Thursday, September 06, 2012

The Mess Obama Inherited was Clinton Built

DailyBeast: The Housing Bubble? Clinton Helped Build That

CRA 1999 

...the decision to leave derivative trading unregulated, the decision to allow deposit-taking institutions to engage in proprietary trading, the pressure on banks to relax mortgage lending standards, the decision to allow Fannie Mae and Freddie Mac to grow enormously large thanks to the implicit subsidy of the government guarantee of their bonds and borrowing.
Clinton later acknowledged it was a bad deal. Republicans went along. In fact GOP Sens from Texas, Phil Gramm, shared culpability in CRA 99.
 Dubya tried to address it but was told to shut up and go away.. by...
You guessed it.. Barney Frank and Chris Dodd... and, I'd forgotten, Maxine Waters.

Added: The Libs on DailyBeast are going ballistic on this.  But whatever the take.. Blame it all on Phil Gramm, I dont care; the core is that you never saw {esp on radio commercials} 110% financing on no money down and relaxed lending standards until CRA 1999.
I even blame Dubya.. he should have made a big deal of it.

Post Labor Day.. consider this.

In my Labor Day post I said:
There are no 'low jobs'

The king of that premise, Mike Rowe, has expanded on that on his site:
It's a must read... unless you actually think that the union bosses speak for the everyday working guy.  But it's not anti-union or management... it's about us appreciating the folks who do what needs done and using that as a leg up instead of sitting in some room listening to a lecture.
Every speech we hear, it's about 'raising productivity' through higher education. 'Send more kids to college'! 'Job Training'
To do WHAT?  Engineering and Sciences, sure.  Liberal Arts?  Gimme a break.
If you dont read the blogs I do, then you still know about all the grads that cant find work.
What you probably DONT know, when you ignore all but lefty sites, is that Academia is about to implode, throwing thousands of liberal arts and administration drones into the unemployed ranks. It will not happen overnight but it will happen.
Seth Godin
Mark Cuban
'Net Academia is about to take off big time and the smart Universities are getting ahead of the curve. Thing is though.. how many Poli-Sci majors do we need? I say we already have way too many but some think it's the perfect panacea.. let em work in the government.
And you know exactly what they'll do there. Make and enforce EPA / OSHA / HHS policy.