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Why The Mortgage Crisis Happened
Investor's Business Daily Editorials ^ | Oct. 29, 2008 | M. Jay Wells

Posted on 10/30/2008 12:15:31 AM PDT by EyesAndEars4U

On the eve of what may be the most important election of our time, the financial catastrophe that many believe will most influence Tuesday's vote remains only partially covered by the major media. Though IBD has run many articles and editorials on the so-called mortgage meltdown, one of the most complete timelines of the debacle was written by an independent scholar and published this week by the Web magazine American Thinker. Because the issue is so important, we are running this 7,300-word history in its entirety.

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS:

1 posted on 10/30/2008 12:15:33 AM PDT by EyesAndEars4U
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To: EyesAndEars4U

Why the Mortgage Crisis Happened! = Pelosi, Reid, Franks, Dodd, et., al...


2 posted on 10/30/2008 12:18:05 AM PDT by antceecee (McCain ~ Palin '08 May God have mercy on us and protect us from evil.)
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To: ImaTexan

ping


3 posted on 10/30/2008 12:18:11 AM PDT by bjcintennessee (Don't Sweat the Small Stuff)
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To: EyesAndEars4U

The narrative of the Dems for the cause of the financial debacle is now “credit default swaps.” I was watching Sixty Minutes last Sunday, and Steve Kroft was doing the report. He interviewed a number of people I’ve never heard of, and they all agreed it was greedy bankers and credit default swaps that caused the financial mess. It only vaguely mentioned the crisis in the housing market. The FMs and/or the CRA were never mentioned.


4 posted on 10/30/2008 12:29:29 AM PDT by driftless2
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To: EyesAndEars4U

Goose, Golden, 1 Each; Deceased.


5 posted on 10/30/2008 12:41:25 AM PDT by LomanBill (A bird flies because the right wing opposes the left.)
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To: driftless2
>>The FMs and/or the CRA were never mentioned.
 
The MSM will never admit the subprime industry was infested with Rainbow progressives; individuals who were collectively implementing a Rainbow progressive ideology.  
 
How many millions did Ameriquest alone spend on Super Bowl ads?
 
 
Study the progressive symbolism in this picture, which was PROUDLY hanging in Ameriquest's Corporate HQ in Orange, California.
 
 
Natural Born Predators

6 posted on 10/30/2008 12:49:07 AM PDT by LomanBill (A bird flies because the right wing opposes the left.)
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To: EyesAndEars4U

The tragedy is that this crisis will happen again, because politicans are too PC to identify what caused the crisis.


7 posted on 10/30/2008 12:51:12 AM PDT by igoramus08
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To: EyesAndEars4U

A long read but an informative one. Democrats were warned repeatedly and every time they tried to get control of the GSE’s the Rats slapped them down.

It is unconscionable that McCain has allowed this financial crisis to be pinned on Republicans. There was so much convincing evidence to the contrary, I can’t imagine why he couldn’t make an effective argument showing the Rats as the villains here.

He should have called out Pelosi and Reid early and often and pinned the declining economy as well as rising energy costs on them.

I have to hope McCain has done enough to win and that Americans aren’t ignorant enough to elect Obama.


8 posted on 10/30/2008 12:58:56 AM PDT by WildcatClan (The world is full of fatheads; so I invented Diet Shampoo)
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To: EyesAndEars4U
The pigmen are only guilty of hiding the bad debt instead of writing it off as I have been begging since August 2007 on this board.

I was ignored then, and am still being ignored now. Lack of transparency is THE issue and it has destroyed trust - the lubricant of the financial system.

Until the pigmen are forced to reveal their level 3 assets, consumption will continue to plumb new depths into the abyss as the Fed labors in vain to preserve their ponzi credit scheme.

9 posted on 10/30/2008 2:25:34 AM PDT by Vet_6780 ("I see debt people")
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To: EyesAndEars4U
But Rep. Frank replied: "I do not think we are facing any kind of a crisis. That is, in my view, the two government-sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. . . . I do not think at this point there is a problem with a threat to the Treasury. . . .

And we keep electing the people who are killing us.

10 posted on 10/30/2008 2:47:22 AM PDT by FatherofFive (Islam is an EVIL like no other, and must be ERADICATED)
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To: FatherofFive
And we keep electing the people who are killing us.

Not quite...

We have certain areas of the country and sub-groups electing people who may, but worse than that is their uninformed electorate. The two main culprits, Frank and Dodd are from MA and CT respectively. I know many good people back their, but they are epistemologically Brain dead when it comes to politics and the cause and effects of those they vote because mom and dad were Democrats, and they have been educated and indoctrinated by the NEA all they through 4 yrs of college, and they can't change the fact that they don't know they don't know. It is enough to make you wonder what the heck is in the water?

11 posted on 10/30/2008 3:08:51 AM PDT by taildragger (The Answer is Fred Thompson, I do not care what the question is.....)
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To: EyesAndEars4U

BUMP


12 posted on 10/30/2008 3:14:34 AM PDT by Skooz (Gabba Gabba we accept you we accept you one of us Gabba Gabba we accept you we accept you one of us)
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bookmark


13 posted on 10/30/2008 3:22:12 AM PDT by federal
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To: driftless2

Exactly so. And they’re too complicated for anyone to understand, is also part of that party line.


14 posted on 10/30/2008 3:35:22 AM PDT by FreedomPoster (Obama: Carter's only chance to avoid going down in history as the worst U.S. president ever.)
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To: EyesAndEars4U
This time-line should have been front-page news on every newspaper long before the buyout was even contemplated. And why the Republicans aren't pushing these facts is beyond me.

This is exactly why, when they announced the buyout, I was so adamant about assigning blame before spending any of the money so eloquently stolen from us taxpayers. But blame wasn't to be assigned.

15 posted on 10/30/2008 3:43:48 AM PDT by meyer (The second amendment is NOT about hunting)
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To: EyesAndEars4U

Thank you. We need to know these things.


16 posted on 10/30/2008 3:56:43 AM PDT by RoadTest ('this man, after he had offered one sacrifice for sins for ever, sat down on the right hand of God')
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To: EyesAndEars4U

OUTSTANDING post! Thank you. Quick scan...read later.

/to work (so the socialists can steal more of my time of life)


17 posted on 10/30/2008 4:01:28 AM PDT by PGalt
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To: meyer
This time-line should have been front-page news on every newspaper long before the buyout was even contemplated.

The newspapers weren't going to kill their real estate ad business..

18 posted on 10/30/2008 4:47:56 AM PDT by EVO X
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