Quote:
Originally Posted by WTF
...if you keep blaming liberals for everythin the GOP is going to rob you blind!
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Who's blind here?
1977: Jimmy Carter signs the Housing and Community Development Act.
1980: Interest rates rise 13 percentage points in two years, President Carter signs law gutting Glass-Steagall. The measure, pushed through by Sen. Jake Garn (R-Utah), destroys usury caps for mortgages and raises standards for prosecuting lenders.
April 2, 1987: Sen. John McCain meets with federal regulators to discuss investigation of Lincoln Savings and Loan. The owner, Charles Keating, was the McCain business partner and campaign contributor.
September 1987: Drexel Burnham Lambert creates “collateralized debt obligations” (CDOS); securities made up of myriad loans and bonds with different risk levels.
December 9, 1988: Silverado S&L collapses, leaving taxpayers a $1.3 billion liability. Board members included Neil Bush, who engineered loans to friends in what federal Office of Thrift Supervision will call “multiple conflicts of interest.” Bush later tells Congress a few of his deals may have looked “a little fishy.”
February 6, 1989: President George H.W. Bush bails out S&L industry; among those helped is his son, Jeb, as government takes over most of a $5 million second mortgage on his Miami office building.
1995: the Clinton administration strengthened the regulations of the Community Redevelopment Act. The CRA enabled consumers to secure mortgages with “no verification of income or assets; little consideration of the applicant’s ability to make payments; [and] no down payment.”
September 30, 1995: Congress enacts Truth in Lending Act reform, easing regulations on creditors. This bill was pushed through by Rep. Bill McCollum (D-Fla.), a key recipient of finance, insurance, and real estate (FIRE) donations to the tune of $136,000 between 1993-94.
August 2, 1996: Office of Thrift Supervision issues rule preempting almost all state laws regulating S&L credit activities.
March 4, 1998: First Union acquires The Money Store, nation’s 5th-largest subprime lender.
April 1998: Citicorp and Travelers announce biggest ever corporate merger ($70 billion). This transaction would have been illegal under the Glass-Steagall Act. It’s noteworthy to mention that CEO Sandy Weill launches $12 million campaign to repeal law.
June 1998: Conseco purchases mobile home lender Green Tree in $6 billion deal.
July 1999: North Carolina General Assembly throws aside the deregulation trend, passing a landmark measure to curb predatory lending.
November 1999: Gramm-Leach-Bliley Act dooms Glass-Steagall, setting off a tsunami of mergers among banks and insurance and securities companies. Signed by Bill Clinton.
As the mortgage industry grew, Fannie Mae and Freddie Mac (government-sponsored entities, or GSEs) became a kind of “jobs program for out-of-work Democrats”.
Clinton administration friends and staffers managed the GSEs including Franklin Raines (now advisor to President Obama), Jim Johnson, Jamie Gorelick (outspoken member of the "Bi-Partisan 9/11 Commission")and Rahm Emmanual (now Chief of Staff for President Obama). This small group of executives paid themselves nearly $200 million in only six years’ time.
Nobody in DC is immune from the disasters that are happening. At least I can admit and even show that Re-pubic-ans are part of the problem. You can't even admit the the Democrats are just as bad if not worse.
Just because I call myself conservative does not mean I am sympathetic to republicans. Not being a democrat does not automatically make me a republican. You have one thick skull if you can't get past the 2 party paradigm.
Who's blind now?
