Obama's Role in the Economy Mess

[spike]

I could see it being a large combination of factors.

 

[Cerise]

Oh you're right, we should probably rely on your random videos at youtube and JibJab to get to the bottom of things

You mean the videos specific to the subject featuring statements from Chris Dodd, Barney Frank, Melvin Watt, Barack Hussein Obama, Jim Johnson, Franklin Raines, articles from Policylink, Howard Husock, CSRWire, National Housing Institute, Washingtonpost, NYTimes, MarketWatch, Bloomberg, CNNMoney, guardianuk, minorityreport, govtrack, Slate, LATimes..........

I can see why you'd rather believe one of Clinton's biased people towing the company line instead of the truth of the matter.

Forcing lenders at gunpoint to accept mortgage applicants with a bad or no credit history, no down payment, and no possibility to complete the payments on the loan was the brainchild of the left, and it was not a good idea. Everyone is not entitled to a $600,000 4 bedroom 3 bath, 4 car garage home.

 

[Gonz]

there was no surplus.

 

[chcr]

there was no surplus.

Sure there was, Gonz. You just have to use the same "creative" accounting that they did.

 

[Gonz]

Just like the one that got us where we are today?

 

[chcr]

Just like the one that got us where we are today?

Oh, that has nothing to do with accounting or the deficit. I suspect that the deficit will contribute to where we end up though.

 

[Cerise]

Critics of the notion that CRA had a major impact on the subprime crisis ask how a law passed in 1977 could have caused a crisis in 2008?

In the end of course, Clinton’s plan cost taxpayers an almost unimaginable amount of money. And it was just around the time of his 1995 announcement that the Chicago papers started encouraging bad-credit customers with “dog-food” wages, little money in the bank, and even histories of bankruptcy to apply for home loans with the help of ACORN.

At both the local and national levels, then, ACORN served as the critical catalyst, levering pressure created by the Community Reinvestment Act and pull with Democratic politicians to force Fannie Mae and Freddie Mac into a pattern of high-risk loans.

Up to now, conventional wisdom on the financial meltdown has relegated ACORN and the CRA to bit parts. The real problem, we’ve been told, lay with Fannie Mae and Freddie Mac. In fact, however, ACORN is at the base of the whole mess.

ACORN used CRA and Democratic sympathizers to entangle Fannie and Freddie and the entire financial system in a disastrous disregard of the most basic financial standards. And Barack Obama cut his teeth as an organizer and politician backing up ACORN’s economic madness every step of the way.

 

[catocom]

I could see it being a large combination of factors.

not a large number of Big factors....4-5 Major ones.

Laws not being enforced, laws changed, the war(s), bad admin management,
natural disasters, and oil prices.

 

[spike]

You mean the videos specific to the subject

Biased videos at "JibJab" always put you in a position to worry about my source.

Who made the video Cerise?

 

[Cerise]

Biased videos at "JibJab" always put you in a position to worry about my source.

Who made the video Cerise?

The video is not biased, it's accurate. It tells a sad, little story about who and what caused the subprime mortgage crisis.

Do you not understand that the CRA forced banks to lend to borrowers that they would not otherwise touch with the proverbial 10 ft. pole? And ACORN lawyered up with Barack Hussein Obama and sued the lenders into submission citing the CRA? With disastrous results?

Did you even watch the video?

What's your point?

 

[spike]

The video is not biased, it's accurate. It tells a sad, little story about who and what caused the subprime mortgage crisis.

No it's not accurate, it's biased and amateur.

What's your point?

Point is you complain about the source of an accurate article detailing how we got in this mess while acting as we should all respect random anonymous "JibJab" videos as some sort of authority on the subject.

That's just silly.

 

[Cerise]

Hmmm......how can you discount a link to youtube when that site was considered an unimpeachable source to field questions in the debates?

What do you feel is "biased and amateur" about it?

Maybe you could find a similar vid that links Op: Iraqi Freedom to the financial meltdown??