The origins of the 2008 financial crisis

This video explores the origins of the financial crisis, beginning with the community reinvestment act of 1977 and detailing - through New York Times news articles - the changes made during the Clinton administration.

Category:

News & Politics

Tags:

• community
• reinvestment
• act
• financial
• crisis
• bailout

[liverleef]

@ldan1234 Not everything he says is bullshit. He states that there was a financial crisis in 2008. This is true.

[ldan1234]

There a number of untrue statements here. Ignore this author.

[exbronco1980]

jack kemp says that the c.r.a. of 77 did not cause the crisis of 07/08.

[dac8555]

You say FRE and FNM were siezed by the federal government. This is Factually untrue. There were comepletely feneradl and became semi private by offering shares out to the public decades ago. FRE and FNM started 10 years before CRA.

All CRA did was say that banks couldnt descriminate based on geographic location. If the plan and numbers were solid, then they had to use the same criteria as any other loan. They could just say "i dont like that neighborhood". You blame everything on dems.

[genYprogressive]

Phil Gramm and Alan Greenspan caused this, with the help of Clinton. This is bullshit. 84% of the Toxic Assets were private non bank lenders. This video is bullshit.

[librep2008]

This is why we hate populists like Clinton, Chavez, Evo, and all those "progres" who believed poor are so because the rich pull them down!

[FightParanoia]

The mortgage collapse was caused by B&C lenders - not Fannie Mae. B&C loans were for people with lower credit scores and/or who had to "State" their income without be required to prove it. Every firm on Wall Street sold B&C loans because they were very profitable, much more profitable than the Fannie Mae loans because they had much higher interest rates. They were strictly backed by private investors and not Fannie Mae. But let's blame minorities

[sscofield1018]

@scatman44

45% of black have bad credit, they were denied loan because they had bad credit or lived in a high crime area, not their race. Most of the foreclosures occurred in the areas with the most illegal immigrants.

[groberts1776]

@joulesbeef

The CRA used code words to avoid using racial terms just like our Constitution which did not mention the word "slavery" but it clearly addresses the issue if you read it carefully.

[groberts1776]

@ackbass

The final vote in the Senate was 90-8. Chris Dodd brokered a compromise which strengthened the CRA (creating more subprime loans) which brought all but a handful of Democrats onboard. GLBA was praised by President Clinton for increasing financial stability.

McCain sponsored legislation that addressed the instability created by the "too big to fail" GSEs. Obama did nothing.

Obama has been advised by the same Fannie Mae execs who robbed the country blind while taking huge bonuses.