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Started By
Message
Bill Clinton was responsible for The Great Recession and the looming housing bubble
Posted on 5/16/23 at 6:51 am
Posted on 5/16/23 at 6:51 am
In 1998, Clinton signed the Fair Housing Act.
On the surface, this act looked to help poors buy a home. However, things are not always as they appear.
Global investors have long been in love with American mortgage-backed securities as a no-fail investment, but by around 1998 most Americans who could afford a home had one. The global investment elites pressured (probably bribed him) Clinton to sign this bill which would prime the pump with 600 FICO score folks who at the very least had a job, but they didn’t need to prove their income.
The ponzi lasted almost 10 years.
Then your great children bailed them out.
On the surface, this act looked to help poors buy a home. However, things are not always as they appear.
Global investors have long been in love with American mortgage-backed securities as a no-fail investment, but by around 1998 most Americans who could afford a home had one. The global investment elites pressured (probably bribed him) Clinton to sign this bill which would prime the pump with 600 FICO score folks who at the very least had a job, but they didn’t need to prove their income.
The ponzi lasted almost 10 years.
Then your great children bailed them out.
Posted on 5/16/23 at 6:53 am to Eli Goldfinger
quote:
Bill Clinton was responsible for The Great Recession and the looming housing bubble
In 1998, Clinton signed the Fair Housing Act.
He had a lot of help.
Posted on 5/16/23 at 6:55 am to Eli Goldfinger
W deserves more credit for signing TX legislation that helped the state get through the housing collapse relatively unaffected. The media ignored this while families in most other states were ruined.
Posted on 5/16/23 at 6:55 am to TrueTiger
Barney frank and al Greenspan.
Posted on 5/16/23 at 6:56 am to Eli Goldfinger
Black Caucus
Barney Frank
95% of democrats in general
And now here we go again with this stupidity
Barney Frank
95% of democrats in general
And now here we go again with this stupidity
Posted on 5/16/23 at 6:59 am to Eli Goldfinger
Yes I remember. So do a lot of people that voted for Trump over clinton.
Posted on 5/16/23 at 7:04 am to RollTide4Ever
quote:
Barney frank and al Greenspan.
Fun fact, Frank first got elected to office after a Priest resigned following Pope John Paull II calling for priests to withdraw from politics.
And thats the beginning of our first openly gay man in congress, who later marries a gay man.
Posted on 5/16/23 at 7:07 am to Eli Goldfinger
And they are repeating it.
Posted on 5/16/23 at 7:09 am to Eli Goldfinger
quote:
Bill Clinton was responsible for The Great Recession and the looming housing bubble
There was plenty of blame to share, and boiling it down to one single party is an oversimplification.
Posted on 5/16/23 at 7:09 am to loogaroo
quote:
And they are repeating it.
It didn't work well enough the first time... They are hoping this time it pulls more middle class folks into the abyss and needing government assistance...
Posted on 5/16/23 at 7:11 am to loogaroo
quote:
And they are repeating it.
How are they repeating it?
Posted on 5/16/23 at 7:12 am to Eli Goldfinger
Don’t forget W calling off Richard Baker’s (R, LA) congressional hearings into Fannie and Freddie corruption.
Barney and the Congressional Black Caucus were all up in arms protecting their cash cows. W bowed to their screams of racism, and lost the last chance to avoid the housing bubble.
Clinton set it up, W let it continue, and Obama rode the wave of misery. 3 of the worse presidents of my lifetime.
Barney and the Congressional Black Caucus were all up in arms protecting their cash cows. W bowed to their screams of racism, and lost the last chance to avoid the housing bubble.
Clinton set it up, W let it continue, and Obama rode the wave of misery. 3 of the worse presidents of my lifetime.
Posted on 5/16/23 at 7:16 am to Eli Goldfinger
quote:
In 1998, Clinton signed the Fair Housing Act.
That was only a small (but important) part of it.
Carter got the ball rolling with the CRA (Community Reinvestment Act of 1977). HW Bush tied Freddy Mac/Fannie May CEO bonuses to the amount of sub-primes they underwrote.
Clinton pushed the Fair Housing Act but also forced banks to push more sub-prime loans by telling them the federal government wouldn't allow them to merge, open off-site ATMs, etc. without more sub-primes.
For all his faults, GWB tried to call attention to this at the onset of his first term and the Dems in Congress lambasted him as being a racist for it. In true GOPe fashion, he tucked tail and ran away from the subject.
Posted on 5/16/23 at 7:26 am to Gaspergou202
Baker was concerned with the overall state of things . So much of the problem was WLl Street and the subprime stuff that really had nothing to do government. So much of that contagion was dreamed up by guys at Countrywide and originally by Salomon Bros.
Posted on 5/16/23 at 7:29 am to Bard
quote:
That was only a small (but important) part of it.
Carter got the ball rolling with the CRA (Community Reinvestment Act of 1977). HW Bush tied Freddy Mac/Fannie May CEO bonuses to the amount of sub-primes they underwrote.
Clinton pushed the Fair Housing Act but also forced banks to push more sub-prime loans by telling them the federal government wouldn't allow them to merge, open off-site ATMs, etc. without more sub-primes.
For all his faults, GWB tried to call attention to this at the onset of his first term and the Dems in Congress lambasted him as being a racist for it. In true GOPe fashion, he tucked tail and ran away from the subject.
This is an excellent recap of what actually happened. Great job.
Posted on 5/16/23 at 7:43 am to Bard
quote:
Clinton pushed the Fair Housing Act but also forced banks to push more sub-prime loans by telling them the federal government wouldn't allow them to merge, open off-site ATMs, etc. without more sub-primes.
Y’all are missing the true Architects of the scheme. Research a well hidden Atty from Alabama named Jack Miller, Sen All D’Amato, and their ties / relationships with the Clintons dating back to the mid ‘70’s early 80’s in Arkansas. Interstate Baking, Federal Savings Banks, and Wall St / S&L deregulations were all designed to make it easier to launder money.
Don’t forget who really owns/controls the FED.
This post was edited on 5/16/23 at 7:54 am
Posted on 5/16/23 at 7:46 am to Eli Goldfinger
Go back further…Jimmy Carter
Posted on 5/16/23 at 8:21 am to BourreTheDog
A rabbit hole.
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