[A Navy Vet]

"But under his National Homeownership Strategy, Clinton took more than 100 executive actions to pry bank lending windows wide open. First, using his executive order powers, he marshaled 10 federal agencies under the little-known Interagency Task Force on Fair Lending to enforce new "flexible" mortgage underwriting guidelines to combat "lending discrimination in any form.

For the first time, banks were ordered to qualify low-income minorities with spotty credit. The 1994 policy planted the seeds of the mortgage crisis, as lenders abandoned prudent underwriting standards altogether."

That is it in a nutshell. Between Clinton and Dodd and Frank they set up the failure of the world. The greedy bankers with their bundled home loans are also to blame.

I recall the WBush administration trying to address it many times. But Dodd/Frank were in power. They thought all was good for the sake of minorities who couldn't afford even a down payment, much less the monthly mortgage. Again, feelings. Not commonsense. Those bastards should rot in hell for killing our economy, not to mention the World malaise we are now experiencing.

[DB]

The bundling of home loans was simply trying to make an impossible situation more palatable and spread the risk. Under the rules they were forced to play by, it seemed to make sense...

The Fed could have brought it all to an end before it got to epic global economy ruining proportions by raising interest rates but they did not. They're the ones that are supposed to be free of political pressure and wise in the ways of managing money.

They failed disastrously.