WOW,....Bush has a (Deleted by Moderator)

[NewHampshire Black Bears]

I have JUST 1 very small ..teeny weeny Question(actually 2)

1. Why NOW ?
and
2. What took you so long(since the housing crisis has been going on for WELL OVER a Year) ?


The ABSOLUTE WORST...United States President,..in History !


EXACTLY.....16 weeks until election day......(MORE like "EJECTION day" of the GOP)

 

[delldude]

Before you swoon all over this forum,you should do some research on the Glass-Steagall Act and who repealled it in 1999 fomenting Bush's mortgage crisis.

Billionaire Sanford I. Weill, who according to Louis Uchitelle made "Citigroup into the most powerful financial institution since the House of Morgan a century ago," has what I call the Wall of Me leading to his office, which he has decorated with tributes to him, including a dozen framed magazine covers. A major trophy is the pen Bill Clinton used to sign the repeal of the Glass-Steagall Act, a move which allowed Weill to create Citigroup. Fittingly, Citigroup is a major contributor to guess which current Democratic Presidential candidate?

For those who can't find it on their own

 

[KCFlyer]

Before you swoon all over this forum,you should do some research on the Glass-Steagall Act and who repealled it in 1999 fomenting Bush's mortgage crisis.



For those who can't find it on their own

Wasn't the Glass Steagall Act replaced with the Gramm (isn't the McSame's economic guru) Leach Baily Act? True enough ,Clinton signed it after Congress voted on it. I also seemed to recall the good Senator Gramm (does the guy look like a turtle or what???) tacked this onto another bill that was being voted on just before Congress broke for Christmas break. Remember...as we've been told so many times since 2006...the president only signs the laws...congress makes the laws. This mess falls right in the lap of McSame's economic guru..Phil Gramm. Just Google "Phil Gramm" and "Glass Steagall Act" for more info. Is it still Clinton's fault?

 

[delldude]

Citigroup played a major part in the repeal. Then called Citicorp, the company merged with Travelers Insurance company the year before utilizing loopholes in Glass-Steagall the allowed for temporary exemptions. With lobbying led by Roger Levy, the "finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics..." These industries succeeded in their two decades long effort to repeal the act. Also, "The newly formed Citigroup announced only days after the deal that it had hired recently departed Treasurey Secretary Robert Rubin as a member of its three-person office of the chairman".

Isn't that interesting?


Sure looks like the repeal under Clinton affected the subprime lending.But of course you'll find no credible economist to admit that.

 

[KCFlyer]

Isn't that interesting?


Sure looks like the repeal under Clinton affected the subprime lending.But of course you'll find no credible economist to admit that.

I would have posted the whole 266 page report but that might be a bit much to read. It was tacked on to the government reauthorization act just hours before Congress' Christmas break.

 

[delldude]

Well intentioned boneheads created this debacle:

"Given the very high concentration of these loans in low-income and African American neighborhoods, the growth in subprime lending and resulting very high levels of foreclosure is a real cause for concern," an agency report said.

But by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.

That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."

Sen. Jack Reed (D-R.I.), a member of the Senate banking committee who brokered some of the regulatory reform in the pending bill, said HUD's homeownership push ignored reality.

"We need to focus on putting families in homes they can truly afford, not just on getting a sale, packaging the loan into a sophisticated financial security and walking away to the next closing," he said. "Today, people are wondering, 'Why weren't the regulators and the industry probing these [loans] more deeply?' "

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