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What Caused the Economic Crisis?

Posted by rightwinger on September 30, 2008

1. The seeds of today’s financial meltdown lie in the Community Reinvestment Act – a law passed (under Carter) in 1977 and made riskier by unwise amendments and regulatory rulings in later decades.

2. In 2000 while Clinton was still in office, the economy tanked.  Do you remember the dot com bubble? I remember it. I was lucky that I was able to keep my job. Bush inherited an economy in recession.

3. January 2001, Bush takes office while the economy is in a recession inherited from the Clinton administration. September 11, 2001 was the largest most devastating terrorist attack. Our economy was already in a recession. We were fortunate with the Bush policies that we didn’t go into a deep depression.

4. Glass-Steigel Act was repealed in 1999 under Clinton.  Yes Senator Phil Gram championed it, but he also championed the Gramm-Ruman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985 that the Dems are always trying to take credit for.  Senator Phil Gram was directly responsible for the massive tax cuts that came about under Reagan. The top tax rate before Reagan was in office was 70%.

5. This Fannie Mae debacle goes back to Clinton and passing legislation to force banks to make loans to low income bad risk individuals.  Up to 50% of Fannie Mae’s portfolio was required to be these junk mortgages.

6.  Around 2003, Accounting irregularities are discovered at Fannie Mae.  Franklin Raines made $90 million in 6 years.  Fannie was cooking the books.  By the way, Obama was number 2 or 3 on the take at Fannie Mae.

7.  In 2003, the Bush Administration tried to sound the alarm while Dems blocked any new regulations.  Yes the Republicans had a majority, but not enough not 60%.  Not enough to stop the Dems from blocking these new regulations. See Video of Dems covering up Fannie Mae Corruption.

Nancy, I agree this greed must end.  Let’s start with Franklin Raines who made $90 million in six years after cooking the books at Fannie Mae.  I want him investigated and brought up on charges.  I want him in jail.  What is good for Ken Lay is good for him.  Until you do that, I won’t listen to you or any of your corrupt Democrat friends.

Vodpod videos no longer available.

more about “Liar, Liar, Liar – STOP the LIES Nancy“, posted with vodpod

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