Obama shifts blame for subprime mortgage disaster & economic downturn; Speech, Osawatomie,kansas
President Obama often makes the claim that he inherited the country’s current economic crisis. But in truth, it was Obama and his fellow Democrats who supported, and facilitated efforts to force the banks to issue high-risk subprime mortgages to unqualified borrowers, which ultimately brought about the collapse of the U.S. economy. Hence, Mr. Obama is not the Inheritor-in-Chief that he claims to be, but rather the Bequeather-in-Chief, who helped facilitate the economic downturn.
Nevertheless, during a speech Tuesday at a High School in Osawatomie, Kansas, the President, rather than concede that he and his fellow Democrats supported efforts to force the banks to issue high-risk loans, blamed the banks for making these loans.
Audacity on the President’s part, I suppose; but clearly not the Audacity of Hope……
Duration : 0:8:34
Part 2 of 2. Important information that should be taught in schools but ISN’T!
http://www.kw.com NOVEMBER Hello and welcome to This Month in Real Estate. I’m JAY PAPASAN.
The U. S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. The ratio of lower-quality subprime mortgages originated rose from the historical 8% or lower range to approximately 20% from 2004-2006, with much higher ratios in some parts of the U. S. A high percentage of these subprime mortgages, over 90% in 2006 for example, were adjustable-rate mortgages. These two changes were part of a broader trend of lowered lending standards and higher-risk mortgage products. Further, U. S. households had become increasingly indebted, with the ratio of debt to disposable personal income rising from 77% in 1990 to 127% at the end of 2007, much of this increase mortgage-related. 
Grumpy Old Geyser, a politically incorrect English bloke with strong opinions about everything, is fed up with fat-cat bankers – so he’s come up with a scheme to become a banker himself. You can follow him on Twitter as TheOldGeyser.
Grumpy Old Geyser, a politically incorrect English bloke with strong opinions about everything, is, like most people, fed up with fat-cat bankers – so he’s come up with own wacky scheme to become a banker himself. You can follow him on Twitter as TheOldGeyser.
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FreedomWorks chairman Dick Armey talks about how subprime mortgages have affected home ownership and the economy — and why a government bailout would be a bad idea.
“As we gather together in solidarity to express a feeling of mass injustice, we must not lose sight of what brought us together. We write so that all people who feel wronged by the corporate forces of the world can know that we are your allies.
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