The facts about who caused the current economic disaster

[GunLawyer001]

http://www.americanthinker.com/artic...XF77g.facebook

[jthrelf]

It's so simple and obvious, but this will fall onto mostly deaf ears. I am so sick of the lies from the leftist elites.

[streaker69]

tl;dr Bush's fault.

[JAKIII]

tl;dr Bush's fault.

Regardless if it was actually his fault, he and his administration had EIGHT YEARS to recognize the shit-storm that was coming... and do something to avert it.

[GunLawyer001]

Regardless if it was actually his fault, he and his administration had EIGHT YEARS to recognize the shit-storm that was coming... and do something to avert it.

Yes, it would have gone over so well, to systematically foreclose on the homes of mostly deadbeat blacks and Latinos.

The article contains a very telling fact, that the default rate BEFORE they lowered the standards for minorities was already higher for minorities than for whites; so when they expanded the pool and accepted more minorities who were likely to default, the outcome was sealed.

The worst bit of hypocrisy is that Congress blackmailed the banks into lending money to people who probably couldn't pay it back, and then the banks were accused of "predatory lending" for lending money to people who probably couldn't pay it back; and THEN Congress insisted that the solution to the fuckup caused by Congressional meddling was MORE Congressional meddling.

Just another of the myths spread by Progressives and believed by ignorant morons.

Like the "gender pay gap" which they insist is women being paid less for the exact same jobs than men, when in fact they are comparing nurses to truckdrivers, construction workers to secretaries. They look at a 50 year old man and a 50 year old woman and see that the man is making $100K and the woman only $70K, and that must be gender-based discrimination, even if the woman took a few years off for kids, and she always left work on time while the man worked late, and the man worked at a job that killed workers and the woman did not (the vast majority of employees killed at work are men, because women don't like the dirty, dangerous jobs.)

Progressives ignore the details because it gets in the way of their victim myths. Poor people were not the victims of banks, banks were the victims of Congress who deceived poor people into voting for them because of the lie that Congress knows best and is looking out for them.

[bamboomaster]

Great link, Phil.

"Selective negligence" was a driver in the gestation of the 2008 shit-storm. All elected and appointed regulatory officials were free to selectively neglect obvious signs (if you can fog a mirror, you're approved, liar loans be damned) of the end of a business cycle.

Solutions such as "We'll cross that bridge when we come to it" didn't work very well, did they?

The bright point of this disaster is that it put control back in the borrower's corner, however briefly. "Jingle mail" (sending the keys back to the lender) worked like a charm and actually moved the default issue to the head of the line.

Additionally opportunistic entrepreneurs found innovative and tax free methods to harvest and recycle copper wire and pipes, kitchen appliances, and bathroom fixtures...which enabled some in the local economies to pull themselves up by their bootstraps.

[brewguy]

This goes way beyond lending to minorities. I looked at several foreclosed houses in our area and couldn't believe the loan history. Some were really run down and would have been for many years and yet you could see every year they would refinance for more money. Several were last financed at $350k and now selling for $100k. The banks just kept lending more and more money using adjustable rate loans. They knew that no one would be able to pay them back once the initial rate ended.

Still not to say that Clinton didn't kick it off.

[streaker69]

This goes way beyond lending to minorities. I looked at several foreclosed houses in our area and couldn't believe the loan history. Some were really run down and would have been for many years and yet you could see every year they would refinance for more money. Several were last financed at $350k and now selling for $100k. The banks just kept lending more and more money using adjustable rate loans. They knew that no one would be able to pay them back once the initial rate ended.

Still not to say that Clinton didn't kick it off.

There's a McMansion near us that has been bought and sold at least a dozen times since we bought our place in 2002. We've been trying to figure out why this one place continually gets rolled over.

[bamboomaster]

There's a McMansion near us that has been bought and sold at least a dozen times since we bought our place in 2002. We've been trying to figure out why this one place continually gets rolled over.

Is it haunted?

[DMG]

Regardless if it was actually his fault, he and his administration had EIGHT YEARS to recognize the shit-storm that was coming... and do something to avert it.

Many of the bad loans were already out there. And he would not have been able to change the law in the politically correct, minority worshipping era he was president in.