Burning Down The House: What Caused Our Economic Crisis?

Status
Not open for further replies.

I have WHAT in my yard?

Songster
11 Years
Jun 24, 2008
3,626
7
211
Eggberg, PA
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.
 

LuckysMom

Songster
12 Years
Jun 14, 2007
203
0
129
South Carolina
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.
 

Carolina Chicken Man

Songster
11 Years
Mar 29, 2008
229
3
134
Raleigh, NC
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.
 
Last edited:
Status
Not open for further replies.

New posts New threads Active threads

Top Bottom