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A little truth for the truth disabled …
The whole failure started when Clinton and the Democrats pushed the nonsense called the Financial Services Modernization Act of 1999 — This effectively repealed the 1933 bank regulations put in place after the great depression, known as the Glass-Steagall Act. This was the most sweeping bank deregulation in history.
The goal, to break the strangle hold redlining had on poor people — One of the biggest liberal fictions ever.
This was followed up by the ADDI 2003 Act, which essentially made home loan qualification discrimination.
McCain tried in 2005 to stop the runaway train, but Franks and Dodd were right there to block any bank re-regulation attempts.
It’s interesting that banks and financial interests spent nearly $300 million in campaign contributions to achieve deregulation. Dodd, Biden and Obama at the top of the list of recipients.
In summary, another massive failure of liberalism lumped on the backs of the US taxpayer. When will they learn …
September 19th, 2008 at 6:36 amWhen is someone going to grow a pair and tell that guy he is an asshole on national TV. My God, I would love to smash his face in.
September 19th, 2008 at 6:44 amChristopher Hussein Matthews
September 19th, 2008 at 6:54 amThe Democrats are in full cover-up mode. They know that Fannie and Freddie were fucked up for a long time. They took money to keep the oversite off the backs of those companies and Obama was #2 and #1 was the head of the committee who’s responsibility was to watch that shit like this wouldn’t happen. That person is Chris Dodd (D). Guess who is #3, Hillary. Obama took the top three corrupt financial ‘wizards’ in this mess and made them advisors to his campaign (one of them already being thrown under the bus).
This financial ‘crisis’ is a direct result of Democrat inaction and taking what is in essence bribes. McCain spoke about the problems he saw in 2005 and nothing was done. Why not? Who were the people who just let this happen? Answer, the Democrats.
Now, why did LB, AIG and ML have issues? Because of Fannie and Freddie.
Now that we have to pay for all this shit, I see something that is going to happen. Basically all of our mortgages will go upside-down, meaning that houses are going to get less expensive and those of us paying the bloated prices from the last 8-10 years or so will keep paying but stop building equity. You know, paying a 500K loan on a house that is now worth 200K. Insurance will be high too as people would rather burn the house down and collect the 500K in insurance and take their chances at getting away with arsen than to loose 300K over 20-30 years (plus interest).
So now that home owner’s will have a hard time getting credit as their equity is negative what does Obama/Biden want to do? They want to raise taxes … I am going on record, if taxes go up, shit is going to come crashing down.
I am not a financial wizard but I predicted this shit was going to happen about 5 years ago, I just didn’t know why things were going the way they were going. Now I do … Democrats were stealing everyone’s money.
Fuck them and fuck, the loser, Matthews.
September 19th, 2008 at 7:24 amHey! Wait! I flushed a big brown Matthews this morning! Why’s he still here? I better get a plumber over to my house ASAP!
September 19th, 2008 at 7:44 amWhat a jackass!
September 19th, 2008 at 8:20 amthe “objective fact” is that Dubbleiu is a commie
September 19th, 2008 at 8:39 amBut the MSM will not report the facts, they will continue to say its Pres Bush’s fault.. And unfortunately there are too many stupid people that will believe it. It will not come up during the debates, unless maybe Fox news will be moderating one of them. nobama is too chicken to go one on one with McCain in a town hall, so it will be difficult to get out the truth.
September 19th, 2008 at 6:03 pmThe Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as “redlining.” The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses.
The CRA was passed into law by the U.S. Congress in 1977 as a result of national grassroots pressure for affordable housing, and despite considerable opposition from the mainstream banking community. Only one banker, Ron Grzywinski from ShoreBank in Chicago, testified in favor of the act. (Carter D-GA)
The CRA mandates that each banking institution be evaluated to determine if it has met the credit needs of its entire community. That record is taken into account when the federal government considers an institution’s application for deposit facilities, including mergers and acquisitions. The CRA is enforced by the financial regulators (FDIC, OCC, OTS, and FRB). In 1995, as a result of interest from President Clinton’s administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators’ attention on institutions’ performance in helping to meet community credit needs. These changes were very controversial and as a result, the regulators agreed to revisit the rule after it had been fully implemented for five years. Thus in 2002, the regulators opened up the regulation for review and potential revision.
Clinton Administration’s Changes of 1995 The Clinton Administration’s regulatory revisions with an effective starting date of January 31, 1995 were credited with substantially increasing the number and aggregate amount of loans to small businesses and to low- and moderate-income borrowers for home loans. Part of the increase in home loans was due to increased efficiency and the genesis of lenders, like Countrywide, that do not mitigate loan risk with savings deposits as do traditional banks using the new subprime authorization. This is known as the secondary market for mortgage loans. The revisions allowed the securitization of CRA loans containing subprime mortgages. The first public securitization of CRA loans started in 1997 by Bear Stearns. The number of CRA mortgage loans increased by 39 percent between 1993 and 1998, while other loans increased by only 17 percent.
George W. Bush Administration’s Proposed Changes of 2003 In 2003, the Bush Administration recommended what the NY Times called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” This change was to move governmental supervision of two of the primary agents guaranteeing subprime loans, Fannie Mae and Freddie Mac under a new agency created within the Department of the Treasury. However, it did not alter the implicit guarantee that Washington will bail the companies out if they run into financial difficulty; that perception enabled them to issue debt at significantly lower rates than their competitors. The changes were generally opposed along Party lines and eventually failed to happen. Representative Barney Frank(D-MA) claimed of the thrifts “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Mel Watt (D-NC) added “I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing.”
D’rats who caused the problem are now pointing fingers at everyone else. Socialism has failed everywhere it has been tried.
I call for a Special Prosecutor, no commission, to investigate the Senators involved,Obambi, Dodd, Schumer and Weed, along with the 3 “Financial Advisors” to Nobambi.
September 19th, 2008 at 6:48 pmWho can watch that moron? And why don’t Republicans who go on his show tell him “Chris, you are insane!”?
That should be the new Republican talking point. Whenever Mathews or any other MSM freak begins that garbage the Repulican should say……”Chris, your support for Obama is making you say insane things”.
September 19th, 2008 at 6:55 pm