Bloomberg to Protesters: Congress, Not Banks, to Blame for Mortgage Crisis Read more

Discussion in 'Politics' started by healthmyths, Nov 2, 2011.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    "It was not the banks that created the mortgage crisis. It was, plain and simple, Congress

    Read more: Bloomberg To Protesters: Congress, Not Banks, To Blame For Mortgage Crisis | Fox News

    Simple chronology for ALL you who still don't get it!!!

    A) 1995 Obama/ACORN threaten Citibank occupy offices for 3 days to force subprime loans to unqualified people!
    B) Banks FORCED to make bad loans confronted by FDIC regarding toxic loans forced BANKS to go to Fannie /Freddie Backed by Full faith and credit of Federal govt.!
    C) Fannie/Freddie protected by Democrat Congress/Frank/Dodd package loans and resell to investors who BUY because investors know:
    Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the
    "full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
    Lockhart's Fannie, Freddie Guarantee Remarks Stir Up Confusion - Bloomberg
    So the bubble burst WHEN and again evidently MOST of you don't know this:
    Economic Terrorist Attack of 9/18/2008 happened!!!

    "By 2pm that afternoon, $5.5 trillion would have been drawn out of the
    money market system of the U.S., would have collapsed the entire
    economy of the U.S., and within 24 hours the world economy would have
    collapsed. It would have been the end of our economic system and our
    political system as we know it."
    Zero Hedge: How The World Almost Came To An End At 2PM On September 18
     
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  2. healthmyths
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    healthmyths Gold Member Supporting Member

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    So Bloomberg says the Congress forcing bad mortgages to get votes caused the economic collapse!
     
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  3. Teals_Of_Wonder
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    Teals_Of_Wonder BANNED

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    I didn't know the Tea Party over saw Fanny and Freddie back in 1995.
     
  4. Vaard
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    Vaard Active Member

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    hmmm... forgot the american dream act of 2003 where republicans were taking taxpayer money and giving it to people with bad credit for loans on houses......

    not to mention the bush admin leaning on feddie and fannie to increase minority home ownership at any cost........

    the crash started when arms started kicking in and people could no longer afford their mortgages......


    funny how freddie and fannie are blamed on frank and dodd during a republican controlled congress and dems could not even hold meetings during "the hammer" years.......

    a republican congress....

    a republican presidency......

    and who do republicans blame? dems.......
     
  5. Grampa Murked U
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    Grampa Murked U Diamond Member

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    [ame=http://www.youtube.com/watch?v=LPSDnGMzIdo&feature=youtube_gdata_player]Democrats were WARNED of Financial crisis and did NOTHING - YouTube[/ame]
     
  6. Vaard
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    Vaard Active Member

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    2003 (the year of your clip)


    http://en.wikipedia.org/wiki/108th_United_States_Congress
    108th congress:

    Senate President: Dick Cheney (R)
    Senate Pres. pro tem: Ted Stevens (R)
    House Speaker: Dennis Hastert (R)
    Members: 100 Senators
    435 Representatives
    5 Non-voting members
    Senate Majority: Republican Party
    House Majority: Republican Party


    the same year where a republican sponosored bill with 9 republican consponsores signed by a republican president that gave taxpayer money to people with bad credit for down payments on houses they could not afford.........


    like i said, a republican controlled congress where dems were not even allowed to hold meeting to even consider introducing a bill to committee.......


    and who do repubs blame? dems........
     
  7. Teals_Of_Wonder
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    Teals_Of_Wonder BANNED

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    Just because some people were making 20-25K a year doesn't mean they had to buy a home/no questions asked for $250,000. I don't think any of those who bought these expensive homes had any money left over to pay their taxes along with at least two-years income set aside in the event of an emergency. They all lived pay-check to pay-check, and when they lost their jobs during the Obama years,,,many of them lost their homes and screwed all of us who managed our money properly !!! in other words,,,about 10% of Americans screwed it up for all of us!!!
     
  8. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    Corporatists in cooperation with Congressmen (this is American fascism in action) worked together to enrich themselves at America's expense. Bloomberg ignores his side's culpability, but that is not surprising.
     
  9. Teals_Of_Wonder
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    Teals_Of_Wonder BANNED

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    The Mortgage Crisis Was Created By Greedy Americans who didn't wanna work hard for 2/3 years to save up for a home. They just wanted homes given to them,,,no money down,,just move in and worry about paying for the home later. right>? thats what liberals want. ! dont wanna work,,,just wanted money handed to them.
     
  10. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    oh, wah! tears, just go jerk off to one side of the story.
     

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