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SOCIALISM OF THE MARKET track this thread

Started by thebuckster; Last updated by cajunbearcub | View history

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SOCIALISM OF THE MARKET

THE VERY PEOPLE WHO CAUSED THE MORTGAGE AND FINANCIAL MARKET MELTDOWN ARE NOW TRYING TO TAKE OVER THE ENTIRE ECONOMIC SYSTEM!

If you do your homework, you will find that the Democrats passed laws in 1977, and then in 1998 that confirmed that mortgages will be backed by the US government (taxpayers). Even when the Bush Admin tried to change it, Dodd and Frank stopped the move. This is what happens when the government controls and forces loans to be given to people who cannot afford a mortgage. Reno threatened legal action if this wasn't done by Fannie Mae and Freddie Mac. Not to mention the amount of campaign funding given to these folks and McCain by FM/FM over the years. No wonder people want this to keep going (Main St. vs Wall St.). Let the markets take care of this!

Stories

Stories 1 - 20 of 159

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  • January 2009

    • Don't Blame Fannie for Mess

      Vanity Fair  |  Jan 5, 09 9:11 AM CST

      Don't Blame Fannie for Mess

      (Newser) - Fannie Mae and Freddie Mac, the "toxic twin" housing financing behemoths blamed for setting the world on fire, were not operating any differently than the entire financial sector, Bethany McLean writes in Vanity Fair . McLean documents Fannie Mae's history starting from conception in FDR's New Deal, when it was chartered by Congress to help homeownership (Freddie Mac followed in 1970), and ending in its failure to resist the profitable subprime game. More »

  • December 2008

    • Whom to Thank for This Mess

      Vanity Fair  |  Dec 9, 08 2:59 PM CST

      Whom to Thank for This Mess

      (Newser) - This financial crisis brewed over decades of bad decisions, and, in Vanity Fair, economist Joseph Stiglitz makes sure credit is given where due: In 1987 President Reagan appointed anti-regulation Alan Greenspan to a regulatory post. Greenspan offered the markets a "flood of liquidity" that boosted inflation and caused two financial bubbles. The Glass-Steagall Act was repealed in 1999, allowing commercial banks to become high-risk borrowers. More »

  • October 2008

    • Economy Is Democrats' Fault, But Media Turn Blind Eye

      Meridian  |  Oct 22, 08 6:00 PM CDT

      Economy Is Democrats' Fault, But Media Turn Blind Eye

      (Newser) - Mainstream media—aka the Democrats’ “public relations machine”—have fed Americans a “big fat lie” by ignoring the fact that this economic mess can be traced directly to Democratic policies, writes Orson Scott Card in Meridian. The crisis is “not a vague emanation of the evil Bush administration," says Card. In fact, it was Democrats such as Chris Dodd and Barney Frank who pushed to loosen lending rules in the 1990s and ignored warnings. More »

    • Crisis May Cost World 20M Jobs

      BusinessWeek  |  Oct 21, 08 3:22 PM CDT

      Crisis May Cost World 20M Jobs

      (Newser) - The financial sector is slashing workers, and Silicon Valley employees are dropping like prices on last year's iPod. What industry is next? All of them, Moira Herbst writes in BusinessWeek . Every company relies on credit and consumer purchasing power, making this an “equal-opportunity recession,” a staffing agent says. The damage could be 20 million jobs globally, Reuters adds. More »