"The Community Reinvestment Act
Well, what did you expect them to say? Did you also expect for Charles Manson to have said ''yeah, sure, I told all my mindless followers to go out there and kill all those people. Sure I did. ''

Of course they are going to lie, they are all lying the whole lot of them, politicians, bankers, mortgage lenders and those applying for them. It was all one big party in which no one objected to the noise and called the police. People buying homes were happy, bankers were happy, mortgage companies were happy, municipalities were more than happy. It was like hitting the lotto to see home values skyrocket to heights that they would not otherwise have achieved for about 80 years. And you are looking at those prices right now. The tax assessments for cities and towns paid for bloated and inflated pensions and government jobs and social programs. George Bush was no fool and now his ownership society is the worlds biggest slave/debtor society. They are all to blame and it was all greed. The CEO of Merrill Lynch was trading CDO's whose underlying assests were all real estate right up until the day the market crashed and he was just one of many. It was like gold fever because that is essentially what CDO's amounted to, play money, or fake gold to be used to buy anything and everything. If you objected, people told you that you were not only wrong but living in the last century of the old economy. All of you were part of it too because you bought into D and C knowiing full well what everyone was trading in, right?

The real problem now is that the government is simply unwilling to allow real estate values to fall and that is essentially where all the money is headed and earmarked. To prop up property values. Which in the long run is like shovelling you know what against the tide.

Last week , Lawrence Summers said on a sunday talk show to the whole country that ''we cannot let home values fall because it will erode the tax base''. Took him long enough to say it but he finally did. Apparently none of you were listening. That's what the whole damn bailout is all about, propping up home values. If they don't, whose going to pay the salaries and pensions of state and municipal workers and current fiscal obligations? They are running scared and all you need to do is listen to Frank and Dodd and Summers and they are telling you like it is. You just don't want to hear it or believe it. On average home prices have risen historically about 3 pct a year. In many areas of the northeast home values climbed 2 and 300 percent between 1995 and 2005. The question really is, how long can we all play make believe and maintain property values that everyone who knows anything knows are not real. Look to Japan. They have had falling home prices for almost 20 years. Mostly because initially the refused to allow the market to fall and the banks to fall. They have been in a state of recession now for 20 years. Good luck.

D and C isn't much different than the rest of them. They are all lying sacks of you know what.

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regulation likely was at the root of part of the problem and a jewel in the Democrat's crown." - Pure right wing BS

http://blogs.wsj.com/economics/2009/02/1...

http://www.businessweek.com/investing/in...