.cb new_rayz said:
This mess was made possible by the Gramm act (Gramm-Leach-Bliley Act (GLBA)), which McCain supported. The Gramm act deregulated the banking industry, essentially removing the net that would have stopped it from falling.
Gramm was McCain’s economic advisor. A Republican’t. Go Figure!
And as far as I can recall, the percent chance Iraq did have weapons of mass destruction was something like 5 percent. 5 percent? we go to war for that small of a figure? So he didn’t lie about it, but didn’t come perfectly clean either.
But, I guess to be fair, we can blame both sides for this garbage. I can’t break down arguments that fast and off the top of my head, so I will have to get back to you for my response to the rest of your rebuttal. tootles
Well this whole thing really started under Carter’s Community Reinvestment Act of 1977 which forced banks to make loans to “low- and moderate-income neighborhoods.” When Clinton got in office one of his goals was to rewrite the rules and regulations regarding FMea/Fmac to force them to aggressively loan in the subprime market. The following best describes it
Quote:
Despite warnings of trouble at Fannie and Freddie, in 1994 Clinton unveiled his National Homeownership Strategy, which broadened the CRA in ways Congress never intended.
Addressing the National Association of Realtors that year, Clinton bluntly told the group that “more Americans should own their own homes.” He meant it.
Clinton saw homeownership as a way to open the door for blacks and other minorities to enter the middle class.
Though well-intended, the problem was that Congress was about to change hands, from the Democrats to the Republicans. Rather than submit legislation that the GOP-led Congress was almost sure to reject, Clinton ordered Robert Rubin’s Treasury Department to rewrite the rules in 1995.
The rewrite, as City Journal noted back in 2000, “made getting a satisfactory CRA rating harder.” Banks were given strict new numerical quotas and measures for the level of “diversity” in their loan portfolios. Getting a good CRA rating was key for a bank that wanted to expand or merge with another.
Loans started being made on the basis of race, and often little else.
“Bank examiners would use federal home-loan data, broken down by neighborhood, income group and race, to rate banks on performance,” wrote Howard Husock, a scholar at the Manhattan Institute.
This all took place before the HUD bill you brought up.
And btw, McCain isn’t Republican in very many ways at all. Had he been he would have won as a good number of people were turned off to his policies and alliances. Most of the independents that helped him get the party nomination didn’t vote for him in the election.
I don’t know where you’re coming up with 5% but I know the NIE report at the time gave high probabilities that he either had large stockpiles or never destroyed previously discovered stockpiles. This was confirmed by several other governments. As Bush still depends on this assessment and Obama will also be depending on this assessment I would be hesitant to really do a whole lot of bashing as the “horribly inaccurate, lying, and evidence fabricating” intellience agencies Bush used will also be used by Obama when making military decisions. And Obama can’t replace the analysts.