Tom Brokow on Face The Nation stated the entire country is in on this

[EV_Ares]

crisis, not a dem or rep prob but everyone brought this on from GWB going to war on a credit card, etc.

However, he brings up the dems pushing housing ownership, getting us into that crisis.

My question; how could the dems force the banks to make loans to noncredit worthy people when they have been unable to make them do anything or even make loans now or work out ways to help people stay in their homes?

I do not agree that was a dem problem but a Wall Street problem.

Also, this is nothing but a copout from the media like Face The Nation, MSNBC, other media that this is a dem & rep problem. This is a right-wing extremism causation with the tea party & the far right that refuses to give to anything & seems to have resulted with the Prtesident and dems giving/caving time and time again to get a deal done. Yet, the media talks about the dems and their need to compromise when the republicans refuse to use the word.

I just wish and hope the day will come when the dems will unite all of their groups and fight for what is right for the poor, the American people & put their interests first instead of just caving to get a deal. Maybe that day will come.

[grahamhgreen]

1. Bull. All we have to to is re-tax the hoarding class.

they have 2 trillion dollars sitting in the sidelines, according to the pres.

[sfwriter]

2. Yup...

The rate should send the message, use it or lose it.

Then, we will actually see the republican market fairy take flight.

[EV_Ares]

3. Exactly, I just saw where Apple now has more cash on hand than the US Gov.

[RUMMYisFROSTED]

23. Of which Brokaw is one, I'd note.

:think:

[still_one]

4. brokaw is full of shit. reagan and the repukes were pushing deregulation for years. No question

that clinton signed it, but it was all republican policy

what a convenient memory tom

[Fuzz]

5. The CRA caused the crisis meme is making the rounds again, and it's total bullshit.

CRA didn't force anyone, even the banks it covered, to make a loan to a person that didn't meet their underwriting standards. It only required them to service all areas, with no blacklisting neighborhoods. If the person(s) applying didn't qualify and they lived in 'blacklisted' areas, the bank only had to keep good records to show the reasons and that they at least made an attempt to service those areas.

[sendero]

25. Exactly..

.. as soon as someone mentions the CRA, I know they are a Rushbot or a moron. The CRA had NOTHING, NOT ONE FUCKING THING, to do with the housing crisis.

[high density]

6. W was the "Ownership Society" guy

Banks gleefully made those mortgages and then packaged them up into time-bombs. These securities were rated AAA at the time by the same companies who are now talking (joking?) about lowering the credit rating of the USA.

There was no regulation that said banks must make loans to people who can't afford them.

It's just Brokaw once again going out of his way to provide a "fair and balanced" view at something that simply isn't balanced.

[EV_Ares]

11. Exactly, the republicans changed the rules of the game so the banks could

package those loans up, send them to Wall Street who then turned them into bonds, whatever, but sold them out to investors worldwide.

The banks knew they could make a loan to anyone & not have to keep that loan resulting in suffering the loss so anyone who was breathing could walk in and they would give them a loan, knowing it was headed to Wall Street.

That was a situation created by the republicans and their backers the bankers, not dems who favored more regulation of the financial industry.

[tridim]

7. BUSH promoted the "Ownership Society", not the Dems.

Brokaw is just another clown in the party of clowns and terrorists.

[Ilsa]

8. You beat me to it. And Brokaw was one of Dumbya's cheerleaders. nt

[warrior1]

9. send him a email

to correct that mistake.

[coalition_unwilling]

10. Self-Delete as not on-topic accidentally.

[Oceansaway]

12. BrokinJaw is pickled....nt

[liberal N proud]

13. When the talking heads start saying both parties are to blame

You know it is entirely bad for the republicans.

Otherwise, it would all be the fault of the Democrats.

[EV_Ares]

14. Yep, that is their way of protecting the republicans, they always say both parties

do it when a situation arises that originated out of the republican camp.

[adhd_what_huh]

15. Shut up and pay your Taxs Tom

[tsuki]

16. Speak for yourself, you selfish Tyktov. I was against this war, the

tax cuts for you, the rich, and I told the truth about it. Where the you, you shameless pig? Counting your money that the corporate class bought you with? God, I despise that man.

[ljm2002]

17. He is such a shill...

...hey, Tom: who was it, again, who coined the term "Ownership society"??? and who catapulted it into the national discourse? What's that? Speak up, Tom, don't be shy.

(hint: initials are GWB)

[mopinko]

18. this is how the mortgage business went awry.

worth the time to listen to, i swear-

http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money

you will not find a more cogent and understandable explanation of the mortgage crisis, and how it affected real people, how they got into this problem, anywhere, probably ever. swear.

[tabasco]

19. Tom Browak is a morally bankrupt toady.

Fuck him.

[Johonny]

20. me? Fuck that.

I have no personal debt, I didn't fall for the housing scam and voted for people that didn't want war (I marches against them), I voted for people that ran on getting rid of the Bush tax cut, that wanted funding for spending programs. Most important I voted for Al Gore. So fuck the hell off idiot Tom Brokow. Sounds like Tom is projecting his personal BS on all Americans.

[joshcryer]

21. Wow, he said that? He didn't blame the CDOs or unregulated derivative markets?

If the CDOs didn't fuck shit up so much then the housing crisis would've never happened. Peoples rates wouldn't have doubled and tripled (gotta read that fine print) when just a few hundred thousand were unable to pay due to job losses. It was a self-perpetuating scheme of epic proportions, and most of the people could in fact afford where they were living.

[pansypoo53219]

22. GREENSPAN!!!!

his fiscal control led to the housing bubble. this bubble that bubble. nothiing but lawrence welk bubbles around greenspan.

[liberalla]

24. "dems pushing housing ownership" ? !

WTH? He's full of it. I can't stand Brokaw.

http://www.youtube.com/watch?v=qI7ZswAFWt4">Bush "By the End of the Decade we will increase Minority Homeownership by 5 Million Families" 2002

http://www.youtube.com/watch?v=sc4KprmcYnU&playnext=1&list=PL37588753A3B232A8 ">Bush pushing The Banker Subprime Scam on America May 2002

Bush drive for home ownership fueled housing bubble

excerpt

Darrin West could not believe it. The president of the United States was standing in his living room. It was June 17, 2002, a day West recalls as "the highlight of my life." Bush, in Atlanta to introduce a plan to increase the number of minority homeowners by 5.5 million, was touring Park Place South, a development of starter homes in a neighborhood once marked by blight and crime.

West had patrolled there as a police officer, and now he was the proud owner of a $130,000 town house, bought with an adjustable-rate mortgage and a $20,000 government loan as his down payment - just the sort of creative public-private financing Bush was promoting.

"Part of economic security," Bush declared that day, "is owning your own home."

A lot has changed since then. West, beset by personal problems, has left Atlanta. Unable to sell his home for what he owed, he said, he gave it back to the bank last year. Like other communities across the United States, Park Place South has been hit with a foreclosure crisis affecting at least 10 percent of its 232 homes, according to Masharn Wilson, a developer who led Bush's tour. "I just don't think what he envisioned was actually carried out," she said.


http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html?pagewanted=all

[Morizovich]

26. Yeah.

Trust in Jesus. Jones, that is. Right here, right now, waiting to wake up from this particular piece of history.

[Vinca]

27. Brokaw is full of it when it comes to housing.

It was Bush and Clinton era deregulation of banksters coupled with the George W. Bush "ownership" society.