Listen to me and MSNBC. When I get a chance, I'll be shutting down Fox, Youtube, links from the Candian Free press. Don't worry CNN, MSNBC, LA Times and NY Times will still provide you all the news coverage you need.
I can handle the truth, but apparently I am not about to get it from you. Your posts from the Murdoch rant channel FOX are so biased and cherry picked that they are laughable. A few points for you.
1. The much referenced (by the dogmatic) CRA is not the problem. The CRA was set up to help the poor (mainly black) neighborhoods and has worked quite well and is not a source of the toxic mortgages. The toxic mortgage problem came from the irresponsible so called "upper middle class" who had a little success and thought they were infallible. They leveraged their homes, lied about their incomes, and borrowed amounts they could not begin to handle for any length of time. They should have been caught/stopped/denied a loan, but thanks to the act authored by the three Republicans Gramm-Leach-Bliley, the door was thrown open to this recipe for toxic mortgages, as follows.
2. For decades before, the financial industry had been segregated by government regulations dating to 1933, when Congress passed, and President Franklin Roosevelt signed, legislation known as the Glass-Steagall Act. Sponsored by a former Treasury Secretary known as the "father of the Federal Reserve," Virginia Democrat Carter Glass, and Alabama Democrat Henry Steagall, the law responded to concerns that over-speculation by banks during the 1920s contributed to the stock market crash of 1929 and, in turn, the Great Depression. Commercial banks were taking too many risks with their depositors' money. Glass-Steagall set up a regulatory wall between investment banking and commercial banking, prohibiting commercial banks from underwriting insurance or securities. The Gramm-Leach-Bliley act gutted this.
3. Then in 2004 the SEC (under the Bush appointees)under its new Consolidated Supervised Entities program, allowed the broker dealers to increase their debt-to-net-capital ratios, sometimes, as in the case of Merrill Lynch, to as high as 40-to-1. This was supposedly "looked after" by the derivative swaps, which only allowed the financial torpedo to remain underwater out of site till it was too late. However, I will bet a nickel to a donut that all the 2007 and 2008 statements about how "our economy is fundamentally sound" out of the Bush administration were because they knew that the meltdown was coming and they and their "buddies" wanted to stave it off till the next administration (which they knew would not be Republican).
4. Now, the final can of gas was thrown on the fire and here we are.
So, your silly FAUX NEWS videos parse reality (as usual) and paint a totally distorted picture. Try some real facts for a change instead of finding bumpf to support your dogma.
Not sure I can handle it. Blame to go around for all. I think we need to come together as American's and reallize Obama is taking this country int the wrong direction. I love the American dream. Bush spent too much, but Obama is in WARP drive on spending with the Congress backing him. This will bankrupt the Country, we will as a nation go into default, and all our retirements will be worthless. Obama is wrong for this Country. He can succeed Castro if he desires.
I have to disagree, I didn't agree with the creation of non-commerical banks like Merrill Lynch, Lehman's etc. Canada has had these in place for many decades, and have had no issues. The non-commercial entities are under similar regs as the commercial. Trade Pro Broker is right, the Government created the playing field., and rules didn't apply. Grahman is a culprit in this, but these Companies could have operated by not U/W loans that didn't make sense. Point is they wouldn't have if they thought their $$$ were at risk. Nor did they make these loans prior. When your told to play a game and you can't lose, you'll win a million bucks, everyone is going to play, which is what happened. The problem is each Co. didn't see the systematic risk that was happening, which is why Greenspan, Shelby, McCain all were pointing out to the Dem Congress that there was a systematic issue here that needed address in 2002-2005 timeframe. You saw Barny Frank's response. Retarded.
Libs have the power of confusion, they almost understand, but fall short.
You cite no credible source, but its factual how the playing field and rules were created. Before Barney the F*g Frank an dem's on the take from Country Wide, etc., Dems like Chris Dodd...
They created Fannie and Freddie, pumped these worthless loans. Fannie and Freddie had to continously roll these off their portfolio's, yes non-commercial banks, and many others hogs came to the trough and gorged...but that wouldn't have happened if the Government didn't interfere. The hogs that came to the trough thought they were buying Gov back Underwritten loans, the agencies rated as AAA. Look I know people are greedy, but the Gov created this mess, and Barney, Bill Clintion, etc. are to blame. As greedy as CEO's, Banks, Cities, Governments, and all the ones that came to the trough were, they wouldn't have come it they thought their own $$$'s were at risk. They thought they were secured by Gov. Now I must conclude that you are stupid, and didn't even looks at the youtube videos that came straight fromt the Congressional hearings. I know they weren't translated for you by the politburu liberal media. When are you going to think on your own?