Sunday, September 21, 2008

Financial Mess 101...

The Anchoress has a long post with links to Mark Levin and an article from Investor's Business Daily, among other key links.

Want to know when the problems started? One must look at two key points in time: the Community Investment Act of 1977 that "forced banks to lend to uncreditworthy borrowers"; and January 31, 1995 when another executive order made "regulatory revisions which authorized sub-prime loans in the secondary market." And how Bush (on Sept 11, 2003) tried to stem the tide with Fannie Mae & Freddie Mac. McCain also warned of impending disaster in 2005. These warning fell on deaf ears.

Read EVERYTHING in the Anchoress' post, including all the links. All of this is a MUST READ!

No comments: