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AIG: The Main perp in this meltdown.

Discussion in 'Political Discussion' started by Run DMC, Oct 6, 2008.

  1. Run DMC

    Run DMC Rookie

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  2. Fogbuster

    Fogbuster Rookie

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    Plenty of sleezey characters roaming the halls of financial institutions for sure -- absolutely no argument out of me on that.

    Yet, the door was opened by the CRA (Community Reinvestment Act), legislation first pushed by Jimmy Carter, then expanded to ten times its size, or more, under Bill Clinton, and passed by Democrat Congresses.

    People like Barney Frank and Chris Dodd knew the potential for abuse when they saw that banks would be legally coerced to loan money to people who had little or even no credit history whatsoever. Frank and the other Dems wanted to be Robin Hoods: take from the "rich" (those who actually pay their taxes and give substantial money to the government) and give to the poor (those who did not pay much in the way of taxes).

    Then, when shady people saw how much of this federally mandated money was available, they found ways to make this into a national Ponzi scheme, where property "flipping" became a national "get rich quick" game. Remember all those late night cable programs telling us how to buy all kinds of property with "No Money Down"??? This is where it all started: the CRA.

    Jimmy Carter, Bill Clinton, Barney Frank, and Chris Dodd: all guilty of setting up this national shell game, this ultimate "house of cards", which has now come crashing down. It was a foregone conclusion from the get go.

    //
    Last edited: Oct 6, 2008

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