How many of you know the Democrats are behind the credit crisis?

The Democrats in Congress led an effort to close a lending gap to make homes more affordable, interest rates were very low for a long time. This was not an accident. Here is a 1992 Fed link.


http://www.bos.frb.org/commdev/commaff/c鈥?/a>





Look up Barney Frank and see the news, and then think if you want to trust that party.|||Look up the Keating Five, and look up George Bush's ties to Roland Arnall. There are complicities on both sides of the aisle. |||Obama supporters are sheep at this point. It does not matter. It's well known among those that do not follow the Messiah.





No worries. Bobby Jindal will fix this mess in 2012...





Another 4 years of Jimmy Carter. More CHANGE of the SAME BS back to the 70's.





Just hope we survive it...|||Under the liberal mandates, if banks didn't offer loans to "lower income" individuals (even to those whose only income was welfare) they would be penalized and fined. Also look up the term "redlining"





Other sources:


http://www.realclearpolitics.com/article鈥?/a>





http://query.nytimes.com/gst/fullpage.ht鈥?/a>





http://rs6.net/tn.jsp?e=001-E2q0YCRMdLJi鈥?/a>





http://www.youtube.com/watch?v=ASvqtD6g8鈥?/a>|||Yes, the democrats pushed to make housing more affordable to those who couldn't afford it. Risky, but home ownership does a lot for the economy and helps people get ahead. However, the current mess was caused by speculators that tried to get rich quick during a housing bubble. A housing bubble that occurred during the Bush administration. I live in Las Vegas, homes here were being bought sight unseen within minutes of being put on the market, banks were lending 100% or more, no down. People got greedy, banks got greedy, mortgage companies got greedy. The Republican president and congress (at that time) did nothing. You can blame the democrats, but frankly I believe both democrats and republicans dove into the housing bubble and are now trying to blame anyone but the idiots who bought a $600,000 home with a $50,000 year income on a 3 year arm just because the banks would lend them the money. The American people don't want to hear they were stupid, they want to blame the banks for giving them the money. |||1992? If that's true...what were Bush and his Republican congress doing for SIX YEARS? There's plenty of blame on both sides of the aisle.








Do you REALLY think it was poor people who bought all those McMansions that are now sitting in foreclosure across the country? Those 400k - 500k homes in Arizona, California and Nevada?|||The derivitives market is responsible for this mess Sorry. The mortgages are smallest piece of that pie. Credit swaps could account for 45-65 Trillion Bucks from the last article I read.





The derivatives sold from repackaged loans vastly exceed the worth of the property by many times over. Also, if you are gonna go on about Fannie and Freddie you must know that they do not sell mortgages and are only 15% of the securities market. The 85% of the market just got going in about 2002 after the deregulation of financial institutions in 2000.





Barney Frank nor any other Congressmen had any control what AIG and Goldman Sachs were doing. A lot of these monster transactions were sold overseas.





Now looking at the Republican Senate and Phil Gramm who wrote both of the bills that unravelled our last protections from rampant greed since the last Republican Great Depression of the 1930s. (Caused by the same kinds of deregulations)





The Senate is supposed to be the deliberative body. It has changed radically in the last 20 years.





If I were you I would educate yourself so that you understand the subject first. Until you understand credit swaps you d not know what is going on.





You might have heard that T. Boone Pickens just filed suit against Goldman Sachs for 1/2 a billion dollars on one credit swap he had with them. There are articles all over about this. It will help you understand what kind of Ponzi scheme they had going. When you really understand it you will be really mad. That is when you figure out that our trillion tax dollars will not help much in this phony bailout. It is a giveaway.|||Democrats and Republicans caused it. No individual party is to blame; they all are. The people of America are also responsible for believing they could actually take out a mortgage that, if they thought about it, they could never actually afford - it was obvious that in the next (inevitable) downturn, they would be unable to keep up the payments.