FDR. He convinced Americans that there IS such a thing as a free ride.
Franklin Raines (Fannie Mae). He is a genuine thief.
NEW YORK TIMES
"New Agency Proposed to Oversee Freddie Mac and Fannie Mae"
By STEPHEN LABATON
Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. ... ... Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' Representative Melvin L. Watt, Democrat of North Carolina, agreed.
William Jefferson Blythe III, among others. The real legacy of the Clinton economy is what we are seeing in 2009, not the phony 22 million jobs.
FDR and Lyndon Johnson.
And every RINO afterwards that didn’t recognize the threat. Nixon is a great example of RINOism at it’s worst. Hell, he’s responsible for starting many of the policies that we blame on Jimmy Carter. Not that Carter wasn’t to blame for a huge lot of problems, but Nixon was a mess and a half too.
Frank, Dodd, Raines, Carter, Clinton, and the congressional black caucus and their enablers. ....for starters.
Any and all Democrats.
I blame whoever cooked up the October Surprise. Probably Soros. It wasn’t a coincidence that all hell broke loose right before the election.
All members of congress, the senate, president bush, and president clinton.
Some more than others. I will say that Ron Paul at least did warn about the economy, but he’s about the only politician that did.
I don’t know why the republicans weren’t telling us what could happen. I don’t know if they were trying and we (the American people) weren’t listening.
I think the dems have to get more blame for this mess, but I feel like the republicans have been too quiet about the whole thing.
2. Whatever bankers/government regulators/Fannie Mae execs who decided that 0% down, variable rate, interest only loans to people with insufficient incomes would be a good idea. That caused more people than the market could bear to buy houses causing the housing bubble. Once rates went up the whole house of cards came tumbling down.
Where’s Soros 8-?
He’s been pumping money around like water the last decade or more to many of those same names listed above.
There can be no doubt that legislatively the liberal socialist democrat movement and its elected cohorts should bear the brunt of the blame (is it a hate crime for blaming the dems yet?). Their handiwork goes back many decades, involves multiple Presidents, and includes any number of cumbersome, inefficient and out and out risky schemes masquerading as a ‘New Deal’ and a Good Deal More of late .. for less entitlement programs that are in turn milked for all they are worth come voting time.
A big mirror is needed, we let it happen. Hard to blame dems, remember the parable of the scorpion and the toad? Of course libs acted like libs, it is there nature. In their world the crash is a victory.
;-/
Carter, Clinton, Andrew Cuomo, Janet Reno, Chris Dodd, Barney Frank, and the liberal Democrat upper management of Freddie and Fannie.
The media, purveyors of pop culture, and career politicians have contributed to this erosion of cultural values, and to the growing sense of entitlement.
Islam, Saudi Arabia, OBL supporters.
The problem (of assigning blame) is that there were so many miscreants and pigs at the trough. In the sordid history of this crisis, at every step, there were liars and thieves but there were also the willfully blind who are/were equally culpable, IMO. This phenom, that at every level, willing believers essentially coached the liars into lying and closed their eyes to the enveloping fraud, made this crisis truly society-wide.
But, if I turn my thinking into separating the CLEAR instigators and enablers and the “abettors” and “furtherers” then I derive the folowing list:
A: Alan Greenspan, for lowering interest rates far below the natural rate of inflation and keeping them there post 9/11 for too long. It flat out could NOT have happened without this artifice. This move created two separate dynamics that were instrumental in driving activities that led to where we are:
1: That monetary policy could and would cure any conceivable ill.
2: That destroying the ROI on merely saving money would mobilize all that money into some more profitable somewhere or something and thus have a beneficical effect for those who could harness the liquidity.
B: The ratings agencies; but these guys were simply at the very top of the enabling pyramid. They really weren’t doing anything different than the crooked appraiser who would overvalue a home to “make the numbers” and so he (the appraiser) would get the phone call for the next appraisal. Few people realize that before this thing got going, you could count on two hands (with fingers left over) the number of non-Treasury “AAA” rated securities in the entire world. After the raters got their initial whiffs of crack....there were tens of thousands of “AAA” rated tranches of hinky debt.
FDR - the master of Socialism in the USA
LBJ - Took FDR’s Dream to a whole new level.
Frank, Raines, Gorelick, Rangel, Dodd, Cuomo - all HIP DEEP in FANNIE MAE.
CARTER - Community Redevelopment Act - beginning of the “Affordable Housing” phenomenon
Clinton - for being CLINTON .. actually for taking Carter’s CRA .. and giving it TEETH.
Barak “MULLAH HUSSEIN” Obama - Attorney for ACORN filing Suit against CITIBANK... Racial Discrimination for “REDLINING” no mortgages in certain areas. Citi forced by LAW to give Questionable Mortgages.
that’s enough to keep AG busy for a WHILE!!!
I blame the people who cooked up the Federal Reserve, Fractional Reserve Banking, and the Income Tax/IRS.
Head of the list for blame: Attendees of the meeting on Jekyll Island in 1913 and the nitwits who ratified (or didn’t) the 16th Amendment.
Please see: http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986212
Frank Raines, congressional Democrats (Barney Frank, Chris Dodd) and Acorn attorneys like B. Hussein Obama.