The men who crashed the world

Discussion in 'YouTube Digest' started by Holdfast, Jul 23, 2013.

  1. Holdfast

    Holdfast Well-Known Member Silver Stacker

    Joined:
    Oct 15, 2009
    Messages:
    4,631
    Likes Received:
    1,127
    Trophy Points:
    113
    Location:
    Australia
    A story of the Global Financial Crisis, how it unfolded and the Crooks involved.

    [youtube]http://www.youtube.com/watch?v=JYTyluv4Gws[/youtube]
     
    Holdfast, Jul 23, 2013
    #1
  2. AngloSaxon

    AngloSaxon Active Member

    Joined:
    Oct 26, 2012
    Messages:
    1,779
    Likes Received:
    6
    Trophy Points:
    38
    Location:
    Sydney
    Interesting video but it is notable how they interviewed Maxine Waters at the start talking about poor people steered into unsuitable loans. Waters was part of the government movement legislating government-controlled banks Fannie Mae and Freddie Mac to lower lending standards and create endless credit. This includes the Community Reinvestment Act.

    She then went on to defend the implementation of the CRA and prevent any changes or limitations to handing out easy credit until the subprime mortgage house of cards came down.

    Her hands are filthy.
     
    AngloSaxon, Jul 29, 2013
    #2
  3. Old Codger

    Old Codger Active Member Silver Stacker

    Joined:
    May 13, 2011
    Messages:
    4,782
    Likes Received:
    5
    Trophy Points:
    38
    AS,

    You are the only one, as far as I know, that has acknowledged the (Carters) Community ReInvestment Act 1979 on this Forum!


    OC
     
    Old Codger, Jul 29, 2013
    #3
  4. AngloSaxon

    AngloSaxon Active Member

    Joined:
    Oct 26, 2012
    Messages:
    1,779
    Likes Received:
    6
    Trophy Points:
    38
    Location:
    Sydney
    OC

    It was a horrible piece of social engineering that has been a big contribution to the problems across the Western world of the last decade or more.

    Started by Carter, reinforced by Clinton, prevented from being abolished by the Democrat-controlled Congress of most of Bush's 1st term despite the warning signs. I try to get the word of it out there to anyone who will listen. Glad you already know about it!

    AS
     
    AngloSaxon, Jul 30, 2013
    #4
  5. Old Codger

    Old Codger Active Member Silver Stacker

    Joined:
    May 13, 2011
    Messages:
    4,782
    Likes Received:
    5
    Trophy Points:
    38
    AS,

    Many people (here and elsewhere) blame the "banksters" for the insane lending of the 1980s etc. The banks fought it tooth and nail, and lost in the courts.So they made the loans and on sold them to fools.

    They were the original "Junk Loans" and "sub prime".

    ...and no Democrat anywhere in the US will accept responsibility.


    OC
     
    Old Codger, Jul 30, 2013
    #5
  6. Old Codger

    Old Codger Active Member Silver Stacker

    Joined:
    May 13, 2011
    Messages:
    4,782
    Likes Received:
    5
    Trophy Points:
    38
    ...and if I had been the CEO of a bank with a branch in a 'minority' dominated area, I would have closed that branch immediately.
     
    Old Codger, Jul 30, 2013
    #6
  7. hawkeye

    hawkeye New Member Silver Stacker

    Joined:
    Nov 10, 2010
    Messages:
    2,929
    Likes Received:
    4
    Trophy Points:
    0
    Location:
    Perth, Australia
    Why would politicians accept responsibility? There is no legal requirement to. They don't have contracts with their customers (taxpayers). What goes on between politicians and voters I don't think would be identified as valid business dealings in any actual business sector. Nor is there recourse under the law. It's basically the Wild West. And every election you see that quite clearly.
     
    hawkeye, Jul 30, 2013
    #7

Share This Page