Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Both Sides of the Financial Crisis [FR mentioned]
The American Spectator ^ | 10/03/2008 | By Lawrence Henry

Posted on 10/02/2008 10:36:13 PM PDT by Jim Robinson

Of late, at least in conservative quarters, reports have made clear how much of the current financial crisis may be laid at the feet of Democrats and their social engineering policies.

Jeff Jacoby, the lone conservative columnist at the Boston Globe, wrote Sunday, "Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so -- or else."

Charles Hurt, in his "Inside Washington" column in Monday's New York Post, wrote, "It's not that taxpayers refuse to dig deeper to avoid an even bigger catastrophe. It's that they're all puking over the notion that it's the same bums in Washington who caused the mess by allowing it to fester who are now demanding their money to fix it." Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness. It all came under the rubric of encouraging "minority home ownership" and "ending redlining."

Free Republic crashed, whether because of overloading or sabotage. I got the story when a money manager circulated the whole text.

The next to last paragraph of that story makes clear how the mortgage pool deteriorated, and why it deteriorated so fast:

(Excerpt) Read more at spectator.org:80 ...


TOPICS: Crime/Corruption; Free Republic; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: 110th; bailout; banking; clintonlegacy; corruption; democrats; tas
Navigation: use the links below to view more comments.
first 1-2021-4041-46 next last
"In July [this is 1999, remember], the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups."
1 posted on 10/02/2008 10:36:13 PM PDT by Jim Robinson
[ Post Reply | Private Reply | View Replies]

To: Jim Robinson

WOW! bump!


2 posted on 10/02/2008 10:40:31 PM PDT by TEXOKIE
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

Great post JR. We need to hammer this home, then hammer it again, then weld it. Sarah did good tonight, but McCain needs to push this. Here we are in a huge economic crisis, 100% the fault of the democrats, easily shown with videotape and quotes - it’s a gift from above. We must make this a war cry.


3 posted on 10/02/2008 10:41:39 PM PDT by Bronco_Buster_FweetHyagh (I cling to guns and religion.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson
Free Republic crashed, whether because of overloading or sabotage.

That must have been when the admin accidental deleted the indexing file! LOL

4 posted on 10/02/2008 10:42:54 PM PDT by chaos_5
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson
Last week, the website Free Republic posted a 1999 story from the New York Times...

A very timely historical fact.

5 posted on 10/02/2008 10:43:13 PM PDT by DTogo (I haven't left the GOP, the GOP left me.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TEXOKIE

Here’s the FR thread. It was brought to my attention by FReeper Rodger Schultz:

http://www.freerepublic.com/focus/f-news/2086781/posts


6 posted on 10/02/2008 10:45:09 PM PDT by Jim Robinson
[ Post Reply | Private Reply | To 2 | View Replies]

To: Jim Robinson
In her September 24 column, Ann Coulter cracked, "Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact."

The sickening thing is that a very large majority of the American public still believes that the Clinton administration was a great success--when in fact they were laying a series of time bombs that detonated after Bill had safely left office: The mortgage time bomb, the 9/11 time bomb, the Russian time bomb, etc.

I shudder, physically shudder, at the thought of the damage that an Obama administration will do to this country.

7 posted on 10/02/2008 10:49:11 PM PDT by denydenydeny ("[Obama acts] as if the very idea of permanent truth is passe, a form of bad taste"-Shelby Steele)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

BTTT for both threads...!!!


8 posted on 10/02/2008 10:51:11 PM PDT by Bradís Gramma (Typical Whitey Gramma just like Obamies!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: chaos_5

LOL. Why shoot down a perfectly good conspiracy theory.


9 posted on 10/02/2008 10:53:21 PM PDT by Jim Robinson
[ Post Reply | Private Reply | To 4 | View Replies]

To: Jim Robinson

“Charles Hurt, in his “Inside Washington” column in Monday’s New York Post, wrote, “It’s not that taxpayers refuse to dig deeper to avoid an even bigger catastrophe. It’s that they’re all puking over the notion that it’s the same bums in Washington who caused the mess by allowing it to fester who are now demanding their money to fix it.” Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness. It all came under the rubric of encouraging “minority home ownership” and “ending redlining.”

Free Republic crashed, whether because of overloading or sabotage. I got the story when a money manager circulated the whole text.”

Wow!

I just hope the congresscritters don’t cave.


10 posted on 10/02/2008 10:56:19 PM PDT by Sun (Pray that God sends us good leaders. Please say a prayer now.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson
Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness."

NYT 1999: Fannie Mae Eases Credit To Aid Mortgage Lending

11 posted on 10/02/2008 10:58:12 PM PDT by philman_36
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

Can you believe that, 50%? Amazing. The fact this was on Free Republic and caught someone’s attention was great. The word got spread far and wide, not just on FR. Excellent.

As large as Fannie Mae goes that year, 50% of the loans were to potentially problematic individuals. That is shocking.

This is what political pandering on the left leads to. I don’t think I’ve seen a more clear example of what that pandering leads to when taken to it’s final conclusion.

In this instance it actually threatens our complete economic system. Of course a Democrat can’t be found today that remembers what they were hawking back in the 90s.

These people are enemies of our way of life.


12 posted on 10/02/2008 10:59:52 PM PDT by DoughtyOne (McCain, the Ipecac president... Obama the strychnine president...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jim Robinson

Thank you so much

ping for later


13 posted on 10/02/2008 11:04:08 PM PDT by Glacier Honey
[ Post Reply | Private Reply | To 6 | View Replies]

To: Jim Robinson

Bump!. Needs to be broadcast far and wide. Must be time to write another letter to the editor providing a link to the articles.


14 posted on 10/02/2008 11:07:37 PM PDT by Diver Dave
[ Post Reply | Private Reply | To 1 | View Replies]

To: DoughtyOne
The fact this was on Free Republic and caught someone’s attention was great.

Don't fool yourself. Anybody who is anybody reads FR daily.

Just another reason to donate and keep FR running.

15 posted on 10/02/2008 11:09:54 PM PDT by umgud (In a crisis, dump gold, buy lead)
[ Post Reply | Private Reply | To 12 | View Replies]

To: chaos_5

I saw a thread or two about DOS attacks on Free Republic.


16 posted on 10/02/2008 11:10:57 PM PDT by BlueVelvet
[ Post Reply | Private Reply | To 4 | View Replies]

To: Bronco_Buster_FweetHyagh
I'd put the blame about 70% on the deamonRats

To be certain they are wholly responsible for the Fannie/Feddie sub-prime slushfund; which was completely exploited by predatory lenders upon the rest of the citizenry once they realized liar loans & reverse amortization was SOP. Not to mention a will public who, due to the housing bubble, could not afford to conventionaly buy a house on their average salaries.

The other 15% I would assign to (R)s who played along so they would not be called racist and the 15% goes to the WMD-packing-financial-terrorists who have gamed/cornered the Default Credit Swap markets which have sucked out much of the oxygen from cCredit markets {see small businesses who can't meet payroll because their usual cash flow has vanished for no fault of their own}.

Please keep in mind BillyJeff Clinton, upon Robert Rubin's recommendation, signed the law that made Credit Swap regulation illegal in 2000.

17 posted on 10/02/2008 11:13:42 PM PDT by TeleStraightShooter (When BH0 was 8 he attended his mosque in jakarta; Bill Ayers was simultaneously bombing the Pentagon)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Jim Robinson
"Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so -- or else."

Exactly. And I'm sick and tired of the truth of this not getting out to the public. It should be laid at the feet of democrats. Disgusting that more voters trust the democrats, who do not believe in free market principles, to handle the economy and this economic crisis.

18 posted on 10/02/2008 11:17:30 PM PDT by TAdams8591 (Governor Palin won the debate hands down!!! Just beautiful! : ))
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bronco_Buster_FweetHyagh

I like this one http://www.youtube.com/watch?v=_MGT_cSi7Rs


19 posted on 10/02/2008 11:53:05 PM PDT by M-cubed (Why is "Greshams Law" a law?)
[ Post Reply | Private Reply | To 3 | View Replies]

To: umgud

Thanks. I agree with your take on it, and second your comments on donating.


20 posted on 10/02/2008 11:53:52 PM PDT by DoughtyOne (McCain, the Ipecac president... Obama the strychnine president...)
[ Post Reply | Private Reply | To 15 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-46 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson