Posted on 02/17/2017 5:43:01 AM PST by bray
Enough brayin
And
Either black or gay they were given a get out of jail free card to abuse thier positions in any and all walks of life. Those who opposed would be brandished a homophobe or a racist.
Absolutely correct, but the dems somehow overlook this and blame Bush.
Yup,Barney Fag,Reno’s warning to mortgage lenders not to deny loans to minorities and “liar loans” were what did it.
I wish this was an article that resembled the headline.
“Yup,Barney Fag,Reno’s warning to mortgage lenders not to deny loans to minorities and “liar loans” were what did it.”
I personally witnessed the effect of the CRA inflating housing prices in the hood areas. Contractors and investors were snapping up run down foreclosures for next to nothing, and rehabbing with new paint/floor covers/kitchen/baths then flipping them and doubling their total investment.
These houses were being sold to credit risk borrowers with payments that took two low wage incomes to make. when one person lost their job the house payments went into the tank.
The investors made their money and after a year or two had enough to move into higher income neighborhoods and repeat the process, driving prices up further.
Meanwhile, builders started producing the cheapest big box houses with chinese drywall and selling them exclusively to minorities these lending programs favored.
Enter the mortgage back securities which contained hundreds of thousands if not millions of these inflated value homes occupied by credit risk borrowers who soon could not make payments and the whole house of cards came tumbling down.
Barney Frank’s fault—yes indeed.
he (Barney FWANK” knew there was nothing backing the assets and when the people who owned the paper found out the entire Banking/Financial Industry would come down like the Twin Towers and when it did he pointed at Wall St and Bush avoiding the blame. This ignited a wildfire that has torched the entire World thanks to Frank.
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The breakdown of the causes of the housing crises generally credited as the cause of the crash in this sector in 2008 is detailed in a video on youtube
What should it have been?
The gay part and Madoff are both over played. And specifics about the lobbyists, DNC and even RNC payoffs, politicians and friends of politicians getting high paying jobs at the GSEs, are all under played or under sourced.
Your title is right, its just not backed up and explained well. Youtube as a great finance committee video which shows Barney and Waters defending the GSEs while the Bush administration were trying to reign them in a year before they went bankrupt.
Try this:
https://www.youtube.com/watch?v=-48RA304IBk
An expected outcome when rimmers, gerbilers, same sex child rapists, and coprophiliacs are put in charge of anything.
the fake indian was also wallowing in this opportunity..
I don’t think there’s any doubt that Frank and the Democrats put us on the road to a big crash. Look, I despise what the Democrats did. My only beef with the Republicans was them not implementing corrective measures when they were in the majority.
All of it could have been avoided if our side had acted when they had the opportunity.
Instead, they allowed things to melt down to the point our nation, Capitalism, and our way of life were on the line.
We cannot dismiss Republican culpability in all that took place.
The Democrats were idiots. The Republicans knew better, and did nothing.
Bush was no defence at all against the evil of the Left, with regard to this issue.
Obama was the byproduct.
Well, we knew this in 2008 - but the Enemy of our State politicians and their lap-dog media wouldn’t cover it- and the sheeple were too busy watching ‘dancing” and ‘survivor” to bother -
Perhaps Frank knew that the banking system had a fatal flaw that set the entire system up for a nuclear reaction with the right trigger. It was the old Bucket Shop format that had been reinstituted when Bill Clinton signed the Gramm–Leach–Bliley Act (GLBA) in 1992. This repealed the Glass–Steagall Act of 1933 which forbade affiliations between banks and securities firms. It showed the corruption of the Swamp and the monster that would emerge would make Godzilla look like a play doll. Frank knew that the conditions were set for the next step, allowing banks to underwrite loans.
Did the Democrats pull the trigger to cause the banking collapse, knowing that this would destroy the Republicans for years to come? It is not coincidental that it happened just before the elections. The investigations into this sabotage went no where because the Democrats got into power and held back any attempts to dig into their sedition.
Chuck Schumer pulled the trigger.
yes, but what was the threat that we had to fork over billions to the banks?....where did TARP go?.....no one seems to want to tell us...
rats in power know exactly what they are doing and they do it regardless of what they know will probably happen...
they saw immediate vast financial gain for themselves and their fellow rats....
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