pro-McCain Economic crisis video

[alnorth]

Not sure if its already been posted here, it has almost a quarter million views in 2 days and it just got linked by drudge.

http://www.youtube.com/watch?v=H5tZc8oH--o

[Joe Seahawk]

Good video explaining in a nutshell how the mortgage business got so F'd up..

Thanks for posting.

[Laz]

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[banyon]

It's great except that it basically ignores the following:

1) who was in Control of Congress from 1994-2006
2) who was the architect of Gramm-Leach-Bliley which broke down the barrier between investment banks and mortgage lending- (Phil Gramm, one of McCain's closest economic advisors)
3) who was president from 2001-present and had their own home ownership initiative announced in 2002 pressuring Fannie and Freddie to expand lending.

(edit* 4) and all the Republican connected financial figures that are just as deep in this mess as the Dem-connected ones cited in the video)

[jidar]

This argument pretends that Fannie was required to buy trillions of dollars of subprime mortgages by regulation and that is simply not true.

The truth is that they bought them out of greed, just like all the rest of the financial institutions who are now failing. There was no regulation that caused that to happen, they did it because they saw profit. In fact, the only way to deal with it is to put in place regulations to limit these types of vehicles.

[alnorth]

This argument pretends that Fannie was required to buy trillions of dollars of subprime mortgages by regulation and that is simply not true.

The truth is that they bought them out of greed, just like all the rest of the financial institutions who are now failing. There was no regulation that caused that to happen, they did it because they saw profit. In fact, the only way to deal with it is to put in place regulations to limit these types of vehicles.

Well, the video also mentions that McCain tried to put in those regulations and was repeatedly blocked by the Dems, but to be fair by that time it was probably too late anyway.

[banyon]

Well, the video also mentions that McCain tried to put in those regulations and was repeatedly blocked by the Dems, but to be fair by that time it was probably too late anyway.

How was he blocked? I found that part curious.

[jidar]

How was he blocked? I found that part curious.

Yeah that would have been at a time when republicans controlled both the executive and legislative branch.

[jidar]

Well, the video also mentions that McCain tried to put in those regulations and was repeatedly blocked by the Dems, but to be fair by that time it was probably too late anyway.

The laws that they are talking about would have put different oversight on Fannie but it had nothing to do with the subprime crisis and wouldn't have stopped it in any way.

[BucEyedPea]

Saw it already! It has much truth in it but has some partisanship in it just by omission.

It was an R congress that crafted that 1999 bill with a D president, Clinton, signing it. This is still all part of a loose monetary policy and a Keynesian mindset. Throwing in the F/F mortgage crises made it extremely toxic. Let's face it the CRA was passed in 1977 but we have this scenario now?

Let's not forget the same economic doomsday was predicted when NY defaulted in 1975. It didn't get that bad either. Let 'em go down, someone will buy them.

Let's not forget that all this monetarization helpes to fund foreign intereventions, wars and occupation and which has led to high oil prices. So McCain is not the answer either. He wants more of that.

It's nothing but scare tactics, a sort of financial mushroom cloud counterpart to needing to invade Iraq. These guys have not had a good track record on their predictions or in making things go right.

[Logical]

Saw it already! It has much truth in it but has some partisanship in it just by omission.

It was an R congress that crafted that 1999 bill with a D president, Clinton, signing it. This is still all part of a loose monetary policy and a Keynesian mindset. Throwing in the F/F mortgage crises made it extremely toxic. Let's face it the CRA was passed in 1977 but we have this scenario now?

Let's not forget the same economic doomsday was predicted when NY defaulted in 1975. It didn't get that bad either. Let 'em go down, someone will buy them.

Let's not forget that all this monetarization helpes to fund foreign intereventions, wars and occupation and which has led to high oil prices. So McCain is not the answer either. He wants more of that.

It's nothing but scare tactics, a sort of financial mushroom cloud counterpart to needing to invade Iraq. These guys have not had a good track record on their predictions or in making things go right.One of your better posts. I don't know if I agree with letting them all fail. I really need more info, but I believe we should be taking our time to determine a resolution.

[whoman69]

Saw it already! It has much truth in it but has some partisanship in it just by omission.

It was an R congress that crafted that 1999 bill with a D president, Clinton, signing it. This is still all part of a loose monetary policy and a Keynesian mindset. Throwing in the F/F mortgage crises made it extremely toxic. Let's face it the CRA was passed in 1977 but we have this scenario now?

Let's not forget the same economic doomsday was predicted when NY defaulted in 1975. It didn't get that bad either. Let 'em go down, someone will buy them.

Let's not forget that all this monetarization helpes to fund foreign intereventions, wars and occupation and which has led to high oil prices. So McCain is not the answer either. He wants more of that.

It's nothing but scare tactics, a sort of financial mushroom cloud counterpart to needing to invade Iraq. These guys have not had a good track record on their predictions or in making things go right.

Just goes to show you can always prove something when you only present one side.

[Logical]

Yeah that would have been at a time when republicans controlled both the executive and legislative branch.Because McCain is a *****in maverick, have you not heard?

By the way the video is better due to its musical content. The rest of the video is too slanted to be viewed as realistic except to the most partisan.

[Taco John]

It's great except that it basically ignores the following:

1) who was in Control of Congress from 1994-2006



This.

I have to dismiss this video out of hand for this fact.