We are now facing a very bad economic crisis and we are trying to figure out how to get out of this muddy situation, but nobody and I repeat it NOBODY PAID for this mess.
Everything started in the early 90's, when Clinton was president. The Congress changed banking laws to force banks to lend out more money than what they had on hand. Before the banks could lend money up to a certain amount, depending on their assets on hand.
When Congress changed the rules banks were forced to make bad loans (TOXIC ACIDS) to pratically anybody.
This rotten system was established to act against the discrimination in lending (that's what they said) and the Clinton administration, along with other Agencies approved a document named: Policy statement on discrimination in lending. That document forced banks to act passively in approving contracts, and the lenders were obligated to grant loans to just anybody.
This document opposed discrimination against minorities, but what's funny, it doesn't even state who the minorities are.
This system of course, has increased the number of bad loans held by banks. Once the banks conceded loans in a similar way, government run Fannie Mae and Freddie Mac guaranteed for these loans with taxpayers' money.
Fannie Mae and Freddie Mac then started selling these Toxic Acids to banks all over the world infecting all the financial system. You can understand that such a system is like a house made out of mud, soon or later it will fall everything and that's what happened.
NOW, who has to pay for this mess? -> POLITICIANS.
It's very unfair to see double face politicans saying they want to help the poor and instead they earn millions from this crisis, millions that come from taxpayers' money.
Barney Franks of course is one of the crooks who built up this crazy system and one of the major causes of the economic crisis we are facing now. Bill Clinton also made his political fortune with this system. The media covered up just everything to help their friends politicians.
Can you imagine what consequences these politicians' actions had?
UNEMPLOYMENT, BILLIONS OF DOLLARS OF TAXPAYERS' MONEY EVAPORATED, BANKRUPTCY FOR THOUSANDS OF SMALL BUSINESSES, MILLIONS OF AMERICAN FAMILIES ARE NOW STRUGGLING ALL OVER THE COUNTRY, POVERTY IS SOARING MORE AND MORE AND GOVERNMENT DEPENDENCY IS INCREASING AT A DANGEROUS PACE.
And all this for what? To get votes, stay in power and get more money from taxpayers. HERE IT IS THE TRUTH.