Burning Down The House: What Caused Our Economic Crisis?

Check out this awesome video - Who's behind the meltdown? Not McCain. This video was not made by me. All credit goes to TheMouthPiece. Replaced soundtrack with piano because original pulled down for WB song, it has Dodd saying that the root cause was just bad mortgages. Enjoy and spread the word. The Affirmative Action Economic Meltdown Hus on First Asian Week September 26, 2008 I thought Id never live to see my bank go bust. Wamu? Boo Hoo! Back in 1999, Fannie Mae first introduced rules for sub-prime loans to increase minority homeownership and boost profits. The government subsidized corporation was founded as part of the New Deal in 1938 before it was spun off in the 1960s. Once a monopoly, it still has about half the market of reselling mortgages backed with guarantees of payment. At the time, economists warned that relaxed lending rules might lead to a giant failure that would have to be bailed out by the government if the real estate market cooled like it did in the 1980s. [1] As we all know, that just happened as Uncle Sam took Fannie Mae back. Talk about obscene executive pay, over $100 million was spent on the paychecks of just three Democrats. James Johnson, who was briefly on Obamas VP committee, earned $21 million in just one year of being CEO for 7 years. Obamas housing policy advisor Franklin Raines earned $90 million in his five years as CEO, and Jamie Gorelick earned $26 million as vice chairman, even as Raines and other top executives were caught using accounting tricks to trigger ... Any Comment?

Duration: 00:10:00 Rating: