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House Of Lies: How Congress Failed To Protect Our Economy. Obama Bombshell
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January 8th, 2009 at 04:20:25 Fannie and Freddie were both busted for illegal accounting practices around 2004 - "cooking the books" in other words. This was probably a huge factor in their failure. You want to talk about deregulation? Look what Reagan, a Republican, had to say about it. At any rate, I don't blame the Republicans for the bubble. I do blame them for deregulation. Alan Greenspan's interest rate policy created the bubble.
January 8th, 2009 at 04:43:24 Sorry, I don't think the government forced mortgage companies to write mortgages for 18 dead people in Ohio. It's a simple fact: if banks don't write loans, they go out of business. Are they forced to make risky loans? No. I've worked at a bank. I was never forced to make a risky loan. However, banks are required to loan out deposits. That's just how the system is. Fannie and Freddie didn't cause the collapse. The collapse came first. It's really not either party - it's Greenspan.
January 8th, 2009 at 05:06:23 assholes arguing among each other while the rich people who owns the printing machines laughs on everyone are you ready to fight your neighbors?
January 8th, 2009 at 05:29:22 You are wrong, my friend. Incentive to make risky loans? How about the fact that the government was forcing banks to make risky loans? They even had trial lawyers who attacked the banks for not making such loans. Just ask Obama what he was doing back in the '90s! No regulation in Gingrich's contract? It was your democrats who fought regulation of fannie and freddie, and caused the collapse of financial institutions all over. Bush tried in 2003, Mccain in 2005, shot down by dems.
January 8th, 2009 at 05:52:21 Clearly you don't have to be intelligent to be elected to congress either. However, the insistence that deregulation caused fannie and freddie to go under is just not true. Plenty of regulation was already on the books and not enforced. Where was the department of Justice? Our government made banks give loans to people who couldn't afford them and artificially lowered interest rates. Yes, these people defending fannie and freddie are idiots but regulation was not the issue.
January 8th, 2009 at 06:15:20 Simple truth... If you aren't outraged by the incoming administration, then you apparently aren't paying attention. Obama gave us pretty words and a pocket full of promises, and 67 million ate it up.
January 8th, 2009 at 06:38:19 Your videos are amazing. I only wish that more people could look passed their preconceptions and open their eyes to the FACTS.
January 8th, 2009 at 07:01:18 Libs in govt mandated banks to make subprime loans through the CRA. Libs in govt in cahoots with ACORN allowed ACORN to use the CRA as the stepping stone to corrupt the GSEs into subprime securitization in the early 90s. Clinton's HUD dept. recruited Countrywide to be a subprime lender in the mid 90s. Countrywide was not a subprime lender until recruited. Clinton's HUD recruited Wall Street to do subprime securitization in the 90s. Lib govt policy created the subprime cancer.
January 8th, 2009 at 07:24:17 Subprime by its nature was financial cancer from the get go. Not everybody realized that. The housing price bubble was created by subprime lending on lower priced homes. Housing prices appreciated fasted than incomes since loosened subprime lending standards broke the income/price ratio of prime lending. Subprime created a vicious speculative cycle. Subprime created the price bubble. The price bubble forced borrowers to loose subprime lending to qualify for mtge's on inflated house prices.
January 8th, 2009 at 07:47:16 When subprime refinancing collapsed and defaults spiked in 2007, financial institutions suffered portfolio losses on subprime securities that had to be written down due to mark to market accounting. These writedowns killed off the short term refinancing that the banks funded their day to day operations. Banks had to sell good assets or get other forms of loans, thus further degrading their balance sheet equity and their stock prices. Those most heavily holding subprime securities failed.
January 8th, 2009 at 08:10:15 Subprime securitizations are also different from prime mortgage securitizations in that they used dynamic credit enhancement. Prime securitizations do not. Thus subprime securtizations are dependent on forced refinancing to provide the credit enhancement in the securitization. Thus subprime securities asset values were dependent on housing price increases to support forced refinancing. When refinancing collapsed due to Fed monetary tightening, refinancing collapsed and defaults spiked.
January 8th, 2009 at 08:33:14 People ignore the big picture. The nature of subprime lending only works in a market where prices appreciate. The subprime loans are forced refinancing loans based on the assumption of increased equity due to increasing house prices. That is what Adjustable Rate Mortgages are all about. ARMs were created to do subprime lending. The problem is that lending standards also were forced to collapse by policy to perform subprime lending. The govt. bootstrapped subprime lending from nowhere.
January 8th, 2009 at 08:56:13 What does it matter? It was Alan Greenspan and Ben Bernanke's interest rate policy that created the housing bubble. If Greenspan would've raised the rate by more than a quarter of a percent at each of the FOMC meetings between '04 and '05, the subprime industry wouldn't have had an incentive to make risky loans. Since he intentionally left it low, he created the bubble. Benanke continued the policy after he took over. This + No regulation in Gingrich's Contract with America = Disaster.
January 8th, 2009 at 09:19:12 who would you vote for, for president: A Lawyer, with background in community activities. A man who had very little experience in the senate? Or, would you vote for a former POW, whos father was an admiral, who served in congress for many years? ooh, thats right, LOADS of people voted for the media star, who's only redeeming feature was that he could speak well in public?
January 8th, 2009 at 09:42:11 Bush pushed for regulation to save Fannie and freddie, and was blocked by the house dems. Barney frank promised that they were sound, good investments, and denied he ever did so. Everyone blamed bush for so much, while we had a democratic-controlled congress. is it really the GOPs fault more than the dems? Obama won because he was the media's porn star. plain and simple.
January 8th, 2009 at 10:05:10 And get off the topic of the left and right wing. Both parties in some way or form have been corrupted by the lobbyists..those who donoate extremely large sums of money to their campaigns so they can stay in power. These politicians know nothing about economics..(with the exception of ron paul). Nor do these politicians know anything about our monetary policy. Much less the Federal Reserve.
January 8th, 2009 at 10:28:09 Uh...hello..did anyone wonder where fannie mae and freddie mac got all of their money to lend to everyone?? Blaming Freddie and Fannie is just blaming the symptom of the cause. The real cause is the Federal Reserve flooding the economy with easy money. Think about it. If you could borrow money at 1% interest and lend it out to people for 7%...people would create schemes such as the subprime mortgages. In plain english...People and businesses with access to easy money do stupid stuff with it.
January 8th, 2009 at 10:51:08 Social engineering of the mortgage market through loose credit standards (credit standards: that's a form of regulation, folks) was clearly the policy of the Democrats. The Dems call is the 'affordable housing mission.' It was also that 'affordable housing' socialist ideology that caused inaction by the various regulators when it was obvious that a dangerous speculative housing price bubble had formed.
January 8th, 2009 at 11:14:07 So, it was socialist 'affordable housing' ideology at the heart of this crisis that has been proven far more of a danger to systemic financial risk than the free market.
January 8th, 2009 at 11:37:06 Yes and I very articulateley explained my assertions and backed them up with credible sources. you on the other hand make wild claims and offer nothing to back it up but opinion. You have nothing to intellegent to contribute, thus proving my point
January 8th, 2009 at 12:00:05 Oh, you guys [below comments]! You bore me with your bickering. Many of the sheeple that voted for Bush, turncoated and blindly voted for Obama at the media's repetitive instruction. A war OF and FOR minds is afoot. Listen; If we want a REAL president, We need do nothing more than to vote for whomever the media has pushed aside! These "little guys" may indeed be what we've been looking for. When you're doing something right, the media worries. REVERSE STRATEGY & REVERSE PSYCHOLOGY!!
January 8th, 2009 at 12:23:04 LOL! Our entire conversation is here for the world to see. Go back and check who did all of the name calling and ad hominem attacks? Don't be so delusional, facts are facts! I will close by pasting your very first comment to me: "Where in the hell do you get your information? the daily kos? huffington post? Bill Maher? as stupid as you are, how do you feed yourself? or does the government do that for you too?" And: "you are a typical liberal elitist sexist racist" Debate? LOL!
January 8th, 2009 at 12:46:03 You've run out of debate and have resorted to adhominin attacks and name calling. I almost believed that you had a modicome of intelligence for a while. I believe it was Clinton that pardoned all the criminals. This is called self-reporting in psychology, accusing others of what you have done. very common with Democrates. However I have become bored with your diatribes and nonsensicle internet conspiracies and will move on to more intellectual conversations
January 8th, 2009 at 13:09:02 Republicans never learn! The last time the GOP ripped off the country, they lost control of congress for 40+ years. It looks like the American people will banish their asses again,until they forget what the GOP is all about. We'll see how many GOP crooks Bush pardons. You said you watched the video, what do you mean Schiff's predictions have not come to pass? Do you right wingers have a mental block? Check out Huckabee's interview @ Pajama TV, maybe he can help you.
January 8th, 2009 at 13:32:01 Wow! your partisan extrapalations have just left this world's orbit! In case you weren't aware, the GD was a world wide depression agreevated largely by the "dust bowl"(Al Gore would attribute to Global Warming). Few if any Economist agree as to the cause and even fewer agree on the cure. Schiff's predictions have not come to pass, he is no Nostrdamus. History is not predetermined, man can shape his destiny. Obama is in charge of his destiny and history will judge him accordingly.