How Did We Get Into Such a Mess?

[richardhutnik]

Did the government put a gun to the head of Wall Street and tell them to leverage to the extreme against these mortgages? Everyone said the subprime mess was only a small crisis, until it blew up.

The reality is America is overleveraged at this point, in all areas. Too much debt as people fall further behind and companies like IBM report record profits and hint at still laying people off.

[phsyco348]

we first got into it when dumb ass americans began eating government shit time and time again even after they had been repeatedly fucked . they are still kissing ass and beleving lies [OBAMA] americans are brainwashed gullible idiots that allow their government to fuck them..they line up for it! opinions abound in the land of the meatheads,,the confused ..this is the new world order assholes! where ya been? you tube 'fema coffins'..use your brains ,,its very clear whats happening and why.

[holla221]

I love it how Republicans choose to ignore George W. Bush's plan to help minorities achieve the American dream of home ownership around 2001. LOL!

Yea, let's ignore that and blame it all on Clinton and skip the other 2 presidents before him and blame Carter. LMAO!!!!!!!

[thespainisharmada]

Yeah too bad half your sources are Wikipedia.

[hugesinker]

There's a lot of truth in this video, except when it comes to the republicans. They could have stopped it... they had control of the government after this snowball started. Bush even got on TV and said everyone should be able to own a home, and your first home doesn't have to be poor, it can be anything you put your eye on--to paraphrase.

I'm not impressed with McCain co-sponsoring a bill and no one else should be either. He has no clue what is going on. He was gung-ho for the stupid bailout.

[adamas783]

sinker, did you watch the video at all? the bail-out's sole reason for existing is to fix the problem that was caused by a democratic "Community Reinvestment Act." The bail-out is altogether necessary, unless you like living in an apartment paying rent for the rest of your life, banks closing,the inflation rate rising, and the economy declining. but i guess if you like all those things go ahead and vote democratic; i'm all for redistribution of wealth as long as its you democrats and not mine

[hugesinker]

The subprime frauds were left to run wild while the republicans had control of congress and the presidency. They are without excuse. Here's Bush's opinion on the CRA:

watch?v=eW9viaJatpo

The Bailout was a massive power grab by the federal government and absentminded at best (Just throw lots of money at it). It will fix nothing, but will definitely further destroy the dollar and grow government. Empower people to renegotiate their loans instead. Here's the scam laid plain:

watch?v=aT-d5Kwi4ro

[adamas783]

are you serious? what do you think would have been better? the democratic solution, which was to give money to the people stupid enough to take out sub-prime adjustable rate mortgages. you are ignorant at best! I know "the scam" thank you very much, i get my information from places other than youtube, try history books, economics theory, and maybe some financial management in your information intake diet. not to mention that the sub-prime problem was created by carter and a democratic senate

[hugesinker]

I'm not a democrat. They are probably worse, but only marginally.

I guess you, like many others, are remembering a time when the republicans were for a smaller government, obeying the constitution, and putting an end to waste and corruption. Those days are long gone. Thanks largely to Bush, one of the worst presidents in American history. Today, it is a tax and spend democrat versus a borrow and spend republican.

I want the real republicans back--now I have to vote 3rd party for it.

[davelook]

Please read the Wash. Post article "Predatory Lenders' Partner in Crime" by Eliot Spitzer about what really went down during the buildup to this crisis.

[CCDangie]

ROFL! Eliot Spitzer, now there's a real stand up guy. This idiot gets caught doing the Clinton shuffle with a prostitute and resigns in shame. I worked in the mortgage business for 10 years and couldn't believe it when Fannie Mae, under the CLINTON Administration, began offering STATED income loans. That's absolutely insane! The Republicans saw the writing on the wall but the Dems wanted to continue to turn the American Dream into the American Handout.

[coalreigoncoalcracke]

"The Republicans saw the writing on the wall but the Dems wanted to continue to turn the American Dream into the American Handout."

-yet the Republicans did nothing about it, and if they were trying they did VERY, VERY, little to "see the writing on the walls" as they controlled congress through the Clinton Administration. Stop blaming one political party, they're both completely guilty.

[richardhutnik]

A real maverick... and a person campaiging for him, would take both parties to task for what happened.

The original law was implemented in order to stop redlining. Maybe people here think redlining is good.

[theOlLineRebel]

And who is more selfish? The person who takes care of himself, or the person who insists on others being mugged to give him money? Besides, if you're so charitable, you have every right to pay out or actually work for charity - and that increases when TAXES GO DOWN. You aren't earning any rewards in Heaven for being mugged for "charity". Get over your misplaced envy.

[coalreigoncoalcracke]

Perhaps you need to grow up. It's not class envy to expect the more affluent to take care of the less, and no i'm sorry the rich don't willingly give up their money charitably as you believe they do, imagine asking donald trump to provide a department of transportation for his state based on his own money. Would never happen. The social programs in our country keep us afloat, we wouldn't survive otherwise. Class envy, get a life people are exploited in this country, there is no equal chance.

[theOlLineRebel]

Oh, and rich in this country have ALWAYS given tons to charity - ESPECIALLY WHEN NOT TAXED. "Less fortunate"? Yes, perhaps unfortunate to be born with less, but so many can make it on their own without payouts - in fact, they do much better without the "I can scrape by on others' nickels" attitude. You can't be too unfortunate in this country, BTW.

[BradNYC]

For some reason my "reply" comments are not nesting under the comment of the person I'm responding to. My comment below about "expletives and name-calling" was a reply to biginchpower below. My comment about "low-information voters" was a reply to cnr1967.

[BradNYC]

THIS VIDEO IS PROPAGANDA.

Search YouTube for "Who's to blame for the mortgage meltdown?" which begins to tell the real story.

In a nutshell, it was deregulation at the hands of Republicans that created the circumstances for this crisis to happen.

You can't blame Obama for that.

[coalreigoncoalcracke]

Absolutely that had a huge hand in this problem as well. Can't people just become educated and realize both parties made HUGE mistakes. The ceo's on wall street gambling the money on high risk investments caused this problem. It was due to deregulation. Nobody strongly supported regulation to the point of making a difference. I blame Obama, McCain, Bush and Congress. They all dropped the ball on this issue.

[sbhllusa]

its too late for the causes... i admit its important, but its too late. just because the democrats started it, doesnt mean they cant end it. w/e.

[innovator58]

This years' election comes down to the issues that are important to you. If the Iraq war is your big hot button, then a vote for Obama feels good. If the Dems causing the sub-prime mess is your thing, then vote McCain.  The problem is, whoever wins the White House has to handle ALL of those things and more. I wish that person luck...

[cnr1967]

ANOTHER good reason not to vote for the Muslim

[BradNYC]

If you really believe Obama is a Muslim, then you're in the camp that Chris Matthews of MSNBC euphemistically calls "low-information voters." I just call them STUPID.

[BradNYC]

OK, I retract that. I'll just stick to the term "low-information voters."

[igottwopeepees]

Yah, our country is in an economic crisis and the answer lays in a youtube video with Money for nothing playing in the background.

[kinglouie624]

democrates made are contry into two halfs and now the people are living on the poor half

[coalreigoncoalcracke]

actually the last democrat in office brought both parties together, it's the republican that divided us.

[theOlLineRebel]

All without government handicapping it. Letting people live as close to natural state as possible without ALLOWING OTHERS TO INFRINGE ON NATURAL RIGHTS (THAT is the purpose of government, NOT "to make life easier", I.e., giving you something for nothing, like a damned baby). We are RESTING ON THE LAURELS of past success. Continue your fascist crap and we WILL go down the drain. Possibly to jail first, then to the death chambers.

[theOlLineRebel]

Oh yeah, the SOB treasonous, murderous scumbag. Who never could win more than 42% without the help of a very effective Republican-sucker called Perot.

[coalreigoncoalcracke]

it's treason for an independant candidate to run for office? Man i thought that was democracy. I forgot we're only allowed to have two political parties in america.

[theOlLineRebel]

When did I say that? No, it's great we have someone independEnt (sp., never mind capitals) who did FANTASTICALLY in the elections. It's just a fact most open-minded people are Republicans, and that's why Perot siphoned off mostly Repub's. Dem's are lock-step, of course, and didn't express much disgust with their own party rep's as did Repubs, who tend to grumble their rep's aren't conservative enough (they aren't).

[coalreigoncoalcracke]

You couldn't be more wrong, MOST OPEN MINDED PPL ARE REPUBLICANS are you joking!!!??? LOL republicans are the close minded people who outlaw stem cell research, they're the waning class of people in this country who refuse to give up their close minded beliefs on religions role in politics, seperation of church and state. Very few Republicans would consider voting a Democrat, even if he's a better choice. Democrats on the other hand are "liberal" open to change, ready to adapt, open minded ppl!

[theOlLineRebel]

Yes, open-minded. They think out of the lock-step Dems are always in. Heil!

BTW - it's not "stem-cell research", it's EMBRYONIC stem-cell research. There are all kinds of stem cells, and you don't need to promote killing babies to get them.

What beliefs about religion in politics? That it's ALLOWED? When did we start having theocracy in this country?

BTW, I've voted Dem - Mayor/Gov Willy Don Schaeffer in MD; a great guy. I've also voted Louis Goldstein here for Comp before that.:p

[coalreigoncoalcracke]

Religion needs to have no role in politics, republicans try to push a religious agenda, bad idea. embryonic stem-cell research does not promote killing babies. If a woman has an abortion which is as of 2008 still considered to be her choice what ethical reason would there be against research on the aborted fetus. Good to hear you voted for some dems, hence why i said most republicans would not vote for a democrat, never said all.

[coalreigoncoalcracke]

u r still crazy when you say open minded ppl vote republican, look at the young educated voters. They typically vote liberal because they choose a candidate based on what he says and does, not what his party stands for. The rednecks and hillbillies, elderly, military familes and christian fundamentalists vote republican because they refuse to consider any new beliefs that conflict with what their daddy and mommy voted. They wall off the portion of their brain that accepts common sense.

[082550]

coal...tell us one reason you are voting obama. Is it because he wants to take my stuff and give it to you?

[coalreigoncoalcracke]

I'm voting for Obama because he's the best candidate. If you live in America you work for the best interests of America. Making the rich pay higher taxes, when it won't affect them as drastically as it will the poor is a good idea. Joining the rest of the capitialist world in expanding our already existing medicare healthcare plans is a good idea. Ending a foreign war that serves no interest in America, other than devaluing our dollar is a good idea. Voting for change good idea. Obama '08!!!!!

[082550]

coal...you obviously do not know any Republicans, but you are right on one item, most of us Republicans will not allow a human to be killed to save your sorry ass. That's just the way it is. If you get ill and need to dstroy a human life to save your own butt, go to China. If you got enough money you can have anyone killed to save your miserable life. Have a good day.

[coalreigoncoalcracke]

"most of us Republicans will not allow a human to be killed to save your sorry ass."

yea u're right a fetus is a human that needs protection but a soldier is not right, any more hypocrisies my uneducated Republican friend?

[lindsay40k]

> most of us Republicans will not allow a human to be killed to save your sorry ass

Nope, but the majority will quite happily endorse the murder of a million Iraqis for the promise of cheap oil.

> If you got enough money you can have anyone killed to save your miserable life.

For instance, you could become VP and help orchestrate an unprovoked war of aggression to enrich your former employer, Halliburton.

[UncleMikeNJ]

Republicans are so stupid: Blaming Jimmy Carter stopped working in 1992.

[theOlLineRebel]

FDR is the serious root of all of it; and some roots go back to Wilson and Lincoln especialy. So there's no problem blaming Carter.

[UncleMikeNJ]

There IS a problem blaming Carter: It makes you and your party look like damn fools. And if you're going to blame FDR, blame his cousin Teddy and his Square Deal, too.

[theOlLineRebel]

That's rich. Carter was the fool.

[coalreigoncoalcracke]

Just look at our political figures. You don't see any working class poor, or lower middle class candidates getting very far in office. I'm not saying i am for keeping our current welfare system the way it is, because it is abused in a lot of cases. It's still the best thing we can do right now. If you're so against it you should abstain from every and any social program this country offers. We'll see how passionate you are about your cause then.

[libralady55]

Democrats are a bunch of smooth talking con men who pander to people so that they can attain power and increase their capital.

[biginchpower]

Fuck the Democrats, FFFFFFFFFuck Barack Obama, their filthy lyin Lawyer scum. Anybody out there strugglin to keep your Home, and feeling a bit pissed after watchin that, or sick maybe. Google It. I just did its all true, every single last word and image. Nancy Pelosi is a mentally retarded. THROW THEM OUT !!!

[BradNYC]

There is so much love in the Republican Party, huh?

When you have to resort to expletives and name-calling, you obviously don't really have much worthwhile to say.

[theOlLineRebel]

Check out Democratic Underground for lots of "love". You all think you're such saints.

[sprinklemist1]

WAY TO GO! THANK YOU for the TRUTH!

[Holysmoke2007]

Great AC/DC

Its like this: Repubs screw Demos, Demos screw Repubs, and the time is disappearing from them!

[theOlLineRebel]

ACDC? Sorry, Dire Straits; with the greatest intro ever.

[theOlLineRebel]

Never mind. Didn't realize it went beyond 1 song.

[AlianceSuck]

I don't like to see anybody loose there home, but if you were one of the idiots who bought into the sub-prime mortgages and got a home you couldn't afford! THEN ITS YOUR FAULT! AND NOBODY ELSE'S. Take Responsibility for your ACTIONS.............

[coalreigoncoalcracke]

at least somebody has the intelligence to say that. Personal responsibility for your actions caused this. Even the ceo's that were lending these bad debts need to be held accountable, but they're not they wrote their own severence packages, why wouldn't they gamble with our money, they got paid either way.

Responsibility people. not finger pointing

[kccobra]

We need to remove the existing government if we what to get the country back. Pitchforks and torches.... These are no sides left for us, you fight over things that are not real. You think the greed in the government is on your side, LLLLLLLLLLLLLAAAAFFFFFFFFFFFFF­FFFFFFF

[jox1983]

If all these claims you've presented in this clip were true how come McCain doesn't talk about it more? His economic advisers must know about it. Maybe because it is not true?!! By the way: quoting Wikipedia and opinions (not facts) from some right wing media is not really a credible source.

[truthzx]

you wacko-nut case leftists don't get it, even when you're smacked right in the face with the TRUTH!! You people cannot argue effectively when you're wrong so you try to discredit.

[coalreigoncoalcracke]

amazing how you claim the "TRUTH" but the part that always makes me laugh is the democrats never pass a bill, neither do the republicans. The bills that go through do so because both dems and gops approve and pass them, share the burden of blame, it's both parties fault.

[theOlLineRebel]

But the problem is whose platform is what? Dem's are socialist/fascist/communist - they want government involved in EVERYthing except a woman's womb (choice, my !@!@#!@). Repub's platform is closer to anarchy - laissez-faire, in fact. Just because a few on each side occasionally side with the others or a bunch of Repub's have been influenced or scared by MSM into posing as Dems, doesn't mean their ideologies at heart support it.

[coalreigoncoalcracke]

socialist, u'd think after all these years you'd let the term go. government is put in place to make our lives easier. the ideology is a good one. We'd be much much worse off without social programs. Medicare, social security, public school systems, local and state cops, non volunteer ambulance and fire corps, state appointed road crews, FDA. Think about it for a minute, our "socialist/facist programs keep this country functioning. We'd be fvcked without them.

[theOlLineRebel]

Let it go? You're admitting (thankfully) that you're socialist. So apparently it's not wrong to say so.

Gee, how ever did we become a serious power without all your socialist BS? How ever did a poor weak country grow immensely not just physically but in wealth (for EVERYone - we were the ONLY country heavy on MIDDLE class, not low) and general satisfaction? Innovation?

[coalreigoncoalcracke]

oh yea and we didn't become a serious power without all the serious socialist bs in this country. It was always about the rich taking care of the poor, this isn't a socialist issue, it's a humanistic issue. You just don't like the fact that the richest elite scumbags would be unwilling to share their wealth for the greater good unless their forced to do so. They still have the right to utilize our economic system to get rich, we just ask they pay a little back to help those less fortunate.

[theOlLineRebel]

You are absurd. If your nonsense was true, there would still be a USSR and dozens of other communist paradises. What is with the class-envy? We DON'T HAVE A CASTE SYSTEM in this country; NEVER have. People moved then from poor to rich (and vice-versa), and they still do; it is liquid and tends to follow age.

[x9tripboarder16]

Instead of trying to think of why its wrong, show me the evidence why its wrong. If it's all false, then wikipedia shouldn't be too hard to discredit if its false.

[BradNYC]

OK, x9tripboarder16, I'll show you. Search "Who's to blame for the mortgage meltdown?" on YouTube and you'll see a video that explains how THIS video is WRONG.

[gatherton198221]

I think both parties are bad news but this is a great video. Will spread the word on this. Thanks!!

[jjjudiee]

excellent video! I have sent to everyone I could think of.

[tramos10cm]

Great video...but no blame is ever put on those who took out the loans...ever. Yes, the government and the democrats enabled the existence of these loans, but no one forced people making 40k per year think they can afford a 300k house, 35k car, expensive cell phones, rising tuition, and more. If this teaches us anything, its that basic economics and banking needs to be taught and understood by all or we'll be here once again down the road.

[TennisNXS]

Thank you for posting this video! I am tired of seeing Obama blame McCain and Bush for this crisis we are facing. This is very eye opening! Please pass this on to whoever you can. Obama cannot take up residence in OUR White House!!

[BradNYC]

TennisNXS: This video is FALSE. Search "Who's to blame for the mortgage meltdown?" on YouTube for the truth.