I have a question. I am really convinced that this whole financial meltdown was instigated by Bill Clinton’s mandate for more loans to be written by banks.
Think of Bill Clinton knocking over the first domino in the financial meltdown domino line.
Item 2C on this page.
My biggest frustration is that with this mandate, it opened the door for greedy bankers and investors to do all the damage that they have done. When Billy Carter wrote the CRA of 1977 it corrected a problem called “Redlining” that banks were doing by not writing loans in the inner cities of our country. Fast forward to 1997 when Clinton created the expansion of the CRA of 1997. Basically Bill Clinton created a land of entitlement for people that could never afford a home under normal lending practices. Enter Bear Sterns and other lending organizations that invented “Creative Lending Practices” Aka “Sub Prime Loans” in order to meet the requirements of Bill Clinton’s Lending practice rating system.
So My question is why doesn’t anyone address this issue? Why has it been brushed under the carpet for years? I really wish you could take a few minutes and read my blog.
Love your show. Keep it up.