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Discussion in 'News / Current Events' started by mandym, Dec 16, 2011.
Read more: http://www.foxbusiness.com/industri...curities-fraud/?test=latestnews#ixzz1gjCugpSf
This is a very good post. Democrats have long blamed Pres. Bush for the meltdown when policies out in place by Congress in Fannie and Freddie have been the most responsible for the problems of any parties involved. It was the passage of the 'Community Reinvestment Act' during the Carter Administration that laid the foundation which later brought down Wall Street.
Congress, in a poorly conceived plan developed for the purpose of solving social inequities, ended up mandating lower lending standards for minorities, allowing high risk loans to be processed through Fannie and Freddie, giving lenders and investment firms the false illusion that the govt was backing these rotten loans.
Greed and corruption can usually be found underlying economic disasters, and this intense focus on Fannie and Freddie is most assuredly the underlying reason for Barney Frank's decision to get out of Congress. If any one man can be held to blame for this mess it is Barney Frank above all others.
Thanks for the post.