Democrats Caused The Global Financial Meltdown

Discussion in 'Politics' started by KissMy, Jan 15, 2010.

  1. KissMy
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    KissMy Free Breast Exam

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    Much of the first 35% of this post comes from The American Thinker artical: "Why the Mortgage Crisis Happened" The research & add ins are all mine. Much of the last 30% came from a Whitehouse.gov web page that disapeared the first day Obama took office.

    --1991-- ACORN interfered with a House Banking Committee meeting for two days protesting a move to bring CRA reform. "According to the Times, "the same study showed no evidence that nonwhite mortgage applicants were being discriminated against."

    --1992-- Enforcement of CRA was "sporadic," as the Washington Times notes, until a Federal Reserve Bank of Boston study asserted that there were "substantially higher denial rates for black and Hispanic applicants than for white applicants."

    Lynn Browne was approached by co-author Alicia Munnell to do the study because "community activists were complaining that mortgage loans were not being made in minority communities." According to the Times, however, "the study had mishandled statistics on minority default rates. When the errors were accounted for, the same study showed no evidence that nonwhite mortgage applicants were being discriminated against."

    Frank Quaratiello, writing in the Boston Herald, cites Stan Liebowitz: "My guess is that they were interested in finding a particular result." Said Liebowitz, "Richard Syron was head of the Boston Fed at the time. He went on to be the head of Freddie Mac. They were looking for mortgage discrimination, and they found it." According to Quaratiello, Syron became Freddie Mac CEO and chairman in 2003 and "faced increasing pressure to buy up more and more risky mortgages, some of which the Boston Fed's guide had, in effect, served to legitimize." Regarding Syron's total compensation in 2007 of $18.3 million, Liebowitz reportedly quipped, "Nice reward for presiding over unprofessional research behavior, bankrupting Freddie Mac and crippling our financial system, all in the name of politically correct lending."

    shortened per our copyright rules.

    Care
     
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    Last edited: Jan 16, 2010
  2. FireFly
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    FireFly Bright F**ker

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    Nice job with the links & research KissMy!

    I wish Bush would have spent more political capital stopping this trainwreck, but we all know he would have been called racist & hater of the poor. Oh wait - they did call him that![ame="http://www.youtube.com/watch?v=NNjK4HktXEw&feature=PlayList&p=F068837D71928B3&index=19&playnext=2&playnext_from=PL"]racist & hater of the poor[/ame] Plus they voted for wars & then said it was all Bush's fault 100%. I guess when the media & drive by voters were against him, he just did not have any capital to spend.

    Time to Reap the Whirlwind
     
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  3. Mr. Peepers
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    Mr. Peepers Senior Member

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    No they didn't.
     
  4. Sinatra
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    Sinatra Senior Member

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    Great work.

    I am aware of the long list of conspirators - but you put it all together very very well.

    While Republicans, and a hungry for easy profits Wall St. certainly share in some of the blame, the warnings were in fact being issued from the Republican side and all but ignored by Democrats, whose easy-lending policies initiated what later became the subprime crisis.

    And yet, the media has repeatedly failed to follow up on this.

    Make no mistake, if the roles were reversed, and it was Republicans who had passed easy credit race based legislation, and ignored all the warnings, the Democrats would now be undergoing repeated Congressional hearings on the whole sordid affair.

    As it is, these same Democrats who built the mess, now point the finger at all but themselves...
     
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  5. jillian
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    jillian Princess Supporting Member

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    INSANE FREAKING HACKS... :cuckoo:

    FactCheck.org: Who Caused the Economic Crisis?
     
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  6. MaggieMae
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    MaggieMae Reality bits

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    Oh yawn....there's so much more to it than just the right wing interpretation. Sift through Jon Stewart's joking at the start of this, and listen to Elizabeth Warren briefly explain the history (yes HISTORY) of financial bubbles since the 1700's and why this one was the worst.

    Video: Elizabeth Warren Pt. 2 | The Daily Show | Comedy Central
     
  7. Oddball
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    Oddball BANNED Supporting Member

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    Rebuffed by Fact Check and the Daily Show?!?!??

    My cup runneth under. :lol:
     
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  8. namvet
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    namvet Gold Member

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    [ame]http://www.youtube.com/watch?v=cMnSp4qEXNM[/ame]

    the craps alone were responsible for meltdown​
     
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  9. Dante
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    Dante On leave Supporting Member

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    Greenspan and the free marketeers did.

     
  10. Dante
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    Dante On leave Supporting Member

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    More like your big, fat mouth runneth over time.

    :eek:

     

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