This video was removed thru Democrat pressure; but resurfaces on Canadian site: Re: Last Year's Financial Crisis
Original post made by ! on Oct 1, 2009
This video says it all.
The liberal faction did not want this bonafide news clip on You Tube and consequently it was removed.
This link is of the same video, but is routed through Canadian sources. Everyone in America needs to see this before it is yanked off the Internet again!
Let's see how far we can spread it before it's pulled it off the Canadian site.
on Oct 1, 2009 at 9:20 pm
"While McCain is quick to blame Democrats for opposing the legislation they did the Republicans controlled Congress at the time, and there was a Republican in the White House. Yet the bill languished in the Senate, and it wasn't until earlier this year that Congress and the Bush administration, shaken by the extent of the subprime crisis, completed a regulatory overhaul by combining OFHEO and the Federal Housing Finance Board into a new regulatory body, the Federal Housing Finance Agency."
on Oct 1, 2009 at 9:31 pm
The sad thing about this is that Republicans controlled congress and the presidency while all these warnings were sounded in congress, 2001 - 2006, and still nothing was done. What's worse, president Bush was busy inflating the housing bubble. He was giving press conferences with Alfonso Jackson touting his prudent economic policies that lead to the highest level of home-ownership in history.
"Noting that 68 percent of Americans own their own homes, Bush said, "Home sales were the highest ever recently. That's exciting news for the country.""
Bush said he wanted to "Substantially increase by at least $440 billion, the financial commitment made by the government sponsored enterprises involved in the secondary mortgage market ..."
But Fanny and Freddie were not the root cause of the financial. They had nothing to do with the failures of AIG, Bear Stearns, and the other financial services companies. Those companies were operating like unregulated casinos, with AIG alone receiving $180 Billion in bailout money, which went to pay bad debts for derivatives, not mortgages. The reason the credit market collapsed was that side bets (derivatives like credit default swaps) had odds like 100 to 1 or 1000 to 1. That turned a problem of a few hundred million dollars into one of tens of trillions of dollars.
This was not an issue of DEMOCRAT = BAD, REPUBLICAN = GOOD. Both Democrats and Republicans are to blame here. Congressional Republicans, president Clinton, and Alan Greenspan removed regulation controlling the size of large financial institutions and the derivatives market in the late nineties. Congress and president Bush then failed to apply prudent regulations to the securities markets.
When it all unraveled, George W. Bush jumped in and bailed out the wealthy. He "abandoned free-market principles to save the free-market system". Sounds to me like socialism for the rich to me.
As to that video being removed in the US? What are you talking about? It is all over the place in the US.