9 Comments Add your own

• 1. Orlando Clay  |  September 26th, 2008 at 6:27 pm

  I have an even simpler explanation for for the banking crisis, courtesy of an Orlando-based right wing talk show host: “Slick Willie.”

  Yeah, it took a little while, but the wingnuts have finally figured out a way to blame this whole mess on their favorite scapegoat for all the nation’s ills: Bill Clinton.

  It seems there was some obscure memo sent out by the Clinton administration in 1993 that encouraged banks and other financial institutions to give more loans to minorities and the poor. Rather than risk being labeled as racists, the banks acquiesced and willingly started, and never stopped, making loans that they knew full well would never be repaid.

  And, of course, the only reason all this slipped under Bush’s radar was because he was so pre-occupied with the war on terror. Which, of course, is a stunning success because today (Sept. 26) marks the 2,572nd straight day that we have not been attacked, thanks to President Bush’s strong leadership.

  I’ve always considered these right wingers to be a few Freedom Fries short of a Happy Meal, but now they’re just getting as downright delusional as the Great Decider.

• 2. DingDong  |  September 26th, 2008 at 7:39 pm

  It was not an obscure memo it was called “The Community Redevelopment Act”

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

• 3. swamprat  |  September 26th, 2008 at 8:00 pm

  DingDong. But that is not the cause of the housing/bank crash.

• 4. Henry  |  September 27th, 2008 at 6:24 am

  Swamp - you are right. CRA loans are not the cause of this mess and only the wingnuts (not the Administration, banks, Fannie or Freddie) are claiming so.

• 5. DingDong  |  September 27th, 2008 at 10:10 am

  It is a combination of things. You really can not point to one thing.

• 6. swamprat  |  September 27th, 2008 at 11:13 am

  DingDong. It was in fact only one thing. “Greed.” By many people.

• 7. swamprat  |  September 27th, 2008 at 11:54 am

  Look up South Sea bubble, Tulipmania, internet market crash 2000, housing crash. Nothing that goes up fast can stay up. It is “greed” that drives prices higher until there are no more buyers. It is a ponzi scheme and the suckers get caught.

• 8. DingDong  |  September 27th, 2008 at 12:23 pm

  Swamprat: Now that I can agree with, I just don’t want to reward it. Funny you say ponzi scheme that is exactly what I said in one of my other posts. I was one the suckers during the “internet market crash 2000″. I learned my lesson. Some of the best lessons are learned the hard way.

• 9. swamprat  |  September 27th, 2008 at 4:44 pm

  DingDong. Unfortunately those who are involved in ths crashing bubble will learn as you did in the stock market.
  These bubbles only happen once in a lifetime because they will learn the lesson of greed. Trying to get rich without effort doesn’t work.
  And I agree we should let the players crash and burn. But can we do that and get through this?

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