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Question by Chi Guy: How misinformed must one be to recommend a US Senator forced banks in every nation to give “unqualified” loans?
I wish that I had been gullible sufficient to ignore the global housing meltdown so that I too could think in the “single Senator theory” that brought on housing bubbles in France, Australia, England, and Japan.
How misinformed or blind to the world around them should one be to recommend a US Senator crashed the global housing market?
Fox News is a joke for spreading this readily debunked garbage to their sheeple.
Curtis (beneath) Not true. I have defended the scumbag GW Bush against ludicrous accusations that had been posted as severe vs jokingly.
What Hope and Transform? (below0 Just in the US does not fly as the precise same bubble occured at the precise exact same time in each and every major nation on Earth. Tis far more than mere coincidence. There must be a widespread denominator to the issue and a single US Senator Can not be the frequent denominator. That is if we care about details and reality much more than party sheepleship.
whip (beneath) Please read my response correct above to get the context of my observation and the cause for this post.
Drew Bloodsd (below) you are mixing apples and oranges. The Housing bubble peaked 3 to four years ago ALL Over the globe. The bubble popped all over the world which was the initial middle class domino that to this recession.
Very best answer:
Answer by DC Maximus
Maybe you could favor us with a link so we can read the context in which it was said. And, if you don’t like Fox tune them out.
Give your answer to this question below!
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Comments are closed.
What Hope and Change? Dec 29 2011 - 10:05 pm
Not in every country. Just in the US.
Curtis Dec 29 2011 - 10:36 pm
Yeah,, if it was a Republican Senator that caused it you would be the first to scream.
Economy’s are based on perception, and if you provide deception, of the perception, just as with Indy Mac Bank the process starts unraveling.
Community Reinvestment Act, amended by Clinton in the 90′s in the name of “affordable housing” FORCED lenders to lend money to unqualified buyers or else the ACLU would be knocking, this is the start of the sub-prime mortgage, which lead to overprice homes and now the collapse.
ADDITIONAL:
Here again Chi you did not provide a link for your accusation, because it involved democrats.
And your Y/A profile is locked down, so we can’t see your Pro Bush answers either.
But I know what you are talking about, and it was either Schumer, or Dodd, on C-Span, just slamming Indy Mac Bank, telling people the bank is not stable, and they will loose their money, about a month before the crisis hit, and right before the last election, hmmmm,,,,, what a coincidence,,,,,,,,And Yes this is the very beginning of the downfall.
Jimmy D Dec 29 2011 - 11:09 pm
That would be a stretch, but a good start.
If you are trying to say regulation didnt cause this crisis, youre wrong.
Drew Bloodsd Dec 29 2011 - 11:25 pm
Glossing over your beliefs about what caused the housing market collapse for just a moment……..I’d like to point out that it’s still good to know that when the United States has a recession, if affects the ENTIRE WORLD MARKET. Maybe we matter after all, huh?
whip Dec 30 2011 - 12:05 am
chi ,chi, chi. even a idiot wouldn’t think that i hope.i have heard them on fox complain about the housing debacle caused in part by frank and dodd.but i never heard them once say they caused a world melt down.have a link or even the news caster?
tw3 Dec 30 2011 - 12:33 am
It wasn’t just a single senator and it was C-SPAN senate hearings. Didn’t affect other countries until they were bundled and sold.
ab dominance Dec 30 2011 - 1:19 am
no doc loans were the norm for many years.
thanks to Barney Frank and company, we have to watch them send good money after bad to save us from ourselves.
punkydoodle218 Dec 30 2011 - 1:36 am
Sources please..And I’m thinking that you actually never NEVER defended GW.
Morpheus Dec 30 2011 - 2:21 am
Well, you can ALWAYS safely bet that anything FOX “News” comes up with is a republican lie.
But Oh! How America loves those lies!
Josh T Dec 30 2011 - 2:28 am
your right it took more than one stupid dumbocrat, oh and fox news it number one in rating, you must be jealous!
zhoukies Dec 30 2011 - 2:46 am
Too bad you don’t pay taxes. The real joke is NPR and we have to pay for it. And if you think the Democrats in the US are the only socialists in the world, I’ve got news for you, socialists are destroying all those countries with the same vote-buying give-aways that are hurting this country. Sadly some people fall for the caring well-intentioned nonsense that lefty politicians use to bribe voters.
texaslibsticker Dec 30 2011 - 3:39 am
How misinformed do you have to be to not understand that the one senator had oversight of the housing market. It was, however, the Clinton doctrine in ’93 that forced banks to make undesirable loans. If they didn’t, they would lose the federal bank status, and possibly lose the ability to make profitable loans.
The other nations followed suit, and went down the tubes also. Barney Franks stood before the senate and stated that Fannie Mae and Freddie Mac were both strong, and the fed should invest more in it; but McCain stood up and stated it was bursting, and needed attention before it blew up. Both statement were made in 2006, right after the dems took over congress. In response, the democrat run congress decided to debate the danger of Mylar balloons,and whether to ban them or not.
That one senator made millions in cash, and accepted tropical beach front homes. That one senator is leading the charge to bail out Freddie Mac and Fannie Mae, which just so happens to funnel more money into his pocket.
as.erwin Dec 30 2011 - 3:39 am
Here is a great essay on the history of the sub prime market… It includes details of the “incentives” offered by the federal government to provide loans to lower income families…