Comments on: Some thoughts on the debate https://mikesouth.com/politics/some-thoughts-on-the-debate-2340/ The institute for the advance study of insensitivity and pornography Thu, 06 Jul 2023 14:47:46 +0000 hourly 1 https://wordpress.org/?v=6.7.2 By: MikeSouth https://mikesouth.com/politics/some-thoughts-on-the-debate-2340/#comment-936 Wed, 08 Oct 2008 15:07:42 +0000 http://www.mikesouth.com/politics/some-thoughts-on-the-debate-2340/#comment-936 BTW
Read this NYT Article on the subject and remember this article is from 1999

http://query.nytimes.com/gst/fullpage.html?res=9c0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1

]]> By: MikeSouth https://mikesouth.com/politics/some-thoughts-on-the-debate-2340/#comment-935 Wed, 08 Oct 2008 15:03:13 +0000 http://www.mikesouth.com/politics/some-thoughts-on-the-debate-2340/#comment-935 Oh I don’t blame the Clintons over Bush or anyone else, I blame the whole crooked lot of them. As you even noted it was the strengthening (weakened requirements) of the CRIA that made it all possible, so when the politicians point the finger at the financial institutions without including themselves (ya like that’s gonna happen) it makes me crazy.

I’m no Republican, but I’m no Democrat either, ya wanna hear someone who has it right listen to what Ron Paul has to say about it on any number of youtube clips.

]]> By: terriredor https://mikesouth.com/politics/some-thoughts-on-the-debate-2340/#comment-934 Wed, 08 Oct 2008 08:34:12 +0000 http://www.mikesouth.com/politics/some-thoughts-on-the-debate-2340/#comment-934 Hey Mike,

The Community Re-Investment Act inspired loans that were risky, but sustainable. I know that the right-wing radio talking points aim to put the blame for the current crisis entirely on the pressure placed on Fannie Mae in the 90’s. but that pressure wasn’t the cause of the mortgage crisis.

It opened the door to it by removing down payment requirements, etc., but it didn’t create outright fraud. The riskier Fannie Mae-backed mortgages from the early days of the Community Re-Investment Act weren’t the ones that collapsed the investment banking industry.

The real crisis began in the mid 2000’s when the Bush administration was determined to keep the mortgage bubble growing, and interest rates down. Mortgage brokers took advantage of the Community Re-Investment Act, and having run through all the barely qualified lower-income borrowers, turned to the completely unqualified lower-income borrowers with new borrowing schemes that weren’t envisioned in the 90’s because our simple-minded legislators (Republicans) hadn’t looked forward to all the ways their constituents would twist the law and take advantage of the complete lack of regulation of the mortgage industry.

Year-long teaser rates, subprime loans, etc., were never part of the Community Re-Investment Act – they were invented to create fraudulent paper that mortgage companies could pass off to investment banks and confused bond traders to keep the Bush bubble growing – the only thing that actually was growing besides debt during the Bush bubble presidency.

If there had been any oversight at all during the first decade of this century (which is almost over, in case you forgot with all your whining about the fucking Clinton administration in the 90’s), that is, during the fucking Bush administration and the Republican hegemony in both the legislature and the Senate, we might not be hip deep in this mess. Just knee deep, maybe.

Come on, man, I expect a little more perspective on this site. The whole “blame the Clintons”, “blame the minorities” bit is too fresh and raw right now for anyone to buy into who isn’t a … well, I’m not going to say. No need to characterize anyone at this point.

Terri

http://www.thefloatingworld.com

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