Update: gatewaypundit
"President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems." Source.
ht: Ace: A Must Listen. (Mark Levin Show) AUDIO
Levin neatly details the events of which a thirst for power and leverage bumped into 2008... As 'Leftist protected' housing schemes place US on the brink.
CARTER: 'No plan' but sell of bad investments
It wasn't capitalism or free markets...
The poison-pill was the Carter 1977 Global Reinvestment Act, which morphed & expanded as a Liberal political toy... (GRA) invariably forced banks into lending practices that generated lobbyist funds, votes, and risky borrowers... On a downward spiral against Republican demands for reform...
It is in all archives... Even Wiki and 2003 N.Y. Times call it...
But Leftists would have to end special interests, to address it.
Democrats voted, time and time again, against Bush's reform legislation... And ran on the position that Republicans were against lower income buyers, by threatening their ability for minority home-ownership... (While I chose high cap mortgages)Media got a slice of the pie, and fair elections, a run for their money...
Now watch the Dem Congress come to the final hour as risky trillion dollar debt is cleaned from their books, and dumped on American taxpayers... And (of course) they'll respond to polls, by blaming it all on Bush...
Again, worth the listen...
Mark Levin Explains the Financial Mess... AUDIO
More Links...
-"Billion-Dollar Scandal Not Ready for Prime Time" More.
^ "Clinton Administration Further Liberalizes the Community Reinvestment Act". The White House.
^ "FIRST UNION CAPITAL MARKETS CORP., BEAR, STEARNS & CO. PRICE SECURITIES OFFERING BACKED BY AFFORDABLE MORTGAGES". First Union Corporation (wachovia).
^ "TREASURY DEPARTMENT RELEASES CRA STUDY". United States Department of the Treasury (April 19, 2000).
^ Barr, Michael. "Prepared Testimony of Michael S. Barr". U.S. House of Representatives.
^ "Bush Administration Attempts to tighten lending regulation". The New York Times.
^ Thomas DiLorenzo, The CRA Scam and its Defenders, Ludwig von Mises Institute, April 30, 2008.
