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

To: neverdem

“The buck stops here.”
-Harry Truman

“It’s all due to... anyone but me!”
-Hussein Obama

Well, things have certainly changed in the past six decades.


13 posted on 09/09/2012 4:46:55 AM PDT by Jack Hammer
[ Post Reply | Private Reply | To 1 | View Replies ]


To: Jack Hammer

I was in the banking business in 1977 when this law took effect. This article is well written and quite accurate. The one chapter he did not include was the demise of the “Savings and Loan” industry in the 80’s where they got caught with 6% long-term loans, and the depositors were being paid 14%. It didn’t work and thousands went out of business. Consequently the lenders that remained would no longer keep the loans on their own books. They sold the loans to Fannie and Freddie who had an unlimited amount of money from the US Treasury. It then spiraled out of control as Congress relaxed the “standards” which resulted in the “sub-prime” mortgages.


16 posted on 09/09/2012 5:30:30 AM PDT by radioone ( Main Stream Media. The Government built that.)
[ Post Reply | Private Reply | To 13 | View Replies ]

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