Posted on 08/20/2009 10:30:05 PM PDT by Libloather
Barack Obama And The Democrats Did Not Inherit The Bad Economy; They Caused It And Made It Worse
this ad should run everywhere....
Your assumption, of course, is that the lower-interet rate loans of the CRA were all bad loans - which of course they were not. A small percentage perhaps, but certainly not much higher than the sub-prime mortgages that were outside of the CRA.
Since we are talking about 9 years of lending accouting for 1.02 trillion that amounts to about $110 billion per annum.
Over the same time period the issuance of Mortgage Backed Securities alone was more than $1 trillion per annum (this naturally does not reflect all mortages, but rather only a percentage of them).
Thus, the CRA will account for far less than 10% of the total mortgage market lending - not to mention it is not in any specifically restricted to homes.
I am not sure what your defintion of “drop in the bucket” is, but for me the CRA is not signficant enough to have caused the crisis - unless it had a nearly 100% failure rate - which it did not.
not only should this ad run, I hope Rush, Hannity, Beck and the others talk it up....
bump for later
Don't forget the prescription drug give-a-way boondoggle. Just an example of another incremental step towards gubmint controlled socialized medicine.....courtesy of elected Republicans.....and there are many, many other examples.....
I also find it "curious" that the SEC relaxed the "uptick" rule 15 months before the election......
That would be Jamie Gorelick, or Jamie Gore-lick as I like to refer to her. She walked away from Fannie Mae with something to the tune of $70 million. Not bad for six years "work", huh?
I doubt we’re looking at 20 to 30 years of Dem dominance, mainly because the current situation is unstable and likely to correct itself more quickly. You have to remember that back in the day, the Democrat party was broad and patriotic and truly represented the American mainstream. The Republicans were a narrow elitist party. In a sense the Democrats deserved their many decades of dominance. That is not the case anymore. The parties are much more balanced now. They both appeal to large constituencies with neither being the 600 pound gorilla that the Democrats used to be. As such, it simply is not natural for the Democrats to dominate as they do at the moment. The biggest fluke leading to the present situation was George Bush who managed to anger both liberals and conservatives with his big spending ways. But he will be forgotten, and besides, Obama — the second fluke for obvious reasons — is making Bush look like a cheapskate. You can tell the Democrats know they have a limited window of opportunity because of their firesale legislative strategy. They are not acting like a party that sees itself as entrenched for the long term.
Yep, now both parties are full of elitists as has been shown with glaring clarity at nearly every town hall meeting held thus far this month....
Step One: Socialize Medicine
Step Two: Pass Cap and Trade
Step Three: Pass Amnesty
Goodbye America.
sw
I did not say that the CRA loans were solely responsible for the crisis but handing out so many mortgage dollars to people who are undeserving of these loans should cause some concern. Let’s not forget that this current crisis began with single-digit percentages of mortgage defaults.
Love the add, but look into Phill Grahm and his role in repealing the Glass-Steagall act
November 15, 1999, President repeals Glass-Steagall Act by signing the Gramm-Leach-Bliley Act of 1999. Iowa Republican Jim Leach “hailed the successful bipartisan effort after decades of failure.” Anason, Dean. “Clinton Enacts Glass-Steagall Repeal.” American Banker 164.219 (Nov 15, 1999)
Sustainability is the answer Mein Herr!
Investigations should also be held into why the SEC decided to drop the "Uptick" rule 15 months before a Presidential election. The uptick rule had only been in place for 61 years.....Barney Fwank, Chris Dodd, would you care to comment on your role in this move?
Nice ad!
That was in 2006? I remember something about that.
Wasn’t Chris Cox supposedly overseeing the SEC under GWB? What happened to him? He was a bulldog with the Clinton Chinese election money scandal.
Once the numbers are crunched from the 2010, WH (ACORN) controlled census and the ensuing massive re-districting takes place, that correction may not be quick at all. Add in Comprehensive Immigration Reform and it may never happen.
Since when is “lent” not the past tense of “lend”?
You may want to ask The U.S. Citizens Association. Their ad & loot.
http://uscitizensassociation.com/home.html
To give the 'Pubs some credit, they (mainly Bush and McCain) did try to reign in Fanny and Freddie back in '05, but the Dems would have none of it.
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