Posted on 10/09/2008 7:55:37 PM PDT by flyfree
Barack H. Obama is running around telling everyone that the housing mortgage market collapsed primarily because of some vaguely described "deregulation" that took place sometime under George Bush--or maybe under Clinton; I'm not clear on that. I'm not sure he is.
Whatever his claim is, it's a lie.
The reality is that the housing market collapsed in large part because a coalition of race-baiting bullies brought very heavy pressure to bear on the banks to make more subprime loans on properties in low-income communities. Those who didn't approve the risky subprime loans were accused of "redlining"--i.e., refusing to make loans on properties in those neighborhoods.
Who were these bullies?
(Excerpt) Read more at mypetjawa.mu.nu ...
Do you suppose Jessie and Al were anywhere in the neighborhood?
Looks like we got suckered in to paying reparations!
Yes, and if McCain wants to win he will hit with this. Obama is up to his eyeballs in the creation of this mess and he wants to be president for it.
“Whatever his claim is, it’s a lie.”
Yes, it’s definitely a lie, but the Republicans don’t as yet have anyone effectively refuting the lies and telling the real story.
McCain and Palin made a so so start today, but still need to sharpen and expand their stump speeches to include the real causes of the financial crisis, which is still volatile and constantly in the news.
“Looks like we got suckered in to paying reparations!”
And the housing is just the most recent reparations, but the recipients sure won’t consider this as payment. Cash only.
http://us.mg2.mail.yahoo.com/dc/launch?.rand=1v7be1n93n0vu
2 years ago, he said to ACORN:
“I’ve been fighting alongside ACORN on issues you care about my entire career. Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work.” — Barack Obama, Speech to ACORN, November 2007
oops - ONE year ago
“...McCain and Palin made a so so start today,...”
This sort of thing has to be explained at the level of a 4 y/o before half the voters grasp even a basic understanding of the issues.
Bill Ayers has relevance to the story because he is a US citizen.
He is but the tip of a very HUGE ice berg.
The deregulation smoke screen that Dems use to blame the mortgage crisis occurred in 1999 under Clinton, Graham-Leach-Bliley. This deregulation bill was supported and signed by Clintion as well as an overwhelming majority of Dems. The bill has nothing to do with Fannie/Freddie but one interesting part of the bill was added by dems/Clinton on threat of veto or non support. A CRA clause was added (at insistence of Dems) that required any banks merging under the deregulation bill meet CRA goals/rules.
The dems claiming deregulation caused this mess is a sham.
“Bill Ayers has relevance to the story because he is a US citizen.”
Several times, I’ve referred to Obama as the dream candidate of the ‘60s radicals. And he is. The Clintons were just sixties lite, or just libs from the sixties. But Obama brings the radical, anti-American agenda that will please his most radical friends and associates.
And the financial crisis can be explained simply, in terms of Fannie and Freddie backing high risk loans, and the Dems. fighting several Republican attempts to provide stricter oversight and lessen the risk to taxpayers. And the House and Senate records are there to back McCain on this.
And they better get busy because Obama is lying shamelessly, and getting away with shifting the blame to Republicans, who share only a small part of it.
The subprime loan mess only lasted about 2 years, maybe less. There’s plenty of blame to go around. Lots of people were cashing in on the housing boom. And there were plenty of white people who got these loans, too.
Now, with all that said, it WAS the democrats who pushed this thing but Bush sat by and watched. As for McCain raising the issue in 2005 the truth is that was too late. The loans had already been made but the rates hadn’t re-set yet.
Finally, I can’t believe subprime loans is the cause of a world wide enonomic collapse. But, I’m probably wrong ‘cause what do I know.
From ACORN’s website, touting their mortgage successes in the 1990’s
http://www.acorn.org/index.php?id=12443
Precisely which regulation was undone to allow the crisis?
I think it was 1999 when clinton signed something that changed the restrictions on Fannie and Freddie, to allow those institutions to operate on a much wider cash to paper margin ... where it had been 10 to 1 it was opened up to like 30 to 1. A whole lot of subprime was then dumped into Fannie and Freddie bringing about the eventual collapse. All it took was for one or two large banks to fail, and upChuck Schumer saw to it that the dominoes started to fall (by creating a run on a major in trouble bank holding massive bad paper), perhaps hoping it would help Hillary in her contest with Obama. Who knows or will ever know, outside of secret bank examiners.
It's in breaking news right now. It also involved Obama working with ACORN. I'll ping you to the thread.
One thing that would be very helpful IMHO would be a chart that shows the votes for legislation broken up into separate categories for each combination of (Aye/Nay/Present/Absent); (Republican/Democrat/Independent); (Still in same office/No longer in office).
By my understanding, one of the bills to curtail the mess died in 2005 when it was opposed in the Senate by every Democrat, and supported by every Republican who hasn't since left office. Having a chart that shows that all of the Republican who are still in office supported the bill would defuse claims that the "Republican-controlled" Congress failed to act.
Any idea if anyone has made such charts, or what the best way would be to obtain the necessary data?
The housing bubble would have collapsed in 2005, when it was much smaller, had the government not opened the floodgates beyond "crazy", to "insane" and then to "fraudulent". What's unfortunate isn't that the housing bubble burst. What's unfortunate is that it didn't burst sooner.
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