Burning Down The House: What Caused Our Economic Crisis?

[69erstud]

This video has many lies & inconsistencies that I posted a response video where I dissected it. I provided the actual articles AND relevant facts. If you want to remain ignorant, don't research & assume what you see on youtube are facts. However, if you want to know the truth about ANYTHING, learn ECONOMICS. The mortgage "crisis" did not cause the US economic "crisis"; it is the lack of worlwide spending on US goods, possibly because of inflation due to accelerated increases in oil prices.

[cjschinc]

the bottom line is that regardless or political party, the national debt has consistently been growing beyond control. Both Bush and Obama have contributed greatly to the national debt.

[cjschinc]

Wikipedia has been a more useful reference than my Mechanical Engineering textbooks. (and often more accurate than my mistake ridden Mechanical Engineering text books). Now that I graduated, I still trust Wikipedia. Open sourced works. Information wants to be free. Scientists started the internet you know. Because freedom of knowledge works. Wikipedia has a great system, any random person can't just delete and slander everything. Wikipedia is a great source of information.

[Disciple1000]

Bush's tax cut add $400 BILLION a year to the national debt. We've spent about a TRILLION dollars "liberating" Iraq. Is it the Republican position that it is good and patriotic to spend American taxpayer money in other countries, but it is an outrage to spend it in our own country? Because that is what they are saying by their actions. Wake up and smell what you're shoveling!

[Disciple1000]

This is comical! Are all of your quotes from Wikipedia? Isn't that a website that anybody can post anything? Not exactly the concrete evidence that you are all singing about. What about the Republicans tax cuts that doubled the debt? What about the TRILLION dollar war based on a lie? You see what you want to see!

[pointdan]

Thank you for your supreme effort. Hope it works. We cannot reward the Dems who caused this economic disaster. Noone will ever convince me the timing of this meltdown was a coincidence. Go McCain/Palin !

[treetorn]

Rather then dealing with the heart of the issue and making life affordable, these loans were used to keep growinggoverment and make people dependent. So, rather then lowering taxes, allowing business to hire more people, and allowing people to keep more of thier money, people and business could simply get a guarenteed loan. And, by making these loans backed by fannie mac/mae, the loans were sold to foriegn investors, and the roceeds repacked and reloaned and so on. The rest is history.

[IrishCurt1]

dont use wikipedia

half the info is fake

[tjtm72]

This is all wrong..search William Seidman and watch 2 through 7 of the economic crisis and the candidates. It is a lecture format so it may be a bit boring it's not hyped up for the MTV attention span viewers, however, it is VERY informative and if you want facts watch it and ignore garbage like this clip. besides the music still sucks in this one.

[ksurick]

★ PROTECT OUR CONSTITUTIONAL RIGHTS ★

I urge anyone who wants to uphold this precious document to visit: "Stop Obama Constitution Crisis" and Sign the Petition! It's fast & easy! Search YouTube October Surprise for details.

[2giveup]

They blame the housing crisis, but truly, how can you pay for your house if you have no money? They blame the banks for making bad loans, but truly, the banks did not loan a single dollar because they didnt have any to loan.

The banks only did what banks under the money matrix do, they extended credit.

[2giveup]

Very good vid of explaining banking, but what alis behind it all is the JOB market.Arm loan balloon loan whatever with out jobs people can not pay.its that simple ok .160,000 jobs in the US last month Sept. 1 million so far this year. combined with low pay and no benefits. americans do not produce the goods we buy anymore.this is the TRUE problem.

[pauldescartes1]

I agree that America is losing her manufacturing base, and it is a huge problem. Our 'service economy' is not self-sustaining. However, investment banks like Lehman Brother's, Bear Stearns, et al, did not go toes up because of the job market. Indymac and Fannie Mae, didn't go into conservatorship because of job losses. Unemployment simply isn't high enough (6%) to have caused such calamity. They went broke because of poor oversight by some in Washington; and mismanagement by some on Wall Street.

[Shanelee33]

You know, I will probably get many insults on here for saying this. I am not saying that McCain is clean. I do not believe that any politician is clean. What eerks me is to see Obama claiming that he had nothing to do with this, not willing to take any blame, and further trying to appear to have honest hurt feelings in his "fellow" American. This crisis is black and white. This is a struggle of good and evil. I do not see how you can be on the left on this issue. This issue hurts everyone.

[2giveup]

u have other choices. its called one of the five other canidates.some of these third parties will even be on your ballot . Nader has 17 states otherwise he is a write in.

[Broadus55]

barbeque321,

Do what I did and hit the pause button so you can read from the articles. Nothing is taken out of context. It will be too late for this election, but history will vindicate both Bush and McCain in this.

[Shanelee33]

Pause button. Good idea. I was going to suggest that, but you beat me to it!

Happy voting!

[levicro]

yep.. used pause.. the first three things I checked did NOT check out... how kewl is that? why bother to continue.. 3 for 3 bad is the same to me as ALL bad.. when people have an agenda.. they lie.. whats the saying.. oh yeah.. figures dont lie.. but liars figure.. if you examine the fact withiout prejudice you arrive at a totally different conclusion... this is totally off base... not even a nice try... just more lies..

[Broadus55]

Care to elaborate on "the first three things" you "checked" that "did NOT check out"? Specifics would be appreciated, as well as your source(s). Thanks.

[barbaque321]

Thats right just let people have time to read the highlights and take the words out of context. Thats how politians always do to make each other sound good or bad whatever they want you to think I am sure the Democrats have one about the Republicans???????????

[imtang0708]

You republicans are just pissed because the economy has finally caught up to your money!!! It's been coming for years now!!! WELCOME TO HELL BITCHES!!! SEE YA REAL SOON!!!!

[tmng1998]

Unemployment is high and growing, and Obama wants to raise tax on all companies making $250K or more??? This is going create jobs how??? Wake up Dems!!! Don't buy into this guy's class war. America is strong if her companies are strong!!! Only corruption make America weak. Stamp out corruption--Obama has said nothing about getting rid of corruption. He doesn't see the problem because he wants to be part of it! 2nd highest reciever of Fannie's money--and he has nothing to say about it!!!

[myplacetoshare]

Oh and 1 other thing. How do you turn a recession into a prolonged depression? Raise taxes on corporations and small business owners. Learn the lessons of 1932, before it's too late. I don't care if you are voting Obama. Just make sure that he understands that raising taxes at this time will destroy our economy, and of course the rest of the world will follow.

[myplacetoshare]

Bill Clinton said it best when the majority of this lies on the shoulders of the Democrats. In one sentence he made me forget about Monica Lewinsky.

[myplacetoshare]

WBW I have done the research. Bottom line is Banks were forced to take on more and more risky loans. IMO banks at the grassroots level are most responsible for this. They knew better than to hand out loans with no money down and no credit. REPUBLICANS tried to get a hold on it by INTRODUCE regulation (Three times!). Search "2004 senate hearing fannie" to see Dems defending FNM. FNM bought up these loans to meet their bonuses, and then passed them up to Wall Street.

[wbw47]

this video is bullshit. my vote HAS not changed, and neither should yours! There is not much truth in this. Do your research.

[jbrettdF250]

sorry folks, they are both ignorant puppets, don't spread "lies" about Obama or you will be arrested.... look it up

[PaPhotographer]

"Simple copyright infringement. Warner has already asked for several kills on this vid "

Simple: stop feeding their bottom line.

Unless everyone takes full control of the little they have, we will all surely suffer. From food storing, to all sorts of cost-cutting on our own levels- to choosing who shall take our money- we do have control. Take it back or simply sit on your butt and watch it all disintegrate.

[iberry]

wow...thank you for this good information... I did not know this... I think I will changed my vote.

[Oddjobtk]

Except, Iran and Iraq aside, when stocks go down further & further now I can afford to buy more for the inevitable price growth that will increase my portfolio value later.

Funny, I did reasonably well under both a Republican and a Democratic congress. Guess it's private industry that can't handle themselves.

Dems, Repubs - capitalism is tough. Wear a cup.

[pauldescartes1]

Accountability for this mess shouldn't stop at Wall Street. For those responsible, be it private enterprise or shoddy government oversight, a price should be paid commensurate to their mismanagement or misdeed(s).

[Oddjobtk]

So.. it's kind of like the policy mess we're in when the Republicans cozied up to Saddam Hussein (yes, he was our ally at one time), telling him Iran was "our" great enemy. Then they sold weapons to Iran. Seriously angering Saddam to the point of being anti-America from then on. To do away with the embarrasment of Saddam's rightful anger toward the U.S. we invaded Iraq, leaving Iran alone.

Kinda like that?

[pauldescartes1]

So?

Bill Clinton said he would lift the arms embargo on Bosnia and then refused to lift it. BUT, he allowed the Iranians (an acknowledged terrorist state at that time) to ship arms to Bosnia.

Tit for tat and all that...Your post has nothing to do with this discussion.

[Hatwoman1]

How does your comment relate to the true info of this video and that so many believe Obama will be good for the economy when he played a major part in destroying it in the first place?!

[Hatwoman1]

How does your comment relate to the true info of this video and that so many believe Obama will be good for the economy when he played a major part in destroying it in the first place?!

[cnollie321]

and guess who's trying to deregulate the economy...

[yardamn]

To bad the Drive By's won't pick up on this one. IF this was played on ABC, NBC, CBS, CNN, or MSNBC  "there" pick for the president wouldn't stand a chance

[angelaone1]

Contact your local News! WHY is this being taken down??? BS music infridgement!!

[postquasi]

Simple copyright infringement. Warner has already asked for several kills on this vid

[VRPink]

Why is this video trying to be suppressed on YouTube? Maybe because the truth hurts. Everyone needs to contact the media and tell them we want to hear more about this!

[lGzYl]

sorry to have to burst everyone's bubble(no pun intended)but the community reinvestment act of 1977 and the regulations ordered by clinton in 1993 were not the sole cause of the current crisis. one should also look at the 1999 repeal of the glass-steagall act of 1933. there's a CRAPLOAD of blame to go around for the crisis we're in right now. and NO, i'm not a democrat before anyone asks. though, however much i dislike democratic policies i know they're not soley to blame...

[pdn49]

I hope the person who courageously put this up again doesn't receive a cease and desist letter from the Obama Truth Squad. I'd hate to think that person would go to jail for this. But else would expect from the people who want to bring back the odious fairness doctrine. They are anti free speech.

[monicahrgirl]

I hope this doesn't get taken offline again.

[JerseyDvl]

Those Dem fools are commies through and through.

I am so pleased that they are the biggest losers to inhabit the Beltway ever!!!

Pelosi and Reid are truly "the blind leading the blind" and all of us are better for it in the end.

Democrat Congress 2008 slogans:

"The only people jealous of George Bush's approval rating"

"9% Approval with NO Legislation - Quite Generous!"

"What are we supposed to do when WE are in charge??"

"Integrity, dignity, honesty, integrity, botox, botulinum"

[jamestriller]

Awesome. Great job. Pelosi, Barney Frank, Waters & Dodd should be forced to watch this with their constituents. What did Obama do to stop this fiasco? Accepted over $100,000 from Fannie Mae and kept his mouth closed. Some leader.