Red Dawn
Senior Member
- Thread starter
- #61
if carter and clinton had not signed any of these lending practices into law we would not be having this discussion.....
One of these days, the "get government out of the way" ideology Rush Limbaugh has propogandized you with is going to get you killed or unemployed. The rich that Rush cares so much aabout don't give a shit about you. They're busy saving their own asses.
Private markets caused meldown, not government
WASHINGTON As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.
Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.
Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.
Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.
Federal Reserve Board data show that:
More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.
McClatchy Washington Bureau | 10/12/2008 | Private sector loans, not Fannie or Freddie, triggered crisis
I'm guessing you've been reading NewsMax, Drudge, and Fox News for years now. And you were led to believe that deregulation and "getting government out of the way" were great ideas. Guess what? It was all a ruse by corportists, rich people, and their repubilcan pawns to protect their wealth, ship our jobs overseas, and reduce the bottom line cost to themselves of doing business here. You bought it hook line and sinker.
One of these days, maybe sooner than you think, you might be begging for one of those great liberal programs, like unemployment benefits, college loans to retrain for another career, hell maybe even food stamps. Hell, maybe we all will at some point. This is way scarier than the Jimmy Carter or Ronald Reagan recessions. I'm guessing you spent many years proclaiming that government shouldn't do anything, and should just get out of the way of the markets, and leave everyone alone.
How's that working out for you, and the nation?
Listen, when you elect people who hate government, they have no interest in making government work. Because that means providing oversight and regulations on wealth and capital. And your Bushy boy was apparently told by the FBI that massive mortgage fraud was going on. And they guy you voted for twice turned a blind eye, because regulations, oversight, and enforcment of white collar criminal law is not an interest to him. You and your cons buddies have told us to get out of the way of corporations and rich people, and the free markets will self police.
Absolutley fucking laughable at this point.