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3 comments | 12 hours ago
YouTube Video Causes Stir By Showing How Democrats Caused Crisis
By Rich Ord - Mon, 09/29/2008 - 01:14
Drudge Report links to video and over 850,000 watch it in hours
In another example of the power of the Internet to move public perception, a video that shows how the Democrats caused the current financial crises has nearly 850,000 views just hours after being linked to by The Drudge Report.
Updated (092908) to 850,000 views.
The YouTube video titled, "Burning Down The House: What Caused Our Economic Crisis?" is not so much a political piece as it is a timeline of what actually happened to cause the banking and credit crises.
It really comes down to a push by Democrats including Obama to force lenders to give creative (sub-prime, zero interest, balloon payment) loans to people who otherwise would not have qualified because of low income and bad credit. This caused a huge demand for homes pushing the prices to historic highs.
Unfortunately, as Republicans predicted including John McCain, so many of these loans failed to be paid back and with hundred's of thousands of foreclosures all at once the housing bubble burst. This caused a spiraling effect because these bad mortgages were sold as part of a financial product called mortgage backed securities.
I could go on but the end result is that the house of cards that the Democrats built collapsed and because the media is in their corner only videos like this on YouTube that are linked to by a maverick like Matt Drudge brink the truth to light.
This of course is just my opinion, please feel free to disagree by commenting below.
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44 Comments
This has no place on this website...
This post and its comments should really be left for a different website. I don't think this has anything to do with SEO or Search Engines or marketing, the writer just seems to be expressing his political views.
YouTube Video Causes Stir By Showing How Democrats Caused Crisi
Hurray for the Drudge Report! It's about time that someone pointed out just why we find ourselves in this dire situation.
Idiotic liberal policies have been running this country into the ground for decades. These morons aren't going to be happy until the United States is just anoher third world country and we are so sold out to socialism that taxpayers support minorities and low lifes from the cradle to the grave. That is, if there are any more taxpayers left after all these inane policies reach their logical conclusion - total bankruptsy.
To watch idiots like Barney Frank and Nancy Pelosi and Harry Reid (the list is a long one) blame all this on 8 years of Bush politics is comp[letely ridiculous. And I'm sure they really believe it, only further confirming their almost total loss of comprehension of reality.
While they and other liberals are dumbing down our educational system so that there won't be any one with etnough intelligence to question their ridiculous actions and policies, the country is falling apart at the seams - too busy being politically correct than right.
The only wonder is: How is it that economic collapse hasn't happened already?
Idiot Democrats shouldn't be voted out ot office - They should be hung from the nearest trees!
If it had only happened in America ...
Blaming it all on just one political party in America is nonsense for at least two reasons:
1. This didn't happen only in America.
It may have started there, but the subprime mortgages were only one factor. Financial institutions of all kinds, all around the world, joined in and helped REALLY get the ball rolling. Did the Democrats in America bring down Northern Rock in the UK, or the banking system in Iceland?
I don't think so.
2. Another key feature of the crash was something that happened back in 2004. It was called the Basel 2 agreement, was entered into by financial authorities from a number of nations, and basically created some regulations that were almost bound to bring disaster if there was ever a significant downturn in the financial markets. With the Basel 2 millstone around our necks the question wasn't "if" but "when".
It is worth noting that America, very sensibly, is already pulling out of the Basel 2 agreement. Europe - bound from head to toe in bureaucratic stupidity and red tape will have to go on suffering for a while yet.
With respect, this is a poor time to be playing party politics. What we need is a realistic assessment of what went wrong so we can clean up now and make sure we don't repeat the same mistakes.
Reply to democrat crisis
It seems some people are simply to stupid to learn that if they don't learn from history they are doomed to repeat it. To stop all of the finger pointing at anyone, democrat or republican is equatable to who cares who killed my kids, lets just get along. The democrates blocked every attempt to regulate both fannie may and freddie mack and instead of simply screaming liar, check it out yourself and find out!!! This whole mess has been about partisan blame instead of justice. To truly "change" those guilty of causing this mess, democrat or republican should be brought up on charges. The only problem is that many more dems than reps would be found guilty!
Stop all the finger pointing, it doesn't do any good.
We are in this situation and what everybody need to do is come together and figure out a way out of it.
It took a lot of time to make the video and it's out. Some people will agree and some will not. But what good is it, for people to look at and that's that. It will not change anything until all the finger pointing stop and start doing something positive to get out of this economic crisis.
That is the bottom line.
Terri Pattio
Updated video link
Since the original has been removed due to copyright bullies, here's the update version:
http://www.youtube.com/watch?v=1RZVw3no2A4&feature=iv&annotation_id=event_597487
Awesome video. Finally, a
Awesome video. Finally, a true picture of what REALLY caused this crisis.
The Democrats are to blame
They were responsible for the for all the bad things in life. Pick one! Its was the Dems that actually crucified Christ, brought Hitler into power under the disquise of being a Nazi, caused the Japanese to bomb Pearl Harbor, responsible for both the first and second attacks on the Twin Towers, Sadam Hussein was actually a Democrat that caused the problems in Iraq, Iran is a Democratic nation bent on obtaining nuclear weapons, Bin Laden is a far left Democrat who because he is so hell bent on legalization of abortion, figures he'll get all the ones that were missed, that never should have been born in the first place. Yes my friends, you have to be careful of those Democrats. They are really evil people. Oh and by the way, the Antichirst is alive and well and just waiting for his chance to come forward and bring Satan, both of whom both are Democrats, into power. God is a Republican which is the reason why he is one day going to destroy all sinful Democrats and bring utopia to this world once again with the GOP, which actually stands for God's Own Party!
You shithead Dems will never
You shithead Dems will never take blame for anything. You are perfect., never made a political mistake or misjudgment in you life. The fact is that Democrats wanted all of their poor constituents to have a house. In the words of Ann Coulter, you are the party of Socialism, Surrender, and Sub-prime mortgages. McCain in a landslide!
Sorry to re-educate you on
Sorry to re-educate you on fascism ans socialism, but it's time to put the myth to rest. Everyone likes to compare 'right wingers' to fascists, but that's like calling a dog a cat. Nazi Germany was fascist, as everyone knows, but no one seems to spell out their beleifs very well. The official name of the Nazi party was the 'National Socialist German Workers’ Party'. Does that sound right wing to you. Just goes to show, if you tell alie long enough people begin to beleive it.
Funny!
You Republicans are so funny! Blame the greed of Banks on Carter and Clinton and forget the moron who has been President for eight pathetic years!
My suggestion is for you guys to click your ruby slippers together and say, "America is no place for a black President." LOL That has a better chance of working than your disinformation campaign. Get use to it.
Ed
Sich Heil
Liberals goosestep because they have poopypants
go to hell
go to hell
The Dem's never want to
The Dem's never want to stand up and take the blame for anything. It's always finger pointing and dancing around the issues. What a group of shit heads.
Conservative Bigotry Spin (BS)
ANY argument that blames Democrats for ANYTHING in government is AUTOMATICALLY invalidated by the fact that from 2000-2006 the REPUBLICANS controlled the White House, the House and the Senate. If they actually knew anything at all about the problems and actually cared about the country and wanted to fix them -- SIX YEARS of majority control and NO SOLUTIONS, only blame.
well said
well said.
here's what really happened:
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom?tid=true#page1
read it and educate yourselves... or do you not know how to read, only watch propaganda videos by the right wing?
OMG!!! If a United States
OMG!!! If a United States citizen is registered to vote, they should be required to see this first!!
youtube keeps shutting down
youtube keeps shutting down the video, but here it is! Burning Down The House (financial crisis mess)! PLEASE SHARE THIS VIDEO
www.youtube.com/TheMouthPeace
"Burning down the house" lies
This video is just the latest of many disingenuous attempts by Republicans to blame the Democrats for this crisis. The Community Reinvestment Act might have been instituted in 1977 but it wasn’t until 2004, when Bush effectively killed the CRA that an unprecedented boom in sub prime loans occurred and this really started the current crisis. Furthermore, this video conveniently omits that the extreme rise in prices of homes was the real cause of all of this. This was only possible because the Republicans kept interest rates artificially low for way too long. The ultra-low rates were a simple but effective way to get credit- happy Americans to rejuvenate the economy in post 9/11 era.
As an additional aside, let’s not forget that McCain was bundled up in the Keating Five scandal. During the 80s, McCain’s buddy the bank CEO Keating and others precipitated the Savings and Loan crisis resulting in another huge tax payer bailout. McCain went to his rescue against a team of regulators planning to crack down on Keating. McCain went so far as to accept expensive gifts and money from Keating during their friendship. However, he gave some of the gifts back when his involvement with Keating leaked. Since there was no clear evidence that McCain actually got the regulators off Keating’s back, McCain emerged from the crisis with just a slap on the wrist and a scolding by the Senate ethics committee for being stupid.
Remember when McCain said the fundamentals of the economy are solid and then back-peddled with some stupid spin about hard working Americans after his gaff back-fired? Also we must not forget the immortal words of Phil Gramm, McCain’s senior economic advisor and ENRON enabler, calling our economic crisis a “mental recession”, and America as a “Nation of whiners”.
You are an asshole!
You are an asshole!
You must be special with the
You must be special with the bigger font and all. I bet your mom is proud of you.
Well dear sir, BOTH parties
Well dear sir, BOTH parties did the damage. Tell me, why did we need a housing boom in the 2000's to cover up the lak of an economy to begin with? Or, a fake "tech stock/day trading boom" under the Clinton 90's? It's called NAFTA, MOST FAVORED TRADE STATUS (CHINA), and WTO. All of this happened under both a Clinton White House, and a Republican Congress. Perot warned about it in his debates with V.P. Gore in 1993 (just look it up on You Tube) He was dismissed by Gore over his concerns over the loss of jobs.
Just remember this. At the end of the day, both Dems and Repubs are richer than you for a reason, and raise millions for campaigns even though the average person gives virtually nothing to the parties. Yet, you expect them to really do whats good for you? Subprimes were a problem back in the 1990's too. Few articles detailed it...I saw a few in the Washington Post, and as a former Loan Officer, I saw a number of people getting screwed.
So, stop the partisan bickering, and realize your government does NOT serve you and the big businesses who give them their money. They use your votes and they do the businesses the favors.
Reply
You are as equally biased as the video. The Democrats didn't cause this mess (intentionally) and there were many players and blame on both sides but seriously it was caused by good intentions that went awry. The Dems intended to help lots of people but it really backfired and the sorry thing is they accept no blame and twist the truth to blame it all on the Republicans. It is so time for a 3rd party! Does anyone care about the truth? At the least a reason to vote against Obama is that govt works better for the people when the President, Senate and Congress do NOT all belong to the same party. Now we will have to suffer thru corrupt Dems like we did the Repub's till finally a third party can break the power hold. To bad we have so much more suffering to go thru now at the hands of the "well intentioned" Dems who have sold America a lie.
"the road to hell is paved with good intentions"' boy do the Dems own this one or what?
saved file from "Temproty Internet Files" folder
By any chance, did anyone save the video entitled
"YouTube Video Causes Stir By Showing How Democrats Caused Crisis"
from their "Temporary Internet Files" folder? I'd like to get a copy.
VIDEO REQUEST
youtube keeps shutting down the video, but here it is! Burning Down The House (financial crisis mess)!
www.youtube.com/TheMouthPeace
Here is a new in-depth
Here is a new in-depth article on how Acorn, the group Obama organized communities for, impacted the current financial crisis.
>> "BARACK'S 'ORGANIZER' BUDS PUSHED FOR BAD MORTGAGES"
eff the post
that ny post article is right wing desperation masquerading as journalism. hundreds of millions of dollars over thirty years? that's what they've blamed? they're not trying to hide their racism at all, anymore are they? Not sure what you'd expect from the Murdoch's NY Post. Those minority loans were a drop in the bucket compared to what's happened over the past decade, all on Bush's and the neocon's watch. Hundreds of millions over 30 years, that's in the "article" you just cited, compared to a trillion in a decade? absolute shit. You want to blame the democrats and let the gop have another run at sinking us, huh? you're on your own, there buddy, and lots of Americans are seeing through this veil of crap.
here's something else
Here's a more telling explanation, from an article in 2007, predicting this whole mess:
http://www.vanityfair.com/politics/features/2007/12/bush200712?currentPage=3
"You’ll still hear some—and, loudly, the president himself—argue that the administration’s tax cuts were meant to stimulate the economy, but this was never true. The bang for the buck—the amount of stimulus per dollar of deficit—was astonishingly low. Therefore, the job of economic stimulation fell to the Federal Reserve Board, which stepped on the accelerator in a historically unprecedented way, driving interest rates down to 1 percent. In real terms, taking inflation into account, interest rates actually dropped to negative 2 percent. The predictable result was a consumer spending spree. Looked at another way, Bush’s own fiscal irresponsibility fostered irresponsibility in everyone else. Credit was shoveled out the door, and subprime mortgages were made available to anyone this side of life support. Credit-card debt mounted to a whopping $900 billion by the summer of 2007. “Qualified at birth” became the drunken slogan of the Bush era. American households took advantage of the low interest rates, signed up for new mortgages with “teaser” initial rates, and went to town on the proceeds.
"All of this spending made the economy look better for a while; the president could (and did) boast about the economic statistics. But the consequences for many families would become apparent within a few years, when interest rates rose and mortgages proved impossible to repay. The president undoubtedly hoped the reckoning would come sometime after 2008. It arrived 18 months early. As many as 1.7 million Americans are expected to lose their homes in the months ahead. For many, this will mean the beginning of a downward spiral into poverty.
"Between March 2006 and March 2007 personal-bankruptcy rates soared more than 60 percent. As families went into bankruptcy, more and more of them came to understand who had won and who had lost as a result of the president’s 2005 bankruptcy bill, which made it harder for individuals to discharge their debts in a reasonable way. The lenders that had pressed for “reform” had been the clear winners, gaining added leverage and protections for themselves; people facing financial distress got the shaft."
The only thing Democrats did was do nothing. That's how they hurt the economy the most. Bush and Cheney and his whole corrupt crew should have been impeached long ago. Wanna blame somebody? Blame the Administration and don't trust Paulson and Bernanke any farther than a banker could throw them.
Burning Down Our Houses
This Utube video was shocking and amazing!
Great Job in spelling it out with the facts and news!!
Twisted.
It was 8 years ago when Bill Clinton was president and a lot of water under the bridge. During this time billions and billions of dollars pumped into the Iraq and Afghanistan wars.
Into who's pockets did this billions go into?
Its was not in service personel pay.
Ok, weapons and ammo had to be manufactures, but most of this cost is labour, communications is labour, miilions of people who should have had their incomes lined from the billions put into these wars
...... but somehow not into the pockets of these mortgage payers.
How many of these exceptional military service men are amongst those in foreclosure?
No, I do not think it has much to do with bad mortgages but more to do with bad distribution of money put into the wars that has prevented many many people from being able to pay for their mortgages.
I agree that allowing more people into the home buying circle created demand that forced property prices up and created expensive mortgages but I do believe this is a minority cause of the whole problem.
I think its more important to look at where the money that was supposed to be put into the war "effort" really went. That would make an incredible documentary. Who would dare do this, even at least for the sake of the ex military service people who are now struggling to keep their homes.
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