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Many states were being lead by liberals, who were mainly elected in 2006. These states went into economic depression quickly! Great examples of this are NY, NJ, Illinois, California, and Michigan. Michigan’s Governor, Jenifer Granholm increased spending, raised taxes, and expanded the state government. Thanks to her, the once vibrant economy in Michigan went to hell. The same values used by Republican Governor Arnold Schwarzenegger of California, lead California into economic collapse!
The Community Reinvestment Act (CRA) started this entire mess. If you did not know already, the fall of our banks, housing markets, and the oil crisis in the summer of 2008 lead us to our demise. The Community Reinvestment Act started it all. This Act was passed in 1977 by Congress to address the so-called discrimination by banks, which would not lend money to most minorities. The act provided that banks have “an affirmative obligation to meet the community’s needs.” in 1995 the Clinton Administration’s Treasury Department issued regulations tracking loans by neighborhoods, income groups, and races to rate the performance of banks. The ratings were used by regulators to determine whether the government would approve bank mergers, acquisitions, and new branches. The regulations also encouraged liberal-aligned groups, such as the Association of Community Organizations for Reform Now (ACORN) and the Neighborhood Assistance Corporation of America (NACA), to file petitions with regulators, or threaten to, to slow down or even prevent banks from doing their business by challenging the extent to which banks were issuing these loans. With such great leverage over the banks, many of the liberal groups were able to legally extort banks and make huge pools of money available to them. Then with such power over the banks, the government and groups were able to force the banks to give out loans to individuals who had bad credit or insufficient income. These loans are known as “sub-prime” loans. Most estimates put the figure of CRA-eligible loans at $4.5 trillion dollars lost to the banks… In 1992 the Department of Housing and Urban Development pressured two government chartered corporations, known as Fanny Mae and Freddie Mac, to buy large bundles of those sub-prime loans for the conflicting purposes of diversifying the risk and making even more money available to banks to make further risky, sub-prime loans. Congress also passed the Federal Housing Enterprises Financial Safety and Soundness Act, which mandated that those companies buy 45% of all loans from people of low or moderate income… In 1995 the Treasury Department under the Clinton Administration established the Community Development Financial Institutions Fund, which provided banks with taxpayer money to allow the banks to give out more risky, sub-prime loans. All of these actions turned the sub-prime mortgage market into a huge ticking time bomb that would magnify the housing bust by orders of magnitude… These policies lead to the housing boom which was seen in the 1990’s and early 2000’s. But it all eventually back fired when loans weren’t being paid back. The banks ended up losing more money than they were making - that lead to the collapse of our banks. This also led to the housing market’s demise or BIG bust… How did this affect the housing market? Well there were no more loans being given out, since the banks finally began to collapse. With no one buyiing due to lake of loans and thousands of houses going into foreclosure it is easy to see how the housing market went to hell… As you can see, the liberals caused us the major reason for our demise. All because they believed people had the right to houses--which no one really does. You can spend 50 hours reading the constitution and the declaration of independance, and you will never find any type of language that says we are entitled to a house. That is how the banking system broke... NOT Deregulation. This was the real reason for our economic mess.
Sorry, I didn't bother to read the whole rant, but you do know that Arnold is a Republican, right? Whether he used the same policies or not, you said that liberal leadership was the problem, when in this case, the gov goes (perhaps under the guise) as one of your people. Republican leadership in the highest office for 8 years didn't seem to help this apparently "liberal" problem - in case you haven't noticed, the entire country is suffering...I don't need to write 10 paragraphs to prove that. You call us idiots, when clearly it is you who cannot see that this is an American problem. Put your bulls*** partisanship asside for a moment, take a step back, and see what ails America, not what you think makes your party look good...who cares about that? People need to eat.
Your point is? Clinton was more a moderate than a liberal. Also the sources you listed, National Review, heritage.org, and Newsmax, and the Wall Street Journal all lean toward the right or lean heavily toward the right, so of course they would blame everything on the Democrats. The only source that you listed which isn't biased is Factcheck.org. Clinton was partly responsible because he wanted more people to own homes.You also forget to mention that it is Republicans who want deregulation of the financial system and it was Reagan's policies that lead to the Savings and Loans collapse in the 80's. You asked any economist and they will say that both the Democrats and Republicans policies are just as responsible for the economic crisis.
First off, ACORN had nothing to do with CRA. And there is ABSOLUTELY nothing in the CRA that forces banks to give loans to people who : 1) can't afford the monthly payment, 2) can't prove their ability to pay it back 3) don't have stable credit ratings. Anyone who says otherwise, like you, is a boldfaced liar or completely confused. The only thing the CRA did was prevent banks from being able to discriminate against people who could proev the ability to pay their loans back because the property they wanted to buy wasn't in a a rich industrialized area. Until the CRA, most working class people were forced to rent, while the rich who didn't need loans were the only ones getting them. Until the CRA working class people couldn't ever afford to buy their own homes, because the only places the banks would lend were rich neighborhoods where the homes where well out of the range of most people being able to afford them. ALSO, only about 25% of defaulted home loans can be attributed to Adjustable rate Mortgages or sub-prime loans. Other were people who could afford their loans at teh time they recieved them but when your gas goes from costing you $100 a month to $400 a month that is almost a home payment right there. Then you have the Bush admin raising minimum monthly payments on revolving credit accounts whihc hit many Americans hard to. You obviously don't have a clue what is going on.
I just wanted to point out that the Community Reinvestment Act is NOT the main cause of the economic crisis. The main cause is the Federal Reserve System and its magic printing press (Alan "The Undertaker" Greenspan created the crisis and Helicopter Ben Bernanke is going to make it worse). The Community Reinvestment Act is definitely a bad thing, but the Fed was the entity responsible for giving the banks easy credit to comply with the CRA.
Hey kid, what are you like 10? American has been in decline since the 1980s when someone got the bright idea to disassemble regulation protecting American workers from cheaper offshore labor. American businesses will continue ot leave America as long as you want to make something other than just enough to survive. In China, you can live well on $5000-9000 a year. Try to do that in America. Why is that? Because if their citizens buy products made in China, they are far cheaper. They don't have to pay a huge price for medical bills and insurance premiums, and their employers don't either. But people like you oppose anything that would give America the ability to compete on the same level. The system was broken because of deregulation. It led to de-industrialization just as it did in Europe when they did it in the 1950s. The same deregulation that right-wingers support in America led to de-industrialization of europe and the need to implement huge social programs to allieviate the suffering of the unemployed. maybe you should sudy a bit harder in school, before coming on here trying to act like you know something because you read it on a blog. our current problems with the banks occured thanks to phil Gram and his Financial Services Modernization Act, which was an attempt to allow large banks to monopolize all asset management services. They would have succeeded if it wasn't for the American Realtor's Association that fought them on the Mortgage and real estate services. But they were allowed to consolidate everything else, like insurance, investment, finance and banking under one roof leading to them being able to write their own Credit default swaps and sell them. Something that was made illegal durng the Great Depression because they viewed it as part of the problem causing economic collapse. That is why they wrote the Glass-Steagall Act. They wrote 30-35 trillion dollars worth of Credit defaults swaps, which they had to pay out when the real estate market slumped as a result of high gas prices making it hard for people to pay their bills. You need to stick to the comic books kid. <If avail was right about deregulation being the cause of major down slopes, Jimmy Carter would be one of the best presidents for his massive regulations.>> completely different type of regulations genius. They don't all affect the economy the same. If you know nothing of politics, know nothing of History or economics, why try to act like an expert? Why aren't asking questions? BTW Jimmy Carter's problems stemmed from meddling in the middle east just like Bush's. Or aren't you familiar with the Carter Doctrine that sounds exactly like Bush philosophy?! You right-wingers need to start taking more of the responsibility you claim to. Start walking the walk instead of talkign the talk Poindexter.
You're the idiot because I live in Michigan and know you don't know what you're talking about.Michigan's problems started before Granholm became Governor.You didn't mention the republican jerk who was in office before her.He shut down state mental hospitals so he could cut taxes!Which put a lot of unstable people out on the street adding to the homeless.He took a billion dollar road rainy day fund and turned our roads into some of the worse in the country.He did a lot more damage then that during his 8 years in office. You know what this great Michigan Governor did as soon as he left office?Left state for Texas!
See? If the ones idiots have been on Y|A, they might no longer make the ones errors. They'd have have learn this publish and might realize bigger! Lighten up, men and women. It's a funny story answer to a funny story. I realize, I realize, I must stop comedy.
Check your facts again. Many are misstated Also, mississippi does not have a liberal leader or government. I live here. You left out the 1920's and the making of the federal reserve. Which lead to most of all these problems. It is not a party, it is a system.
The CRA only applied to one of the top 25 subprime lenders.
Yep, I have always said I felt Obama got into our demise by forging with ACORN to get these sub prime loans just so our economy would go in the dumper before voting time. He then could blame Bush when he should have blamed Clinton, but that was not good strategy. tell the people how bad they have it and they will believe it. Remember even Bill Clinton told Obama to quit talking so negative.