Can anyone on here point to any specific Democratic legislation or policy which led to the economic collapse?

This video shows that George Bush tried to warn Congress in 2002 that this economic crisis was coming, if something was not done. But congress refused to listen, along with Barney Franks. This video says it all.

Also that the liberal AMERICAN media did not want this video on You Tube, so they had Time Warner threaten a law suit (proprietary rights) if it was not taken off.

This link is of the same video but is routed through Canada. Everyone in America needs to see this!

http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1

If clicking on this link does not take you to the site, copy and paste into your browser.

I've heard theories that the Democratic win in 2006 was an indication (a correct one, it turned out) that Democrats would win the White House in 2008. Knowing that Democrats might enact policies which would harm businesses (i.e. strict new regulations on health insurers, banks, etc) the economy began to slide as people sold off stocks, stopped investing, etc.

I've also heard that liberal policies under the Clinton administration pressured banks to issue mortgages to minority and under-privileged home buyers Many of them defaulted and contributed to the burst of the housing bubble, although I'm not familiar with any specific legislation.

Barney Frank introduced a bill (1996) requiring banks to make realestate loans to people who were not able to pay for them.

Bill Clinton signed the bill.

Fannie and Freddie were supposed to cover the losses.

That is why Fannie and Freddie collapsed.

No. I can name Republican policies which led to economic collapse.

There was a budget surplus during the Clinton era and then Mr. Bush (tax cut hero) got us into the biggest debt in the history of the US

The economic collapse was caused by the housing bubble bursting after 25 years of growth. Both parties had legislation that didn't help, but the policies of neither party caused it.

You aren't trying to say that Democrats had NO hand in this collapse, are you?

Please use your head. No offense.

http://2010.newsweek.com/top-10/history-altering-d...

http://www.time.com/time/specials/packages/article...

Yes, legislation that was voted on in Congress, passed almost unanimously and signed by a Democratic President. You can call it a Republican bill if it makes you feel better.

My guess is that you were living in a cave. . . . . What was the national debt at when George W. Bush at when he left? ? ? -$2,000,000,000,000. Now I will not defend the Republicans (even though I am going to vote for Carly Fiorina to beat Barbra Boxer) but in the first one hundred days that Barry Soetoro. . . . . Oops! I did it again. . . . . I meant Barack Obama signed all of those stimulus packages that went directly into the pockets of Goldman-Sachs, Fanny & Freddy, Chrysler and GM (SEIU Thieving rat bastards!!!!) and how much debt did that send us deep into? ? ? Can you -$13,000,000,000,000! That's 13 TRILLION dollars in the hole! Now we are looking at the debt being at -$19,000,000,000,000 when all is said and done!

It has taken more than one administration to do it, but medicare, medicaid, handout programs to their "constituency" (blacks, mexicans, white trash, etc...) who want more and more. Barney Fag was head of the push to allow the deregulation of housing allowing low income people who had no business owning a home since they can't even balance their checkbooks to "own" homes. If libtards knew that they are just using them, playing into their greed of the public dole to take more rights under socialism, then maybe they'd wake up. But doubt it, they're mindless sheep who just want what they can get, doesn't matter that it'll bankrupt the country. Just what they can get.

YES! Look up the Community Reinvestment Act.

That was one... And then go back and look at Frank/Dodd rules that stepped up enforcement of that act...

I have about 20 more examples! Email me, I will share!

I believe that a huge contribution was the mismanagement of Fannie Mae and Freddie Mac by Barney Frank and Chris Dodd. These two agencies were created by Jimmy Carter and Bill Clinton, as part of the Community Reinvestment Act of 1977.

Under this law, banks were "encouraged" to violate their own fiscally conservative underwriting guidelines in order to make loans to under- and un-qualified buyers, to increase home ownership among the poor. Home ownership became an entitlement, and rather than have to rent for years, while scrimping and saving as your parents and my parents did, regulations were relaxed and money was loaned freely despite borrowers not meeting income and/or credit requirements to qualify for these loans.

I put the word "encouraged" in quotes, because bankers I have personally spoken with have told me that this was not "encouragement", it was coercion and requirement.

These loans were guaranteed by the government, via Fannie Mae and Freddie Mac, as referenced above. Barney Frank actually testified that Fannie Mae was solvent and in good financial condition mere days before its bankruptcy.

This government guarantee of loans, and the housing boom that ensued, led to the "bubble" that artificially inflated home prices beyond the scope of anyone's imagination - spurring investment not only in real estate but in real estate and mortgage derivatives. Wall Street reacted exactly as they should have - seeing profit opportunity in government guaranteed securities.

When these two agencies collapsed under the corruption and mismanagement of the two criminals mentioned above, foreclosures spiked, banks failed, and a huge part of our economic collapse began.

When the Obama administration bailed out the banks, they bailed them out with very strict lending regulations - regulations that were targeted not to the real cause of the problem, which was lending to non-creditworthy individuals - but to small and mid-size businesses whose efforts to expand were crippled by the scarcity of capital. They could not grow, they could not hire more people, and unemployment spiked.

The new Healthcare legislation and the Cap and Trade bill have businesses staying on the sidelines. American businesses are collectively sitting on 1.8 TRILLION dollars in capital, afraid to invest in their own growth or infrastructure, because they do not know how these massive regulatory laws will affect them and their treatment of employees. Collectively, should these businesses invest in themselves and grow as they wish, our economic crisis would be over - but they do not. They don't know what fines or taxes they will have levied upon them under these multi-thousand page laws that even our Speaker of the House describes as "We have to enact the laws to see what's in them".

People face foreclosure because they should never have had mortgages in the first place. Foreclosures hurt the banks, which tighten lending rules in order to survive. Businesses, without capital, do not hire and lay off workers. Unemployment spikes. Government expenses increase because of the burden of increased unemployment insurance, welfare, food stamps and other entitlements for the unemployed. The government responds by increasing taxes, or allowing tax cuts to expire. People stop spending money. When people stop spending money, more businesses suffer and lay off more workers.

It is a downward spiral that feeds upon itself.