I find it almost unbelievable that you could do a segment about the financial breakdown and fail to even mention Fannie Mae/Freddie Mac, the hubs for which the sub prime risky loans must pass before they are sold on the investment markets.
I suppose if you did mention them then it would have been necessary to tell the story of how the sub prime risky loans came to be because of rule changes by Bill Clinton and Robert Rubin in 1990's.
If Fannie/Freddie were mentioned it also would have been necessary to tell about all the warnings and attempts at regulation and/or oversight that were made in 2001-2006 by the Bush Administration, Alan Greenspan, and other Republicans including John McCain.
You also would have had to mention and show testimony of numerous congressmen (almost all Democrats) denying that Fannie/Freddie had problems and effectively blocking any attempts for corrective actions.
There even was significant Fannie/Freddie reformed passed in the senate banking committee in 2005 All Republican committee members voted for the reform, all Democrats against. This bill never went to the full senate because it was far short of the 60 votes required to pass. Democrats united to insure its defeat.
To mention Freddie/Fannie and to provide accurate information as to who was trying to fix and who was blocking the fixes would have merely required you to check the achieved CSpan testimony from 2001-2006. There have been some that have done this and the information is now readily available on numerous utube videos, no wonder news from the major networks is becoming irrelevant.
Seems I recall you did find it appropriate to run a story 4 years ago just before the election that featured a forged document given to you by a non existing source Lucy Ramirez via Bill Burkett.
This is the worst financial breakdown since the depression. The press is not reporting on who tried to stop it and who tried to prevented it from happening. Seems one can only conclude that reporting the facts on the Fannie/Freddie meltdown would not be in line with your agenda.....protecting the Democrat party.
You should be ashamed CBS!
Why aren't you protecting the American people!
They don’t call it SeeBS for nothing.
“I believe, and I say it is true Democratic feeling, that all the measures of the government are directed to the purpose of making the rich richer and the poor poorer.”
-William Henry Harrison, Speech, October 1, 1840
I watched. Spot on email and analysis. CBS’ selectivity of accusations and responsibility speaks volumes. Thanks for posting.
I gave a lengthy expose on this on these Free Republic pages almost two years ago and most of you wouldn’t accept that back then, coming back with the same Economics 101 pap the President spouted on Sept 24th.
The start of the subprime foreclosure crisis that has now snowballed to this global panic was the subprime loans given to illegal aliens, and the legal landlords of illegal alien dormitory houses.
If you compare the houses going into foreclosure in 2007 and early 2008 using the accurate data of foreclosures from Realtytrak.com and several others against the demographics of illegal aliens as presented by the Pew Hispanic Trust data, you will find a near perfect match down to the ZIP code - the nine-digit ZIP code, which means the neighborhoods. The few deviations were in states where anti-predatory lending laws restricted subprime lending with teaser entry rates and exponential ARMs.
Bottom line, unrestricted subprime loans to the illegal alien population of 12, 20, maybe 40 million illegals needing housing over the last 7 years (that’s the size of New York State or Texas almost overnight) was the necessary bottom of the Ponzi pyramid that is our current crisis. All those clever “instruments” - CDOs, bonds, traunches - needed mortgage paper to build the Ponzi pyramid on, and the illegal housing market was their manna from heaven (or better, Latin America).
But no pandering politician wants to admit that their open borders and amnesty schemes would have any consequences. The Dems wanted the new Hispanic voters, and the RINOs wanted the cheap labor. America be damned.
And your next president is promising to keep pandering while you suckers pay a new tax of at least $2700 for everyone in your family so the Wall Street guys can enjoy their $40 million golden parachutes.
Good letter.
I heard part of it and flipped the channel when I realized they were NOT going to address the Fannie/Freddie aspects...which are a major reason Credit Default Swaps (insurance for risky loans) were created.
http://www.newsweek.com/id/161199
This outlines the credit default swaps and is another aspect of the crisis
I’ve not read much about...puts it
squarely on the Dems. It’s most disturbing that the MSM is not reporting the government’s role in this debaucle.
Actually, this is one of the better articles on the derivative / CDS side of the crisis, which is also the least understood.
FR Keyword: moneylist
This can be a high-volume ping list at times.
To join, send Freepmail to rabscuttle385.
The Derivitives Credit Default is what is taking the country into depression....and the subprime credit default problems are but a small portion of that.
The financial health of our system, right here, right now,...are as good as they are going to be. It will get worse and worse. Recognize that and try to prepare as best as you can for you and your family.
The Derivitives Credit Default is what is taking the country into depression....and the subprime credit default problems are but a small portion of that.
The financial health of our system, right here, right now,...are as good as they are going to be. It will get worse and worse. Recognize that and try to prepare as best as you can for you and your family.
Well Done!
Of course. It is the greedy repulicans fault!
bump
As the guy on the program said, if the problem had been confined to the mortgage defaults, we'd be in great shape now. However, the problem spiraled when these mortgages were sold up the chain and then the credit default swaps were thrown into the mix. These "insurance by any other name" contracts have completely sandbagged the companies who wrote them.
Sure Fannie and Freddie screwed up. However, the reason we're now looking down the barrel of a very powerful gun lies in one place only; Wall St.