Bluegrassrivals

You think the Republicans are to blame for our financial mess? Watch this and pay attention to the second half.



It seems like everyone just assumes that Barack will beb great because he's a Democrat but they don't actually look at any of his information.

BFritz Wrote:You think the Republicans are to blame for our financial mess? Watch this and pay attention to the second half.



It seems like everyone just assumes that Barack will beb great because he's a Democrat but they don't actually look at any of his information.

Human beings, deregulated, degenerate into anarchy, where each individual's self-interest has to be served...that this principle is believed to somehow migrate toward the common good reveals a view of human nature far, far from what human history unveils. The deregulation of financial industries enthroned unchecked avarice. Let the blame fall where it may.

Here's another interesting fact about CRA (Cummunity Reinvestment Act) which was implemented by Jimmy Carter.

Here's part of an article from the New Youk Times dated September 30, 1999.

"Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits".

"[I]In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. "
[/I]
Read the rest of the story below.

http://query.nytimes.com/gst/fullpage.ht...gewanted=1