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  • pschkqitzsough pschkqitzsough Oct 8, 2008 9:19 AM Flag

    Clinton Administration

    I don't know why links aren't working, but this is from IBD as well.

    In 1977, Jimmy Carter and a Democrat Congress created the Community Reinvestment Act mandating that banks make more housing loans to lower-income and inner-city borrowers. It was for a well-intended social cause and even appeared to work in the 1980s.

    But in 1995, President Clinton imposed even tougher regulations that forced banks to make dramatically more subprime loans to previously unqualified people with lower credit scores in higher-risk areas.

    Government regulators rated banks by how well they performed in meeting these strict new CRA obligations. Failure to comply meant stiff penalties and limits on mergers, acquisitions and expansion.

    Big Government forced the lowering of long-proven safe-lending standards. Most of the more than $1 trillion of new subprime CRA loans had adjustable rates. Many required no documentation of the borrower's income and little or no down payment.

    For the first time, the Clinton regulatory rules allowed and encouraged lenders to bundle the new, riskier subprime loans with prime loans and sell these packages to other institutions. The first one hit the market in 1997. That tragic blunder let loan originators make their profits faster and eliminate any future risk for those lower-quality loans. It let them turn around and make even more CRA-type loans and sell them off in packages again, with little future risk.

    It was a government-sponsored pyramid scheme, with Fannie Mae and Freddie Mac providing the implied government backing by buying ever larger amounts of these risky subprimes.

    Freddie and Fannie also became heavy donors to top members of Congress. These included Sen. Chris Dodd, a young Sen. Barack Obama and Rep. Barney Frank, who aggressively defended the highly leveraged, extremely risky lending against any reforms.

    Ironically, the Bush administration repeatedly went to Congress in 2004, 2005 and 2006 to obtain stronger oversight and some limits on Freddie and Fannie's reckless subprime lending. And each time, it was voted down by Democrats in Congress, led by Frank, now chairman of the Financial Services Committee.

    http://www.investors.com/editorial/editorialcontent.asp?secid=1501&status=article&id=308186097284712

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    • Your continuning BS really "makes up for lack of intelligence". Your low IQ has failed you to get the crystal clear points I have made:

      (a) Addressing your complaint about ratings, I pointed out that others are pissing you off with ratings; you are not worth of their time.

      (b) Bored by your continuning requests for debate, I pointed out that your message is a political propaganda carefully crafted and it purposely left out a CRITICAL FACT:

      > Republicans controlled the Congress through Clinton Administration and most time of Bush Administration. It is Republicans that got us where we are today! What Clinton could do with a republican Congress, if even Bush couldn't get them to listen to him "in 2004, 2005 and 2006"??? Oh, who impeached President Clinton for what???" <

      (c) Addressing your suggestion that "Ron Paul for Pres. is the only way out of this mess" http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/threadview?m=tm&bn=24951&tid=28862&mid=28868&tof=1&rt=1&frt=2&off=1,
      I pointed out that "the best strategy now to aid McCain, the more of two evils, is the suggestion to vote for a third person on November 4th".

      I am always short to the point. It is YOU that "rather change the subject than refute or argue a point (as it makes up for lack of intelligence)"!

      One more point:

      Your belief that "There are ways to get things through even when you don't control all the branches." DIRECTLY UNDERMINED your "fact" that "the Bush administration repeatedly went to Congress in 2004, 2005 and 2006 to obtain stronger oversight and some limits...", but he couldn't get them from the Congress controlled by his party !!!

    • Add this to the education of America:

      http://www.cnbc.com/id/27099195

    • Wow 16 ratings of 2 stars and no one has anything to say to refute the FACT (facts are hard to refute which is why you can't come up with a response if you are wondering) that it was the Clinton Administration who got us where we are and now the media wants you to think Obama will cure every problem the world has by preaching "change".. (I don't like McCain either and don't want either of them).

      • 2 Replies to pschkqitzsough
      • You couldn't be more boring ...

        Normally it doesn't take 16 ratings to get a 2-star ranking. The only explanation for this occurrence is that your and your gang keep rating your post high, and your opponents lowering it down!

        Republicans are desperately busy these days with shifting blames to Clinton Administration. Your lengthy message purposely left out one CRITICAL FACT:

        Republicans controlled the Congress through Clinton Administration and most time of Bush Administration. It is Republicans that got us where we are today! What Clinton could do with a republican Congress, if even Bush couldn't get them to listen to him "in 2004, 2005 and 2006"??? Oh, who impeached President Clinton for what???

        You are hoping people to be swayed by your political propaganda carefully crafted and relentlessly repeated!

      • While It would be nice not to have either. Fact is one will be president. Time to vote for the lesser of two evils. For me that is McCain. It helps that Palin is on the ticket. She is the closest thing a liberatian will ever get to one of their own on a major ticket.

    • LOL no responses, but a lot of people have read and given a low rating. If these people had any intelligence (those rating me down) they would offer an explanation for why this article is incorrect, but no typical liberal mindlessness.

      Ron Paul for Pres. is the only way out of this mess IMO. Do some research and go to youtube and look at Ron Paul's latest Congressional speeches. All for McCain and Obama should change vote to Paul if we expect to recover from this mess Correctly, but the media will not allow his message to be heard.

 
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