i agree cd329 also ANYONE who thinks the goverment taking over something will save money is a RETARD name 1 time the gov has EVE been more effiicient than the private sector 1st the housing crisis was planned by the large banks to bankrupt the small one's {they did the same thing in the savings and loans crisis in the 80's} heres how it works
STEP 1... prosperity after the soviets fell we as the us had a large amount of war money that no longer needed to be spent ... combine that with the invention of the cell phone and the internet .... Tech boom!!!!
STEP 2 community reivestment act FORCE'S banks to give loans to Low income people and specificaly minorities a kind of banking afirmitive action this law was started in the 70's under CARTER and had gotten worse under CLINTON and now OBAMA..
STEP 3 the banks who in many cases bundle morgages and sell them to other banks so they can aquire more capital to give more loans so more people can get loans exe.... have to create AJUSTBLR RATE MORGAGES or arm's for the poor simple because under other types of loans the aplicants dont qualify or simply can or refuse to pay
STEP 4 Meltdown..... this works fine Until.... dems takeover congress BUSHE'S SEC TERM ..and start raising corporate taxes land taxes capital gains taxes exe.... this drives comanys to reduce spending .. one way they do this is reduce land they buy and jobs..... less jobs... wages decrease overal 4 people with jobs and unemployment rises... population still increases so while wages decrease ele foos and other nes costs still increase... people who didnt have the money to get that big house in the first place...... default .... all banks lose lots of money..stock market crashes
Step 5 Bailouts The GOV WHO CAUSED THIS MESS IN THE FIRST DAMN PLACE BAILS OUT THEIR FRIENDS WHITH MONEY THEY PRINT OUT OF THIN AIR DEVAUING ALL MONEY CURENTLY HELD... the Big Brother banks ... B O AMERICA WELS FARGO CITI GROUP[jp rockfeler money} Jp Morgan/ChaseManhatan[rothchild} get bailed out cause the're TOO BIG TO FAIL and they use this money NOT TO LEND but TO BUY OTHER BANKS THAT WERE COMPETITION 4 THEM jp morgan buys washington mutual and many smaller credit unions boa expands internationaly and wells fargo buys wachovia .....joe public PAYS 4 THIS..... through inflation ..wonder why that gal of milk cost so much more than last yr trust me it hasnt even started yet remeber the 70's its gonna be wayyyyyy worse this time.....
STEP 6 REFORM ..... THE GOV USES CRIS TO JUSTIFY ITS TAKOVER OF OTHER ENTITIES
1.. buys GM gives 50 billion dollar 'LOAN' LOL they not only never repay but they still cut jobs close 80% of USA plants and.. get this STILL GO BANKRUPT..... wher the hell did all that money go do u know how many cars you could build with 50 BILLION dollars at 10,000 a pop average cost of producing a gm car including salaries 50 Millon cars ...... they didnt produce this many in the last decade.... do the math this was GOV imbezzelment
2.. AIG ...Really do we have to go over this one 134 billoin and could climb to 180..... any what do we get ....... the carbon footprint from there new fleet of private jets....
3.. there is more but u get the picture
4. NOW they want to FUTHER increase the racial hatred and criminal bias that is THE COMUNITY REINVESTMENT ACT
FROM Washington Examiner
09/16/09 4:13 PM EDT
A number of experts believe that aggressive enforcement of the 1970s-era Community Reinvestment Act contributed to the mortgage meltdown, and thus to the greater financial crisis, by requiring financial institutions to lend to unqualified borrowers. Now, the Democratic majority in the House of Representatives is responding to that situation by proposing to expand the scope and power of the Community Reinvestment Act.
This morning House Financial Services Committee chairman Rep. Barney Frank held a hearing on H.R. 1479, the The bill's purpose is "to close the wealth gap in the United States" by increasing "home ownership and small business ownership for low- and moderate-income borrowers and persons of color." It would extend CRA's strict lending requirements to non-bank institutions like credit unions, insurance companies, and mortgage lenders. It would also make CRA more explicitly race-based by requiring CRA standards to be applied to minorities, regardless of income, going beyond earlier requirements that applied solely to low- and moderate-income areas.
Republicans on the committee strongly oppose the plan. "Instead of looking to expand the number of institutions that must abide by Community Investment Act regulations," California Rep. Ed Royce said in prepared opening remarks at today's hearing, "I think we should reassess the role this and other government mandates played in the financial collapse and consider scaling it back."
In private conversation, other Republicans were more emphatic. "There is clearly arguable evidence that the CRA is at the root of this financial meltdown," says one GOP committee member. "So what do they do? They try to expand CRA."
But Democrats, led by H.R. 1479 sponsor Rep. Eddie Bernice Johnson, claimed that expansion of CRA is much-needed. "Congress has passed a number of laws designed to combat redlining and eliminate housing discrimination," Johnson said at the hearing. "Unfortunately, we all know that redlining still occurs."
Then there is the ACORN angle. Republican critics point out that the Association of Community Organizations for Reform Now has used the CRA to pressure banks to pour money into ACORN and its affiliates, allowing ACORN to facilitate loans to clearly unqualified borrowers. Now, with ACORN under fire after a series of undercover videos showing ACORN workers in Baltimore, Washington DC, New York, and California openly encouraging prostitution, tax evasion, and other crimes, Republicans on the committee are citing the CRA-ACORN connection as yet another reason the Act should not be expanded.
Johnson's bill has 51 co-sponsors, including some of the most liberal members of the House, like Reps. Dennis Kucinich, John Conyers, Bobby Rush, Steve Cohen, and Barbara Lee. Given the Democrats' tremendous numerical superiority in the House, if the majority wants to expand CRA, Republicans will be unable to stop it.
WOW... and now we want these racist asshole's to take over healthcare ...... I hope im the right color to get that heart transplant
THE ANSWER IS NOT BLAME.... IT IS NOT MORE HANDOUTS... IT IS NOT MORE BUT BUSH DID..BUT CLINTON DID EXE..... THIS IS OUR CHILDERN THAT WILL PAY THE BILL
LOWER TAXES ...... LESS SPENDING ...... LESS MEDICARE LESS SOC SEC LESS GOV INTERVENTION ..END AFIRMATIVE ACTION......
PERSONAL RESPONSIBILITY ..... PAY YOUR OWN WAY.....THAT MEANS COLLEGE ,HEATHCARE, RETIREMENT THE WORKS
RON PAUL 2012 ..... OUR ONLY HOPE