Sometimes a large kettle takes a long time to boil...:)
We can agree to disagree on some of these points, I think.
I am no expert on the subject, but I have read a few books, and as a responsible citizen, tried to educate myself beyond what the general populace knows. I have not listened to one single second of drivel from the media about it, since they are all interested in covering the tracks of their liberal Gods.
I’m glad we don’t have to be contentious about it as I have followed your postings on many subjects over the years, and I find myself in agreement with many of your viewpoints on those things.
rlmorel, the point I am making is that a general mortgage last for 30 years. 1977 to 2008 is 31 years.
If the 1977 actions had been the cause, there’s absolutely no way the damage would not have shown up until 2008.
The Clinton administration and others during his term, namely from the Justice Department and other activist entities filed cases to get their liberal judges to bastardize the system.
As that system became more and more bastardized, the more the problems grew. Finally it resulted in what any normal person would expect it too.
Bill Clinton, Barney Frank, many other Democrats and not a few Republicans signed on to programs that were pie in the sky programs that defied the principles of lending.
It was known in the early 2000s that there was a massive problem brewing. Bush actually addressed it verbally a few times. None the less, he didn’t demand Congress do something to ward off the melt-down, and he didn’t take any action to force them to.
He diddled. So while I don’t think this was entirely his fault, his administration stunk up the place by allow this melt-down to occur without putting up a vigorous fight.
Clinton’s justice department, Barney Frank, Liberal judges, community organizers, redevelopment concerns, and a whole lot of Democrats and Republicans took actions to cause this melt down in the late 1990s and early to mid 2000s, or simply allowed it to fester and finally blossom into a full meltdown.
If we blame this on 1977, it implies Carter, Reagan, and the first Bush were as complicit as Clinton and Bush. I don’t agree with that at all.
I absolutely detest Carter, so there’s no reason for me to defend the man. What took place during his administration was not what I would have done. I think it was misguided.
Still, it was the culmination of the Clinton add-ons that cause the problems.
During the Clinton administration they merely tossed out screening for bad minority risk. As for folks like me, White middle class, we still had to play by the rules. And I would add, as we should have. As everyone should have.
I remember cases where they played the race card. They also played the zoning card, denying loans on the basis of red-lining, something that made good sense.
If a certain “zone” (for lack of a better term) had an incredibly high rate of defaulted loans and declining property values, that area should be red-lined.
I would state that part of the reason we pay such massive interest rates today, is that lending institutions had to recover their massive losses. Some people who could obtain credit and paid their payments on time, were forced to pay 14% to 29.9% interest on their credit card accounts.
Once again, they found a way to redistribute wealth.
Many of the needed home foreclosures were avoided in the 2000s, as new loans with lower interest rates were implemented. People who were defaulting could roll things over. It’s my take we’re still awaiting a second massive default on debt.
It won’t surprise me at all, if something big happens before or just after November either. They want to blame everything on Trump.