Who's to blame for the mortgage boom to bust and resulting financial meltdown?

vanity | 9/17./2008 | Jim Robinson

[Cedric]

If a statement is statistically, provably, true why must we shrink from stating it?

[JerseyHighlander]

You have to add Barney Frank, Chuck Schumer, Evan Bayh, Gramm, Leach and Bliley and a host of Democrats during the early 1990's.  Then Obama Johnny come lately got in on the act in 1994 to boost his public profile.

Democrat [Barney Frank] urges $20bn subprime plan
Financial Times ^ | February 27 2008 00:04 | By Chris Bryant and Krishna Guha in Washington

Posted on Tuesday, February 26, 2008 8:27:30 PM by DeaconBenjamin

 

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The Left’s Trillion $ ‘Housing’ Shakedown

This is a highly prescient article from the Winter 2000 edition of the The Manhattan Institute’s City Journal:

A member of the Boston Mayor’s Foreclosure Intervention Team (FIT) posts a sign on a foreclosed and boarded-up property in the Roxbury neighborhood of Boston, May 13, 2008.

The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities

 

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Obama Sued To Stop Mortgage ‘Red-Lining’

From the archives of the Chicago Sun Times:

Strong, silent type

OBAMA’S LEGAL CAREER | He was ’smart, innovative, relentless,’ and he mostly let other lawyers do the talking

December 17, 2007

BY ABDON M. PALLASCH Political Reporter/apallasch@suntimes.com

The oratorical skills White House hopeful Barack Obama has shown on the stump — and in his “There’s not a black America and white America … there’s the United States of America” speech — would seem to make him a natural for wowing juries.

So why did Obama never make impassioned speeches in court when he returned to Chicago from Harvard Law School in the early ’90s to, as his Web site says, “practice as a civil rights lawyer”?

A review of the cases Obama worked on during his brief legal career shows he played the “strong, silent type” in court, introducing himself and his client, then stepping aside to let other lawyers do the talking…

[After praising Obama for suing on behalf of ACORN for Motor Voter, the following is cited as another of his brilliant victorie:]

Fought red-lining

Obama represented Calvin Roberson in a 1994 lawsuit against Citibank, charging the bank systematically denied mortgages to African-American applicants and others from minority neighborhoods.

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[ANGGAPO]

There were lots of people out here that were aware of the source of the problem. But our congress critters would not admit that the current rules governing home loans were not the ones put in place by FDR. Carter and Clinton created a license to steal for those in charge of the money mill. It is about time that someone pays the piper for the home loan swindle.

[Jim Robinson]

As I understand it, Jimmy Carter started the current mess by creating the program for mortgage guarantees for disadvantaged minorities. And Bill Clinton expanded the program and made it even easier. If you have a different understanding, please let me know.

[jennyjenny]

I agree it is both parties to an extent. My problem is how it is being played out (and so far working) by Obama and the media as a Bush/Republican failure.

[BGHater]

The problem is we as a Freepublic have allowed Washington to get free passes. They take us for granted and only come around for elections.

This is huge Is there any rallies or marches headed to DC for reform? No. We are sheep, and most Americans are working two jobs just to hang on.

[1035rep]

Excellent summation.

[BGHater]

It’s not Pres. Bush fault.

It is OUR fault, we let them do this. And now we are paying the price. If anyone should get the blame, it is I.

I didn’t do enough or spread the word.

[1035rep]

“…He put Fannie Mae’s [former] CEO, who helped create this problem in charge, of finding his vice president. That’s not change — that’s what’s broken in Washington,” said McCain.

[DB]

I would add that once the easy money machine became well known the masses flocked to it to capitalize “investments” in real estate. The people that were gaming the system had nothing to do with the targeted demographic for “home ownership”. They were in it to make a quick profit with somebody else's capital. With all that money flowing into real estate there quickly was a shortage driving up prices. When the prices went up the return on previous investment was even higher causing even more money to flow into real estate because no one wanted to miss the gravy train. In the end lots of people got on the gravy train and rode it all the way until it came off the tracks losing everything.

[jennyjenny]

I agree it was not just minorities, probably not even mostly. These programs were available and used by everyone.

[Mad Dawgg]

Pelosi: Democrats Are Not Responsible For Crisis

[buckeye12]

If I set out a water dish for a stray cat, and every animal drank from it, thereby drying it out... I wouldnt feel necessary to mention the cat. I would just say that this happened because all the animals drank from something they didnt have the means to replentish.

You are blaming me and the cat. I’m blaming the other animals and the fact that I didnt have any oversight over who drank from the dish.

[Wiseghy]

Thanks for the great summary.

A great talking point; were did all the campaign money from these agencies go? Answer: about 90% to big name DEMOCRATS.

We’ve built an economy on imagination, corruption, and PC-feel good lending practices.

We have nearly dragged the entire world down with us; they will never trust us again and our influence will go down the drain as a result, even with The O-Messiah out “talking” to them.

[Jim Robinson]

I’m blaming the socialists and the socialist programs they installed. Socialism does not work. Never has. Never will. It’s evil and it’s corrupt.

[NormsRevenge]

I guess we’ll have to get used to living in the EUnited States, oddly socialism has lost favor with many in Europe while we stumble further down the road to mediocrity in leadership.

[buckeye12]

We’ve replaced capitalism with loose regulation with socialism. Id rather have capitalism with stronger regulation back, as opposed to every bank that matters be under the governments control.

[editor-surveyor]

"...with my super-awesome-action-baby-doll-wife."

What are you doing this penance for? ;o)

[editor-surveyor]

"...with my super-awesome-action-baby-doll-wife."

What are you doing this penance for? ;o)

[Drumbo]

I just listened to Charles Krauthammer say to Brit Hume that unless Republicans could somehow articulate this in 30 seconds or less that it would be turned against them. God bless you Jim - you just did!