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How The Banks Won

Why the religion of money sucks.

submitted by: TheGuySmiley
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Hits: 4896 | Favorites: 2 | Emailed: 0 | Rating: 1.8 | Category: News & Politics | Date: 03/21/2013
 
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HumanAction
Male, 18-29, Midwest US
 2353 Posts
Friday, March 22, 2013 7:08:17 AM
@AntEconomist

The bubble was born in the US largely due to well-intended but misguided housing policy.

I'd argue that the Federal Reserve`s policy of credit expansion from 2001-2004 was the biggest single cause for the creation of the bubble, but otherwise, spot on.

baradhili
Male, 40-49, Australia
 160 Posts
Friday, March 22, 2013 5:57:59 AM
really old post

AntEconomist
Male, 40-49, Eastern US
 246 Posts
Thursday, March 21, 2013 5:23:48 PM
Where the banks are is irrelevant. That they got caught up in the financial bubble is. The bubble was born in the US largely due to well-intended but misguided housing policy.

pacojohnson
Male, 18-29, Midwest US
 15 Posts
Thursday, March 21, 2013 5:13:38 PM
Did you watch more than the first few seconds? They are talking about banks in the UK, so unless the US Congress now applies to the UK, your points are moot.

AntEconomist
Male, 40-49, Eastern US
 246 Posts
Thursday, March 21, 2013 4:13:23 PM
"The banks created the financial crisis..."

1977-1995: Congress decided that more people shouls own homes and passed the Community Reinvestment Act which required banks to provide loans to low-income and minority borrowers.

1994: Banks were not loaning as much to low-income borrowers as Congress wanted, so Congress passed the Riegle-Neal Act which denied requests for interstate bank mergers to banks that were not incompliance with the Community Reinvestment Act.

1996: Banks still were not loaning as much to low-income borrowers as Congress wanted, so HUD instructed Fannie Mae and Freddie Mac (government owned corporations) that more than 40% of their loans must go to low-income borrowers.

2000 to present: Federal Reserve held interest rates at artificially low levels so as to encourage borrowing.

1990 to 2003: Loans issued by Fannie Mae and Freddie Mac grew from 25% of the mortgage market in 1990 to 50% in 2003.

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