And yet, it was the Republican party which led the U.S. into economic disaster in the 1920's and then again in the 2000's. So much for your nonsense.
It was a democrat congress, and especially the CRA, that led to the housing market crisis more than repubs. Obama as president kept the economy in the hole with his energy policy. That's what has me most perplexed about Jews and this president in particular.
As for the 1920's, I wasn't around plus the distinctions between the parties had little or nothing in common with today.
Your insanity is noted, however, Republicans controlled the Congress when the vast majority of toxic loans were written; and given only 6% of the toxic residential loans were CRA loans and zero percent of the commercial toxic loans were CRA loans, the CRA is a long debunked rightwing talking point which actually did not cause the financial collapse.
And yet, it was the Republican party which led the U.S. into economic disaster in the 1920's and then again in the 2000's. So much for your nonsense.
It was a democrat congress, and especially the CRA, that led to the housing market crisis more than repubs. Obama as president kept the economy in the hole with his energy policy. That's what has me most perplexed about Jews and this president in particular.
As for the 1920's, I wasn't around plus the distinctions between the parties had little or nothing in common with today.
Your insanity is noted, however, Republicans controlled the Congress when the vast majority of toxic loans were written; and given only 6% of the toxic residential loans were CRA loans and zero percent of the commercial toxic loans were CRA loans, the CRA is a long debunked rightwing talking point which actually did not cause the financial collapse.
The CRA contributed. Plus irresponsible homeowners. Just ask the W Post and their three part front page story about PG County. Oh, wait. They failed to mention the CRA because their job is to brainwash lefty dupes like you. Now let's get back to obama screwing our economy with his energy policy fiasco.
Again, your insanity is noted. I like how you change course of your fluid position from the
CRA led to the financial collapse to the
CRA contributed to it when you former idiocy doesn't hold water. And even your claim that it "contributed" to it is negligible. In any given year, a small percentage of CRA loans would result in foreclosure no matter what the economic conditions are. That 6% of the toxic residential loans and 0% of the toxic commercial loans were CRA loans indicates CRA loans barely contributed to the economic collapse and would have occurred even had there not been a collapse. Plus, you probably also don't know that some 84% of the financial institutions which wrote toxic loans which cratered the economy were not even governed by the CRA. Even worse for you nonsense is that by far, the vast majority of subprime loans expired after 30 months and had to be refinanced. That's what led to the collapse as millions of home owners had their monthly payments increase dramatically when their rate went up from 1% to over 5% in 2006 and 2007 and they could no longer afford to stay in their home. That is also not a CRA loan which is a long term mortgage.
By 2006, foreclosures were increasing dramatically. Even moreso in 2007. By the end of 2007, the economy was in recession and by the end of the summer in 2008, the economy began to crumble under the weight of all the foreclosures. Subtract 30 months from 2006 and that reveals the root cause of the subprime disaster began sometime in 2003. What happened in 2003 to kick it off? The federal fund rate dropped to under 2%. Then to one percent in 2004. The CRA had shit to do with it. But of course, since Republicans controlled the House, Senate, and executive branch during that time; the loony right needed to find a way to blame Democrats .... enter, the CRA.
And lastly .........
"Thanks to our policies, home ownership in America is at an all time high!" - George Bush, 2004 Republican National Convention acceptance speech
emphasis added