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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Repeal of the Glass-Stiegel Act (NT) Posted by kevin skurzewski on February 21, 2010 at 1:31 PM In Reply to: Re: Repeal of the Glass-Stiegel Act (NT) posted by Patty on September 16, 2008 at 9:12 PM : http://www.rushlimbaugh.com/home/daily/site_091608/content/01125109.guest.html : : The real culprits in this meltdown: "Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it." Let me give you some of the details here from the Investor's Business Daily editorial. It was the Clinton administration -- and we have Robert B. Reich backing this up on television last night -- "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. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making." Robert B. Reich just confirmed this last night on TV. "It was either that or face stiff government penalties," if you didn't loan to these people. : "The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but 'predatory.'" See, the very people that designed the program that led to all of this mess now get to blame the private sector and they're put back in total control and charge of it. "Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck. And it was the Clinton administration that mismanaged the quasi- governmental agencies that over the decades have come to manage the real estate market in America. As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud." : Can I translate that for you? Franklin Raines was a Treasury employee, some sort of cabinet secretary in the Clinton administration. He ends up at Fannie Mae and pays himself a hundred million bucks from 1999 to 2005, and they finally had to get rid of him because the scandal could not be contained. Democrats propped up this, Carly! Bush didn't do any of this. "Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million." Gorelick again. "In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk. But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America." Hello, Mr. Chris Dodd, number one receiver of campaign contributions from Fannie Mae. "At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households. The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists." : : Clinton may have signed it, but the Republican controlled congress pass the legislation, after $300 Million was spent in lobbying by banking interests. : : John : : : Rush Limbaugh covered it very clearly on Sept 16 program....it was the Democrats that started the ball rolling toward the current economic collapse in the financial markets. : : : Check it out. : : : : : I think the current bloom in foreclosures is primarily due to many, many lenders lending to many, many unqualified buyers. The fact that lots of parties on both sides profited immensely, is obvious. : : : : : But what made it all possible in the first place is less well known. Do you have an article on that topic? : : : : : : : : : : -----Ward : : : : : : : : : : ======== Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : http://www.rushlimbaugh.com/home/daily/site_091608/content/01125109.guest.html : : : : The real culprits in this meltdown: "Barack Obama and Democrats blame the historic financial turmoil on the market. But if it's dysfunctional, Democrats during the Clinton years are a prime reason for it." Let me give you some of the details here from the Investor's Business Daily editorial. It was the Clinton administration -- and we have Robert B. Reich backing this up on television last night -- "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. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making." Robert B. Reich just confirmed this last night on TV. "It was either that or face stiff government penalties," if you didn't loan to these people. : : "The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but 'predatory.'" See, the very people that designed the program that led to all of this mess now get to blame the private sector and they're put back in total control and charge of it. "Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the '90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck. And it was the Clinton administration that mismanaged the quasi- governmental agencies that over the decades have come to manage the real estate market in America. As soon as Clinton crony Franklin Delano Raines took the helm in 1999 at Fannie Mae, for example, he used it as his personal piggy bank, looting it for a total of almost $100 million in compensation by the time he left in early 2005 under an ethical cloud." : : Can I translate that for you? Franklin Raines was a Treasury employee, some sort of cabinet secretary in the Clinton administration. He ends up at Fannie Mae and pays himself a hundred million bucks from 1999 to 2005, and they finally had to get rid of him because the scandal could not be contained. Democrats propped up this, Carly! Bush didn't do any of this. "Other Clinton cronies, including Janet Reno aide Jamie Gorelick, padded their pockets to the tune of another $75 million." Gorelick again. "In the end, Fannie had to pay a record $400 million civil fine for SEC and other violations, while also agreeing as part of a settlement to make changes in its accounting procedures and ways of managing risk. But it was too little, too late. Raines had reportedly steered Fannie Mae business to subprime giant Countrywide Financial, which was saved from bankruptcy by Bank of America." Hello, Mr. Chris Dodd, number one receiver of campaign contributions from Fannie Mae. "At the same time, the Clinton administration was pushing Fannie and her brother Freddie Mac to buy more mortgages from low-income households. The Clinton-era corruption, combined with unprecedented catering to affordable-housing lobbyists." : : : : Clinton may have signed it, but the Republican controlled congress pass the legislation, after $300 Million was spent in lobbying by banking interests. : : : John : : : : Rush Limbaugh covered it very clearly on Sept 16 program....it was the Democrats that started the ball rolling toward the current economic collapse in the financial markets. : : : : Check it out. : : : : : : I think the current bloom in foreclosures is primarily due to many, many lenders lending to many, many unqualified buyers. The fact that lots of parties on both sides profited immensely, is obvious. : : : : : : But what made it all possible in the first place is less well known. Do you have an article on that topic? : : : : : : : : : : : : -----Ward : : : : : : : : : : : : ======== [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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