[quote=investor]…. SV in CV; I did some more research from the wikipedia site for the fed. What I heard from a mike malony youtube.com about the fed being passed on a voice vote of 3 may or not be correct. The bill was passed as you/wikipedia state and I don’t know if the final settlement between the two houses of congress was on a voice vote or not but the main thrust of the point was that the bill was carried with both houses and I agree with your point. It doesn’t change the main concern about the fed tho. The secrecy of the people who control the most important currency in the world and the lack of a complete audit of where the money goes and ownership of the fed. Someone mentioned, I think you, that you admire barney frank and dodd. How do you feel about franks promotion of easy mortgage loaning during the 1990’s and 2000’s that has lead directly to our current mess? I admit that bush should not have gone to war in iraq. Can you put aside your political leanings and admit that frank, for reasons of trying to promote black home ownership- a worthwhile goal- screwed up big time and should be kicked out of all power over banking in the US congress?[/quote]
Investor, I constantly come across claims, such as the one you make above, that the economic crisis in which we now find ourselves, was the direct result of actions by Barney Frank and Chris Dodd – as you put it, their “promotion of easy mortgage lending”. If you honestly believe this, you need to put away “the creature book” in which you place such credence, and get yourself back to school.
The causes of the economic meltdown are numerous and complex. To think that a meltdown of this magnitude could be caused by 2 members of Congress is naive and self-serving. What was the rest of the worldwide financial community doing during this time?
I could get into a lengthy discourse on the history and purpose of the Community Reinvestment Act, how both bankers and politicians took advantage of it, move into Fannie Mae and Freddie Mac territory, and evaluate the damage caused by unscrupulous mortgage brokers, reckless derivatives traders, and non-existent oversight, but, based on your posts, I don’t think you’ll read them. You ask SK to put aside his political leanings, but, overall, I have found his posts on this thread to be pretty much politics- free, and directed at correcting errors in some of the other posts. You’re the one who inquired of SK, “How do you feel about franks promotion of easy mortgage loaning during the 1990’s and 2000’s…” (sic). Incidentally, I find your use of the phrase, “promote black home ownership” when speaking of Sen. Dodd and Rep. Frank noteworthy.
Please read this sentence carefully: I believe that Sen. Dodd and Rep. Frank used the CRA’s mandate to advance a political agenda. However, they were not alone in that; quite a few others were jumping on that bandwagon, and I include a YouTube clip for your illumination, and viewing pleasure: http://www.youtube.com/watch?v=kNqQx7sjoS8&feature=related
While I believe that Sen. Dodd and Rep. Frank should acknowledge their role, I’m not holding my breath. And I believe that there were many who played roles that were much more suspect, and I won’t wait around for them to own up to their part in this debacle, either.
You’ve commented elsewhere in this thread about your great faith in the book, “The Creature From Jekyll Island”, and its author, G. Edward Griffin, while exhibiting your frustration with Allan for his seeming inability to grasp basic concepts from it. My reading of this forum has led me to believe that Allan is well-educated, widely-read, and has a strong professional background in the financial arena. Has it occurred to you that, based on these qualifications, Alan read the book, compared the author’s claims against the body of knowledge he has acquired, and then made a decision to reject them? It happens. There are those of us walking the earth who constantly question, and realize that finding the answer does not consist solely of seeking out sources that are in accord with our personal beliefs, morals, and creeds. Painful as it is, we often have to critically evaluate the writings of those to whom we are diametrically opposed in our beliefs.
This is especially important these days when woefully unqualified people are writing books that laughably one-dimensional, not to mention error-ridden, in their content.
You are playing a dangerous game with your freedom when you remain in selective ignorance by placing all your trust in authors whose writings mirror your own thoughts, philosophies, and prejudices.
