The REAL cause of the mortgage industry train wreck:

#51
#51
oklavol said:
If this act was so horrible then why didn't Congress introduce a bill to repeal it? You do know these laws can be repealed?

Apparently since everything is Carter's faults, why didn't the Republicans who are apparently so wise in your eyes repeal it when they had control of Congress and the White House?

Instead they chose to repeal the Glass-Steagall Act in 1999 which created part of the mess:



Glass-Steagall Act - Wikipedia, the free encyclopedia
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News to me that we had a Republican president in 1999, what did I miss?

I see you rely heavily on wikipedia, you do know anyone can write that crap don't you???

For instance one person corrected an egregious historical error on wonkipedia twice and it was rewritten both times, the first in thirty minutes and the second in twenty minutes.

Wikipedia is a very poor source of information and a very good source of disinformation.

A prime example of that was one entry concerning Siegenthaler that was up for four months accusing him of being involved in the assassination of JFK.

All that supposed information was completely off the wall, especially the part about him leaving the country after the assassination.

You know who Siegenthaler is, right?

BTW, I have nowhere stated that I view Republicans as wise in my eyes, I will state for the record though that Jimmy Carter is a fool of the first order and anyone who supports him is either likewise or deceived by his rhetoric.


BigPapaVol said:
Can you imagine the political damage to the pol that tries to wipe out CRA? That's like publicly talking about revamping welfare and public housing programs. Political suicide.
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As my congressman said to me in person; "It is impossible to speak the truth in Washington DC for fear of being crucified in the media."
 
#52
#52
gsvol said:
As my congressman said to me in person; "It is impossible to speak the truth in Washington DC for fear of being crucified in the media."
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Did you ask him anything or did you just throw a bunch of media articles at him?
 
#53
#53
MontereyVol said:
Did you ask him anything or did you just throw a bunch of media articles at him?
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I asked him something very specific face to face, he feigned ignorance and I said he should damned well know since he was on that committee, that's when he made his lame excuse but I can see what he is saying is true, buck certain interests and you are done in Washington, no matter who you are.

It was hard to really put too much blame on him anyway, the committee finished up final negotiations on the bill around 3 am and the amendment I referred to wasn't in the bill which ran about 600 pages, somehow though, before the bill was brought before the house around 7:30 am, that amendment had magically appeared and was passed.

There are some low life nefarious interests in Washington that certainly don't have the best interest of the American people at heart, that is for sure and certain.

I talked with a retired senator Saturday before last for about 45 minutes and he volunteered quite a bit of information on his own. He brought up the subject of 'lobbyists' and said that when they do what they do, if a legislator asks for the other side of the story they will usually be very forthcoming because down the road they will be back and if they get caught lying today then their credibility is ruined in the future.

I wouldn't use any media article of any kind to bottom the floor of my parrot cage as far as credibility goes.

So what do you have to contribute to the conversation?

Any original ideas??
 
#57
#57
Blame what/who you want -- there are so many to blame you are most likely right -- but the Graham, Leach, Bliley Act has a big impact on this whole debacle.
 
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