Articles clearly explain current financial crisis
This letter is written to encourage every voter to find some answer to how and why our country has arrived in the present financial crisis before casting their vote for the next president. The crisis produced by “subprime” loans that have been largely related to borrowers, banks, Fannie Mae and Freddie Mac home-loan agencies and the legislation relating to their performance since 1977 is well described in Terry Jones’ series of articles, “Uncommon Knowledge,” beginning Sept. 23 in Investor’s Business Daily.
A Google search will find the above and many other excellent references to the “subprime” crisis.
Charles A. Speas Phillips
Greensboro
Comments (3)
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The IBD is a partisan voice - regardless of their name .. I looked anyway:
"Funny, since it was a Democrat-led Congress that helped cause the problems in the first place".
The rest is the same droll drool. Here's one universal truth - when-ever someone says "It's 100% his fault" .. red flags should go up because that is rarely if ever correct.
http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949
Thanks for the "excellent references to the “subprime” crisis, Mr. Charles A. Speas Phillips
Posted on October 4, 2008 3:22 AM
Honestly, the problem with Fan and Fred stems from long, long, long (1968) ago when Fannie was taken off the government books and its shares were listed for sale. Essentially, this move made Fannie (Fred followed suit after it's creation) a public subsidy of private profit--and that's the problem, has been all along.
Posted on October 4, 2008 3:37 AM
... that's true, rahrah, but there were still strings back to the Feds .. which also would have been OK .. except we now have a whole bunch of Corporations that are "Too Big To Fail" .. and America has a history of bailing out even those with zero strings. Off the top of my head? Lockheed in the early 70's. Chrysler in the late 70's. The Savings & Loans in the late 80's.
People call me crazy for being so outspoken about EEEEVVVIILLL Corporations ... but this is where it all leads too .. the keep growing and growing like a cancer until they consume everything .. shedding the lives and livelyhoods of all those that stand in the path and creating a super-class - and when we speak out against it we are guilty of "Class Warfare".
Posted on October 4, 2008 10:54 AM