Required reading

[t7017s]

This is the best article I have read at this point in regards to the financial crisis. Required reading in my opinion.

http://www.spectator.co.uk/the-magazine/features/2189196/clinton-democrats-are-to-blame-for-the-credit-crunch.thtml

[1979Shocker]

Re: Required reading

This is the best article I have read at this point in regards to the financial crisis. Required reading in my opinion.

http://www.spectator.co.uk/the-magaz...t-crunch.thtml

The American Conservative magazine disagrees with that assessment.

http://www.amconmag.com/article/2008/oct/06/00004/

Usual Suspects

Who’s to blame for the unfolding financial crisis? According to many conservatives, poor black people and, of course, Democrats.

National Review Online indicts President Carter’s Community Reinvestment Act for the meltdown. The CRA emboldened community organizers—like you-know-who—to force banks to make loans to uncreditworthy minorities, you see. Terry Jones of Investor’s Business Daily blames Clinton’s “multicultural housing policy” and his mandates to increase home ownership among blacks and Hispanics.

But as economist Michael Barr points out, about half of subprime loans came from mortgage companies that were unaffected by CRA’s mandates. Perhaps only a quarter of all subprime loans were made by banks governed by “multicultural housing” policies. Nothing excuses politically correct credit, but did community organizers really force lenders to infect all financial markets by repackaging their bad mortgages into securities? Did poor blacks invent credit default swaps?

Of course not. While these so-called conservatives criticize the misguided do-goodism of Democrats past, they ignore the present Republican administration that is pioneering socialism for the rich.

Bush proposed an “ownership society,” saying that Americans would prosper when they were given more economic freedom and accountability. Now the same administration insists that prosperity depends on bailouts, that accountability means disaster. Instead of Americans owning their own homes as free individuals, the Bush administration has made all of us collective owners of the worthless banks and lenders that ruined the real estate market. Never have so many owed so much to so few.

[SFL]

... and another good one:

“Up to now, conventional wisdom on the financial meltdown has relegated ACORN and the CRA to bit parts. The real problem, we’ve been told, lay with Fannie Mae and Freddie Mac. In fact, however, ACORN is at the base of the whole mess. ACORN used CRA and Democratic sympathizers to entangle Fannie and Freddie and the entire financial system in a disastrous disregard of the most basic financial standards. And Barack Obama cut his teeth as an organizer and politician backing up ACORN’s economic madness every step of the way.”

http://article.nationalreview.com/?q=ZjRjYzE0YmQxNzU4MDJjYWE5MjIzMTMxMmNhZWQ1MTA=&w=MA==

P.S. May God have mercy on us. :(

[WstateU]

hmmm...

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."


n Andrew Jackson
(1767-1845) 7th US President

n Source: in 1836, Jackson forced the closing of the Second Bank of the U.S. by revoking its charter

[WstateU]

... and another good one:

“Up to now, conventional wisdom on the financial meltdown has relegated ACORN and the CRA to bit parts. The real problem, we’ve been told, lay with Fannie Mae and Freddie Mac. In fact, however, ACORN is at the base of the whole mess. ACORN used CRA and Democratic sympathizers to entangle Fannie and Freddie and the entire financial system in a disastrous disregard of the most basic financial standards. And Barack Obama cut his teeth as an organizer and politician backing up ACORN’s economic madness every step of the way.”

http://article.nationalreview.com/?q=ZjRjYzE0YmQxNzU4MDJjYWE5MjIzMTMxMmNhZWQ1MTA=&w=MA==

P.S. May God have mercy on us. :(

Hmmm... maybe the ACORN is ready to 'crack'?

ACORN Vegas Office Raided in Voter Fraud Investigation

"Secretary of State Ross Miller said the fraudulent registrations included forms for the starting lineup of the Dallas Cowboys football team."

http://elections.foxnews.com/2008/10/07/acorn-vegas-office-raided-voter-fraud-investigation/

[Shockfan8]

This explains it all.........

Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each.

The villagers seeing that there were many monkeys around, went out to the forest, and started catching them.

The man bought thousands at $10 and as supply started to diminish, the
villagers stopped their effort. He further announced that he would now buy at $20.

This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms.

The offer increased to $25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50!

However, since he had to go to the city on some business, his assistant would now buy on his behalf.

In the absence of the man, the assistant told the villagers. 'Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each.'

The villagers rounded up with all their savings and bought all the monkeys.

Then they never saw the man nor his assistant ever again, only monkeys everywhere!

Now you have a better understanding of how the stock market works.

[shocrates]

I remember when GWB said that and I wanted to jump through the television. I thought at the time, some people just shouldn't own a house. That is one of many conservative values he sold out on. Reagan was rolling over in his grave.