Not only were they "pushing" it, they were blackmailing the banks into loans to people that never should have been given loans to begin with.
Just like the ignorance of throwing money at ineffective education policies, beating your chest about the "American dream of home ownership" sounds really hep and sexy, but some people just aren't cut out to be home owners. They just aren't. On Oct 24, 7:26 am, Maax Well <[EMAIL PROTECTED]> wrote: > Isn't it accurate that the thrust was really started in 95 under > Clinton by Barney Frank & Sen Cuomo? They were pushing the story that > everyone had the right to homeownership. Barney Frank was head of the > oversight on this as well. > > On Oct 24, 5:08 am, studio <[EMAIL PROTECTED]> wrote: > > > > > On Oct 24, 1:40 am, Zebnick <[EMAIL PROTECTED]> wrote: > > > > You don't know what you're talking about. If you think you do, > > > identify what was deregulated and how, specifically, it caused the > > > mortgage meltdown. > > > Give me a break. > > Look, if you have a deregulated quasi-government agency handling a > > trillion dollars...it begs for trouble. > > > Any competent analyst coud have told you from the beginning such > > a thing won't work in the long term without being highly regulated. > > > But it's worse than that...they knew it wouldn't work. > > So who gets manipulated like a puppet by both major parties? > > Everyone. > > --- > > > The 1999 Gramm-Leach-Bliley Act broke down barriers between banks, > > securities firms, mortgage lenders and insurance companies. > > That deregulation repealed Great Depression-era bank regulations with > > the approval of former president Bill Clinton. > > > Robert Rubin and Larry Summers, former U.S. Treasury secretaries > > under Clinton, supported the bank deregulation bill in 1999. > > > McCain voted for the first version of the Gramm bill in 1999 but did > > not vote on the final measure. Biden voted against the initial bill > > but > > for the final product. > > >http://www.bizjournals.com/phoenix/stories/2008/09/15/daily81.html > > ---- > > > You know things are very very bad on Wall Street when a guy like > > Henry Paulson -- Treasury secretary, solid Republican, and former > > Goldman Sachs CEO -- joins the crowd calling for more regulation > > over the financial markets. > > > "Regulation needs to catch up with innovation," Paulson said, and > > he was backed up by the rest of President Bush's working group > > on financial markets, including Federal Reserve Chairman Ben > > Bernanke and Securities and Exchange Commissioner Chris Cox. > > Not a commie among them. > > >http://www.marketwatch.com/news/story/paulsons-lament-deregulation-ha...{4AEF15AC-3966-4656-8108-C96712A88D68}- > > Hide quoted text - > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
