Posted on 10/29/2008 2:13:03 PM PDT by Kukai
Cloward-Piven drove a city into bankruptcy, now the U.S. at risk WASHINGTON, D.C. – In 1914 Congress passed legislation to establish a separate department to serve the legislative needs of the Congress and created the Legislative Reference Service, which was signed into law by President Woodrow Wilson.
Congress renamed the agency to Congressional Research Service (CRS) in 1970. CRS employs more than 450 policy analysts, attorneys, information professionals and experts in a variety of disciplines, boasting an “outstanding reputation for objective and nonpartisan analysis.”
The agency claims it is vigilant in evaluating issues without bias with a multi-layered review process to ensure CRS presents issues and analysis in a fair, considered and reliable manner.
In September 2007, CRS issued a 26-page report titled, “Financial Crisis? The Liquidity Crunch of August 2007.”
The Summary states, “In August 2007, liquidity abruptly dried up for many firms and securities markets … The liquidity crunch was most extreme for firms and securities with links to subprime mortgages, but it also spread rapidly into seemingly unrelated areas.” On Aug. 31, 2007, Federal Reserve Chairman Ben Bernanke stated, “Although this episode appears to have been triggered largely by heightened concerns about subprime mortgages, global financial losses have far exceeded even the most pessimistic projections of credit losses on those loans.”
The report discusses how the disruption spread from housing into other debt markets, creating systemic risk, noting, “Some financial institutions, primarily mortgage lenders and hedge funds, have been unable to resolve liquidity problems and have closed. In the months ahead, there may be more failures.”
(Excerpt) Read more at sonorannews.com ...
from David Horowitz's Discover The Networks, Cloward-Piven Strategy
After the 2004 election, the ‘progressive’ blogs encouraged its readers to run up credit cards and walk away.
Some have called this the ‘perfect storm’.
Just how far will ‘progressives’ go to nationalize industries?
“Nothing is more permanent than a temporary government program.”
Good article! Thanks for posting!
That’s some scary stuff........
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