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Message
re: Bill Clinton was responsible for The Great Recession and the looming housing bubble
Posted on 5/16/23 at 7:16 am to Eli Goldfinger
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.
2
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
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