How Did We Get Into This Country-Wide Financial Mess?
Although the Bush Admin tried many times to call attention to a coming problem for several years it was the Barney Frank crew who brought the country down. Housing market collapse was tied 100% to the Wall Street failure. The failure was brought about by Frank and dem. policies forcing banks to make loans to unqualified people under the threat to lenders of "discrimination lawsuits" if they did not make the loans. Also the risks were lowered by Demo-backed safety net garentees to lenders. To avoid lawsuits Lenders had to find ways to manipulate a qualification of income. Generaly this would be by giving low adjustable interest rates. These rates would rise after 3-5 years (depending on the term and rate). The expectation was of course that real estate values would also rise during that period and people who couldn't afford to remain in the loan would have aquirred equity and could sell and get out of the loan. This did not happen as loans came due. The Dems affirmative action home loan policy cost the country trillions in equity as foreclosures effected apprasials of all homes in every neighborhood and City. The domino effect went right up the economic city, county, and states tax ladder as well. Soon employment was hit making a complete collapse.
You can thank Barney Frank-Chris Dodd-Schumur-Waters-Meeks-Davis-Clay- and all Democrats geniuses with their personal-lobby-policies of ingraciating themselves with playing poor-man district force politicts for re-election pay back numbers.
The dems blocked all attempts to investigate and regulate Fannie and Freddie, the two largest contributors to our economic crisis.
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
Bill Clinton on Democrats and the financial crisis
Covering Your Fannie, Who Really Caused Our Economic Crisis?
Democrats caused the financial crisis of 08 by supporting Fannie Mae and Freddie Mac and covering up their bad books.