Second part - Democrats are dumber than a bag of shit

Chicago IL

Description

SO of course my post generated some responses. One of the bottom feeders who rsponded metioned Bush and the 2008 financial meltdown. SO, I am writing this for the benefit of you other libtards who still do not understand the truth. The 2008 mortgage crisis and financial meltdown was caused by democrats!!!!! The seeds of the failure were laid in 1999 Here is a history lesson. In 1999 Barney Frank and Chris’s Dodd modified the Community Reinvestment Act and forced banks to lend to deadbeats. The banks have decades of data of who pays their mortgages and who doesn’t. So they knew these risky types would not pay their mortgage back. So then the democrats guaranteed those loans with govt money (tax payer money). So the banks lent to deadbeats. This bill was signed by Bill Clinton. We had a slight economic downturn in 2001 / 2002 from the 9-11 attacks and the dot com bubble bursting. So the fed does what it does during bad times and reduced interest rates. So now more deadbeats and risky lenders would qualify for mortgages. Lower interest rate = Lower Payment. Then as the economy got better through 2005 and 2006 and 2007 the fed started to raise rates. Now, during that time a bunch of deadbeat types signed up for stupid ass loans like adjustable loans and mortgage interest only loans and other oddball types of mortgages. So when rates went up, the rates on these adjustable and other oddball mortgages went up and now the deadbeats could not afford them. So they defaulted. Meanwhile, as part of the 1999 law from Barney Frank, Chris Dodd, and Bill Clinton the Glass Stegal laws were removed. These laws prevented banks from being investment places and prevented investment places from being banks. With the Glass Stegal laws gone, banks and investment firms packaged up these mortgages and sold them on the open market. And since they were all guaranteed by the US govt, the credit ratings agencies rated them all AAA. (But we know now they were not) So we know what happened. More Deadbeats stopped paying their mortgage. These financial products these mortgages were in lost a ton of value. With interest rates rising and empty home inventory rising, home values went down. Many of those who used their home as an ATM machine (home equity loans) now faced huge payments because their home value dropped and they had negative equity. They of course didn’t have the money for these payments so they defaulted on their mortgage too, which contributed to the viscous cycle. We all know how it ended. BOOM!!!!!!!! But it started by clueless moronic good for nothing bottom feeding shitbag democrats monkeying around with the mortgage process.