ObamaBot THX-1138
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Can we make some progress here?
It seems to me there are a lot of videos that say the same thing - Clinton (and Franks through F&F) passed legislation that forced banks to accept subprimes.
First of all, can we all agree that Bush passed legislation in his 'ownership society' that gave us the non-doc loan, and other incentives.
Aso, can we agree that the conservative push for financial deregulation that started with the repeal of Glass-Stiegal (authored by Phil Graham) made the housing crisis leak into the banking sector, which caused the financial crisis? Otherwise, the housing crisis would affect mainly the housing sector, like the one in the late eighties.
Now, on to F&F.
Will you agree that there is no law actually requiring any bank to make any loan?
Will you agree that there is no law actually requiring any bank to make any loan to a minority or a poor person?
Will you agree that there is a law that says that all loans that a bank makes must be financially sound?
Now, we all know that the story is that Clinton passed tensions to law that tried to make more loans to poor and minority areas. But if you look into it, the law was toothless. It simply set up a list of banks that were consistent with making these kinds of loans. So isn't it true that to say a bank was forced to make a subprime loan a false statement?
It seems to me there are a lot of videos that say the same thing - Clinton (and Franks through F&F) passed legislation that forced banks to accept subprimes.
First of all, can we all agree that Bush passed legislation in his 'ownership society' that gave us the non-doc loan, and other incentives.
Aso, can we agree that the conservative push for financial deregulation that started with the repeal of Glass-Stiegal (authored by Phil Graham) made the housing crisis leak into the banking sector, which caused the financial crisis? Otherwise, the housing crisis would affect mainly the housing sector, like the one in the late eighties.
Now, on to F&F.
Will you agree that there is no law actually requiring any bank to make any loan?
Will you agree that there is no law actually requiring any bank to make any loan to a minority or a poor person?
Will you agree that there is a law that says that all loans that a bank makes must be financially sound?
Now, we all know that the story is that Clinton passed tensions to law that tried to make more loans to poor and minority areas. But if you look into it, the law was toothless. It simply set up a list of banks that were consistent with making these kinds of loans. So isn't it true that to say a bank was forced to make a subprime loan a false statement?