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Propaganda vs. Truth
| Protect NO ONE This is a purple issue! Leave your politics at the door! | Expose the TRUTH After you research the "claim," share your conclusions and ask queations! | PROOF It is OUR responsibility to seporate fact from fiction! |
| Fannie Mae and Freddie Mac caused the current economic crisis. One need not look any farther than Fox News, The Drudge Report, and Conservitive Talk Radio to fill themselves with this nugget of propaganda. This misleading information is espically infureating because deamonizes the concept that people living at the brink of that "approval" rating for home loans are not worth the risk. That is dangerous and too many people are taking these sound bites at face value. To be fair, I bought into this statement as well; until I took an hour and researched the validity of the claim. | Deregulation, lack of tranparancy, and greed contributed to this crisis. Enabeling banks to wright risky loans to lower income applicants has always been a mandate of Fannie Mae. It was created as America started climbing out of the Great Depression in 1938. The inception of Fannie Mae is rarly blamed for the current crisis. The "conservitive" reporters begin this propagandus tale in 1977: Carter passes the Community Rienvestment Act. If this was truly the beginning of the end for Wall Street then how come Sub-prime and Alt-A Mortgauges had no effect on the market through Carter's Administration, Reagan, Bush Sr., Clinton, Bush Jr.'s first term? | 1992: The Federal Housing Enterprises Financial Safety and Soundness Act of 1992.In the name of "regulation," this bill created OFHEO to ensure both companies were "adiqutaly capitolized and operating safly." Like most legislation, it does not seem harmful on paper but in pratice facilitates desecption if and when "the bulls" are let out of the pen. 1999: Oh no they did'nt repeal the Glass-Segal Act of 1933!?! Yes they did?!? This may be the BIGGEST blunder of the 90's in terms of legislation. Glass-Segal made it impossible for comercial investment banks to buy or issue private loans...like a home loan. |
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| Video based on F.A. Hayek's book "Road to Serfdom" |
stereoagnostic |
Latest page update: made by stereoagnostic
, Jan 23 2009, 8:58 PM EST
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Edited by stereoagnostic
1 word added 1 word deleted view changes - complete history) |
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Keyword tags:
auto bailout
economic crisis
economy
financial crisis
financial meltdown
stop the bailout
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| Started By | Thread Subject | Replies | Last Post | ||
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| stereoagnostic | New video added | 1 | Jul 18 2009, 12:01 AM EDT by KoreenGKruger | ||
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Thread started: Jan 23 2009, 8:58 PM EST
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It's a short cartoonized version of F.A. Hayek's book "The Road to Serfdom" which was published in the 1940's. Hayek shared the 1974 Nobel prize in economics. Watch it and see if you don't agree that we are currently somewhere around step 7, 8, or 9. Post your reactions to it on this thread.
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