Too little revenue, too much spending, three wars that we borrow $16 billion a month to finance, that is just the simplified version of our thirty years of stupidity.
16 Statistics Which Prove That The American People Are Absolutely Seething With Anger
- Thread starter Mr. T
- Start date
Too little revenue, too much spending, three wars that we borrow $16 billion a month to finance, that is just the simplified version of our thirty years of stupidity.
cawacko
Well-known member
That caused the meltdown???
Fifty years. It's been over fifty years since we actually lowered the national debt by any amount.
cawacko
Well-known member
You are correct but that's not what caused the 2008 financial crisis.
So, you don't believe that the Debt Crisis was in any way caused by debt?
cawacko
Well-known member
So the housing bubble was caused by debt because that was at basis of the meltdown?
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Ahhh...the sentiments of a true pinhead believer.....thoroughly soaked in the slimey lies of the democrat party....
Try some historical facts....
The Great Recession.....Started-12/2007 - Ended-6/2009.....18 months long...
Its over and has been for 2 years.....
The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to a global financial crisis, even as oil and food prices soared. The crisis led to the failure or collapse of many of the United States' largest financial institutions: Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers and AIG, as well as a crisis in the automobile industry. The government responded with an unprecedented $700 billion bank bailout and $787 billion fiscal stimulus package. The National Bureau of Economic Research declared the end of this recession over a year after the end date.
Investigations into Fannie Mae and Freddie Mac reveal details of corruption
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam
Explosive Video, Fannie Mae CEO calling Obama and the Dems the "Family" and "Conscience" of Fannie
Burning Down The House: What Caused Our Economic Crisis?
Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
Barney Frank in 2005: What Housing Bubble?
EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make
I wasn't much into politics when I was 6.
Yes. It was caused by debt. What do you think those toxic loans were if they were not debt? Each President in succession wanted to be able to say "More <insert whatever minority group or even just Americans here> own houses than ever before!"
Now, we can "fix" this by rebuilding that same bubble, or "punting", or we can be responsible and build our economy on something other than foolish debt.
cawacko
Well-known member
Yes but Rana said it was lack of revenue, too much spending and wars that caused it. I have no idea how the wars or tax cuts caused the government to want higher home ownership or that caused banks to leverage themselves to the max or the removal of glass steagal.
The post was about what the people of the USA are angry about and I thought you were talking the USA financial crisis, not the banking industry's crisis. What has caused individual financial crisis is as varied as people!
Mr. T
Verified User
Mr. T
Verified User
No I dont get my info from Fox Glenn back or any of the others that you offer I speak directly toAaron Burr who has come back from the dirt to enlighten us.
cawacko
Well-known member
I was responding to bfgrn's comment about the financial crisis in '08 with my question.
Bfgrn
New member
EVERYTHING being perpetrated by Fox News, right wing talking heads and every other mouthpiece for the elite is nothing but bullshit social propaganda being spoon fed to parrots like bravo.
Here is what we DO know:
1) The financial crisis was not caused by low and middle income families buying a home.
2) It was not caused by dead beat poor people.
3) Fannie and Freddie were not to cause.
4) The Community Investment Act was not the culprit either.
The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a large segment of buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from their mortgages, leaving people who bought homes to live in with lower values on their house and neighborhood.
AND, what really sucks for the right wing propaganda of lies, all the way back to the late '90's there was one very outspoken and vocal critic of predatory lending practices, they even held protests at companies like Wells Fargo and Lehman Brothers...ACORN
Barry Ritholtz -financial expert has written time and time again about the lunacy of blaming Fannie and Freddie. He's so sure of his position that he's offered $100,000 to anyone who can prove him wrong. Here's Ritholtz debunking the Fannie and Freddie meme:
* The origination of subprime loans came primarily from non-bank lenders not covered by the [Community Reinvestment Act, a law pushing the two GSEs to purchase more loans in the secondary markets and thus expand access to housing loans to low-income neighborhoods];
* The majority of the underwriting, at least for the first few years of the boom, were by these same non-bank lenders;
* When the big banks began chasing subprime, it was due to the profit motive, not any mandate from the President (a Republican) or the Congress (Republican controlled) or the GSEs they oversaw;
* Prior to 2005, nearly all of these sub-prime loans were bought by Wall Street—NOT Fannie & Freddie;
* In fact, prior to 2005, the GSEs were not permitted to purchase non-conforming mortgages;
* The change in FNM/FRE conforming mortgage purchases in 2005 was not due to any legislation or marching orders from the President (a Republican) or the the Congress (Republican controlled). It was the profit motive that led them to this action.
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More...
WSJ - Fed’s Kroszner: Don’t Blame CRA
WSJ - Fed’s Kroszner: Don’t Blame CRA - The Sequel
Reuters - UPDATE 2-Lending to poor didn't spur crisis
Don't Blame the Community Reinvestment Act
Business Insider - Here's Why Fannie And Freddie Are Not At Fault For The Housing Bubble
Center for Responsible Lending - CRA is not to Blame for the Mortgage Meltdown
Don't blame Fannie and Freddie
Private sector loans, not Fannie or Freddie, triggered crisis
ForeclosureS.com - ACORN - Progress in the Fight Against Predatory Lending
Acorn Led Financial Sector With Warnings on Lending
Biggest Defaulters on Mortgages Are the Rich
The Millionaire Foreclosure Club
Foreclosure double standard: Why the rich get away with defaulting
More Rich People Default On Mortgages
The rich bail faster on mortgages
Biggest Defaulters on Mortgages Are the Rich
Rich Borrowers More Likely to Default on Mortgage
Foreclosures & Walking Away: 60 Minutes Eyes an ‘Epidemic’
Speculation By Investors Largely Cause Of Foreclosure Crisis
How the Foreclosure Crisis Started: Investors, Speculators, Mortgage Fraud & Lax Lending Standards
"Eighty percent of Republicans are just Democrats that don't know what's going on"
Robert F. Kennedy Jr.
Cawacko, this is a troll thread. Should you really be posting in it?
Mr. T
Verified User
Says the duche bag Noid, that has never contributed to one single point of any political conversations on this board.
So, you read my 3060 posts I see.
W
WinterBorn
Guest
Obama was elected on a handful of serious promises and the color of his skin.
What campaign promises has he kept? That we would get out of Iraq? That we would close Gitmo? That he would "fix" the economy? That he would make gov't more transparent?
What campaign promises has he kept? That we would get out of Iraq? That we would close Gitmo? That he would "fix" the economy? That he would make gov't more transparent?