Burning Down The House: What Caused Our Economic Crisis?

[EugeneTheJeep]

http://www.youtube.com/watch?v=DRpLp32L-v0&eurl=http%3A%2F%2Fiperceive.net%2Fhow-bill-clinton-acorn-barack-obama-fueled-the-mortgage-crisis%2F&feature=player_embedded

[cehs]

I agree totaly.
I would add that the gasoline prices havn't helped.

chris

[acmanko]

its not bad loans that caused the problem. it was the mixing of bad loans with good loans, chopped into hundreds of pieces and sold as derivatives that caused the financial mess we have today. Faced with paying a mortagage, sitting at home bored, or paying $4.00 a gallon or more for gas, creditors chose the latter

[ACFIXR]

http://www.youtube.com/watch?v=DRpLp32L-v0&eurl=http%3A%2F%2Fiperceive.net%2Fhow-bill-clinton-acorn-barack-obama-fueled-the-mortgage-crisis%2F&feature=player_embedded
1. GREED
2. People spending more than they should
3. People borrowing more than they can afford

[coolwhip]

I blame the liberal disease!

[EugeneTheJeep]

Here is the link I got the video from. http://iperceive.net/how-bill-clinton-acorn-barack-obama-fueled-the-mortgage-crisis/

[DeltaT]

What has caused our economic problems are stupidity, greed and lasyness of the part of the American pubic. Our elected leaders are only following our lead and demands. We still remain a republic in this country and can control, more then any other place on this planet, our destiny.

[EugeneTheJeep]

What has caused our economic problems are stupidity, greed and lasyness of the part of the American pubic. Our elected leaders are only following our lead and demands. We still remain a republic in this country and can control, more then any other place on this planet, our destiny.

Non of that fits me in any way,
No I am not stupid and financially strapped right now.
Not greedy, nor has any one greedy taken advantage of me.
Not lazy.

Our so called American leaders forced Freddie Mac and Fannie Mae to give out loans to people with low income and bad credit, with little money down. I saw Bushes loan secretary or what ever he was, on the news the other night in an interview, he said, "What should be a crime is giving some one a mortgage with any less then 20% down." Yup, it that were the law, we would not be in this mess......

[jr9701]

Politicians are the reason we are in this mess, and untill the housing crisiss becomes stable, economic growth will suck. There is no stimulus that will solve everything. The market will (eventually) correct itself over time.

I find it amazing that Washington thinks they are just going to spend and ask questions later. As allways, the country is worried about the details and not the SPECIFICS!

[BigJon3475]

Mortgage backed securities. No surprise that there is no more market for those... Don't let anyone lie to you though and say it was about deregulation. It was all about the government trying to sway the economy with GSE's thus leaving the tax payer with the bill if anything ever goes wrong. If it was just private businesses they would go bankrupt and be dissolved and their capital would go to someone that could use it better. That's not the case when the business is ran by 535 CEO's most of who have never ran a business in their life...

[DeltaT]

Non of that fits me in any way,
No I am not stupid and financially strapped right now.
Not greedy, nor has any one greedy taken advantage of me.
Not lazy.

Our so called American leaders forced Freddie Mac and Fannie Mae to give out loans to people with low income and bad credit, with little money down. I saw Bushes loan secretary or what ever he was, on the news the other night in an interview, he said, "What should be a crime is giving some one a mortgage with any less then 20% down." Yup, it that were the law, we would not be in this mess......

Of course it doesn't fit you. And it doesn't fit me either. And most everyone in this nation will say the same thing.

Then how did we get this way?

We are in charge of this country. Have been for pretty much over 200 years. There are times, such as now, where our elected representatives don't represent us. But it's up to us to do something about it, well, that is unless we want to wait for the government to do something about it, which they are. And that leads us to right where we are.

We got this way over a long period of time. Everything thing from good motives not allowed to be taught in public schools to a President who lied to a grand jury and in front of the nation to allowing an attitude of if I'm doing OK why bother with creating a fuss about what's happening in this country.

Question is "How come we aren't up in arms with what has been happening in this nation for a long time now?"

Here's a letter that is supose to be real that I just received from an old service buddy. If it don't raise your blood pressure then most nothing will.

This letter you are about to read was written by a 4th
grade teacher this past week. She even gave the world her
telephone and fax numbers. We are in dire need of more true
American citizens who are proud
of OUR United States of America. WAKE UP AMERICA . . .
Please . . . Before it is too late!


April 27, 2009


The White House
1600 Pennsylvania Avenue NW
Washington , DC 20500

Mr. Obama:

I have had it with you and your administration, sir. Your
conduct on your recent trip overseas has convinced me that
you are not an adequate representative of the United States
of America collectively or of me personally.

You are so obsessed with appeasing the Europeans and the
Muslim world that you have abdicated the responsibilities of
the President of the United States of America. You are
responsible to the citizens of the United States.

You are not responsible to the peoples of any other
country on earth. I personally resent that you go
around the world apologizing for the United States
telling Europeans that we are arrogant and do not care about
their status in the world. Sir, what do you think the First
World War and the Second World War were all about if not the
consideration of the peoples of Europe? Are you brain dead?
What do you think the Marshall Plan was all about?

Do you not understand or know the history of the 20th
century? Where do you get off telling a Muslim country that
the United States does not consider itself a Christian
country? Have you not read the Declaration of Independence
or the Constitution of the United States? This country was
founded on Judeo-Christian ethics and the principles govern
ing this country, at least until you came along, come
directly from this heritage. Do you not understand this?

Your bowing to the king of Saudi Arabia is an affront to
all Americans. Our President does not bow down to
anyone, let alone the king of Saudi Arabia. You don't
show Great Britain, our best and one of our oldest allies,
the respect they deserve yet you bow down to the king of
Saudi Arabia. How dare you, sir! How dare you!

You can't find the time to visit the graves of our
greatest generation because you don't want to offend the
Germans but make time to visit a mosque in Turkey. You
offended our dead and every veteran when you give the
Germans more respect than the people who saved the German
people from themselves. What's the matter with you?

I am convinced that you and the members of your
administration have the historical and intellectual depth of
a mud puddle and should be ashamed of yourselves, all of
you. You are so self-righteously offended by the big bankers
and the American automobile manufacturers yet do nothing
about the real thieves in this situation, Mr. Dodd, Mr.
Frank, Franklin Raines, Jamie Gorelic, the Fannie Mae
bonuses, and the Freddie Mac bonuses. What do you
intend to do about them? Anything? I seriously doubt it.

What about the U.S. House members passing out $9.1 million
in bonuses to their staff members -- on top of the $2.5
million in automatic pay raises that lawmakers gave
themselves? I understand the average House aide got a
17% bonus. I took a 5% cut in my pay to save jobs
with my employer.

You haven't said anything about that. Who authorized
that? I surely didn't! Executives at Fannie Mae and
Freddie Mac will be receiving $210 million in bonuses over
an eighteen-month period, that's $45 million more than
the AIG bonuses. In fact, Fannie and Freddie executives have
already been awarded $51 million -- not a bad take. Who
authorized that and why haven't you expressed your
outrage at this group who are largely responsible for the
economic mess we have right now.

I resent that you take me and my fellow citizens as
brain-dead and not caring about what you idiots do. We
are watching what you are doing and we are getting
increasingly fed up with all of you. I also want you to know
that I personally find just about everything you do and say
to be offensive to every one of my sensibilities. I
promise you that I will work tirelessly to see that you do
not get a chance to spend two terms destroying my beautiful
country.

Sincerely,
Every Real American

P.S. I rarely ask that emails be 'passed
around'.............

PLEASE SEND THIS TO YOUR EMAIL LIST......it's past time
for all Americans to wake up!


Ms Kathleen Lyday

Fourth Grade Teacher

Grandview Elementary School

11470 Hwy. C

Hillsboro, MO 63050

(636) 944-3291 Phone

(636) 944-3870 Fax

[EugeneTheJeep]

Of course it doesn't fit you. And it doesn't fit me either. And most everyone in this nation will say the same thing.

Then how did we get this way?

We are in charge of this country. Have been for pretty much over 200 years. There are times, such as now, where our elected representatives don't represent us. But it's up to us to do something about it, well, that is unless we want to wait for the government to do something about it, which they are. And that leads us to right where we are.



Hey, I know other trades and contractors that are sweating it out right now in these slow times, they have payments up the arse, they bought all new trucks and equipment and big houses, like things were going to boom forever, not me. Sorry, I am exempt from this mess, things are not great in my biz either, but I don't feel hopeless, and all my bills are paid.

How did we get this way, it is almost 100% due to the easy loans. It is something we have never had in this country, I remember last year when the news was saying many mortgages were going to fail in a couple of months, and that is how long it took for the sh!it to hit the fan.

We lost control of our country long before I was born, I just wonder how that Liberal FDR managed to be president unconstitutionally for 12 or 13 years, he gave us the "Raw Deal" and filled the supreme court with a bunch of liberals. Followed by LBJ, he demoralized the hard working man with his welfare state. Every liberal that has ever run this country is responsible for the mess we are in, worse are the voters that were deceived by these politicians.

I once read that Air conditioning is what destroyed out democracy. Before air conditioning came to Washington, they all went home for the summers, now they are there almost 365 days a year, making new laws for us peasants.

[bornriding]

I know that its too late to get my rant out...but..........
Ok lets back up a little, lets see if we all agree that the present financial crises is mostly due to to the subprime mortgages, etc.
Lets also agree that it was the DEMOCRATS who initiated ( Carter )& futher enhanced ( Clinton ) the beginning of the economic meltdown..
Along with twice voting down the other party's attempt at reigning in the subprime debacle(?).

Ok now lets think WHY...
They are Democrats, which simply means ( & I am just beginning to understand some of this ), that they are FOR socialization , in other words, they are for Helping the poor people of the US. ( in doesn't matter that most of the poor people won't help themselves ). Of course, to help the poor, we take money from someone else...well the rich are paying the political TABS, so they can't take much there, so the middle income class must be the place to get the increased funds that the poor so badly need ( like a new house or a new car, etc ).
The point of all this is realizing who the major voting groups are for each party. The democrats have, seemingly, always tried to bring in the poor voter, which is a large ( & getting larger ) group. So they use the subprime mortgages to attract the poor come voting time.
The pitiful thing is that it works....

Richard

[EugeneTheJeep]

That was a good rant, and it all started with FDR, I think?

[BigJon3475]

As much as I would like to repeat the CRA's thing it's just not true. You can look at the performance of the CRA's here (http://www.federalreserve.gov/DCCA/CRA/crarate.cfm). You'll be hard pressed to find one that was under performing recently. Capitalism, greed and huge organizations the people of the United States of America were beholden to was the main causes. I love Capitalism but not crony capitalism. Much of that cronyism was started by people like Geithner, Rubin, Raines... etc.

http://www.frbatlanta.org/cra_invoke.cfm?objectid=4A9DED73-0A06-4D65-8D6BB0AE0D55D85A&method=display_body
http://www2.fdic.gov/crapes/
http://www.fdic.gov/regulations/community/performance/index.html

[DeltaT]

I'm not trying to bust on anybody cause we are all in this together. But my point is that each and everyone of us is responsible and it's up to us to get us out of this mess even though, I'm sure, all of us were hard at work and being responsible citizens while many others were not.

Now we are being handed the bill for their non-responsible actions. So it's still up to us to do something about it cause we are not doing anything now and look at what continues to take place almost on a daily basis.

I just don't know how the hell we are going to do anything about this mess with the majority of the present folks sitting in the chairs that the non-responsibles elected them to.

[Gib's Son]

That was a good rant, and it all started with FDR, I think?

It started even before FDR was the Pres. It all began during Coolidge when heads of state ( I forget their names now) were going over to Russia and studying communism and shouting from the hiltops how great it was over there and how much the people loved it. And don't forget about Woodrow Wilson!

The way I see it it's not a Democrat or Republican thing, its Socialism at work. They have infiltrated both parties, the judicial system, educational etc. just as they said they would do WAY back in 1910 and the 20's. In doing so they have polluted the mindset of generation after generation such that many people, citizens and elected officials alike, actually think Socialism is not such a bad thing.

The so called progressives of today are simply the communist socialist party that keeps changing it's name whenever it's current name begins to lose favor or leave a bad taste in the majority of the public's mouth.

[bjones]

1. GREED
2. People spending more than they should
3. People borrowing more than they can afford

ding ding ding....we have a winner!

[lanceonthejob]

its not bad loans that caused the problem. it was the mixing of bad loans with good loans, chopped into hundreds of pieces and sold as derivatives that caused the financial mess we have today. Faced with paying a mortagage, sitting at home bored, or paying $4.00 a gallon or more for gas, creditors chose the latter

Hmmm - sounds like appropriate 'banking regulation' could have helped keep the bad away from the good...or something like that (?)

(note - no banks in Canada have gone down for the count; but they're lazy socialists up there).

[EugeneTheJeep]

Hmmm - sounds like appropriate 'banking regulation' could have helped keep the bad away from the good...or something like that (?)

It was actually banking regulation that caused the problem, the banks were regulated into giving loans to people with bad credit, and more money then they could possibly afford. If the banks were not forced to do this, we would not be having this conversation right now........

All I can say is, "I never voted for the people that caused this mess." Did you? So there for, I have 0% blame for what has happened. So forget about, "were all in this together, and were all to blame"

[lanceonthejob]

you couldn't be more wrong.

[EugeneTheJeep]

Back your claim up with more then 5 words, I am wrong? In what way? Maybe you support the guys that put us in this mess and this offends you?? I know where the Cubs fans and Obama fans live too ;)

[BigJon3475]

you couldn't be more wrong.

http://www.bos.frb.org/commdev/commaff/closingt.pdf

Read that and report back kind sir... And yes that's the Boston Federal Reserve recommendations...