[xcamel]

Read all of this one first...

http://article.nationalreview.com/?q=NDA4YTY1N2ZhMDhmNjIwNTk4OTI2MDYxZWU4NDg1Y2Q=

[Ancient Drive]

shut up Obama. sit in the corner and wear this dunce hat.

[Evil Slayer]

I think Bush should address the Nation from the Oval Office and do the FDR speech. “There’s nothing to fear but fear itself”.

[Yosemitest]

Read Bill Clinton"FIXED" The Housing Mortgage Problem, Years Ago for a collection of 30 articles proving Bill Clinton's to blame.

[americanophile]

Don't worry, they'll fix it:

[ConservativeMind]

Thank you, President Clinton.

[EyeGuy]

Sub-prime loans to high-risk “minority” buyers.

Only Ivy League Law School graduates could come up with such a brilliant, well-conceived plan.

Well, I guess we can all say we’ve paid our reparations now, haven’t we?

[Jim Robinson]

"The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists, resulted in today's nationalization of both Fannie and Freddie, a move that is expected to cost taxpayers tens of billions of dollars.

And the worst is far from over. By the time it is, we'll all be paying for Clinton's social experiment, one that Obama hopes to trump with a whole new round of meddling in the housing and jobs markets. In fact, the social experiment Obama has planned could dwarf both the Great Society and New Deal in size and scope."

[Steely Tom]

I remember the beginnings of this whole fiasco, back in the '90's. There were a bunch of stories in the press about how lending institutions were rejecting loan applications from A-A borrowers at a much higher rate than they were for whites. I think that one of the Federal Reserve banks may have done a study leading to this conclusion.

The MSM and NPR immediately jumped on the bandwagon. There were a few voices pointing out that a fairer metric would have been to compare the foreclosure rates for blacks and whites; that number was nearly identical. They were shouted down.

The Democrats in congress threatened to conduct hearings into the "crisis." Terms like "redlining" and "ethnic clensing" were tossed about. Bankers started to wet their pants.

Then... silence. Absolute silence on the subject.

Years go by. Then...

Subprime meltdown. Senators and congressmen getting sweetheart mortgage deals. You know the rest.

Come to think of it, the original brouhaha might have blown up when the congress was taking heat over the house bank; you remember, congresspersons going to the house post office to redeem $15K in postage stamps, week after week.

[Moonman62]

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration,

I guess idiot Obama means he's a supply sider, which W isn't anyway.

[brydic1]

The Dow Futures are down yet another 124 points since the market closed at 4:00pm. Japan and Korea are each down about 5% tonight. Batten the hatches people.

[A.Hun]

This policy has little to do with this housing and credit bust IMHO.

Subprime doesn’t just mean low income or minority anyway. Lots of big players have poor credit and resort to ARM’s as a way to play the market.

It is California, Florida, and Nevada that are the mortgage bottomless pits. Stockton CA has the highest foreclosure rate in the nation...not exactly a slum.

http://money.cnn.com/2008/09/12/real_estate/foreclosures/index.htm

http://www.stocktongov.com/EconDev/pages/population.cfm

The government should never force lenders to loan to poor credit risks, but low end loans aren’t behind this.

Thank unreal speculation, unreasonable appreciation of “hot” real estate, 2% prime and plain old greed for this. Not the millions of hard working people given a chance to own a home. The vast majority are making their payments.

http://www.mbaa.org/NewsandMedia/PressCenter/64769.htm

[Carley]

The Klintons were determined that people with no income and no job be allowed to purchase a home. No down payment and no way to pay the mortgage they marched us towards this meltdown.

All with the complicit approval of Alan Greenspan.

[Czar]

While we are searching for who to blame, how about those expensive and expansive oversight committees of Congress? Where in the hell have they been? Out to lunch, as usual, too busy with re-election campaigns, increasing their own power and wealth, to spend any quality time on “the people’s business”. Every single one of these political hacks should be dragged from their offices and given some street justice.

[AndyJackson]

There are bunches of culprits in this story, but William O'Neil founder of IBD was a principal beneficiary of and participant in the great pump and dump momentum investing at 50 and 100 times earnings movement that became known as the dot com bubble.

So, lots of finger pointing is in order, but fingers could be pointed at this corner as well as away from it.

[khnyny]

Believe it or not, the following Washington Post story lays the blame on the Dems and the Clinton administration (sort of, lol).

Miracles never cease/s.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/13/AR2008091302638.html

Excerpt:

In October 1992, a brief debate unfolded on the floor of the House of Representatives over a bill to create a new regulator for Fannie Mae and Freddie Mac. On one side stood Jim Leach, an Iowa Republican concerned that Congress was “hamstringing” this new regulator at the behest of the companies.

He warned that the two companies were changing “from being agencies of the public at large to money machines for the stockholding few.”

On the other side stood Barney Frank, a Massachusetts Democrat who said the companies served a public purpose. They were in the business of lowering the price of mortgage loans.

Congress chose to create a weak regulator, the Office of Federal Housing Enterprise Oversight. The agency was required to get its budget approved by Congress, while agencies that regulated banks set their own budgets. That gave congressional allies an easy way to exert pressure.

“Fannie Mae’s lobbyists worked to insure that [the] agency was poorly funded and its budget remained subject to approval in the annual appropriations process,” OFHEO said more than a decade later in a report on Fannie Mae. “The goal of senior management was straightforward: to force OFHEO to rely on the [Fannie] for information and expertise to the degree that Fannie Mae would essentially regulate itself.”

ASSHATS!

[knyteflyte3]

bttt......

[paul in cape]

FANNIE-GATE

Post HERE

[LomanBill]

[and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.]

 

I'll take "Predatory U.S. Ambassadors to the Netherlands" for $1000, Jack.

 

Surely Roland Arnal, the "Godfather of Subprime", and owner of Ameriquest had a teensy weensy bit to do with creating this fiasco?

 

Now, repeat after me:

"This was a Bi-Partisan Charlie Foxtrot"

"This was a Bi-Partisan Charlie Foxtrot"

"This was a Bi-Partisan Charlie Foxtrot"

 

 

So, Instead of trying to see if any political milk can be squeezed out of the dead sub-prime cash cow...

 

 

 

 

 

Let's just move on and try to ensure this never happens again, shall we? 

 

[adorno]

The Real Culprits In This Meltdown

Well, the real fact remains that, through Clinton, a huge transfer of wealth has occurred. And isn't that what Clinton and Marxists like Obama wanted to begin with? Clinton was successful during his 2 terms at dong his part, and now Obama wants to outdo Clinton.

If people who couldn't afford mortgages are bailed out, which apparently they will, then they will have obtained a huge government benefit or transfer of wealth, which those "homeowners" didn't know they had coming.

Slick Willy pulled a slick one over on the American people. And Obama promises to be even slicker.