Burning Down The House: What Caused Our Economic Crisis?

Interesting video.

Let's face it. EVERYONE saw this train wreck coming while it was happening. How many of you wondered how it was suddenly possible for all of these mid 20 year olds making 30k to own $500,000 (or more) homes?

Government clearly got us into this mess. And now with the bailout strategy, it will dig the hole deeper.

:shk:

Btw, I'd love to see some rebuttals of the McCain/Obama facts presented in the video.

I know it gets a little sappy in the end, but hey, the content is really what is important.

[edit on 27-9-2008 by loam]

....aaaand......
the "community reinvestment act" is a carry over from the ideals set forth in the 'Great Society' program...

idealistically a good program...but the starry eyed, PC crowd, sure did not see the ramifications when the money grubbers got ahold of the inspiration and twisted the mortgage lending standards for the whole economy.

a bubble ensued, and every level of banks & bankers packaged unwise debt securities and passed most of them off on a duplicitious public and financial community- - - here and abroad.


let's have a Beggars Banquet at the Inauguration ceremony

Barney Frank and Chris Dodd are the committee heads in the Senate that pushed this legislation through forcing the banks into make home loans to those that couldn't afford it.

Dodd is a hypocrite of the first order as was his father, Thomas Dodd. Thomas Dodd and his fellow Senator from Conneticutt was none other the Prescott Bush. Quite a duo. (Sen. Thomas Dodd may have been responsible for Oswald's ordering of the Mannlicher-Carcano.)

Anyways, Dodd and Barney Frank are the LAST 2 SENATE GOONS to give us an explantion as to what happened. They are the cause As the video shows, this mess belongs in the house of the Democrats. And as usual, they want taxpayer funds to bail out the banks. What a sham.

How about these Senator give up their Senate pay and then make the banks pay for for their mistakes, just as we, the American people must do. The American people do not operate in the Fraction Banking System and must make ends meet, dollar for dollar.

Folks can blame Bush all you want, but Congress is responsible for the budget and the Federal Reserve controls the busness cycle through the expansion or retraction of the money supply. Blaming or congratulating a President for the state of the economy is part of the misdirection conspiracy at play in this country for over 50 years. And everyone eats it up.

The dregs asking for US taxpayer bailouts are the sameones that caused it. Takes a lot of gall, IMHO.

Does the President have the authorization for a line item veto of the budget or must he approved the budget as a whole?

Well, yeah. big brother is partially to blame, but.... people should have more sense. You can't make a dollar and spend five dollars. It just doesn't work.

Originally posted by Oldnslo
Does the President have the authorization for a line item veto of the budget or must he approved the budget as a whole?

The Line Item Veto Act of 1996 was challenged as unconstitutional by a US District judge in 1998 and ruled out. To put the act back into effect, it has to be constitutionally amended.

Originally posted by stander

Originally posted by Oldnslo
Does the President have the authorization for a line item veto of the budget or must he approved the budget as a whole?

The Line Item Veto Act of 1996 was challenged as unconstitutional by a US District judge in 1998 and ruled out. To put the act back into effect, it has to be constitutionally amended.

Thanks for the answer. I thought the ruling went against the Presidents request, but was not sure.

This makes Obama's and the Democrats claims that the 8 years of Bush's "failed economics policies" is nothing but a load of hooey. The President can only approve or veto the entire budget as presented to him by Congress.

Responsibility for this fiasco, as I stated before, lies with Frank, Dodd and the utterly irresponsible actions of the Federal Reserve Corporation.

In most cases, he President is therefore relegated to being just a chearleader, unless his party control both house of Congress. There he may have direct imput, but no necessarily so.

But in this case, the Bush family got its start in the banking business with Brown Brothers Harriman, the oldest and largest partnership bank in the United States. The Bush's made a fortune from Prescott's activities this banking firm. (worthy of further examination!!!)

GWB may have no say in the overall economy, but he's up to his eyeballs in this bailout to protect the families assets in this bank.

His action deserve extreme scrutiny by all American's concerned about the crisis we are truly facing.

(edit for spelling)

[edit on 27-9-2008 by Oldnslo]

reply to post by loam


Loam, I posted that video in a "blame the Republicans thread " (Bailouts - Why Whining Americans Don't Get It) yesterday and wouldn't you know it... it was completely ignored, go figure.

A star and flag for you.

It was the deregulation by CLINTON, it was the rise of credit scoring and automated underwriting. It was the lax lending practices

I went into detail toward the end of this page. Look for my running dog

www.abovetopsecret.com...

reply to post by TheRooster


Thank you.

It should not be ignored.

This is one of those things more people should know about and understand.

We are digging the hole deeper.

[edit on 27-9-2008 by loam]

reply to post by loam


Damn straight, that's why I emailed it to everyone in my network, and flagged ya.

"The US Banking Collapse was a Controlled Demolition"

www.noonehastodietomorrow.com...

Most accurate assesment yet.....IMHO

You need to go further down the rabbit hole to see the real source.....

Cavuto calling Paul a genius.

The problem with the US economy is that for the last few years it was propped up by speculative bubbles. Plenty of money was generated, but little wealth was created in the last few years.

The US has to go back to becoming a society that produces something. Perhaps we will never be able to compete with countries like China when it comes to manufacturing, (then again sadly we might be able to) but that does not mean we cannot start making things of value that the world will not want to buy. We need to have more engineers, craftsmen, and artists in our society and fewer marketing people and bureacrats.

Stormdancer777 posted this video in another thread (here) that I think adds nicely to this thread.



:shk:

Originally posted by Oldnslo

Folks can blame Bush all you want, but Congress is responsible for the budget and the Federal Reserve controls the busness cycle through the expansion or retraction of the money supply. Blaming or congratulating a President for the state of the economy is part of the misdirection conspiracy at play in this country for over 50 years. And everyone eats it up.

100% correct. Although Bush should not get a pass on this mess, he certainly had a hand in expanding our warfare welfare state, remember the no child left behind mess, or the patriot act, or the creation of homeland security, yes this was all passed through the congress, but it was Bush's regime that pushed these measures onto congress to be passed, and those are just a few example of the growth in spending here at home. (Under a Republican controlled congress no-less)

Let's also not forget Bush's two wars, his promises of Billions of dollars in so-called AID to Israel, Saudi Arabia, Egypt, Georgia, and other nations have also taken a toll on our Deficit. Yes, I'm quite aware that congress holds the purse strings on these matters, but that does not absolve the President of his complicit role in Bankrupting this nation. Then there's the matter of these "Bail-Outs" all of which are pushed by his henchmen, and rubber stamped by our Fuhrer Bush. No, definitely Bush is going down as one of the main culprits of our financial problems.

It is also great seeing the almost family ties between Fannie Mae, Danile Mudd, and the Congressional Black Caucus

www.youtube.com...

No wonder the Democrat Senate blocked Federal Housing Enterprise Regulatory Reform Act of 2005.

Fannie Mae has been trying to tear down the barriers to the American dream, but instead tore down the American economy by trying to socialize home ownership.

Great video, very good assessment and presentation. Too bad it turns into a 'circle the wagons for the Maverick' campaign ad. Oh well, this isn't the political forum (most thankfully). The "Bailout Populism" thread did a great job of expanding the focus to include the government among the ranks of the blameworthy and other threads are following suit. So much blame to go around! You can bet Congress is just overjoyed that so few have made the government connection yet.

reply to post by wutone


Here you go wutone:

There are just so many factors that led to this, it can't even be pinned down. But the truth is plenty of people who were in a position to stop this, facilitated it instead.

The only thing left to do is since the government thinks they are saving themselves and the hey with us - is to vote them all out - every last one facing the ballot who votes for the bailout or voted for any of the Bills that led us here need to go - PERIOD! I suspect the problem will be the Presidential race cause I bet neither of them are going to be in the clear on this count.

Since the original video from the first post got deleted, here is the 2nd version:


[edit on 7-10-2008 by Alxandro]