Burning Down the House: What Caused Our Economic Crisis?

[waynesan]

Here is a video that tries to explain why the economy is in such a mess. Its a ten minute video that goes very fast and I found I needed to hit the pause button several times in order to get everything they were trying to say. Agree or not, a lot of research went in to get all the data and information contained in this video.

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[ukerduker]

Excellent video! I love how the Dems bear no blame for this.

Another fact I recently learned: Barney Frank is gay.

http://www.foxnews.com/story/0,2933,432501,00.html

[Guest Honest AK]

At 2:37 in the video, it says banks "had to issue sub-prime mortgages or pay big penalties".

According to wikipedia, "There are no specific penalties for non-compliance with the CRA. However, an institution's CRA compliance record is taken into account by the banking regulatory agencies when the institution seeks to expand through merger, acquisition or branching."

Makes me wonder how much of that video is true.

I don't doubt that the CRA program contributed to the economic problems we're having now. What is unclear to me is just how much did it contribute to this mess?

The video makes some good points but it only addresses failed loans through the CRA program and it lays ALL of the blame for the crisis on it.

What about all the sub-prime lending done by independent mortgage companies not regulated by the CRA? It's my understanding that they are every bit as responsible for this mess. I've seen estimates stating around 50% of sub-prime loans were made by companies under no obligation to conform to the CRA.

Everything I've read on this subject seems like a partisan argument for or against the CRA program. As if it either caused all the problems we're experiencing now or caused none of them at all.

I figured it was people from all walks of life and economic classes buying things they couldn't afford.

How are we supposed to tell the truth from the ?

[fizik]

Excellent video! I love how the Dems bear no blame for this.

Another fact I recently learned: Barney Frank is gay.

http://www.foxnews.com/story/0,2933,432501,00.html

http://www.tngunowners.com/forums/showthread.php?t=12631

proof

[G27]

All the bad governmental policies in the world didn't cause this - the lack of personal responsibility did. The very fact that we (collectively) are still pointing fingers shows that we haven't learned the lesson and it will have to be taught again, soon.

You can make this about politics all you want, but the bad policies only made it easier for folks to follow through on their bad decisions...

[towerclimber37]

snipped for brevity....

Everything I've read on this subject seems like a partisan argument for or against the CRA program. As if it either caused all the problems we're experiencing now or caused none of them at all.

I figured it was people from all walks of life and economic classes buying things they couldn't afford.

How are we supposed to tell the truth from the ?

AK, its really easy to see who was lying. look at who has what.

for instance, I don't own a house. Haven't been able to afford one. why? because even though I could have gotten a loan...the house wouldn't have been worth the price! some of us...well..most all of us with common sense actually think about how to spend our money.

the ones who are lying? I would say the ceo's of the bailout companies, the sec. of treasury.

the president. the congress...

wait..the only people that haven't been lying are the american people...and that's because we're the ones they're taking the money from...we can't just say "we aint' got any more money"...

[Im Neero]

You guys have it all wrong. The real reason for the economic crisis is here.

http://www.ominouscomma.com/humor/carping-diem/taking-economic-responsibility-for-a-spin

Only click on this if you can handle the truth.