What went wrong (in the housing crisis

[question everything]

From the WSJ;



And if you cannot read everything:

Democrats tried to pass antipredatory lending bill since 2000 but were constantly blocked by the Republicans.

[Lasher]

1. Good resource. Thanks, Question.

[RavensChick]

2. They should pass it now.

But first things first--get Obama in the White House, vote out the repugs up for re-election, and get the bill back on the floor so it can be voted on fairly! No more excuses!

[question everything]

4. Which is why I am not in favor or rushing for impeachment

We have so many important things to achieve - important to the every day lives of regular folks, who are hurting - like the housing crisis, health care, education, retirement, even safety of medications with components coming out from China, that dedicating precious hours to impeachment would almost be a betrayal of regular voters.

[madrchsod]

3. i noticed they left this out

http://www.progressivehistorians.com/2007/11/bill-clintons-role-in-mortgage-crisis.html
Progressive Historians: History For Our Future

what happened in the 90`s that led to this disaster. the boys and girls on wall street do not want anyone to remember this act..it will put a crimp in their style. bill clinton hopes no one remembers

[Deny and Shred]

5. If Clinton vetoed the repeal of Glass Steagall, Bush would have

signed it a couple years later. Bush hasn't found a deregulation or easing of rules on corporations that he doesn't like. The repeal of Glass-Steagall was going to happen with or without Clinton.
At the time (late 90s) the NASDAQ was flying, tech companies were trading into the couple hundreds - splitting- and going right back up to ether levels, IPOs touted ever higher by their own analysts were the huge moneymaker for investment banks, and everyone wanted in on the big profits.
Given the political landscape (ascendancy of lobbyist and big money influence, and the soon to be Republican 3 branch majority) it was just a matter of time before Glass Steagall was repealed.
The allure of easy money for Wall Street combined the general misunderstanding that the Internet would create a never-ending productivity and stock price boom through which the middle class would be able to retire early is where I place the blame.
Congress wasn't going to resist, and Bill CLinton ought not shoulder the entire blame.

[cliss]

6. It was a hoax.

The whole thing was a hoax. I just read that in an article a few days ago, and my head is still spinning. It was the biggest scam in the history of the world.

The author claims that the entire real estate bubble was one big giant Ponzi scheme. He says that it was done in order to finance the war in Iraq.
Homeowners across the country are now stuck holding the bag. They are trapped in homes which they cannot afford, which are constantly going down in value.

Take a look at that headline, "A Home of your own".
Now look at Bush's face. Think: HOAX and it all becomes clear.

[flashl]

7. And Schemes ...

Indictments expected in fraud scheme

The Georgia Attorney General's office is winding down a two-year probe of what officials call the most complex mortgage fraud scheme in state history.

Other schemes may have defrauded lenders and homeowners of more money, officials said, but the alleged $7 million fraud at Milford Hills off Barnett Shoals Road involved the most properties in a single subdivision.

...

The alleged scheme involved appraisers, a real estate agent, a prominent local real estate attorney and "straw buyers," or people who authorities said sold their identities to be used in fraudulent loan applications. Investigators have examined thousands of pages of documents, wired money transfers and other evidence, officials said.

...

Last year, for example, a U.S. District Court jury convicted 10 people involved in a $41 million mortgage scheme that encompassed more than 50 homes and 250 condominiums in eight Atlanta-area complexes - several years after the plot was uncovered.

Online Athens

[edhopper]

8. funny thing is

there are some of us who have been following this bubble since 2003 when Prof. Robert Shiller of irrational exuberance fame started talking about a bubble in housing.
That is why I am so angered every time I some Wall Street big shot (I'm talking to YOU Robert Rubin and YOU Alan Greenspan!) say "no one could have expected..."

[Jim__]

9. The picture in your post says it all.

What went wrong? Who's that in the picture?