BitYakin
Posts: 882
Joined: 10/15/2005 Status: offline
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nobody I talk to about politics is interested in Hillary. I think the names Bush and Clinton are equally politically dead for at least one generation. Really? So what harm did Clinton cause comparable to staging an invasion of a foreign nation under false pretences and crashing the global economy? Maybe it's just me, but I don't see lying about getting his cock sucked as being in quite the same league as that stuff. as for the GLOBAL ECONOMIC COLLAPSE pretend anything you like everyone knows it was bill Clinton who signed the revamped CRA that directly lead to the economic collapse as for the whole BJ LIE thing, tell ya what I said at the time, what kind of country bumbkin pres can't keep a BJ secret, I'm glad he doesn't have any IMPORTANT secrets to keep... Once and for all...the CRA had absolutely nothing whatsoever to do with the economic collapse. CRA mortgages were less than 5% of all MBS loans. Some say as little as 3%. As I have stated here, a personal friend has been in the mortgage business since long before CRA. Ever since, his mortgage co. has not made a SINGLE CRA loan and never heard from the fed. govt. There is no law behind the CRA except that should one choose to underwrite such loans, the capitalist entitlement of Fannie and Freddie was to buy them up. First there is no LEGAL requirement to make those loans and as proof, there is no...enforcement mechanism. Get over it. It was the Graham bill that Clinton was convinced to sign that removed Glass-Steagall protections from corrupt investment banking gambling and a corrupt marketplace credit rating of AAA on those MBS's, followed by a further corrupt SEC that gave them a pass. well you can SAY that all you want, but I lived it, I watched as people who COULD NOT AFFORD houses were given loans who then used some of the money to remodel the house then a couple years later realized they couldn't afford them RESELL them at a bit of a profit, then the NEXT guy who couldn't afford the house bought it and did some remodeling RINSE AND REPEAT for about 10 - 15 years and a 20K house ends up selling for 200K and POP goes the bubble and every bit of it can be traced back to CRA pushing/encouraging/allowing people who should NEVER have been given loans during this time period I watch as the price of scrap copper went from .60 to 3.00 a pound (that 500% BTW) to keep up with the DEMAND for copper pipe for plumbing work on these remodel projects. Lead went from the stable price (by stable I mean it was .10 a pound for like 30 years) of .10 a pound to .60 a pound (thats 600% BTW) My own house which was on the market for 4 years at 16K and NO ONE WANTED, that I bought outright (paid cash for) for 18K, at one point I was offered 200K for I still live in the area I grew up, where anyone could buy ANY HOUSE ON THE BLOCK for 20K, that price was STABLE for DECADES, at one POINT NO house on the block could be had for less that 150K... PRETEND these things DID NOT HAPPEN ALL YOU WANT it was a HYPER INFLATION ECONOMY spured by the CRA you can say ONCE AND FOR ALL as MANY TIMES AS YOU LIKE but it WILL NOT CHANGE WHAT ACTUALLY HAPPENED PS. I was also aware of the glass stegal act being repealed, but that had MUCH less of an impact its real impact was AFTER the fact because it allowed them to create MEGA CORPS that were then deemed to BIG TO FAIL and had to be bailed out, but if not for the CRASH it would have been a MOOT POINT the CRASH came in the HOUSING INDUSTRY, NOT A WALL STREET/BANKING COLLAPSE
< Message edited by BitYakin -- 4/11/2014 2:10:33 PM >
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