Private Wall Street Companies Caused The Financial Crisis – Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act

Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act

In the four years since the housing bubble burst, triggering a collapse in global financial markets whose value had been propped up through the repackaging and trading of home loans via complex financial instruments, there’s been plenty of blame to go around. The Occupy Wall Street protests have called new attention to the root causes of the crisis, and led Republicans to reiterate their claim that government-backed lenders Fannie Mae and Freddie Mac were the primary villains. The facts about the subprime mortgage market prove that claim false: Private firms dominated the subprime market boom of 2004-06, and were not even subject to the 1977 Community Reinvestment Act some Republicans vilify. Thanks to decades of financial deregulation, capped by President Bush’s decision to appoint Wall Street regulators who believed their job was to help banks rather than curb banking abuses, financial giants were able to turn the mortgage market into a high-stakes casino. As investigative reporters and Congress’ Financial Crisis Inquiry Commission have all shown, it was deregulation mixed with irresponsible and potentially illegal practices by private firms on Wall Street that caused both the bubble and the collapse.

Republicans Blame The Financial Crisis On Fannie Mae, Freddie Mac, And Government Policy

Facts Show Private Lenders Who Were Not Subject To CRA, Not Government-Backed Ones Who Were, Drove The Subprime Mortgage Market

Deregulation Of Financial Markets And GOP-Appointed Absentee Regulators Paved The Way For The Subprime Bubble To Cause A Broad Collapse

“Financial Crisis Inquiry Commission” Expert Panel Found Wall Street Recklessness Caused The Crisis

Author Of Top Book On Financial Crisis Says There Is No Evidence For Blaming Either The CRA Or Fannie And Freddie

Read the full report here…


9 Responses to “Private Wall Street Companies Caused The Financial Crisis – Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act”
  1. CaitlinO says:

    “Private Wall Street Companies Caused The Financial Crisis – Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act”

    Thank God people are finally understanding and communicating this.

    Neither was it Barney nor Chris nor Hitler nor the Pope, or deadbeat borrowers, nor the NWO, or the Muslims or the perpetrators of 9/11. Implementating a solution is the really hard part and, if we continue to delude ourselves about the cause of this, we have no hope at all of comng up with an effective solution.

    • lvent says:

      people are still sheeple…

      • lvent says:

        CaitlinO. This is a tiny part of the bigger picture… If the only culprits are these Private Wall Street Companies, than why has there been not one criminal prosecution of any of them to date? If you look a bit deeper into who owns them and who their investors, minions and cohorts are you might realize this is a vast conspiracy..ANOTHER HITLER PLAN if you will..Check out this you tube video FOR FACTS..
        Invisible Empire: A New World Order Defined:

      • lvent says:

        Catilin O. check out the video at around 15:30..Where old man Bush talks about the New World Order in his State of the Union address….I remember watching this with my husband…We were shocked to hear those words…

    • lvent says:

      Caitlin O….Barney Frank is one of the most corrupt bastards of all……Dodd-Frank is just another part of the ATTEMPT to cover-up for what all of these traitor bastards allowed to happen to this country….Their answer is fix WALL STREET now after they robbed us? NO WAY….. TAKE AWAY THEIR ILL GOTTEN GAINS AND GIVE IT BACK TO THE PEOPLE AND THEN THROW THEM ALL IN PRISON….

  2. Readdocs says:

    What crock. Between the 1993 Clinton exspanion of CRA law, the government backed push by ACORN on banks large and small, the whole financial system was compromised. The money makers could not have done the massive fraud for the past 20 years without backing and complicity from the federal government.
    If you believe the above report I have a bridge to sell you sitting out in the Mojove desert.

    • Steve Dansinger says:

      Turn off the FAUX news, I don’t know why your ACORN lies are allowed to be posted. As if a little non-profit destroyed the economy. They fought predatory lending, you asshole!
      You’re right however, about “Government” complicity, since the “Government” is heavily staffed with Banksters.

  3. talktotennessee says:

    Excellent clarification. Partisan politicians blame the ‘other’ side of the aisle but this piece defines who did what when, if people want truth. As Greenspan once said, we are destined to repeat the fall again, as in the past. The Great Depression, the S & L failure and the Subprime crash of 2007 have all been based on banking and Wall Street greed. With all these losses, it was the victims who are blamed, held responsible as taxpayers and forced to deal with the resulting mess.
    In the S & L crises, thousands faced criminal charges. Deregulation allowed powerful banks to become too big to fail forcing. Now fighting deregulation, banks and Wall Street with their Washington buddies are setting up for another fall. The banks got smart, buying out government to avoid criminal charges. With foreclosures again escalating nationwide, have banks thumbed their noses at justice and won?
    We will see. . . . . . . .

    • Mary says:

      I am so sick of idiots calling me and others deadbeats! Wake the hell up! Do you REALLY think millions of us chose this? This was ORCHESTRATED! They screwed up the economy so they could make a buck. This is akin to beating the crap out of someone, breaking their legs and then telling them to get the hell up you cripple! It’s discusting.

Leave a Reply

Your email address will not be published. Required fields are marked *