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Discussion in 'Random Ramblings' started by CottageChicken22, Oct 11, 2008.
Burning Down The House: What Caused Our Economic Crisis?
OK Let's get some of this straight. The Community Reinvestment Act did not FORCE banks to give huge numbers of loans to people who could not pay them back.
It was designed to stop banks from red-lining. Besides CRA did NOT force banks to bundle those bad loans and then play hot potato with them! Deregulation allowed that.
Blame Clinton, he played a role in this for sure by passing the Gramm-Leachy Act which dismantled some of the last laws which prevented banks and securities firms from doing precisely what they did - turn bank assets into securities which could be traded. Even so, having done this on the word of the baks that they WOULD NOT do this, it is the banks who in the end made the choice to trade this very risky commodity.
Not the democrats who set up laws to encourage them to loan to poor people, not the democrats who ended some of the protections that were the left over laws from the last depression. And NOT the republicans who insisted year after year that the market would fix itself and that business could be counted on to do what was best for business and therefore best for the country.
There is plenty of blame to go around. Learn the truth. ALL of the truth. Partisanship will not get us out of this mess.
Pay attention to the iron law of oligarchy!!! Four hundred people control as much wealth as the entire rest of the country. Forget who voted for what. Pay attention to who is profiting from this now!
It's not about politics, people its about who really controls the country and trust me it is no one you elected.
did you even watch it? did you look at the proof?
I watched it and intend to pass it along. Thanks for posting Cottagechicken22.
I watched it. It was so fast I couldn't read anything but the narration in between.
Please come November......this is so tiring!!!
November may come and go but this isn't going to go away anytime soon.
I passed it on to my family but most of them are bound determined to vote for Obama no matter what I say.
Since I am retired military as well as a teacher in a Christian school, I am voting where my heart is - with John McCain and Sarah Palin.
your welcome.......I don't want obama too win. God's in control though *Phew*
Thanks to wishin4chickens I found out there is a an updated version:
Will a moderator just go ahead and stop this thread now?
It can't go anywhere but downhill over the next 10 pages or so!!
I've got an idea, let's just talk about chickens instead of politics and economics.