(12-08-2017, 08:12 PM)JagNGeorgia Wrote:

(12-08-2017, 06:38 PM)hb1148 Wrote: The causes were complex but if you had to point a finger, there is no question the GOP was primarily responsible for the 2007 economic crisis. You need to familiarize yourself with the Financial Crisis Inquiry Commission reports written by a non-partisan committee of Democrats and Republicans.

Huh??

Republicans were warning Democrats about the pending demise of the housing market. Democrats ignored this warning, and there are videos online that prove it.

The Clinton-era push to lend more to poor people through subprime mortgages via the CRA caused the downfall. The CRA commitments from banks went from couple billion in 1992 to 6.1 trillion in 2008. After being stagnant for 15 years, it increased only after Clinton enforced the CRA rules.

That's an utter myth. The 2008 financial crisis was precipitated by the deregulation of the financial industry by Republican lawmakers when they passed the Gramm-Leach-Bliley Act, which repealed part of the Glass–Steagall Act of 1933 and allowed (among other things) banks to package subprime mortgages as investment instruments and collude with ratings agencies to rate those instruments as "AAA" investments. That lead directly to the downfall of Lehman Brothers which started the panic that ultimately led to the "Great Recession".

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