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Burning Down The House: What Caused Our Economic Crisis? Bombshell

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TheMouthPeace
September 30, 2008
This video is an informative look at the factors that are causing our current financial and economic crisis. It discusses policy changes 13 years ago that unleashed the sub-prime mortgage-backed s...
This video is an informative look at the factors that are causing our current financial and economic crisis. It discusses policy changes 13 years ago that unleashed the sub-prime mortgage-backed securities market, which accelerated prices erratically, inviting speculation and loose lending practices which were both condoned and encouraged by existing regulation and carried out by risk-blind executives and Fannie Mae and Freddie Mac.

Aside from ripping the corporate goons in the media, please be respectful in your comments. Thanks.

Obama Bombshell Redistribution of Wealth Audio Uncovered
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komokoro (1 day ago) Show Hide
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The problem is not with the Economy but the people inside the Economy. The problem is some people in this planet are insanely rich due to greediness while other people doesn't even have a suitable home for a human. Majority of the American people are spending too much money. Controlling the Global Market Economy with their Inefficient lifestyle. They live in large homes and eats too much food. The lifestyle cannot sustain itself in the long run.
BeantownJim (2 days ago) Show Hide
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amen
Justyburger (5 days ago) Show Hide
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Just hit pause. I had to a number of times.
hitballfootler (5 days ago) Show Hide
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Yeah I know that's what I did. I was just really annoyed and had to express my anger.
sunshinegirl1967 (6 days ago) Show Hide
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Very good video! I wish the Dems would learn from their mistakes. Anybody knows that when times are tough like they are now, you tighten the belt , not go on a spending spree. Obama thinks we (the middle class) can well afford everything on his wish list. Truth is, he really doesn't care if we can or not.
teacher7th (6 days ago) Show Hide
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Wikipedia is not a credible source.
badfickle (1 week ago) Show Hide
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F&F were run poorly. As were most of the major banks in the mortgage industy. But what the video completely misses is that the private lenders who were not subject to the CRA were far more aggressive in making subprime loans in those very neighborhoods. 20% of the Subprime market were unregulated lenders loaning to low income borrowers and 60% went to mid-hi income borrowers which had NOTHING to do with the CRA.
caltrop69 (4 days ago) Show Hide
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These companies were allowed to sell their high risk loans to Fannie and Freddie. And they did. Fannie and Freddie were required to have a certain percentage in their portfolio.

This helped remove the risk to a government backed entity.

When you remove risk, keep interest artificially low (through the FED), and enforce regulations that require high risk loans, I don't see how there could be any other result.

Do you have a more promising hyothesis, or do you just oppose this one.
badfickle (4 days ago) Show Hide
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F&F played a part in this. Absolutely. But what this video is missing is that F&F did not buy the most risky of the subprime loans. In fact a large majority of the foreclosures on the market right now were not securitized by F&F but were bought and secrurized by private banks and investing institutions. F&F actually came late to the subprime market and entered into it because at the height of the subprime boom ~2006 they had lost substantial market share to the private banks.
badfickle (1 week ago) Show Hide
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Yes but a majority of the Subprime loans were bought and securtized not by Freddy and Franny but by private banks and investors. in fact at the height of the subprime boom in 2006 F&F's market share had actually dropped to 26%. They wanted into subprime not so much to help poor people but because they were losing out to private banks.
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