Posts Tagged ‘Financial Crisis’
Udate: I found an interesting online chat/argument between Matt Taibbi and Byron York. York brings up the loans discussed in the video below as a cause of the crisis (along with other factors). Taibbi, as tenacious as ever, makes a few great responses to which York seems to have no answer. Here is the link:
Matt Tiabbi is a political writer for The Rolling Stone and Byron York writes for The National Review
My initial reactions to the video below are many. It seems the $2.1 billion in new loans for people who were unable to get loans caused the $700 billion buyout, with the help of ACORN. I may be overstating it, but that seemed to be the argument.
It also seemed that Obama was being blamed for forcing banks to obey the law. He did not create it, he just made sure it was enforced. I don’t see why that makes him so radical. It seems not obeying the law is a more radical position than obeying it, right Sean Hannity?
That was another point of interest. If this video wants to be taken seriously, it should find other means than a Sean Hannity voice-over on a show called History of Radicalism. They used creepy production tricks. Oooo, It’s got Obama’s face going black and white as we blame community organizers for the collapse of the biggest economy in the history of the planet. Those community organizers managed to bully the very banks that used discriminatory practices. Guilty, I say! More tax cuts for the wealthy!
Any site can tell you there is more to it than some suits filed by ACORN to force banks to obey the law. They can even do it without scary words like affirmative action. Even Wikipedia acknowledges several causes. Turns out, it is a complex issue. I think discrimination is a serious problem and am happy something was done about it.
Here is a report that found the CRA actually helped to keep banks from making bad loans.
CRA deterred irresponsible lending
Here is a Wikipedia article that explains several causes besides scary community organizers.
Wikipedia: A better source than Fox News
I was going to put in a bunch of videos that make McCain look like the bad guy with creative tricks, but instead, I’ll just put another link with some basis in reality. This is a factcheck link that tells of both parties claims, why they’re wrong or dishonest, and ends by showing how many causes there are. There is a lot of blame to go around.
There are a lot of causes to the current problems, but I don’t think blaming community organizers for trying to get fair treatment of a historically screwed-over group of people is the one we need to focus on. I also don’t see how it is so radical.
Enjoy Appaloosa (I did).
Always skeptical, never cynical
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