{"id":502,"date":"2008-09-26T17:25:23","date_gmt":"2008-09-26T21:25:23","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=502"},"modified":"2008-09-30T19:28:55","modified_gmt":"2008-09-30T23:28:55","slug":"video-burning-down-the-house-what-caused-our-economic-crisis","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/26\/video-burning-down-the-house-what-caused-our-economic-crisis\/","title":{"rendered":"Video: Burning Down The House: What Caused Our Economic Crisis?"},"content":{"rendered":"

This video has been floating around the web for a couple of days… It provides a detailed look at how the Community Reinvestment Act was used to push banks into sub-prime mortgages and how that distorted the housing market… And helped create the bubble that burst.<\/p>\n

A couple of caveats though… First it lays the blame solely at the feet of Democrats and while they do have a lot of explaining to do, Republicans are not blameless. They controlled both houses of Congress in 2003 when the Bush Administration proposed new rules to rein in Fannie and Freddy and yet they failed to act. Likewise in 2006 when they failed to fight for the Federal Housing Enterprise Regulatory Reform Act that Chuck Hagel, John McCain, John Sununu, and Elizabeth Dole sponsored.<\/p>\n

Second it ignores the role of the Federal Reserve Board and the Bush Administration in keeping interest rates artificially low and weakening the dollar. Which lead to a rise in commodity prices and that I think ultimately helped hasten our current economic problems.<\/p>\n

There’s plenty of blame to go around, this isn’t so much a Democrat or Republican problem as it is Washington political culture problem. Yes, Democrats started the ball rolling but we all should have know better…<\/p>\n

<\/object><\/p>\n","protected":false},"excerpt":{"rendered":"

This video has been floating around the web for a couple of days… It provides a detailed look at how the Community Reinvestment Act was used to push banks into sub-prime mortgages and how that distorted the housing market… And helped create the bubble that burst. A couple of caveats though… First it lays the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[51,170,169,59,172,113,114,40,171,44],"class_list":{"0":"post-502","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-bush-administration","9":"tag-chuck-hagel","10":"tag-community-reinvestment-act","11":"tag-democrats","12":"tag-elizabeth-dole","13":"tag-fannie-mae","14":"tag-freddie-mac","15":"tag-john-mccain","16":"tag-john-sununu","17":"tag-republicans","18":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-86","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":505,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/26\/poll-question-who-won-the-first-debate\/","url_meta":{"origin":502,"position":0},"title":"Poll Question: Who Won The First Debate","author":"Jeff","date":"September 26, 2008","format":false,"excerpt":"[poll id=\"5\"] Overall I thought McCain won on points\u2026 Although it was closer than it should have been. McCain clearly won on foreign policy but on the economy it was at best a draw. McCain needs to drop the populist rhetoric and stand up for conservative economic principles... In particular\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":383,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/17\/the-democrats-credit-crisis\/","url_meta":{"origin":502,"position":1},"title":"The Democrats Credit Crisis…","author":"Jeff","date":"September 17, 2008","format":false,"excerpt":"The more I dig into the history behind our current crisis the more outraged I become... Commenter Veretax writes: \"I think the American people have had it with this situation where the middle-income people in our country are not protected from the ramifications of the risk-taking and the greed of\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1075,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/12\/09\/my-give-a-damns-busted\/","url_meta":{"origin":502,"position":2},"title":"My Give a Damn’s Busted","author":"Jeff","date":"December 9, 2008","format":false,"excerpt":"I haven't been blogging much recently I've tied up a couple of projects that have to be finished before the end of the year, and frankly I'm so disgusted, disappointed and disillusioned with the behavior of our elected leaders my give a damn's busted. It doesn't matter what we think,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1771,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/22\/of-conservatives-and-tea-parties\/","url_meta":{"origin":502,"position":3},"title":"Of Conservatives and Tea Parties","author":"Jeff","date":"March 22, 2009","format":false,"excerpt":"I was reading some of the comments posted on the News Times web site in response to their story on the Ridgefield, CT tea party. This comment from \"poo poo the self pitiers\" in particular caught my eye: GOP hypocrites. Unbelievable gall. Now all of a sudden, the party that\u2026","rel":"","context":"In "Culture"","block_context":{"text":"Culture","link":"https:\/\/www.jasetaro.com\/blog\/category\/culture\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":332,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/09\/fannie-freddie\/","url_meta":{"origin":502,"position":4},"title":"Fannie & Freddie…","author":"Jeff","date":"September 9, 2008","format":false,"excerpt":"I'm not in a writing mood today but I hate to leave this page silent so I thought I'd share a few must reads on the Fannie Mae & Freddie Mac bailout with you. First is the Op Ed by John McCain in today's Wall Street Journal: We'll Protect Taxpayers\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":444,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/22\/credit-crisis-redux\/","url_meta":{"origin":502,"position":5},"title":"Credit Crisis Redux","author":"Jeff","date":"September 22, 2008","format":false,"excerpt":"Today's Wall Street Journal takes a look at our current credit crisis and how we got here. Among the culprits the Journal identifies: The Federal Reserve. Fannie Mae and Freddie Mac. A credit-rating oligopoly. Banking regulators. The Community Reinvestment Act. The conclude their analisys by thusly: We could cite other\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=502"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/502\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}