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| Topic: ANOTHER CONSPIRACY THEORY” PROVEN TRUE…. | |
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will elaborate and inform. In 2005 fannie mae and freddie mac under democratic legislation pushed to open their roles to sub prime lending. This opened the flood gates to banks to receive government guranteed loans on subprime lending criteria and then sell as "A" paper loans on wall street. within two years the market was flooded with these loans all backed by the u.s government. The crash came in 2007! This is well documented fact and you can debate if it was the cause "imo" but you cant debate it happend! It's documented fact! The whole premis on my argument is yes subprime was out of control before 2005 but when the government stepped in and told the banks loan tax payer money to sub prime lenders the banks had no skin in the game! In other words if it's a fannie mae loan gone bad who cares the bank says the government is gonna garuntee the loan! So banks wrote them as fast as they could based on the government garuntee and the crash came soon after. Look it up for yourself! But your right there is freedom of religon but sorry bud this happend i watched it go down while in the housing game! You still haven't explained Barney Frank's culpability or what particular democratic legislation was involved. You promised to elaborate and inform on the questions I asked.
That being said, your rendition of history is a bit truncated and inaccurate. The ball got rolling with gramm leach bliley (all three are Republicans) with the revocation of Glass-Steagle in 1999 (but I'm sure you know all this). It should also be old information to you that Fannie Mae and Freddie Mac are, and were Congressionally chartered private GSEs with the mission of securitizing the secondary mortgage market. Both had a long history of working quite well without causing any housing bubbles up until 1999. It should have been no surprise to anybody that, with George W. Bush at the helm with his anti-regulation philosophy, the mortgage market became rapidly flooded with bogus mortgages bundled and securitized with totally unrealistic speculative instruments. This is all well documented in non-partisan sources. I'll be happy to provide URLs if needed. |
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Read the following:
"The cable’s text supports Glaspie’s accounts of the meeting and exonerates her from the charges by her political enemies in the US Congress that she inadvertently gave Saddam a green light to invade Kuwait." http://www.juancole.com/2011/01/glaspie-memo-vindicates-her-shows-saddams-thinking.html |
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Edited by
artlo
on
Sun 02/13/11 08:41 AM
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I wouldn't say what you quoted is completely inaccuarte! Bush signed the bad Democratic legislation I guess the "bad Democratic legislation" to which you refer is the Community Reinvestment Act. I've done a fair amount of reading about that, even reading portions from the actual bill. I would love to debate just that topic sometime. Gramm-Leach-Bliley was a last-minute amendment to the CRA that the Democrats stupidly accepted as a compromise in order to get the CRA re-newed before the end of Clinton's presidency. I don't know what they got in return. What is frank's position? What body does he head up in washington? Point made! these days, I don't know what his position is. Frank was the ranking member and is now the Chairman of the House Financial Services Committee. I'm not sure what point you think you made. I was pist with Bush for letting this stuff get thru! I also agree that the republican's contributed but the nail in the coffin was 2005 when they opened fannie and freddie to sub prime lending! The market could handle 10% sub prime loans we where already above that number with greedy bankers and yes republican legislation as well. But the real mistake was fannie and freddie opened to sub prime lending and american tax payers on the hook for those loans! If fannie and freddie where not in so deep the banks could of failed without hurting the american taxpayer! Pretty simple really! I believe your timeline on this is a little bit off. As I recall reading, Sub-prime lending had existed since the early 90s, but was a very small percent of the market. The explosion of sub-prime mortgages happened right on the heels of Gramm-Leach-Bliley. I haven't seen where Fannie and Freddy were not involved in sub-prime mortgages until 2005. Help me out here.
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