Here's the two pieces of legislation CONZ pushed through congress and Clinton signed.
Commodity Futures Modernization Act of 2000 - Wikipedia, the free encyclopedia
Gramm
Right there you have the deregulatory seeds of the financial meltdown.
As for your "claim" that it's all Barney Frank's fault?
The Financial Crisis Inquiry Commission reported in 2011 that Fannie & Freddie "contributed to the crisis, but were not a primary cause." GSE mortgage securities essentially maintained their value throughout the crisis and did not contribute to the significant financial firm losses that were central to the financial crisis. The GSEs participated in the expansion of subprime and other risky mortgages, but they followed rather than led Wall Street and other lenders into subprime lending.[96]
The Glass-Steagall Act was enacted after the Great Depression. It separated commercial banks and investment banks, in part to avoid potential conflicts of interest between the lending activities of the former and rating activities of the latter. Economist Joseph Stiglitz criticized the repeal of the Act. He called its repeal the "culmination of a $300 million lobbying effort by the banking and financial services industries...spearheaded in Congress by Senator Phil Gramm." He believes it contributed to this crisis because the risk-taking culture of investment banking dominated the more conservative commercial banking culture, leading to increased levels of risk-taking and leverage during the boom period.[127]
Conservatives and Libertarians have also debated the possible effects of the Community Reinvestment Act (CRA), with detractors claiming that the Act encouraged lending to uncreditworthy borrowers,[128][129][130][131] and defenders claiming a thirty year history of lending without increased risk.[132][133][134][135] Detractors also claim that amendments to the CRA in the mid-1990s, raised the amount of mortgages issued to otherwise unqualified low-income borrowers, and allowed the securitization of CRA-regulated mortgages, even though a fair number of them were subprime.[136][137]
Federal Reserve Governor Randall Kroszner and Federal Deposit Insurance Corporation Chairman Sheila Bair have stated their belief that the CRA was not to blame for the crisis.[138][139]
Economist Paul Krugman argued in January 2010 that the simultaneous growth of the residential and commercial real estate pricing bubbles undermines the case made by those who argue that Fannie Mae, Freddie Mac, CRA, or predatory lending were primary causes of the crisis. In other words, bubbles in both markets developed even though only the residential market was affected by these potential causes.[140]
The Financial Crisis Inquiry Commission reported in January 2011 that "the CRA was not a significant factor in subprime lending or the crisis. Many subprime lenders were not subject to the CRA. Research indicates only 6% of high-cost loans—a proxy for subprime loans—had any connection to the law. Loans made by CRA-regulated lenders in the neighborhoods in which they were required to lend were half as likely to default as similar loans made in the same neighborhoods by independent mortgage originators not subject to the law."[96]
The George W. Bush administration was accused of blocking ongoing state investigations into predatory lending practices as the bubble continued to grow.[141]
Subprime mortgage crisis - Wikipedia, the free encyclopedia
Enjoy your burn.
Unless of course you have some OTHER AUTHORITY that investigated this that has the power to look into the books of the players that says something different?
Or are you gonna post more youtube videos?
[ame=http://www.youtube.com/watch?v=_73NU6OlNuw]Cool Vintage Monkey Toy With Banging Cymbals - YouTube[/ame]
