[BillM]

Walter Williams and Thomas Sowell are God’s gift to an stupid ungrateful America! Instead we see Puff Diddy, Kanye West, and their buddies.

[Fair Paul]

Best condensed Reader’s Digest version of our financial woes I’ve read.

[Empire_of_Liberty]

I like Williams, but he’s got this one backwards, I think.

The CRA was created precisely to create the Housing Bubble, in order to allow the FED to print money into it without causing inflation.

This is the new method the Federal Gov uses to provide some of its financing, I believe. The “.com” bubble, housing and I believe now healthcare/medicare (Humana, Scooter-Store, Free Meters/Catheters/Take-your-pick) - these are all orchestrated by the FG through changes in law. The economic bubble created causes a flurry of demand for the $, and the FED can then print freely without worry of inflation.

I expect we are in for a never-ending series of “bubbles” for as long as this trick continues to work.

[P.O.E.]

These “fiscal cliff” cuts were decided during the last house fire. They’ve had a year to work on it. It’s only a so-called crisis now because nobody wants to be tagged with blame for these inevitable cuts.

We’ve spent trillions on the war on poverty, and it’s gotten worse. The big lie is only now being exposed. More band-aids and bubble gum won’t last for long.

[dragnet2]

our financial crisis, followed by the Great Recession, was caused by Congress, the Federal Reserve, Freddie Mac and Fannie Mae and was helped along by the Bill Clinton, George W. Bush and Barack Obama White Houses.

Absolutely...

[dragnet2]

>> President Bush and members of Congress, through the Community Reinvestment Act, intimidated banks and other financial institutions into making home loans to people ineligible for loans under traditional lending criteria. They became subprime lenders. <<

GWB 2002 Speech :

”More and more people own their homes in America today. Yet we have a problem here in America because fewer than half the Hispanics and African Americans own their own homes. That’s a home ownership gap; a gap that we got to work together to close. And by the end of this decade we’ll increase the number of minority homeowners (future Obama voters ) by 5.5 million families. “

“One of the major obstacles to minority home-ownership is financing. Fannie Mae and Freddy Mac (who I will bail out in 2008) have committed to provide more money for lenders, they committed to meet the shortage of capital available for minority home-buyers.

Freddie Mac just began 25 initiatives around the country to dismantle barriers (like income requirements) and create better opportunities for home-ownership. One of the programs is designed to help families with bad credit histories to qualify for home ownership loans (by faking their income) .

Bush goes on:

You don’t have to have a lousy home for first time home-buyers. You put your mind to it the first time low income home buyer can have just as nice a house as anyone else. “

[Gandalf_The_Gray]

...our financial crisis, followed by the Great Recession, was caused by Congress, the Federal Reserve, Freddie Mac and Fannie Mae and was helped along by the Bill Clinton, George W. Bush and Barack Obama White Houses.

I thought that George Bush asked Congress to rein in Fannie & Freddie but Barney Frank stonewalled the requests, saying the agencies were "basically sound"...

The Community Reinvestment Act, started under Carter didn't catch fire until the Clinton years. George Bush tried to step on the breaks and failed, and of course the Obama Administration did nothing at all to prevent it from crashing and taking the economy with it.

Regards,
GtG

[M-cubed]

President Bush and members of Congress, through the Community Reinvestment Act, intimidated banks and other financial institutions into making home loans to people ineligible for loans under traditional lending criteria<<<

Nope!...CRA was started by Jimmah Carter....it took petty cash for yrs...the Clinton era extended it beyond belief...(the big money)...Bush..he kept it...but did try to tone it down....http://www.youtube.com/watch?v=NQXbT5ZMYaY

Didn't work...but Who cares...We all got “Free Houses”!..../S