How the Democrats Created the Financial Crisis

[steven787]

Wait. So "ANTI- REGULATION" Republicans were for that bill?

Both Republicans and Democrats corruption screwed over the country on this. Both parties were against it. In 2005 and 2006, Republicans still had control. In 2007, the Democrats had tacit control. Nobody was pushing for it.

Greenspan is no less guilty (more?)

Greenspan could say anything that he wanted in 2005, he kept interest rates too low. He encouraged everyone to get Adjustable Rate Mortgages:

"No less an expert than Federal Reserve Chairman Alan Greenspan has sung the praises of ARMs. In February (2004), he told credit union executives that such loans could have saved many homeowners tens of thousands of dollars over the past decade. He noted that ARMs are much more common in other countries, and he encouraged the mortgage industry to create more options. 'The traditional fixed-rate mortgage may be an expensive method of financing a home,' Greenspan said."

Dick.

Seriously, the Fed and the Elected officials are all morons.

It has been said that democracy is the worst form of government except all the others that have been tried.
-Sir Winston Churchill