The Housing and Banking disaster in Oct 2008, was created by the Democrats, specifically- Mr. Barney Franks, and his cohorts- Chris Dodd, and Chuck Schummer - these 3 corrupt crony liberal Congressmen, with the help of US President Bill Clinton and 3 RINO Republicans-Graham, Leach, and Bliley, forced the Banks, and other Financial Lending Firms, and Investment Institutions, to lend money to unqualified borrowers, (from leftwing pressure from Barney Franks, Chris Dodd, ACORN, etc. ), regardless of their inability to pay back their loans and or mortgages, especially from Fannie and Freddie, which created the Sub-Prime Mortgage and ARM Economic Housing bubble crisis, with the assistance from the Banks, who were pressured by Franks and Dodd, to make these loans.. They went along with it all, because Barney Franks and Chris Dodd, guaranteed them, that the loans would be govt backed, and they would not lose any money on them.. thus, the Banks made the loans, then resold them in bundled financial Money Market Fund packages, etc., whom the buyers, then turned around and resold them again, and so on, and so on.. until everyone who owned a share of any of it, was holding worthless financial toxic assets, which spread around the world banks, like a virus, thus created the world wide financial crisis, we now know today..
Barney Franks was complicit in his motivations of personal conflict of interest, and guilty of wrong doing, in his avid non-tightening and non-regulating of the Housing and Banking lending laws, as requested and warned of and by the current Banking and Housing Economists of the Congressional hearings.. and especially as the Chairman of the Banking Committee in Congress, but instead he chose to chastise the expert economists, instead of heeding their warning..
President Bill Clinton signed into law, "The Gramm–Leach–Bliley Act" (GLB), also known as the Financial Services Modernization Act of 1999, which repealed part of the Glass–Steagall Act of 1933, opening up the market among banking companies, security companies, insurance companies. The Glass–Steagall Act prohibited any one institution from acting as any combination of an investment bank, commercial bank, and an insurance company.
The Gramm–Leach–Bliley Act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate. For example, Citicorp (a commercial bank holding company) merged with Travelers Group (an insurance company) in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers.
This single piece of Legislation, signed by President Clinton, allowed and enabled these Liberal Democrats, - specifically Barney Franks and Chris Dodd, and Chuck Schummer, to perpetuate and exasperate the housing and banking bubble crisis, to the point of National Financial Fiscal Economic crisis.. but they could care less.. as anything they do to create, and cause chaos and economic and political destruction, is good for the Liberal Socialist-Marxist cause and agenda.. to put in context, in the words of Obama's chief architect- Rham Emmanuel, quote- "Never let a good crisis go to waste"..
Thus, it was all of this corruption and crony capitalism, of these liberal Democrats, and the crony capitalist Republican Party RINO's, as well as US President Bill Clinton, and now specifically President Obama, who is destroying the U.S. Economy, and wants to borrow and spend Trillions more dollars in more bailouts and stimulus BS, that didn't work in the first place, which has ultimately led to the greatest massive fiscal and financial corruption, now resulting in our near future collapse of our financial and economic system, since the great depression.
Barney Franks should have never been allowed to stay in Congress.. H e should have been tried and jailed for his intentional gross misconduct and congressional mismanagement actions, with his direct involvement in the destruction of the US Economy, as the Financial Banking Committee Chairman. And now he is retiring from Congress, as a rich man..