I am so pissed I am shaking. Just got in an argument with a coworker.

[Rainbowreflect]

According to her we are in this mess due to deregulation. That it was Barney Frank's legislation (she could not tell me what legislation) that forced these companies to lend money to people who couldn't afford it for homes. AAaaaarrrggggggg!

[babylonsister]

1. Just send her this link and tell her to read all 383,000 of them:

http://www.google.com/search?hl=en&q=McCain+%2B+deregulation&btnG=Google+Search&aq=f&oq=

[avaistheone1]

4. Excellent link. I will put it to good use in this campaign as well.

[Rainbowreflect]

11. Thanks!

[discopants]

13. but when Rush says so, his fans will not even consider anything else.

History doesn't matter. Facts don't matter. I've given up with trying to even discuss things with dittoheads. Or Palin/McCain supporters.

[quiet.american]

2. A C-SPAN wingnut said the same thing. Must be today's wingnut talking point. nt

[rinsd]

8. Its totally a wingnut talking point.

Cavuto said it yesterday.

I've seen it a few times on news blogs.

[nini]

3. tell her to lookup Phil Gramm

and what his bill did. Phil Gramm being the same asshat that said Americans were whiners and was on McCain's campaign team.

[MSU_Spartans]

14. Yep, exactly

Gramm's legislation removed barriers that kept banks from selling off mortgages as investments. So now instead of only accepting mortgages for the standard 3.5 times your annual salary, banks were accepting them as high as 8 time your salary! They didn't care because they just sold the paper to someone else. Before, this wasn't allowed, and for good reason.

[Beer Snob-50]

5. agree that we are in this mess due to deregulation

however just share with her it was because of st reagan, and mr gramm (and to show your bipartisanship president clinton)

[On the Road]

6. It's Probably the Redlining Argument

that forced more equitiable loans to minorities. I don't know if foreclosures were higher in those areas, but it's not the reason for the crisis. At all.

[Union Thug]

7. Might want to remind this coworker that deregulation has been

the cornerstone of "supply side" economics and that it was the so-called Reagan revolution that ultimately set the stage for this.

Yeah, it was all Barney Frank's fault. Okay. Whatever.

[Laf.La.Dem.]

9. Rush is Right

If you listen to rush :puke: you would know that it is Baney Frank AND Bill Clinton's fault. His logic was fool proof (if you are a fool).

[NYC_SKP]

10. Here, show her how Bush played a role.

There are reasons for down payments, encouraging 100% LTV loans is stupid.
Allowing subprime Adjustable rates to underqualified buyers was criminal.

http://www.whitehouse.gov/news/releases/2004/03/20040326-5.html

(and)

In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.

In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.

http://www.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm

[stevil]

12. Take it from where it comes from.

I love my parents and it hurts to see how brainwashed they are but I gave up on discussing FACT with them long ago, talk about unconditional love!

[Rainbowreflect]

15. I live in Nebraska, so you would think I would get use to it.

But some days I just want to beat my head against the wall.
I am lucky that another coworker is the chair of our local Democratic party. I always have back up. :-)

[ellacott]

16. Also tell her that people were steered into these sub-prime loans

Many qualified for conventional loans but it was more profitable to get them into these sub-prime loans.

Tell her also that people were mislead regarding the terms of these mortgages. Many saw their mortages increase until it was almost double. Also tell her that unscupulous people took homes from the elderly by having them sign over their homes when they got home improvement work done on their homes.

Predatory lending laws sought to address these abuses. Tell her that this legislation was stalled by the Republicans.

[VAliberal]

17. Mother Jones

has some good easy to search and access articles detailing Phil Gramm's role in the legislation that deregulated the financial sectors now in collapse.