Click the Pic Thank you, JoeProBono
Harriet’s Stunning Wedding Photo
Follow the Exciting Adventures of Gary the Snail!
Abolish FReepathons
Go Monthly
If you sign up
A sponsor will donate $10
Posted on 10/21/2011 3:23:40 PM PDT by Para-Ord.45
(SEE GRAPHIC)
But based on the number of toxic loans in the system in 2008, the government was responsible for not just a simple majority, but more than two-thirds. It's quantifiable — 71% to be exact (see chart). And the remaining 29% of private-label junk was mostly attributable to Countrywide Financial, which was under the heel of HUD and its "fair-lending" edicts.
To be fair, the blame-Wall Street narrative has cemented in the public consciousness, and is hard to crack. That's because in the wake of the crisis, the Obama White House and Pelosi-Reid Congress engineered a cover-up of Washington's role in the mess through the Democrat-led Financial Crisis Inquiry Commission. The national media now defer to it as the final authority on what caused the crisis and ensuing recession.
The problem was the underlying assets: low-quality mortgages. We've never had so many junk home-loans poisoning the financial well before. And who poisoned the well? Washington and its affordable-housing policies.
It was Washington that declared prudent home-lending standards racist and gutted traditional underwriting rules in the name of diversity. It was government that created the risk on Main Street. Yes, Wall Street spread it, with the help of Treasury-backed Fannie and Freddie. But who's at greater fault for harming the village — the person who poisons the well or the one who distributes the water?
The historical record is clear, the evidence overwhelming, if only someone would litigate the case on the national stage. While GOP leaders dither, the Democratic National Committee has launched a coordinated attack with the Obama re-election campaign to link GOP candidates closer to Wall Street and the crisis.
By criminalizing Wall Street, they hope to sour voters to their biggest defender. Polls show the strategy is starting to work. Time to fight fire with fire.
(Excerpt) Read more at investors.com ...
Follow the money! Wall Street/banksters made billions on the housing scam by bundling mortgages and placing derivatives bets on the. Wall Street guys took home extra millions in bonuses each year for engineering this train wreck. 5-10-20 million dollar bonuses were not uncommon
absurd!! Wall Street guys are not innocent children. They make billions off this mess. In fact they instigated it by bribing/lobbying Washington to terminate the Glass-Steagal act and to pass the Commodities Futures Act of 2000
Sure DC hacks are to blame too but they did not become multi-millionaires off the real estate mess
Ping
Here’s Bush pushing home loans for totally unqualified minorities, just a couple years before the crash.
http://www.youtube.com/watch?v=MqR15H0gNBU
“You will also find Bush trying to slow down the craziness”
I see, on one side of his mouth he tries to stop it, but on the other he supports and aids and abets it...
Go it!
I hate to break it to you but all politics is that way.... You can find a picture of Obama shaking hands with Gaddafi ....now he wants credit for killing him.
These speeches by GW were early on (2002)
If you remember after 9 / 11 the economy was hit hard.Bush was telling people to spend money ...go back to normal etc.
These 2 speeches did not cause the housing bubble or make it worse.
When it was obvious things were out of control there was a push by the administration to reign in Fannie and Freddie. The Dems opposed it.
If you want to blame Bush based on those speeches you also need to praise him for trying to put the brakes on Fannie and Freddie
.He did both.
The money lost from bad loans and lost equity is the tip of the iceberg. The iceberg is the hundreds of trillions of dollars of bad hedges made against the bad loans.
The reason that the powers that be are not really trying to solve the mortgage problem is because doing so would threaten the larger hedge problem.
Ultimately the financial institutions will be to blame for the majority of what happens. They did things that were technically legal, but highly unethical. The government allowed the financial institutions to write legislation to allow them to game the system. So the government deserves some of the blame as well. Then we can also lay blame at the feet of the American people for getting caught up in the frenzy of the housing bubble, for not keeping a sharp eye on the machinations in congress, and for not demanding quicker action once the ethical lapses were revealed.
The average American is now too ignorant to effectively deal with problems like these. Ignoramuses who call themselves liberals put all the blame at the feet of corporations. Ignoramuses who call themselves conservatives lay all the blame at the feet of government.
Here’s Bush pushing home loans for totally unqualified minorities, just a couple years before the crash.
http://www.youtube.com/watch?v=MqR15H0gNBU
Here’s Bush pushing home loans for totally unqualified minorities, just a couple years before the crash.
http://www.youtube.com/watch?v=MqR15H0gNBU
“”””If you remember after 9 / 11 the economy was hit hard.Bush was telling people to spend money ...go back to normal etc.””””
Is it possible for those left in the Bush fan club to concoct any other cockn’bull, lunatic excuses for this guy?
Ya think anyone buys this cheet?
You are a sad victim of BDS ....get help
What is sad, is that’s all you have for a response. And the exact reason why your favorite candidate will never be President. Even his supporters can’t come up with a coeherant thought or response.
That is BS but Im not about to waste my time with you proving it....Hate Bush all you want ....you bought what the left was and continues to peddle, and then they threw in Obama as the ‘coup de gras’
every time you look at Obama remember to tell yourself “ This is what my Bush hatred got me”
Feel impelled to express your hatred for Bush as you did on this thread ?......
that is because in your heart of hearts you know Im right but you dont want to admit it
Gezzz...Ya got that totally wrong...Obama didn't run against Bush, professor. And you blame me? ((Wow))
We got Obama because prior to Bush leaving office, the country was in steady decline, bailouts, and the borders were totally out of control...By the time Bush left office, most conservatives recoiled at the sight of him...Bush nearly single handily destroy the Republican party, so bad, the party elite decided to run McCain of all people, who got his ass handed to him...
He sure did and is still running against Bush The left started to work on Bush as soon as the 9 11 "Unity" stopped.
You were looking to blame someone and you bought it.
That is what this article is about ....the left also wants to blame capitalism. They picked the wrong target
You belong with them
Go to DU They will welcome you and you can be a hero there.
Obama didn't run against Bush! LOL!
“LOL”
What is funny is how even your tagline identifies the flaw in your argument. LOL?
You deceive no one but yourself. Pretend to laugh out loud all you want but I ain’t buying it. You are unable to even look yourself in the mirror, aren’t you.
Who is laughing now, dragnet2? Who you going to vote for now, dragnet2, Ron Paul?
http://www.youtube.com/watch?v=MqR15H0gNBU
You seem to love the video, watch it all weekend dragnet2.
(Diversion and evasion are tools of deceit)
woofie and widdle wabbit?
Oh boy!
Only the lonely would get excited so easily.
Take the weekend and make the best of your October weather.
Or keep posting repetitively, your choice.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.