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Excellent Economic Crisis Synopsis - watch now!
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Excellent Economic Crisis Synopsis - watch now! - September 29, 2008, 04:55 PM

I almost never make political posts. But this Youtube video is the best synopsis of the economic crisis/housing bubble I have seen so far. Ignore what the hot English Majors on CNBC/MSNBC are talking about and watch this video instead. The first 1/2 is 100% factual and the second 1/2 is political (and about 95% correct), so at least take a look at the first half.

http://www.youtube.com/watch?v=NU6fuFrdCJY

Last edited by Witold; September 29, 2008 at 05:01 PM..
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September 29, 2008, 04:56 PM

Also, from today's New York Post...

The Meltdown's Acorn
From The New York Post

Editorial

September 29, 2008

As Congress slogged toward an apparent financial-market rescue bill over the weekend, the time arrived for a closer look at the roots of the crisis. ...

But as Election Day grows ever nearer, the role of one candidate in particular stands out: that of Barack Obama.

As Stanley Kurtz details on the opposite page, Obama spent many years cultivating ties with, working with - and even funding - the very folks who pushed for the risky lending that underlies the current mess.

That is, "community organizer" groups like ACORN. ...

The movement's biggest victory, of course, came when Fannie Mae and Freddie Mac began buying up the riskier loans - providing fresh incentive for banks to make even more of them. ...

Meanwhile, Obama was right there by ACORN's side all along.

"I've been fighting alongside ACORN on issues you care about my entire career," he told the group last November.

Indeed, in the early '90s, Obama was recruited by Talbott herself to run training sessions for ACORN activists.

ACORN also got funding from two charities, the Woods Fund and the Joyce Foundation, when Obama served on their boards, and from the Chicago Annenberg Challenge - the radical "education reform" outfit Obama ran from '95 to '99. ...

In the end, from a mighty ACORN an even mightier crisis did grow.

With Barack Obama's help.

To View The Entire Article, Please Visit: http://www.nypost.com/php/pfriendly/...orn_131274.htm
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September 30, 2008, 06:37 PM

Nice find.
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October 1, 2008, 10:20 AM

And yet there are people who will argue that the CRA banks aren't the cause of this. As I tell them, it doesn't matter if it's a CRA bank that's at fault... what matters is that the CRA laid the foundation for a lot of this. It created the ability for these greedy SOBs to see how far over the line they could go.

What needs to be brought out is the 2003 attempt to regulate Fannie and Freddie, who said it wasn't necessary, and the reattempt in 2005.


"They who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." -- B. Franklin

Every politician should serve two terms... one in office followed immediately by an equal or longer-length one in jail... except in New Jersey where jail time is a pre-requisite to holding office.

Donkeys and Elephants belong in a zoo, not Congress.

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October 1, 2008, 10:42 AM

Quote:
Originally Posted by Darth Piper
What needs to be brought out is the 2003 attempt to regulate Fannie and Freddie, who said it wasn't necessary, and the reattempt in 2005.
It is a freaking joke ain't it. The loudest mouth in the House (i.e. Barney Frank) was the biggest opponent.

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B 63&sec=&spon=&pagewanted=print


Quote from article...."These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
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October 1, 2008, 10:51 AM

Try this one... gives you a link to 2005's S-190... a bill co-sponsored by McCain and voted down by Obama.

http://beltwaysnark.com/2008/09/16/j...reddiein-2005/


"They who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." -- B. Franklin

Every politician should serve two terms... one in office followed immediately by an equal or longer-length one in jail... except in New Jersey where jail time is a pre-requisite to holding office.

Donkeys and Elephants belong in a zoo, not Congress.

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October 1, 2008, 11:13 AM

Nice to see things that show why Obama might not be the best choice...

It seems all you see on TV is Obama this, Obama that... I just watched part of his public speech today and it sucked... He didn't say anything worth listening to, "we are going to make changes for the next generation" thats about all he said in the 10min of it I watched...
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October 1, 2008, 11:41 AM

Still somehow he is benefiting from this "crisis" right now and McCain is suffering. Total BS.
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October 1, 2008, 12:55 PM

Quote:
Originally Posted by BlackHatch
Still somehow he is benefiting from this "crisis" right now and McCain is suffering. Total BS.
Because the impression is that it's a problem Bush caused, not an overall problem... and you get far too many people who like to cover up these little facts because it would mean the Democratic candidate would be shown in a poor light.


"They who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." -- B. Franklin

Every politician should serve two terms... one in office followed immediately by an equal or longer-length one in jail... except in New Jersey where jail time is a pre-requisite to holding office.

Donkeys and Elephants belong in a zoo, not Congress.

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October 1, 2008, 12:59 PM

wow way to base your entire understanding of this crisis around what you saw on a youtube video, wikipedia, and what you i'm sure you heard on the radio. Only 10% of total mortgages are subprime and what precent out of those defaulted? But who am I to argue, this is of course the fault of poor people and those hippy democrats, not deregulation or massive dick headery on the part of investment banks. It was forced upon them by those damn liberals, they would have never done this sort of stuff no matter how much money it made them. RIGHT!
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October 1, 2008, 01:07 PM

Quote:
Originally Posted by Harvey_TT600
wow way to base your entire understanding of this crisis around what you saw on a youtube video, wikipedia, and what you i'm sure you heard on the radio. Only 10% of total mortgages are subprime and what precent out of those defaulted? But who am I to argue, this is of course the fault of poor people and those hippy democrats, not deregulation or massive dick headery on the part of investment banks. It was forced upon them by those damn liberals, they would have never done this sort of stuff no matter how much money it made them. RIGHT!
You should go back and read the news articles from Sept 11, 2003 in the NY Times and the whole thing about the 2005 Senate bill that was killed.

You'll note that President Bush wanted more oversight of Fannie and Freddie... and John McCain introduced a bill in the Senate to introduce more oversight of Fannie and Freddie... yet these ideas were poo-pooed by... Barney Frank (2003) and Barack Obama (2005).

Fannie and Freddie aren't the only culprits in this whole debacle... but they seem to be the ones left holding the mortgages that aren't worth the paper they're printed on.

And in case you're wondering, I'm all for sticking it to the CEOs, CFOs, CTOs, CIOs, EVPs, and anyone else with huge compensation and golden parachutes... they caused the mess with their greed. However, the ability to do what they did was put in place with the 1995 revisions to the CRA *and* the repeal of Glass-Stiegel in 1999. If you don't do either of those, it becomes much harder to be in our current situation, though not impossible. If you, instead, enact the oversights proposed by Bush and McCain, you might've mitigated what has been going on... by either lessening the blow, delaying it, or even *gasp* preventing it.

But I guess we won't know that now... and I guess that everyone will keep the McCain/Obama situation from 2005 under-the-covers until after the annointing takes place.

Personally, I think we need to ditch the Democrooks and Republirats. They're equally responsible for causing this mess.


"They who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." -- B. Franklin

Every politician should serve two terms... one in office followed immediately by an equal or longer-length one in jail... except in New Jersey where jail time is a pre-requisite to holding office.

Donkeys and Elephants belong in a zoo, not Congress.

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October 1, 2008, 01:12 PM

Quote:
Originally Posted by Darth Piper
You should go back and read the news articles from Sept 11, 2003 in the NY Times and the whole thing about the 2005 Senate bill that was killed.

You'll note that President Bush wanted more oversight of Fannie and Freddie... and John McCain introduced a bill in the Senate to introduce more oversight of Fannie and Freddie... yet these ideas were poo-pooed by... Barney Frank (2003) and Barack Obama (2005).

Fannie and Freddie aren't the only culprits in this whole debacle... but they seem to be the ones left holding the mortgages that aren't worth the paper they're printed on.

And in case you're wondering, I'm all for sticking it to the CEOs, CFOs, CTOs, CIOs, EVPs, and anyone else with huge compensation and golden parachutes... they caused the mess with their greed. However, the ability to do what they did was put in place with the 1995 revisions to the CRA *and* the repeal of Glass-Stiegel in 1999. If you don't do either of those, it becomes much harder to be in our current situation, though not impossible. If you, instead, enact the oversights proposed by Bush and McCain, you might've mitigated what has been going on... by either lessening the blow, delaying it, or even *gasp* preventing it.

But I guess we won't know that now... and I guess that everyone will keep the McCain/Obama situation from 2005 under-the-covers until after the annointing takes place.

Personally, I think we need to ditch the Democrooks and Republirats. They're equally responsible for causing this mess.
LET ME GUESS RON PAUL 08!! LOL
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