Posted on 09/20/2008 5:52:25 AM PDT by coffee260
from winter 2000
bumpety bump bump bump
btt
All this crap was to get people voting Democrap....forever
Nailed it long ago - along with many others who saw the handwriting on the wall...
This should be disseminated as widely as humanly possible. This one article has done more to explain the present crisis than anything I have read.
ping
I’m a GW supporter, but this is pretty damning when we’re doling out blame.
2002
President Calls for Expanding Opportunities to Home Ownership
Remarks by the President on Homeownership
St. Paul AME Church
Atlanta, Georgia
http://www.whitehouse.gov/news/releases/2002/06/print/20020617-2.html
McCain needs to howl mighty loudly about this and hang it squarely around the shoulders of Obama and his financial advisors, all of whom played key parts in this meltdown.
They found a way - rather than keeping the risky loans on their books they securitized them and sold them off to investors. They quickly realized that the Democrats were right - it could be a scam for the ages, especially if they lured the illegals into it. Housing prices skyrocketed as the purchase price really didn't matter any more - mortgage originators would lend any amount of money just to get their hands on more paper to securitize and sell off. Pension funds and institutional investors, desperate for higher returns (and bonuses) in the face of a competitive market for client investment dollars, just kept buying anything the rating agencies were being paid to slap a AAA rating on.
The proper "fix" is to mark the investments to market, punishing the investor rather than the saver and the taxpayer - although in the USA, they are probably the same person. The Fed has decided, however, upholding the values of the bad investments and sticking it to the taxpayer on the back end is the more politically palatable solution - that people will tolerate tax increases on "the rich" a lot better than they will tolerate a 40% drop in the value of their supposedly safe fixed-income retirement portfolios.
“so called” act : since it was an actual act, even from its title, and your logic begins with writing off the fact, does your post have any valid point to make at all?
This is not all clitoons fault it has 100% to do with complete like of congressional oversight and bought politicians, looking the other-way for the past fifteen years. Who was in charge of the congress most of that time.
I've read his book America’s Trillion-Dollar Housing Mistake: The Failure of American Housing Policy
He dissects errant housing policy, like a surgeon.
Libs will deflect blame by playing the little kid caught with his hand in the cookie jar saying “Why didn’t you stop me! It’s your fault.”
Isn’t CYA after the fact? This article was written in 2000 and is spot on in its prescience.
“like” taken to be “lack”: some things are radioactive , but I guess the Reublicans bear a lot of responsibility also.
Good post thanks...
..the CRA funnels billions of investment dollars through groups that understand protest and political advocacy but not marketing or finance.From WikipediaThis amateur delivery system for investment capital already shows signs that it may be going about its business unwisely.
Community development seeks to empower individuals and groups of people by providing these groups with the skills they need to effect change in their own communities. These skills are often concentrated around building political power through the formation of large social groups working for a common agenda.One BIG cash cow. Obama and his Chicago cronies knew how to milk it.
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