New book of Hans-Olaf Henkel blaims Carter & Clinton for the economic crisis

[Ulli]

This is only one point of him, but basically he says exactly the same on the issue like our good Chaim did in his Youtube video concerning this issue. Now the guilty bolschewists will go after him. 

...
Like a red line is drawn through the whole book the analysis of the causes of the crisis and the exposure of it's originators, who Henkel called "Wreckers" of our economy & society systems.
It starts with the presidents Carter and Clinton, who made the real estate bubble first possible, over those in the German ministry of finances, who supportet the import of American poison bonds (meant are real estate debt bonds) to those German bankers who bought them, he judges consequent all the persons from the finance sector, the real economy, the media and the politics.

But likewise consequent, he states examples of those who drove their buisinesses with courage and purposefulness through the crisis.

...

http://www.pi-news.net/2009/10/neues-buch-von-hans-olaf-henkel-die-abwracker/#more-89628

[mord]

He's right they started it

[briann]

Carter planted the seeds, but it was really CLinton who made the Community Reinvestment Act so destructive.  Before Clinton got around to it, the CRA was little-known and had very little effect on anything.

By 2000, the CRA had already completely transformed the Mortgage market, and added well over 2 trillion dollars in new lending to the lower-class.  But it became a monster in the early 2000's, as each time Home values went up, the CRA loosened restrictions and promoted lending to those with questionable income even more.

[Zelhar]

But to be fair, Bush's administration did nothing to stop the real estate bubble, the subprime loans and the related bonds, nor did they try to regulate the hugely inflated derivative markets.

[Ulli]

But to be fair, Bush's administration did nothing to stop the real estate bubble, the subprime loans and the related bonds, nor did they try to regulate the hugely inflated derivative markets.

True, but Bush didn't invented it and he didn't push it the way the leftists have done.

[briann]

But to be fair, Bush's administration did nothing to stop the real estate bubble, the subprime loans and the related bonds, nor did they try to regulate the hugely inflated derivative markets.

Yes, I think that it is important to note, that Bush was a VERY inactive president and had a weak spine.  He was so intent on pleasing the Dems in order to keep their waning support for his war, that he RARELY rocked the boat when it came to all the fiscally liberal agenda, including the CRA.

As far as the derivative market, derivatives were not the CAUSE, but they make the SYMPTOMS worse.  I do see a need for regulation on derivatives and how leveraged they can be, but it is an extremely small piece of this recession.  OUR GOVERNEMENT CAUSED THIS RECESSION.  It created something unnatural that would have NEVER occurred had market forces been in place.  There will always be stupid banks making bad loans, and unfortunately, we have to pay the burden for their stupidity and shortsightedness, but when the government mandates that all the large banks lend in an irresponsible manner, in a way that they had NEVER lent before, and never WOULD lend, they need to be held responsible.

If you dont beleive me how significant the CRA was, read this article written in 2000.  http://www.city-journal.org/html/10_1_the_trillion_dollar.html  Its quite scarey how the backers beleived they could re-make the mortgage industry and FORCE it to lend to the poor and certain minorities.