Posted on 09/17/2008 2:42:39 PM PDT by Jim Robinson
So, the way I understand it, Jimmy Carter implements a plan further corrupting a Roosevelt New Deal socialist federal mortgage insurance program to help the poor disadvantaged uncreditworthy inner city minorities in blighted neighborhoods get taxpayer insured mortgages to purchase the American Dream on easy credit.
And Bill Clinton later puts that program on steroids where the disadvantaged uncreditworthy minorities don't even need to come up with a down payment or provide adequate evidence of being able to make the payments.
Then big time greedy Democrat Clintonites get themselves established in top management positions within the socialist created quasi-government magic money machines, further corrupting and expanding said risky socialist mortgage backing scheme, and now accounting fraud & corruption runs rampant while the Democrat congressional overseers look the other way.
And when President Bush and Republican Senators, including Senator McCain, raise the alarm and propose plans to reform said corrupt socialist agencies, the Democrats shoot them down.
Eventually, the disadvantaged uncreditworthy no money down buy the American Dream on easy credit debtors default on the loans they couldn't afford in large numbers causing the housing market to crash, the easy mortgage companies to fail, the banks holding worthless notes to fail, the greedy brokers to fail and the giant insurance companies backing the whole mess crumble.
And now after the inevitable collapse occurs, the Democrats scurry like the rats they are while blaming everyone but themselves. And Senator Reid today says they will do nothing because no one knows what to do. And Senator Barak Hussein Obama chimes in with we can't fix the problem while steering the same direction. NSS!
How about investigating and prosecuting the corrupt managers, senators and congressmen involved? Could it be because they're Democrats?
Well, where the hell were they when Bush and McCain wanted to shine a light on the growing problem and reform the agencies while there was still a chance? Where was the great community organizer? Hmmmmmmmm?
ping
And the next question is, “Can any of the perps (in goverment) be outed and prosecuted for this catastrophe?”
Your summary is basically the same as I see it, except for one thing:
The few honest mortgage brokers out there have been persecuted, and even prosecuted for NOT making bad loans to unworthy clients.
That pretty well sums it up.
McCain is making a strategical mistake by playing the populist and trying to show that he “feels people’s pain” rather than showing off his deep understanding and knowledge of the current crisis, through his attempted reform measures of Fanny Mae and Freddie Mac over the last several years.
He’s running as a maverick who will reform Washington, and yet he has so far punted a perfect opportunity to demonstrate that by calling out all of his Washington friends who have paved the way for the collapse today. He says he’ll make pork-barrelers ‘famous’ so why isn’t he making Chris Dodd, Franklin Raines, and Robert Rubin famous right now?
McCain needs to get back on track and go back to focusing on Washington instead of Wall Street.
I’ve been waiting for somebody to come along and put it *ALL* in perspective...
And lo and behold - JR steps up!
You nailed it, every word.
The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act...The interesting element, that many fail to mention, is this:
The bills comprising the act were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate and by a 343-86 vote with bipartisan support in the House of Representatives. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. It was signed into law by President Bill Clintonon November 12, 1999.
Maybe we could organize and send this out so that massive numbers of people all get it and pass it on. We have to break out of the "blogosphere" and into the collective conscious.
These programs actually worked pretty well, until JEsse Jackson+ Rainbow Push started on thier “RACIST MORTGAGE BANKS!!” screed in the early 90’s...
And let’s not even go in to how CITI bought and paid for Clinton and all of his cronies, setting up the Taxpayer disaster we have to deal with today.
He'd Ummmmmmmm, just gotten a promotion from community organization/State Senator (mostly in absence) into um a job that was above his uh pay grade. And he couldn't really vote on uh Federal controls without first reaping uh the benefits of the existing um situation. How can you change something you don't um understand?
Eric Canter was just on Chrissy Tingle Leg’s show and Chrissy was blaming Bush and the Republicans for the entire mess. Canter did not refute any of that insane dribble! It made me so incredibly mad. McCain, Bush, THE RNC, etc., etc. need to beat the donkeys like drums over this mess.
You summarized in detail what I always suspected. But I’ll go beyond the mere suspicion of social engineering. Was this a deliberate and clever attempt by some Socialists to crash our economy? Are they really that smart?
McCain needs to show courage and leadership in calling out these guys you’ve listed, instead of looking like he’s a clueless everyman, angry at ‘greedy capitalists’ but totally ignorant of what’s actually going on and why.
Housing: Who Got Rich? Who's to Blame?
Who do we blame for today's housing crisis, subprime loans and the Fannie Mae and Freddie Mac debacle? Who got rich?
The Democrats are blaming it on the Republicans and G.W. Bush, but that's not the answer.
We can accurately blame it on the Clinton administration, and the Democrats. The irresponsible actions of some very powerful people got this cauldron brewing many years ago - and then, there was no stopping it.
Don’t forget Robert Rubin.
My wife works for a bank, in one word CRA (Community Reinvestment Act)
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