This sounds like a very old video from before the bailouts.

Wiki the Community Reinvestment Act, a gift from that loser Jimmy Carter and a 70s democrap congress.

Democrats bullied lending institutions in the mid-90s, forcing them to give bad mortgage loans to people that couldn't afford them.

Fannie Mae and Freddie Mac involved themselves and were ordered by Blarney Frank and friends to make 40% of their loans to the same poor folks. Fannie and Freddie are government-controlled and therefore not subject to the scrutiny of the Security Exchange Commission.

AIG and Friends sold "derivatives" which are insurance on these bad loans. When the bubble burst, they couldn't pay.

Republicans tried to warn what would happen but obviously failed.

The moral is: big government sucks. Anything they touch outside of their prescribed constitutional powers turns to dung.

The moral wasn't learned as the American people just elected another Carter.

^ More lies from the resident prevaricator.

So the almighty minority party dems "bullied" the poor puny banking industry giants and Forced Them Against Their Will to make bad loans and rip people off. Oh I know the saintly bankers tried mightily to make good loans to deserving folks but the eeevil democrats simply overpowered them and Forced them to do Bad Things.

uh... right. Talk about revisionist conspiracy theory history.

And right after that the satanic ufo people formed an unholy alliance with the democrats and came down from the sky and forced Detroit to make big ugly 2 mpg cars that no one will buy and now look at the mess the dems have created in the auto industry.

Those are the facts, fellows, and I wonder just what the hell about them you find so unbelievable?

Did you also know Fannie and Freddie gave money to the Democrats--which is like the Pentagon giving money to Congressfolks who promise to increase their budget--and the Democrats blocked every attempt to tighten up the lending rules?

Look to Senator Christopher Dodd and Congressman Barney Frank, the two main culprits who denied Fannie and Freddie were taking huge, dangerous risks.

Which reminds me, OBAMA was the second-largest recipient of Fannie Mae's financial contributions, right after Senator Christopher Dodd!

What an amazing coincidence!

But relax, except for me and a few others who get news from sources outside the worthless mainstream media, no one knows the truth!

Oh, and while we're on the subject: no one's denying that banks and other lending institutions want to make money. But they wouldn't take excessively stupid risks unless the government was holding a gun to their head or conversely promising to bail them out.

You want a big government to "protect" you from free market abuses? Who's going to protect you from big government?

Where do you get your news?

Big gov't causes these problems. Our gov't is too powerful (I thought the dems agreed on that...when it comes to civil liberties, etc, but you won't believe it when the gov't puts pressure on banks to do their bidding). Try fighting the US gov't...

There is a phrase that bankers use..."cash for trash"...this is what the gov't forced the banks to do.

QM = scared and bored

Attacking me won't decrease your ignorance. Try harder.

LOL. QM. Still trying to push that myth around that poor people caused the crisis? Ha.

Former Housing CEOs: Poor People Did Not Cause The Current Financial Crisis»
http://thinkprogress.org/2008/12/09/myth-fannie-freddie/

Richard Syron, former Freddie CEO: “I would think that it wasn’t mostly trying to do things for poor people.”

Daniel Mudd, former Fannie CEO: “[W]hen the market goes down, it’s the folks who are the closest to the margin who — who get hurt first and longest every time.”

Leland Brendsel, former Freddie CEO: “I cannot recall ever being forced to make — or to purchase a mortgage loan that I didn’t feel, as a matter of policy at Freddie Mac, was a good mortgage loan, a sound mortgage loan, and an attractive mortgage loan for the homebuyer or the owner of an apartment building.”

Franklin Raines, former Fannie CEO: “I do not believe that poor people are the cause of the current financial crisis. … Most of the losses, as I read the record, have come on mortgages that were made to middle-class and upper-middle-class people, not to poor people.”