Do You Think The Housing Bubble & Its Crash were Engineered by the US Government, the Fed & Wall Street? There are some people that truly do believe this...Click here to read this article by Richard Cook, which is fabulous reading I must say in my humble opinion.
Here are some tidbits of the article below:
During the Clinton administration, the government required the financial industry to start expanding the frequency of mortgage loans to consumers who might not have qualified in the past.
When George W. Bush was named president by the Supreme Court in December 2000, the stock market had begun to decline with the bursting of the dot.com bubble.
In 2001 the frequency of White House visits by Alan Greenspan increased.
Greenspan endorsed President Bush's March 2001 tax cuts for the rich. More such cuts took place in May 2003.
Signs of recession had begun to show in early 2001. The stock market crashed after 9/11. The U.S. invaded Afghanistan in October 2001 and Iraq in March 2003.
The Federal Reserve began cutting interest rates, and by 2002 a home-buying frenzy was underway. Fannie Mae and Freddie Mac went along by guaranteeing the increasing number of mortgage loans.
If you have time, read the article and let me know what you think.
Just Love to talk about anything OTHER then the Presidential Election
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Steve - I can't imagine the Government is that efficient to have orchestrated this purposely.
Yes I think they did, I think they all have pensions/stocks/investments tied in with Fannie Mae & Freddie, they wanted the government to bail them out from losses. I doubt we will ever find out the truth. I don't agree with some of the dates in the Cook article but it seemed pretty much on the mark.
lol
No question about it, Steve, it absolutely was. I'm sitting back, enjoying some hot apple cider, listening to Barry Manilow, and watching the country burn down in living color. Oy
There was a New York Times article on Sept 30 1999 explaining that Pres. Clinton leaned on Fannie and Freddie to write the under privileged burrowers loans. There is still banking guidelines by Congress in affect for Banks to do this also.
Richard
Most stupid things are politically motivated.
oi David! wish I could join you!
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