Comments by "Harry Mills" (@harrymills2770) on "MSNBC Says Rural Voters Are Destroying Democracy!" video.

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  3. Barney Frank and Chris Dodd gave us the meltdown in 2008. "If they have a pulse, they get a loan, whether it makes sense for them or not." What happened in their big drive for more home ownership? Banks approached people who either owned their houses, outright, or had a nice, affordable mortgage, and told them they could borrow against that house's value for home improvement or just for a vacation. "You don't have to pay us anything for 5 years! Go to Europe! Tour the Great Wall of China!" Then the bubble payment came due, and the foreclosures began. Those hedge funds and mortgage-backed securities, which had been rock solid for over a century, because banks only loaned to people who proved they could and would pay their debts. The investors who were putting money into those securities were pretty conservative investors. What they didn't know is that the "Affordable Housing Act" or whatever it was, lowered the standard of qualification for a loan. It made the assets toxic. But the guys doing the trading weren't the biggest culprits. The biggest culprits were Barney Frank, Chris Dodd, and the U.S. Congress, because the bill sounded so good and it meant to help people. Plenty of people in finance saw clearly what was happening. They should've blown the whistle. They deserve blame, too. But the main problem was the misguided "progressive" legislation that thought it could "wave a magic wand" and everybody would own houses, immediately. That's how all progressive government spending programs turn out. They just sap the energy and wealth of the people who actually make, grow, and build things.
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