neidermeyer]

The only twist to your story is that it stayed in one (illegal) family ,,, I can show you a neighborhood here that is nothing but rental duplexes ,,, should be selling for 60-70K per side ,, they have been rented to Mexicans for years and all of them are trashed (cars in what used to be lawns , nothing but matresses , food and bugs inside) and (to my thinking) uninhabitable... they got up to about 220K with the same scam being perpetrated, I blame Bush for allowing standards to be reduced to the point where no valid US id was required for bank accounts or credit card accounts (which got carried over to mortgage notes) ,, the flood of illegals created a surge in demand and the non-existant standards and greed took over to propel a healthily growing market to gross excess.

[july4thfreedomfoundation]

“....illegal aliens scammed mortgages?”

Many banks KNOWINGLY granted mortgages to illegal aliens.
Americans should be as shocked as the Japanese.

[SkyPilot]

Thanks - it isn’t PC, but it is true.

[AmericanInTokyo]

lol!

[AmericanInTokyo]

Some of the Japanese panelists were actually discussing among themselves--with some sense of "incredulousness" (is that the word??) that a bank or mortgage loan company can or would even loan money to somebody not even legally in the country of that said institution. The fact that such hijinks and nonsense became unquestionably the NORM in the United States, seems to say a lot about all of us, and how we allowed the society to become gradually undone in a financial and fiscal sense, all sacrificed at the sacred American altar of diversity and political correctness.

[Lucky Dog]

Bush had nothing to do with it!!

Corporate officers who breached their fiduciary responsibility to stockholders are responsible. No one forced lenders to give loans to poor credit risk applicants. Greed and ethical lapses are the root of the problem. The corporate officials who allowed these personal failings to blind their judgment should be held legally accountable with severe penalties.

Banking laws originate in Congress, not the White House. Courts, not the White House, determine guilt or innocence as well as dispense penalties.

The only formal impact the white House could conceivably have is related to the vigorousness of enforcement of existing laws. However, that responsibility also rests in every governors office and every banking regulator's office.

[Uncle Ike]

” all sacrificed at the sacred American altar of diversity and political correctness “

Not to forget - or excuse - corporate and governmental short-sightedness and unchecked greed....

As has been pointed out before — plenty of blame to go around.....

[FreedomPoster]

A good supporting article, that also brings in some of the legislative history.

The ‘Predator’ Myth - Easy Villians for Housing Mess
http://www.freerepublic.com/focus/f-news/1997190/posts

My BIL is a state bank examiner, and says the above is pretty spot on.

[Guenevere]

Good find!..Thanks!

And what Clinton started, George Bush continued.

[AmericanInTokyo]

Yes, I grant you that.

[AmericanInTokyo]

There can be no denial there. For sure. What a mess. Liberalism (D) followed by compassionate conservatism (R). Almost one in the same, when you pause to think about it.

[Ben Ficklin]

If you are trying to point the finger, you should point the finger at market economist Hernando DeSoto, who's writings/theories/recommendations on ownership and property rights are widely accepted thru-out the world, including the US.

[Shady]

It’s called flipping the house-bird right in our faces. (American taxpayers...)

[Liz]

It sure does make sense that old Bill Clinton has in his reserve that global slush fund with billions promised over the next few years. He calls it the global poverty and climate control protection. Amazing how the Clintons cream rose up to the very top of the global cash cow.

The crafty Clintons took so long to reveal their tax returns b/c they have so much to hide.

It was revealing that ALL of their charitable donations in '06 were to the tax-exempt "Clinton Foundation." Plus $18 million dollars is still unaccounted for.

I doubt very much if "earned" money was as the Clintons reported.......from speaking fees and book sales.

Payments for pardons and other favors, plus the money they stole while in office, were probably laundered through global "non-profits"---run by Mark Rich, Soros, and other global crooks.

Look at where the non-profit, tax-exempt Clinton Foundation "invests" its vast wealth in and you'll find some surprising answers. Funny money probably ended up in a hedge fund---maybe the fund that employs Chelsea?

[TigerLikesRooster]

Many big corporations tend to latch on latest liberal PC trend, making themselves look good, while figuring out a way to make mega bucks under their PC facade.

Happens all the time. This is also a way for PC liberals to make their ends meet. It is a win-win for PC liberals and big corporations. While both make good money, the society in general pays for its cost.

Subprime is one good example.

[tsmith130]

It was revealing that ALL of their charitable donations in '06 were to the tax-exempt "Clinton Foundation." Plus $18 million dollars is still unaccounted for.

I haven't seen a really good breakdown of their tax returns. Do you have a link for this?

[Liz]

The Japanese news anchor/moderator said it came down to two things. A) The CLINTON ADMINISTRATION policy in the 1990s suggesting anyone in the US deserves to have a home whether they can afford it or not. B) ILLEGAL ALIENS given loans even though they had no, or questionable ID, no Social Security Cards, no independently confirmed income, nor even legal residence in the United States in the first place!

Countrywide Financial, a leading purveyor of subprime loans was rocked by the housing downturn. A few years ago, everyone was covering Countrywide in laurels.

In 2000, the Spanish-language newspaper La Opinion named Countrywide "Corporation of the Year" for "outstanding work in the Latino community in 2004, the National Housing Conference lauded Countrywide's CEO for his "longstanding commitment to reducing the barriers to home ownership.

In 2005, the Lending Industry Diversity Conference gave Countrywide its "Best in Minority Lending Award."

SOURCE The ‘Predator’ Myth - Easy Villians for Housing Mess http://www.freerepublic.com/focus/f-news/1997190/posts

[Condor51]

Clinton's Fault

[Liz]

FR Posted on 04/04/2008 by SF Republican

Clintons: $109.2 Million in 7 Years

[PGalt]

Great post! Thanks.

Socialist speak: Everyone has the right to “free” health care, therefore everyone has the right to “free” shelter, therefore everyone has the right to “free” food.

Reality: Parasites attack producers. The parasites are endowed by their creators/enablers (who elevate them to a noble (/sarcasm) “victim” status) who also happen to be parasites in government and education.

[pieceofthepuzzle]

It's funny but if you look at organizations and specific occupations in which there is a big liberal tilt you often see the most cut-throat hierarchical structures. Universities come to mind, as does Hollywood. Power is concentrated in a relative few in these settings, and at the top people make a lot of money. Lower down the rungs people are treated poorly, and these systems are definitely NOT egalitarian. Liberalism is chock-full of hypocrisy.

[Supercharged Merlin]

Ben, you are way off base. De Soto isn’t by any stretch advocating the kind of thing that led to this mess.

There’s a great many “non-Communist” nations in this world where owning property is almost impossible even if you have the money to buy outright. Red tape hardly begins to describe what it takes to buy land in several South American countries. The result is that the formation of “small capital” is stunted, and the whole economy suffers.

THAT’S what De Soto is decrying.

[junta]

A “Propostitional Nation” cannot truly be free because competing ideas must be squelched.

[primatreat]

Yeo, Just look at some of the old ..”flip this house”... Right on bro... Clinton’s stain got on our housing market as well as Lewensky’s dress.

[DUMBGRUNT]

Community Reinvestment Act - Wikipedia, the free encyclopedia
http://en.wikipedia.org/wiki/Community_Reinvestment_Act

The CRA was passed into law by the U.S. Congress in 1977

The 1995 revisions were credited with helping to substantially increase the amount of loans to small businesses and to low- and moderate-income borrowers for home loans. Part of the increase in the latter type of lending was no doubt due to increased efficiency in the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. The first public securitization of CRA loans started in 1997. [1]

[Nailbiter]

ping

[AmericanInTokyo]

Thank you Freepers and Lurkers. Since pecking out this post about five hours ago, it has been viewed by over 1,600 times.

[AmericanInTokyo]

You can say THAT again!

[AmericanInTokyo]

You can say THAT again!

[ChildOfThe60s]

This sub prime problem goes way, way beyond illegals, as bad as that can of worms is.

Regulators gave carte blanch to financial institutions and financial institutions took it and and abandoned all sense of reality in lending. The politics and reasons of how and why this incestuous relationship blossomed are of course more involved. But the cause and effect are pretty simple and very damning.

More sickening is that the same entities which brought this about are those plotting its “fix”. And I use the term plotting deliberately.

[Eric in the Ozarks]

Wakarimasuka !

[SES1066]

Very interesting and to the point of my memory. I have been trying to find some of this based on my recollections of earlier efforts to make home ownership 'easier' to 'move more people from poverty'!

I have been fitfully trying to find what I know must exist, statements from the usual liberal stalwarts like Kennedy, Schumer etc. declaring the need to extend financing to lower-income families/individuals for this purpose.

A very real problem with our current MSM is their willful lack of memory and perspective. They decry the problem with an unwillingness to examine its roots, especially if it damages their sacred cows!

[puroresu]

The Japanese people I know think America is completely insane for not protecting our borders and for pandering to the parasites who sneak into our land. For that matter, the Chinese & Koreans think the same thing, though I’m sure the Chinese government gets a kick out of our laxness and stupidity.

[rockinqsranch]

http://www.freerepublic.com/focus/f-news/1954019/posts

I remember the times, and I remember this post from awhile back.

[Gritty]

...one even saying "what were they thinking!?"

Money. Votes.

[TypeZoNegative]

So how’s Xenophobia and racism a *good* quality in any society?

[AmericanInTokyo]

I am sure there are all kinds of embarrassing speeches, all kinds of incriminating introductions of statements into the Congressional Record, which these buzzards would run far away from now that things have imploded, and would hope the media never uncover. So it is our job to do it then.

[AmericanInTokyo]

One Japanese even told me a few months ago (about illegal aliens for example), point blank, over a couple of beers (and so his illusive "honne" was emerging), "Say, (AmericanInTokyo)-san, WHY are you committing suicide?" (in other words, why is your country sitting there and destroying itself in front of your own eyes, and our own eyes. We see it coming, cannot YOU?"

[AmericanInTokyo]

Seems to me Fuji TV the other night was in fact quoting, if not referring, to HUD, under the Clinton Administration.

[em2vn]

Which work of DeSoto’s are you referring to? His work, “THE MYSTERY OF CAPITAL”, Why Capitalism Triumphs in the West and FAils Everywhere Else, is outstanding, but it doesn’t endorse illegal immingration or the sub-prime market.

[ovrtaxt]

Bank of America was a major source of loans for illegals. You can get mortgage loan brochures in Spanish in their lobbies to this day.

[dennisw]

Japanese have a very proper level of xenophobia. This is known as national pride. You might want to consider it. And sad to say but races differ and that’s why you live where you do

[Scotswife]

“I know a number of people purchasing houses now that couldn’t afford them not long ago. They’re getting fixed rate loans at excellent rates. While there are a lot of losers, there are some winners too.”

Alot more of these types of people would benefit if politicians like Hillary would quite talking about rate freezes - moratoriums, and the like.
This kind of interference keeps prices artificially high.

Let the market correct itself, and let more responsible borrowers get a good deal on a house.

Given time, their investment will increase in value, and they won’t wind up abandoning their home after trashing it first.