Comments on: Meltdown redux http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/ Sat, 23 Mar 2013 13:49:31 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: snake0311 http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-626 Fri, 18 Nov 2011 04:30:15 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-626 This article is well written but leaves out the fact that Dr Ron Paul saw this coming and warned congress about it and even introduced legislation that would’ve prevented the crisis but was ignored by congress. It also fails to mention the Community Reinvestment Act and the pressure put on banks by the Clinton administration to ease their mortgage loan restrictions and loan money to more and more people who were marginally able to pay the loans back. Fannie and Freddie then stepped in to buy up the sub-prime loans which gave the banks more money to loan in the same manner and we are now living in the result of that policy.

]]>
By: Buzz4 http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-620 Thu, 17 Nov 2011 08:51:15 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-620 MarketForce: Here is a paragraph from an article on the Clinton Administration forcing the banks to make loans to people who could not afford them.

The Clinton administration has turned the Community Reinvestment Act, a once-obscure and lightly enforced banking regulation law, into one of the most powerful mandates shaping American cities—and, as Senate Banking Committee chairman Phil Gramm memorably put it, a vast extortion scheme against the nation’s banks. Under its provisions, U.S. banks have committed nearly $1 trillion for inner-city and low-income mortgages and real estate development projects, most of it funneled through a nationwide network of left-wing community groups, intent, in some cases, on teaching their low-income clients that the financial system is their enemy and, implicitly, that government, rather than their own striving, is the key to their well-being.

Read the whole article.

http://www.city-journal.org/html/10_1_th e_trillion_dollar.html

]]>
By: TerryOtt http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-619 Thu, 17 Nov 2011 06:26:20 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-619 @OneOfTheSheep

You ask, “how do we bring this to pass?”

Can’t do it with the established two-party system. Only a movement to elect leaders and representatives that run outside that system and are not dependent on it for support.

Before the internet connected us all that wouldn’t be worth even thinking about. Impossible. Now it is just extremely difficult, no longer inconceivable.

2+ million of us are already involved here: http://www.americanselect.org/

]]>
By: seaking http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-615 Wed, 16 Nov 2011 15:50:00 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-615 My understanding is that primarily the politicians are to blame, both republican and democrat. It started with Jimmy Carter, who, in a fit of bon ami, directed banks to loan some of your money to people who could not afford to pay it back. Politicians since then have embellished this policy and the banks just loved the new business, sorry bonuses. The rest is history, which I have no doubt will be revisited.

]]>
By: rcd1160 http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-613 Wed, 16 Nov 2011 13:47:52 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-613 This is a good article. Glad to have discovered your work. Will get your book to see how things have been and may be headed. I was sure there was a lot of balogna 8 yrs back. I make 72K and my mortgage of 165K was enough to choke me at 5.1/4. I would see people I knew that I thought they could not possibly afford the mansion they were in. Well several of them “walked away” and now my home value stinks! What’s next?

]]>
By: lhathaway http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-612 Wed, 16 Nov 2011 13:09:19 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-612 It may already be too late to do anything about Wall Street’s stranglehold on the US Government. They have a lot of power and are able to manipulate the economy to their advantage. How can you ask the politicians not to take money from Wall Street, when they need the money to get elected? I would like to see an immediate ban on television commercials for political campaigns. That would be a good start.

Good article, thanks for speaking up. If the media won’t give voice to the people’s concerns, as opposed to the 1%’s concerns, we are doomed as well.

]]>
By: KyuuAL http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-611 Wed, 16 Nov 2011 05:02:10 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-611 The crisis from 2008 was just a warm-up.

]]>
By: KyuuAL http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-610 Wed, 16 Nov 2011 05:02:00 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-610 The crisis from 2008 was just a warm-up.

]]>
By: edgyinchina http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-608 Wed, 16 Nov 2011 03:09:18 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-608 Great Op-ed piece… too bad nothing will ever come of it.

Get ready for third-world status America, because that’s where we are headed…

]]>
By: OneOfTheSheep http://blogs.reuters.com/david-cay-johnston/2011/11/15/meltdown-redux/#comment-606 Wed, 16 Nov 2011 02:08:50 +0000 http://blogs.reuters.com/david-cay-johnston/?p=189#comment-606 @fred5407,

I agree completely. Now, how do we bring this to pass?

]]>