Democrats (Barney Frank, etc) have let this housing crisis happen and I will show you why. Americans are being lied to and now we are being stolen from. CNN and the media is trying very hard to spin this, everything in this video will have a counter argument and an accusation that conservative republicans are liars. Yet left wing non-profit organizations are allowed to run amock leveraging government power to extract money out of banks for their own personal wealth, power and gains. Remember community reinvestment act in it’s pure form did not cause this, but the act WAS used to put us into this mess. Watch, learn, research. Cato Institute seemed to have found this out many years ago. www.cato.org Next video on ACORN coming soon.
53 thoughts on “How democrats lied to America, while using community reinvestment act and acorn to destroy the American financial system.”
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Ha Ha what a joke. The community reinvestment act never told banks to loan money to people who couldn’t afford it. It was the Banks that figured out the way to sell their risks to other countries so that’s why we have so many houses owned by people who couldn’t afford them…..Not democrats…..and acorn never did anything…..in fact they’re the ones who turned in most of the fraudulent voters in the first place…Acorn handled their own problems…nothing was hidden.
Wow. theres nothing better than watching fat pasty white guys with speech impediments explain extraordinary conspiracy theories with no grounding in reality. Keep it up youtube!
Well, you have to remember that this is a conspiracy theory, and when writing conspiracy theories, people get bonus point for working in people and organizations that have nothing to do with the plot line. Acorn, obviously, is not connected to this story in any way, but, a skilled writer can think up a way that they could be the mastermind, and exert their power of the electoral process to influence the housing industry. Its pretty far fetched, but it’s a work of fiction after all.
The soviet national anthem is beautiful and inspirational, which is the opposite of this video. I like good music.
SUPPORT legislation H.R. 833!!!
you people…either grossly uneducated or out of your minds…By intervening—even just threatening to intervene—in the CRA review process, nonprofit groups like ACORN have been able to gain control over large amounts bank capital, even though they have NO market experience in almost every case. ACORN Housing has a $760 million commitment from the Bank of New York because the bank basically had no choice. It was being strong armed by them. sure there are worse groups out there than ACORN
but it is definitely not how markets are supposed to work, it is very damaging and in the long run, it hurts all these low income families more. There is a little truth in everything, I dont agree with everything this guy says, but he obviously has taken the time to research it himself, instead of sitting around ridiculing other people with racially charged comments, without have a clue as to what is really going on. xoxo, your pasty white lover
Im in the biz and you wouldn’t believe the kind of loans that were being handed out, people with no social security numbers where being given loans for up to 400k.
Hello only 6% of the subprime market was loans from CRA regulated banks to low income borrowers. Out of the top 25 subprime lenders only 1 was regulated by the CRA. The rest got into the subprimes out of good old fashioned free market greed.
But this story gets pushed because it blames the poor, minorities and Jimmy Carter.
Only 6% of the subprime market was loans by banks regulated by the CRA to low income borrowers. And that doesn’t even mean that 6% of the subprime market was forced on banks by the government. Without regulation the CRA banks would have been much more into the subprime market. It’s just mathematicallyimpossible that the CRA caused the crisis. In fact if the unregulated mortgage lenders had adopted the lending criteria that the CRA used there would be no mortgage meltdown.
It runs deeper than the CRA involvment. Fanny Mae F. Mac, ACORN, and several other Democrats who profited from this whole ordeal are also included.
If it’s easy to make Carter into a popenjay, then what are you exactly doing by using the oh so conveneint “Free market greed” slant?
A little honesty goes a long way.
Yes F&F were definately a contributing factor. But along with F&F which rightly gets considerable attention there were the private banks which were also securitizing subprime loans. In fact while F&F were the largest single buyer, private banks collectively bought a majority of the subprime market and bought the most risky of the subprime loans. At the height of the subprime boom (2006) F&F market share had dropped considerably because they were not as agressive in subprime.
Fannie Mae and Freddie Mac at one time owned 75% of all subprime loans. THEY CREATED THE MARKET THAT MADE THE HOUSING MARKET CRASH!
If the Democrats ever try to pull this again, no non Government GSE’s should participate, even if they are INTIMIDATED into it. Just call out the GSE’s for their acts. Fannie and Freddie are the OBVIOUS core cause of this problem!
Yes. back when there weren’t enough subrpime loans in the country to be a danger to the market. But during the boom from 2004 to 2006 when things got out of hand F&F only had 24% of the subprime market share. Primarily because their lending standards were much higher than those of the private banks. I’m not saying F&F are blameless. But the private banks were even more careless. Which is why a large majority of the forceclosures on the market were bought by private banks. not F&F.
So having the largest part of the market share between two companies is ok as long as the intentions were good?
The Private Banks had to in order to compete with the GSE’s. Fannie Mae and Freddie Mac did not fall under Sarbanes Oxley. THOSE PEOPLE RESPONSIBLE SHOULD ALSO BE BROUGHT IN FRONT OF THE CONGRESS UNDER OATH. ANd it includes Barney (Fannie doesn’t have a problem) Franks, and Maxine (We do not have a crisis) Waters. IDIOTIC to give these people a pass because their intentions were good!
Fannie and Freddie are the core cause of what we are in right now. THERE IS NO WAY TO DISPUTE IT!
Countrywide went under. Bear Stearns went under. Not Fannie and Freddie. WHY? Because they are backed by the TAXPAYER! This one of the dumbest things Congress has ever done. And it was the Democrats in Congress that fough on behalf of Fannie and Freddie while the Media led you to believe it was Countrywide and Bear and Stearns and Washington Mutual. This was political all the way. NOT OBJECTIVE!
Nobody is disputing that F&F played a substantial role int the crisis. Even holding 25% of the market makes you a major cause. I think I’ve been clear on that. Dismissing the other 75% of the market at the height of the bubble as merely having to “compete with the GSE’s” ignores completely many of the substantial and systemic problems present in the market and if we don’t acknowlege them we wont correct them.
There are several other very important causes to the crisis. The private banks (who made the majority of the subprime loans) had their own way of insuring the mortgages. Credit Default Swaps and other instruments were invented after the S&L crisis in the late 80’s. The inventor of them Bill Siedman urged Greenspan and Bush sr. to regulate them and Greenspan said no because they were “sophisticated instruments traded by sophisticated investors. The market will regulate itself.” He was wrong.
u sound like a muppet
great video, good job
Please keep making vids like this, you’re doing a good thing here. Maybe people will watch and wake the fuck up.
Nothing will change very much. The DemoRATS are much much slicker politicians than the RepubliRATS, they make the Repubs look like rookies. Dems control the major population bases, minorities are very loyal to them, thier power will just grow and grow. Also the Dems know the one thing they must do to stay in power is dole out the goodies, something the Republirats are getting better at. This country is headed to being a 3rd world nation. Look for more and more cities to resemble Detroit.
Wrong, you were given poor information buddy. The majority of the loans that went under were not regulated by the government. In fact, government regulated loans could not be given with an ARM.
YOU GOT THAT RIGHT. BUT REMEMBER THIS ONLY 5% OF THE AMERICAN PUBLIC ACTUALLY “THINK”
I was in SALES for 32 years here in FLA. what I sold it was kinda DOOR to DOOR. I met with middle class,poor,,poorer and trash poor. A few years back a developer bought 31 acres right behind where I’ve lived since 1989 they put 110 homes on it (like 20′ apart) I would work that area and could never get over the shock of seeing families in those new homes that I KNEW couldn’t afford to be there. “YOU WOULDN’T BELIEVE WHO THEY ARE SELLING THOSE HOMES TOO”. Today 40% of them are in FORECLOSURE
@themojomansince1959: Well, I will recommend a real life documentary of the USA, if you have not seen it, you will find it enlightening. The movie start Owen Wilson, it is titled “Idiocracy”, like I said, it is a real documentary of the current day United States Of Ameritard.
I would advise any smart person in this country to stock up on guns and ammo, practice low crawling at night.
george w. bush and mitt romney graduated from harvard. are they liberal? Jack Kemp said that the community reinvestment act didn’t cause the banks to fail. the democrats only controlled congress from early 07 onward, how could they have caused so many problems? how could acorn and other groups like them MAKE banks do anything? can anyone cite a lawsuit were acorn or some similar successfully sued and MADE a bank do anything?
actually the highest default rates are on homes worth $1 million +
GOP idiots don’t even know what a “recession” is.
Even had the housing market not crashed, a “recession” was on it’s way. Even had the financial banks not faltered, a “recession” was on it’s way.
There was an inflation bubble waiting to burst.
There was absolutely ZERO economic growth from 2001-2009. Coupled with the rising cost of fuel and the Bush/GOP tax/interest rate policies, inflation shot up like a bish.
Why do you think the gov’t led by Bush/GOP invaded Iraq? Hint: stimulus
Bill Clinton who initiated the Fannie Mae Freddie Mack disaster did so in 1992–not 2007. The CRA was implimented in 1977. Rep. Tries to rain out Freddie and Fannie in 2003, 4 years before democrats came into power, an yet they were stopped by democrates including Barney Frank and Senator Dodd and senator Obama.
Be serious!
Bill Clinton was not president in 1992. how did he initiate the disaster? when you say “rain out” i think you mean “rein in.” How did the republicans try to rein in Freddie and Fannie in 2003? Obama was not even a senator then. did George w. Bush try to rein them in? which democrats stopped them? was there a democratic senate filibuster in 2003? how did the democrats stop Fannie and Freddie from being reined in? where do u get your information?
It has always whistleblowers who have pointed out the corruption and destruction of capitalism. From Karen Silkwood to Erin Brockovich–if you want to know capitalism learn those stories–not the crap the Cato Institute spews.
In 2002 george bush mandated a home ownership program where he says that downpayments should be subsidized, the mortgage process should be deregulated and mandates fannie and freddie to increase minority home ownership by 440 billion dollars creating the housing bubble that killed our economy (at the 4 minute mark of the speech). To see the speech he gave back in 2002 , go to youtube, search HOME OWNERSHIP AND PRESIDENT BUSH.
Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lenders originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 (go to youtube, search HOMEOWNERSHIP AND PRESIDENT BUSH)
it rose to $188 billion in 2002. $310 billion in 2003.
$730 billion in 2004.
$1 trillion in 2005.
Wall st made trillions of dollars off of people who could not afford homes from the transactions and repackaging them into derivatives
t RON PAUL …662 GROUPS..12 COUNTRIES
Ron Paul Campaigns Meet ups around the world
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@yoransom42 t RON PAUL …662 GROUPS..12 COUNTRIES
Ron Paul Campaigns Meet ups around the world
MITT ROMNEY ….1 GROUP ….
Meet and Greet Newt Gingrich..1 ..LOL
Sarah Palin Meet up Groups ….6
Herman Cain for President Meet up Groups …3
We must end this main news media side show…. Get active if you really know whats going on ..
One word that describes the reason for our shitty economy….. deregulation
Wrong, exactly the opposite. The reason the economy is “shitty”, is precisely BECAUSE of government regulation. The gov’t forced banks to make loans and mortgages to people of high credit risk (i.e. minorities with low credit ratings and no available means to pay the money back). Thus when the millions of high credit risk applicants began defaulting on their mortgages en masse, it led to the ’08 financial collapse. The federal government was the prime mover in the financial collapse.
they made the fraudulent loans to every name they couldthen pocketed the money
I wish the democrats would admit to the huge damage they do and the huge flaws in there party. I know the far right won’t admit it either but I thought democrats were better than that
he makes very good points. Unfortunately he has a really annoying voice. He should consider an approach to making his points with out using his own voice.
CRA liberals making loans to poor individuals with little or no down payments, interest only loans w/adjustable arms due in years, driving up home costs because of easy money (unsecured loans) available to not only the poor but also to the middle class and the rich because of anti-discrimination policy. If the CRA was good policy then why is it still not available to prop-up failing home mortgages? It was a bad policy then and it still is now! LIBERALS HURT THE ONES THEY TRY TO HELP! What fools
Still banks were encouraged and pressured doesnt mean they had to, plus sub prime loans made up about 1/5 out of all loans, meaning what about the other 80%?
On top of that what percentage of Sub Prime loans were backed by the CRA act?
What is about 1/20, so with that said YOUR saying about one percent of defaults led to housing collapse and it wasnt the other 99% of loans NOT tied down by the ARC act .
Corp media got strong #BlackOut on Fannie/Freddie -> JPMorgan collusion:o/ Will LIBOR Scandel flush ’em out?
When you are dealing with the Govt that could crush you yes they had to. If they did not give the loans out the Govt would have went after them for discriminatory credit practices. IN other words tehre was a point in time Banks would not give loands to people that could not pay back. They did not even give money to people with bad credit. The Govt did not like that pass the CRA and that’s how we got to 2008.