Involvement of Obama in financial crisis and housing bubble (Acorn, Fannie Mea and Freddie Mac)
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Uploaded by HousekaterClaudio on Nov 26, 2010
ASTONISHING VIDEO EVIDENCE FOUND!!! the Clinton administration admitting their policy of "BANK AFFIRMATIVE ACTION". Secretary Cuomo admits they forced banks to make BAD LOANS. Video also shows Obama's tie to all this.
Obama is seen discussing his legal and community organizing career. See how it ties in to ACORN and the Clinton administration enforcement of the Community Reinvestment Act.
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Uploader Comments (HousekaterClaudio)
All Comments (10)
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@condor1087 And you are taking him at his word? Freddie and Fannie alone by 03 held nearly one third of the mbs in this country at over two trillion dollars this is before they lobbied to have rapid credit re-scoring programs and unlimited lines of federal credit By the time of the housing they had more than doubled that share disseminating the toxic assets across the marketplace. You shouldn't spew political dogmas this is a problem of both political establishments not a dichotomy.
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If you pay attention to the video, Sec. Cuomo states that the value of these mortgages is 2 billion dollars. If anyone thinks that 2 billion in loans of which only 5% defaulted caused the entire world economy to collapse, you need serious psychiatric help. The problem was the greed of banks in making risky mortgages for hundreds of millions in fees and Wall St. making 30-1 bets on that debt. Bush's SEC let them do that. Those are the facts and they want you to think something else did it.
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Trying to place the blame of the financial crisis and housing bubble on govt sponsored mortgages is pure bs. You can look up the facts. Those mortgages were well screened and less than 5% of them defaulted. The problems were caused by private banks making loans to anyone with no or little credit checks, no money down, and phony appraisals. Then Wall St. made bets on that debt with as high as 30-1 leverage. Govt mortgages make an easy false scapegoat, but that's all they are.
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Read my lips: R-E-D-I-S-T-R-I-B-U-T-I-O-N OF W-E-A-L-T-H. Give loans to people who can't afford them, and make people who can the ones who have to clean up the mess.
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@LudicrousBarchart And, PS: THIS IS C-SPAN. Not Fox.
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@LudicrousBarchart You are stupid. Try researching the FACTS. The left forced banks to give mortgage loans to people who couldn't qualify for them. Typical leftist. Believe their own lies and attack the Right.
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This happened because Obama was representing ACORN and they were suing banks, and winning, because ACORN members were applying for loans they did not qualify for setting up the bank to appear to be red lining their loans, so in fear of other lawsuits, Clinton set up the requirement that banks hold low income loans, against their own desires, and threatened banks to withdraw their FDIC insurance and would disqualify banks from either being bought or sold. Obama caused this crisis.
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Yeah lets listen to GWB
/watch?v=kNqQx7sjoS8
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This is such a fantastic example of moronic ultra-right city apologists trying to retcon events to back up their rabid partisan politics.
Obviously it goes without saying that most of the footage is from that most level-headed and objective news channels - Fox News.
Obama is responsible for the financial crisis because... and I quote the entirety of the video "I've been a community organiser and helped design programs at the ground level". Amazingly shitty reporting and analysis.
LudicrousBarchart 11 months ago
@LudicrousBarchart
Even though "FOX" is really one of the worst channels, this "reporting" is right! Obama helped to make it possible that the loans which were given by companies like freddy mac, where backed up by the government (or in othert words by US-taxpayers). For the credit-giving banks in the background,this is a perfect profit situation, because its a gain with hardly any risk! This is of course a crime against the US-taxpayers, but which was shown on TV as "something good"!
HousekaterClaudio 11 months ago