quote:

ORIGINAL: cuckoldmepls

Any one with any common sense would realize that the mortgage collapse was caused by both parties forcing banks to loan money to low income people at the drop of a hat. John Stossel even interviewed a black politician who revealed that the mortgage collapse was actually caused by too much government intervention. Community organizers all over this nation like Obama demanded banks loan money for low income people who couldn't prove how much money they made, had no or minimal down payment, and didn't have good credit ratings.

Common sense would tell you that people who can't save up enough money for a down payment, will most likely default on their loan at the first unexpected financial crisis such as needing a new air conditioner, new heater, new plumbing or a car breakdown. But the government forced them to loan money to them any way so they could claim that more people own homes today than ever before. Both parties were responsible for this and Obama was one of the ring leaders.

http://www.hyscience.com/archives/2008/09/obamas_dangerou.php

Bumper sticker
"Honk, If I'm paying your mortgage"

quote:

ORIGINAL: LadyEllen

Silly MissA! Obama is responsible for everything - whatever might have happened before is now totally irrelevant.

On the plus side, Obama should thereby be credited with winning WWII, some decades before being born - thats just how great he is. And in the same way he can be blamed for everything from the biblical flood onwards, that went wrong. Do you see it now?

E

quote:

ORIGINAL: MissAsylum

This could just be my ignorance, but weren't people losing their homes before Obama was elected?

quote:

ORIGINAL: Lucylastic

hahahahahahahahahaha omg you are soo soo funny

quote:

ORIGINAL: Musicmystery

Now....explain to me what the fuck a community organizer has to do with any of this.

Then explain to me what the fuck Obama had to do with the mortgage industry.

quote:

ORIGINAL: truckinslave

Via the Community Reinvestment Act, pased under Carter, unenforced under Reagan and pere Bush, vigorously enforced by Clinton, the cause of many protests and much agitation by Acorn.

Still on the books, a guarantor of future economic chaos.

quote:

ORIGINAL: Sanity


What do you know... in two clicks I found a blog that says Robert Gordons blog is full of shit:

quote:

The Real Culprit Behind the Fannie/Freddie Meltdown

From an editorial in Investors Business Daily:


Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.

Go read the rest.

quote:

ORIGINAL: mnottertail

Jesus christ.  Carter all the way thru Clinton?  Now the 'real' republicans are going to repeal healthcare, just let em in, like glass-stegall and banking and what not, what the fuck did they do when they were in power?  why didnt they repeal this community reinvestment act?  what the fuck did they do besides invade a country under false pretenses and shoot a lawyer in the face? they are repealing all the wrong shit and continue to want to do so.

quote:

ORIGINAL: mnottertail

Well, I did not care for the way that both the Clinton and Carter adminstrations handled Hurricane Katrina.  Seems like they coulda already had those dykes built up to hold those marshlands outta harms way so Bobby Jindal didn't have to be outted as a borrow and spend big government rino.

Didn't think much of FDR after he shot the lawyer in the face.

quote:

ORIGINAL: Musicmystery

quote:

Any one with any common sense would realize that the mortgage collapse was caused by both parties forcing banks to loan money to low income people at the drop of a hat.

A bizarre exaggeration. And aren't buyers still responsible for buying what they can afford? If you buy a truck you can't afford, and are underwater when you total it (as my neighbor did), is it the car dealer's/lenders fault for giving you the loan?

You're also ignoring the bundling of loans to hide weak assets and sell them. Without this, there would have been no meltdown.

Now....explain to me what the fuck a community organizer has to do with any of this.

Then explain to me what the fuck Obama had to do with the mortgage industry.

quote:

ORIGINAL: Musicmystery

Sure---you haven't provided any.

What you HAVE done is repeat your assumptions without substantiation.

You also continue to ignore a much larger and more immediate cause, the derivatives.

So we're back to square one, same questions.