The only thing worse than your spelling is your knowledge of economics. You continue to spout nonsense, yet think you are 'kicking ass'. It is truly comical.
The very fact that the loose standards in the mortgage industry are due to DEMOCRATIC policies escapes you. It was Democrats who wanted more of the sub prime debt issued in poorer neighborhoods. It was a Democrat who deregulated the financial sector. The tax cuts had nothing to do with the housing meltdown. Barney Frank, the champion of Fannie and Freddie, didn't listen when told there were escalating problems with F&F.
This is just wrong, SF, on a host of levels. First, the overwhelming majority of subprime lenders were not subject to the CRA and subprime lending was not done to a large degree by CRA-regulated entities. Second, financial sector deregulation was bipartisan, but it was championed by Republicans. You are aware that Phill Gramm, Jim Leach and Tom Bliley are Republicans, aren't you?
Third, the problems with Fannie Mae and Freddy Mac were largely not associated with subprime mortgage lending and, to the extent they were engaged in arguably subprime lending, their delinquincy rates were dramatically lower than other subprime originators. The problems with the GSEs were brought about because of their low capital requirements not because of the nature of the loans they were making, which largely were not subprime, and their purchases of AAA-rated bullshit. The main role that the GSEs played in the financial collapse was in purchasing AAA-rated bullshit, not by engaging in subprime lending.
Finally, Barney Frank didn't get in the way of any regulation of Fannie Mae and Freddy Mac. He voted against a particular bill that regulated them, but that bill passed the House anyway. It then proceeded to the Republican-controlled Senate and didn't make it out of committee. That's not the fault of Barney Frank or the Democrats.
In fact, upon the Democrats gaining the majority in 2007, Barney Frank sponsored a very similar bill with the Republican author of the bill that stalled in the Senate. That bill also passed the House only to die in the Democratic-controlled Senate. Barney Frank had nothing to do with it.
When in power in Congress in 2007, the Democrats did nothing to solve the problem. When they took over the White House in 2009 and had complete control of Congress, they did not resolve the issues that led to the meltdown.
By 2007 there wasn't much that could be done. The housing sector was already crashing. The seeds for the financial collapse had been planted long before the Democrats gained control of Congress. The recession began 11 months after they took office.
Your Democrats have failed you Desh, yet you continue to pretend it is 'the right' whose policies have failed.
Those things aren't mutually exclusive, SF.
