Rick Sanchez (CNN) blaming Clinton for Crisis

[chupacabranation]

Rick Sanchez is saying that the Clinton Administration pressured Freddie to give loans to more "poor people," or people who couldn't afford the loans in the first place. He quoted the NYT on this from a 1999 article.

I have no doubt that this may be the case, but I highly doubt it causes the predicament we find ourselves in. Rick Sanchez compared it to 'lighting the match' for the current crisis. One of his readers, however, Twittered in and said that although the Clinton administration may have lit the match, Bush "poured 151 all over it and danced around like a drunken fool" in the ensuing flames.

Now...

Is anyone well-versed enough w/the Clinton administration to know whether they pushed bad loans to the degree that it contributed greatly to the current meltdown?

Does anyone know? I would like to be disproved, if possible, but would also accept confirmation of the viewpoint from someone informed enough to know one way or the other.

[HeraldSquare212]

1. I think everyone did at one time in the last 15 years, including Fannie/Freddie themselves.

[Blecht]

2. It's the latest talking point

Expect to hear it 9,230,384,382 more times today.

[LSK]

3. OH THATS JUST FUCKING IT!!!!1

http://www.whitehouse.gov/infocus/achievement/chap7.html

:grr: :grr: :grr: :grr: :grr:

[Disturbed]

7. Rrick Sanchez is a RWing Asshole!

He is stupid, as well.

[still_one]

4. Again CNN is just repeating the repuke talking points

Yes, Clinton WRONGLY signed the commodity futures modernization act of 2000, and the gramm leach bliley act, but it was the repukes who were the strongest advocates


http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000


http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

The truth is republicans who platform is deregulation

CNN can go to hell

[fascisthunter]

5. lol...... goofy. So, They had How Long while in power to....

and they did nothing to prevent this from happening, but instead were too limp-wristed or was it that they actually exacerbating it....? Oh do make up more shit. Please do.....

[madrchsod]

6. it`s a really big distortion of the truth----i mean REALLY BIG

it`s just another republican blaming the poor people of every colour for wanting to become part of the "american dream"..you know those "little pink houses for you and me"

[Greyhound]

8. First, as one of his victims, I loathe Bill Clinton. That said, this is complete bullshit.

Even a cursory analysis of the mortgage meltdown shows that the major issue of these fraudulent loans (that's what they are) took place in the very markets that have experienced the greatest losses in valuation, CA, AZ, NV, FL, etc. after Idiot Frat Boy pushed the legislation through in 2002 to take advantage of the repeal of Glass/Steagle(sic?) that was done under Clinton.

This is just what Ross Perot called "Gorilla Dust".

[Sewsojm]

9. Rick Sanchez is a right wing Asshole

[mzmolly]

10. Here is some info:

http://www.politico.com/news/stories/0308/9246.html

"During those years (2005-2006) the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.

For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more than $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs."

It didn't take ten friggen years for an issue with lending to threaten to sink our economy. It took two to three.

[Supersedeas]

13. but Rick Sanchez has RW talking points and he is reading them with gusto

[Wilber_Stool]

11. This is important.

From Eliot Spitzer:

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.

Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.

More:

[Blecht]

12. Yes, it is important

People were passing copies of this out on the street yesterday here in Portland.

[spanone]

14. that's alright, america knows they've been there for eight, long, agonizing years