|Thanks for link – but a Republican-voting friend (Yes – I am allowed to have those) already sent it to me.
As I noted to him – without context and dates/times, you can put together some awfully condemning things. Nevertheless, I looked into it at that time.
What I did find out: A group of Republicans (lead by Hagel, I believe) did try to stop this. He had ca. Republican 25 followers – almost half at the time. It was not allowed to be brought to the floor for a vote. "Strangely" it was stopped by the GOP leadership. It’s been in and out of the news in the last few days.
Interestingly, both parties were big on the take from the FM’s. Just look at how much the FM's donated to the GOP's convention! But as I said in a rant posted earlier this AM, they were not the real problem – just a distraction. (Yes – crimes were committed by people in these orgs).
The mess is a mortgage crisis brought on by people defaulting on homes – very often middle and even upper middle class people. It’s the part these people choose to ignore. Even though it accounts for the majority of this financial disaster. The FM’s are a fraction, but the root is in the legislative branch (GOP ruled at the time) relaxing regulations and the Executive Branch (i.e., “W”) not doing his job with what regulation was left.
The disaster was caused by mortgage brokers talking people into loans they could never hope to maintain should anything change (e.g., interest rates, energy costs). They got their profit from brokering the loan, then sell the loans to banks and other investors (who thought they were a good deal). Problem: they lied about the risk & no one was there to stop them. Deregulation and holding back the regulators for real-estate is exactly what Reagan did. In his case, the S&L shoe dropped while Poppa-Bush was in office. Those who don’t learn from history are doomed to repeat it.
Why did the (self proclaimed) fiscal conservatives allow this to go on? The housing boom it originally sparked was great for the economy (construction, building materials, etc.). So it was allowed. The broker commission on the loan is related to the size of the loan. I’d imagine their donations to political parties were also proportional to the size of these loans.
The congress never legislated to give out un-payable loans. The fact the so many middle class families are losing, too, testifies to the fact that it wasn’t a simple case of giving loans to people without money – the loans were just plain too big. My NYC Police detective neighbor moved in a few months ago. Now there’s a for-sale sign up. This is not the low-income bull-crap the GOP (and that YouTube video) talk about. This is what’s called an ‘inconvenient truth’.
Teddy Roosevelt knew, over a century ago, that unrestrained capitalism will eat its own children. It’s a great system for growth and prosperity. It has shown to be unequaled in creating wealth (a good thing) – until the wealth (and power associated with it) get too concentrated and competition disappears. Then the supply/demand concept fails. That’s the type of problem we’re seeing today. It’s not the concept that’s at fault, it’s humanities natural greed that gunk’s it up.
Red-Herring is the name of the game in politics. Did you ever wonder why NY State elected Hillary Clinton its senator? The GOP candidate’s mantra is was that she’s just a carpet-bagger and not from NY. He was. The problem for him was that she went and found out all about what people in NY State wanted, what they were missing, how life was in the state. Her opponent simply kept trying to give people a reason not to vote for her but no reason why they should vote for him. It was a landslide.
This is going on now, too, and unlike 2004, it’s working like it did in the NY State senate race. For the most part, McCain’s campaign had been against Obama instead of for himself. Note that I don’t like Obama (I understand the word change means whatever everyone thinks it does, which isn’t necessarily anything at all). I just know that the maverick of 2000 is now the ass-kisser of 2004 and beyond. And he supports policies that have failed for an administration that has failed, by and large, with everything it’s touched.
As always, the Democrats were blamed – but this time it seems people are recalling that the massive debit spending was done under a pure Republican rule.
‘Tax and Spend’ beats ‘Borrow and Spend’ in my book.
Our futures’ been mortgaged to the tune of $10 Billion. You already know what happens when the mortgage is too big . . .
(No Matter who wins – we’re all screwed)
"The difference between genius and stupidity is that genius has its limits." - Albert Einstein
"How do you find out if you're unwanted if everyone you try to ask tells you to stop bothering them and just go away?" - Balboos HaGadol
"It's a sad state of affairs, indeed, when you start reading my tag lines for some sort of enlightenment?" - Balboos HaGadol