Quote:
Originally Posted by SabbathWolf
Russians had nothing to do with this.
PUSSY Americans made it happen.
Put a sheep with an arrow through it's brain on that flag.
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Actually, there HAS been a massive Russian initiative to send 'immigrant' Russian Communists to the US since 1956 so they can actively take up positions of influence in Political Administrations, and as Professors and Teachers in our education system starting with Universities on down. (Edited to add: Didn't you guys see what college professors were saying in the 1960's shortly after this?!?!?)
It's the same way the Roman Empire came to a grinding halt - infiltration and destruction from within.
If we are not to LEARN from History, we are Condemned to REPEAT IT!
This Mortgage crunch isn't over yet either! There's a second tier of ARM Mortgages set to 'Readjust' in another ~18 months or so!!! There's going to be a SECOND TIME BOMB GOING OFF around the early Spring of 2010 during Osbama's second year in office. Let's see what happens! Wanna bet they're going to blame it on 'Bush' even though it was the CLINTON ADMINISTRATION that REPEALED THE GLASS STEAGALL ACT (GSA) OF 1933 -- The PROTECTIONS passed after the Great Depression to keep Banks from growing too large to be effectively regulated???
Republicans DID NOT WANT THAT GONE, but unfortunately, due to a democratically controlled White House, and limited support in the house/senate, they couldn't pass a QUALITY replacement for some of the protections that were provided by the GSA. The Republicans could only pass the half-assed Gramm Leach Bliley Act (GLBA) in November of 1999. These protections were NOT enough to keep banks in check and restrict the speed or size of bank growth.
Though many NEW articles written about the GLBA state that it was the GLBA (Gramm Leach & Bliley were all Republicans) THAT REPEALED THE GSA - when it was actually going to be repealed anyway - it's just that the REPUBLICANS thought there should
STILL be
SOME protections and the GLBA was all they could muster through the House, Senate, and SLICK WILLY Clinton! If you read any PRINTED news articles about this issue that were written back in 1999, you'll se what I'm saying is true... Don't trust the 'Wikipedia' version of what happened - they don't know shit about Banks and Investing let alone historical truth.
DURING the GSA's reign, Banking institutions could only be involved with ONE of the THREE banking service types:
1.) Residential Mortgage & Personal Banking Services.
2.) Corporate Mortgages & Loan Services.
3.) INVESTMENT Banking Services.
If you were a Bank, you could only deal with ONE OF THESE different types of services, but you could not do more than that!!! On the OTHER HAND, if you WERE A BANK, the GSA ALSO PROTECTED *YOU* by allowing you more power to TURN PEOPLE DOWN if they looked like they might not be able to PAY their own loans!
What caused the Stock Market Crash? Corporate & Residential Banks got into Investment Banking. In the early 1900's many businesses were 'starting up' and banks started doling out CORPORATE LOANS for new startup companies left & right!!! This is due to vast levels of speculation getting out of hand in the markets (same thing that happened with the oil industry the past ~2 years), and things became GROSSLY OVER-INFLATED!!!
The Banks, which had their hands in ALL THREE banking categories realized this was the case - they KNEW many of the speculated corporate loans were going to CRASH, and CRASH HARD because those companies weren't doing nearly as well as they claimed they would! So, the INVESTMENT sector of large banks prepared these LOVELY 'SECURITIES' packages and 'Mutual Fund' packages which are made up of securities or shares in these 'Over Inflated' corporate loans they were doling out left & right!!!
They sold these to Ma & Pa Kettle saying,
"Yeah, these are a VERY SAFE, SECURE INVESTMENT, BUY THEM! They will net you ~5% to 12% and since they're made up of CORPORATE LOANS, they're foolproof secure investments with great return!!! The only way they can do bad is if the Corporations don't pay their mortgages, or go under!" Well, we saw what happened. This was the Banks' way to take $$$ from the GENERAL PUBLIC INVESTORS, and POCKET IT to offset their losses when their speculative corporate loans went BAD!!!
After the meal was served, the Government never showed up for dinner, so it was just THE PEOPLE, and the BANKS who were dining! The banks decided to skip out on the check, and instead they pawned it off on the PEOPLE!
The STOCK MARKET CRASH WAS DUE TO RISKY SPECULATION AND BANKS'
CRIMINAL act of passing their risky loans off onto the PUBLIC!!!
In September of 1999, The
CLINTON ADMINISTRATION along with Fannie Mae, and Freddie MAC (their names sound familiar?) were pushing to give LOW INCOME and MINORITY PEOPLE LOANS - NO MATTER WHAT!!! Otherwise it's DISCRIMINATION!
With the Glass Steagall Act ELIMINATED in November of 1999, Fannie Mae & Freddie Mac started telling banks "
YOU BETTER GIVE OUT LOANS TO ANYONE who is either low-income or a minority - regardless of their ability to pay back those loans! Or you can now be SUED for DISCRIMINATION if you don't!"
Thus the time bomb for the Residential Mortgage Crisis was set, and started ticking! Banks created the Adjustible Rate Mortgages so at least for a little while, low-income people could 'Afford' their monthly payments and buy a house! But they had better get higher income in the next ~6 years (most ARMS were set with a ~80 month reset time), because if they don't their mortgage rate will reset, and it could go up!!!
The poor & minorities FLOCKED to the banks in 2000 to 2005!!! Banks were passing these out left & right!!! Though they saw people already skipping out on paying their mortgages! Their cell phone & chrome rims took priority over keeping their homes!!!
So, what did these banks do to help offset their losses??? They decided to use their INVESTMENT sections to create these lovely 'SECURE, LOW-RISK, Moderate Gain SECURITIES & MUTUAL FUNDS!!!'
"Yeah, these are a VERY SAFE, SECURE INVESTMENT, BUY THEM! They will net you ~5% to 12% and since they're made up of RESIDENTIAL MORTGAGES, they're foolproof secure investments with great return!!! The only way they can do bad is if the PEOPLE don't pay their mortgages, and generally speaking EVERYONE PAYS THEIR MORTGAGES! They're only bound to GO UP! Look what is happening with everyone's HOME VALUES & PROPERTY VALUES -- They're only going up & up!"
Sound Familiar?!?!?!?!? Yup. The banks started to pawned off their losses onto INVESTORS (The GENERAL PUBLIC) as 'Safe, Low Risk' securities & funds!!!
Many 401K, IRA, and MUTUAL FUND managers bought into these investments because they were told (falsely) by the banks that they're FOOLPROOF!!! They're only going up & up!!! The BANKS (that created the problem) have said they're SAFE!
Don't like seeing that 22% to ~45% DROP IN YOUR 401k's/IRA's VALUE, DO YA!?!?!?!
You've been CLASSICALLY and MONUMENTALY F(_)CKED OVER BY OUR BANKING SYSTEM!!!
Risky Bank Speculation & Reckless Lending Practices being Pawned off on the AMERICAN INVESTORS!!!
Why?!?!?!? Because the CLINTON ADMINISTRATION and DEMOCRATS CONTROLLING FANNIE MAE & FREDDIE MAC wanted the repealing of the GLASS STEAGALL ACT of 1933!!!
They could setup the time bomb get richer than shit, bail out of the companies with their golden parachutes (or just retire early, fat & wealthy), and it'll be pawned off onto the next President!
In 2005, Bush & McCain tried passing the
Federal Housing Enterprise Regulatory Reform Act of 2005 And guess who VOTED AGAINST THESE PROTECTIONS FOR THE AMERICAN PEOPLE!?!?!?
I'll give you a hint!!! His name sounds an awful lot like OSAMA, some people call him 'The Messiah', and he was just elected the 44th President by the same ignorant populace that he actively helped
ASS-RAPE!!!
THE PEOPLE OF THIS NATION ARE TRULY, INCREDIBLY F(_)CKING STUPID!!!
!!!MAY GOD HAVE MERCY ON US ALL!!!
A sad day for the Republic! May God have Mercy on us all!!!
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