You are right...
We have been a sorry bunch of citizens to allow the extremists of the Far Right and Far Left to destroy the prosperity of our nation.
I've never been a "Card Carrying" member of a political party because I see too much hypocrisy and retardation in both...
I can only hope that next election, we let the "Big 2" take the term off and start with LUCID people that are not seeing the world in terms of "Black & White" - "Liberal Vs. Conservative".
I, personally, think we should kick everyone in office out and get a WHOLE NEW BATCH of people in to give everything a new perspective and, hopefully, fix this broken system of ours.
What is sad is that I am STILL hearing people putting the 'blame' for EVERYTHING happening right now on George W. Bush's shoulders...
Obama has negated my usual statement of "One man can't do that much damage by himself" since he started throwing money at this problem and driving our national debt to reaches never before seen... But it is still pretty true...
This recession was the result of 2 primary things, well... 3 things...
1. Credit Default Swaps.
2. The Housing Bubble.
3.The speculation market driving the cost of petroleum instead of Supply/Demand.
The Housing Redevelopment Act started in the Carter Administration but was tweaked in 1995 by Bill Clinton and the Democratically Controlled Congress. It changed the methods used by banks to determine loan eligibility and started a chain reaction of greed and stupidity that allowed the Banks to snow-ball the situation in to a HORRIBLE mess.
Then you take the fact that the Clinton Administration made Credit Default Swaps legal again and you create, to use a horrible term, a "Perfect Storm" of the elements that drove us in to this horrible recession.
Then you take the Speculation Market driving up the cost of Petroleum, which is used in almost every consumer good and also TRANSPORTS those goods to market and you drive up the price of goods and services while banks fail, the housing industry goes bust, and we transition in to a new presidency.
This, almost, seems planned for all of these things to happen simultaneously...
Then you take the bickering of the two parties, making EVERYTHING that our government tried to do to stop the snow-ball effect stagnate in debate and finger-pointing and you end up with what we have right now.
It is VERY VERY sad that we have allowed history to repeat itself and cause a repeat of the Recession of 1907.
It was right there, for all to see, if we would have taken the time to STOP SHOUTING INSULTS across the isle and look at the past as a guidebook to the future.
It is pathetic how apathetic and ignorant our populous has become.
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☀20/20 - Politically Incorrect Guide To Politics - 1 of 6
☀20/20 - Politically Incorrect Guide To Politics - Pt. 2 of 6
(Find the rest on your own)
☀Community Reinvestment Act
Economic Reality always follows Economic Policy by 8-12 years. What we're seeing now is the failure of the Subprime Mortgage Market (AKA Subprime Mortgage Crisis), which was a direct result of the Community Reinvestment Act of 1995 (CRA1995) that was signed into law by President Bill Clinton.
CRA1995 forced banks to use a point based system to determine the eligibility of applicants for home loans, with the three biggest points values coming from their area of residence, their race, and their income.
The Community Reinvestment Act (or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. The Act was intended to reduce discriminatory credit practices against such neighborhoods, a practice known as redlining. The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation. (See full text of Act and current regulations.) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions.
☀Credit Default Swaps
60 Minutes - Credit Default Swaps <- WATCH THIS VIDEO!!!
☀The Bet That Blew Up Wall Street:
Steve Kroft On Credit Default Swaps And Their Central Role In The Unfolding Economic Crisis Oct. 26, 2008
☀The Price Of Oil
The historic swings in oil prices last year were the result of financial speculation from Wall Street and not supply and demand. Steve Kroft investigates. January 12, 2009
http://www.cbsnews.com/video/watch/?id=4713382n <-Go To The Website And Watch The Video!
☀Did Speculation Fuel Oil Price Swings?
60 Minutes: Speculation Affected Oil Price Swings More Than Supply And Demand Jan. 11, 2009
· 1 decade ago