In 1977, Jimmy Carter’s (oh God) Community Reinvestment Act required banks and savings institutions to make loans to the lower-income areas in the communities they served.
It was downhill from there. JC may well turn out to be the worst president ever, even more so that FDR or Clinton.
The Paineful Truth:In 1977, Jimmy Carter’s (oh God) Community Reinvestment Act required banks and savings institutions to make loans to the lower-income areas in the communities they served.
K: You are blaming Jimmy Carter for the recent economic disaster? Are you kidding? You can’t be serious?
You may as well blame Abe Lincoln or George Washington.
It was downhill from there. JC may well turn out to be the worst president ever, even more so that FDR or Clinton.
K: gigle, giggle, worse then FDR OR CLINTON? Now, I know you are just joking.
Worse president ever? LOL, My, oh my, oh my. I didn’t take you as a jester, a class clown.
But now I must reevaluate my opinion of you. It seems you do have a sense of humor, I just didn’t know.
Kropotkin
PT,
Is Imp feeding you this line? It sounds awfully familiar… 
Far more proximate and responsible for the economic meltdown is John McCain’s associate, former Senator Phil Gramm. Gramm led the charge in 1999 to repeal a banking regulation law that contributed significantly to today’s economic turmoil. Gramm’s deregulation effort was more about facilitating mergers than creating an efficient regulatory framework. And his role in restructuring of the nation’s investment houses and practices didn’t stop there. A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss bank UBS bought brokerage house Paine Weber. Two years later, Gramm became vice chairman of UBS’s new investment banking arm. He was a major player in its government affairs operation. Gramm lobbied Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages. USB paid Gramm big bucks for his lobbying and underwrote $18 billion in subprime loans.
Hey guys, I graduated in 06 and now trying to go to school and I have spent hours looking for scholarships and can’t seem to come up with anything. I was wondering if anyone knows of any grant money that a first time college student whose high school grades are only average. I have taken out loans for now but if I can find some grants it would make it easier to just go to school. Can you plz help me?
Did anybody else see the CEO’s of these huge hedge funds, who are making record profits off of this? There was an article in Time or some other magazine about how they predicted this was going to happen.
The sad part is, instead of warning everybody else and taking steps to prevent it, instead they positioned themselves to profit from it.
You attack the dogs who scavenge the carcass and ignore the killer.
BTW, Bush warned about the mortgage crisis I think 17 times. But he didn’t use a megaphone and then he really bunged it up with this bailout. Never mind that it was leftist pressure to make these bogus loans to people who couldn’t afford them so that, in Barney Franks words, we could have “affordable housing”; and then Fannie Mae and Freddy Mac made it worse by buying up those loans and cooking the books in order to increase the bonuses of their CEO’s.
In isn’t that complicated, but complicated enough that the Truth can be mangled and the people won’t attempt to find the answer, particularly when you throw in political bias into the mix. Looking at our 401-k’s and IRA’s may finally get us riled up enough to ask, but whose answer do you think we’re gonna hear?
Christ! we deserve to crash and burn.
I agree. But it’s still a shame that everybody is punished when it’s not everybody’s fault.
60 Minutes said it was a new financial product made legal in 2000 that led to the economic meltdown. They said in 2000 they allowed banks to sell bets on the stock markets and the banks failed because there were too many winning bets that the banks couldn’t cover them. The debt that the banks have is now owed to people who placed the bets.
Is self-blindfolded ignorance, apathy and couch potatory an excuse? Yes we trusted the schools to teach us what we needed to know to thrive, but if you’re not paying attention… No not everybody deserves the consequences (like me for instance 
), but I’ll say it to myself like I say to others, life ain’t fair. I didn’t try hard enough. I didn’t chain myself to the Jefferson Memorial…or something.
No, the banks were encouraged (and pressured) to make loans to people who couldn’t afford them. Millions of loans. Freddie Mac and Fannie May swept them under their rug. We were given warnings, but Congress (Democrats and Republicans) ignored them. It got to the point the rug couldn’t begin to cover all the mess so the first wind created the chaos.