and America takes another one in the........
THIS IS THE ROOT OF THE HOUSING MELT DOWN
And now he wants to be governor of NY
CUOMO = OBAMA (without the business sense)
http://www.eyeblast.tv/public/checker.aspx?v=e4SUkUSUQu
Watch the video before it is pulled!!!
Capture it and email the link to Drudge and then Paladino.
mark
Excellent. This video needs to go viral. Also it should be used against all Dems. Their policies created the financial and economic mess we have today.
It is unpopular to say that the mortgage meltdown was a multi-player event. Dem and Pub Presidents and Congresses all had a hand in it. I call it a failure of the Fed-Gov period. Yes it started with the Dems, but the Repubs were enablers at the least.
marked.
Thanks for this Mr. K
This video will sink him. It's over Andy.
and America takes another one in the........ Obama was one of the first beneficiaries.
So now we have millions of people with college degrees who can barely read them (but all is good with the world, because minority college graduation rates are UP!)
*puke*
Circulate!
When you include some miniscules and some sense, you will come to the realization that this is not the root of the housing meltdown. The root of the housing meltdown is 30 years of rampanant financial skullduggery that inflated the price of real estate to high multiples of its economic value. The Federal Reserve created the liqudity entirely intentionally and the banking system participated, not becaus there was a gun to their heads, but because they could make lots of money securitizing this junk and passing the risk on to others (the taxpayers it turns out).
Everyone played a part. Cuomo sure played a part as did other politicians, but everyone who knowingly and willingly participated in this ponzi scheme is responsible, and that happens to be most of the American public who still thought you could get something for nothing, all the geniuses in California or Boston or Chicago or Washington who thought you could borrow money, buy a house, and make a gazillion when it doubled in "value." Well, the value of this stuff has not changed,except through what is now an oversupply, but its price sure has, up and then whoops, who knew, back down again.
Actually it isn't down as much as it should be because Uncle Ben is rapidly running the printing press trying to keep the falling pieces from landing on our collective heads.
"..Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why...."
Cuomo is right at ground zero for the the crash of Freddie and Fannie. He should pay like the rest of us!
The government forced the banks to hand out risky mortgages in the first place, now the government wants them to stop.
Where’s the problem? With the government, it looks to me...
Thanks Mr K
See this everybody-—send it to everyone you know
http://www.eyeblast.tv/public/checker.aspx?v=e4SUkUSUQu
In April 2001, before the events of 9/11 and just after entering the White House, President Bush began signaling warnings to members of congress that both Fannie and Freddie were headed into deep treacherous waters which could cause “strong repercussions in financial markets.”
In early 2003, the Bush White House upgraded its warnings to “a systemic risk that could extend well beyond just the housing markets.”
On September 10, 2003, Bush Treasury Secretary John Snow testified in congress that something had to be done to confront the growing storm at Fannie and Freddie. Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying “Fannie Mae and Freddie Mac are NOT in a crisis...” completely rejecting Bush administration calls for reform.
Frank went on to say that Fannie and Freddie should do even more to get low-income families into homes. “The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesn’t bail them out, but the more pressure there is there, then the less, I think we see, in affordable housing.” Said Democrat Frank
Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
In 2005, Fed Chairman Alan Greenspan went before congress to sound an even louder warning concerning the soundness of the Government Sponsored Enterprises headed for disaster, testifying that, “Without restrictions on the size of GSE balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States, a key ingredient of support for homeownership.”
Again, Democrats reacted by ignoring the warnings and blocking all legislative efforts to confront the economic tsunami now raging towards land.
In May 2006, Republican Senator John McCain sponsored legislation aimed at immediately reforming Fannie and Freddie, and once again, Democrats led by New York Senator Charles Schumer, blocked the Republican effort to avoid impending financial calamity. The bill failed by a strict party line vote, in which every Senate Democrat voted against reforming the GSE’s.
Then Freshman Senator Barack Obama, did not comment on the bill or the impending disaster...
In 2007 and 2008, several more Republican efforts to address the coming failure of Fannie and Freddie were put forth, but Democrats regained full control of both the Senate and the House in 2006, and they continued to deny any impending financial crisis.
On September 7, 2008 Fannie and Freddie were placed into conservatorship, bankruptcy. By JB Williams
I saw a video during the 2008 election where even Bill Clinton said that HE and republicans tried to put some regulations on Fannie and Mac but the Democrats wanted no part of it.
The root of the housing melt down was the Federal Reserve, period.
I hope every FReeper is downloading that video and putting it on You Tube and all over the internet. This needs to go viral.... NOW! Election day isn’t far away.
Thanks for posting!
Now, else we forget and repeat history next election ....
President Hosts Conference on Minority Homeownership
http://georgewbush-whitehouse.archives.gov/news/releases/2002/10/20021015-7.html