100 Comments

  • mkl62

    As a resident of South Carolina, it sickens me that our government didn't bail out the textile industry like they are trying to do to the BIG CORPORATIONS today.

  • dangerousslave

    What a load of cack if anybody beleives this shite then they are still a sleep. this so called credit crunch has been manufactured by the Bilderberg group to run down the pound and the dollar so they can con and swizzle the euro on UK and the Amero on USA and push the Euro or Bilderberg constitution On UK and USA and declare America Canada and Mexico as the North American Union so we will be ruled by a United multinational corporate establishment who control the media to brainwash you slaves.

  • tHeWasTeDYouTh

    I knew Democrats had fucked us over like always

    LOLZ congress has lower approval rating that Bush

    Once Bush is gone I wonder who will they plain, certainly not Obamamessiah

  • jerami101

    Any person who took an A.R.M.(adjustable rate mortgage) should have payed more attention in math class. I seen all the ads on how to get more house than you can afford. I knew how much house I could afford and bought within my budget. It wasn't just the housing market bubble that caused this crisis. Just like the video points out, it's corruption in government!! I hope people don't think this is math class, and start paying ATTENTION!

  • AngryGeekling

    You don't even live in our country! How would you know ANYTHING about what we go through. No American cares what you think. Go yell at your own politicians Aussie boy.

  • blaziermissy

    I'll be glad when these tards grow a brain and figure out that this is such stupidity. Both democrat and republican parties are corrupt, controlled by the elites. There is no partyline divide, nor democracy. Stop trying to blame the crisis on modest income people acquiring homes and educate yourselves past your nose and propoganda.

  • tarfin

    NOT TRUE.

    THE HOUSING BUBBLE did not CAUSE this.

    THE HOUSING BUBBLE was just the PRETEXT.

    The Financial SYSTEM is BUILT for PERPETUAL ECONOMIC GROWTH and that is NOT possible in the REAL world.

    Watch "MONEY as DEBT"

  • tarfin

    NOT TRUE.

    THE HOUSING BUBBLE did not CAUSE this.

    THE HOUSING BUBBLE was just the PRETEXT.

    The Financial SYSTEM is BUILT for PERPETUAL ECONOMIC GROWTH and that is NOT possible in the REAL world.

    Watch "MONEY as DEBT"

  • robinvan1983

    he is in office less than 50 days…. can you save the economy in 50 days? or lets look at what bush could do in 50 days in office….. that wasn't a lot either

  • Erik Thayer

    "most banks got HEAVILY into the sub-prime lending practice b/c they (foolishly) thought it would lead to profits "

    WOW, since when did profits come from LOSSES? If I could make profit from my losses I would be rich. Maybe I should go out and start lending money to people that wont pay it back so that I can make all of those great profits off of it. LMAO, unreal. And 1 + 1 doesn't equal 2, geeeeez.

  • zyou8er

    I make 85k a year, and i bought a house for 360k. Lots of my coworkers that make the same as i do, bought a house for 600k and now they are getting a baill out from our Gov. Breaks my heart, because im an Iranian and those coworkers of mine are Black, i can get a baill out also but i wont. Because im a Responsible American.

  • gbogart100

    Great vid, only thing that can be arguable is much of the info is pulled from wikipedia, which is by no means credible. So…everyone do your own research and you will realize that all this IS true!! Great vid

  • Erik Thayer

    jrebstock… I wish I had enough room here to explain but I guess this isn't the right forum. I will briefly say you are a little bit right. But none of this would have happened if it weren't for the following: '77 CRA, '95 rework of CRA, '95 + 10 years of lowering interest rates, ACORN, Fanny and Freddie, Dodd, Frank, Obama, blocking of regulation and finally due to all of that greed. I could explain each piece but no room here. You would just have to look it all up I guess. Good luck to ya.

  • coltrane1966

    Did Britain have an equivalent Act, if so what was it called?
    Haven't had much luck so far, thanks to anyone that can help.

  • Kael Hyun

    Jimmy Carter was one of the WORST presedents of all time he blamed EVERYTHING that went wrong in his administration on the people so he sucks ass

  • barkerfreak1

    told if you say
    bloody mary three times in the dark in a bathroom you die.
    So he tried it he was found dead a hour later in the bathroom. Post on 5 other videos or die

  • von fouch

    Go to the frontline PBS website and check out the video (Ten Trillion and Counting & inside the Meltdown) it is a good non partisan look at how we got in to this economic hole. Let me know what you think

  • von fouch

    Old Southern Soldier
    You are so right, the ultra rich Washington power base (i.e. lobbyists) know how to play the people like a fiddle. Big money controls the government. Until we can come together in some way and have some undivided voting power we the people will have no pushback against their money. That is why I think they are fighting so hard against unions. The word UNION scares the hell out of them because its the opposite of divided.

  • cubed07

    The only reason why banks would create the risky mortgages was due to the government backing those loans. Had it not happened, not one bank would of made those loans because the holders couldn't pay them back and banks don't give mortgages to those who can't pay them back, but since the loans were back by the government, the big banks made them. The government authorized the creation of the mortgages and gave the go ahead to banks, take away the CRA and this crisis wouldn't of happened.

  • rebjiii

    cube07…big banks like citibank have LOBBYISTS …do u really think citibank would allow TOXIC regulations that would lead to citibank losing millions?

    and the CRA has been around since 1977…this financial crisis would have occured much longer than 9 months ago…if the CRA had been SAND BAGGING banks for the past 32 years.

  • cubed07

    A deranged government that likes to control it's own people is one that doesn't allow their citizens to defend themselves with guns. When will people like you see that law abiding and good citizen regardless living in America or Europe have the absolute universal right to defend themselves from threats to their self and family from the same people who threaten the government. The government can't guarantee your safety, only you can do that with a gun, more times than not they are too late.

  • john777316

    The rapid rise of Subprime. Subprime mortgage securitizations went from a small segment of the mortgage market to a dominant one around 20% of all mortgage securitizations by 2006.

  • john777316

    Between 2003-2006 Wall Street investment bankers funded mortgage lenders in the subprime market to the tune of 70% percent of the loans. When the loans started to default at an alarming rate the investment bankers called their buddy Hank Paulson to rescue them by using the GSEs to back the refinance of troubled mortgages. Bush and Paulson raised the cap on the GSE portfolios in 2008 to fund rescue plans at taxpayer risk.

  • orginunknown

    what a load right wing biased horseshit. the commodity futures modernization act crafted by the idiot republicons, making credit default swaps legal is at the root of the mess.
    I've yet to hear one CREDIBLE economist blame the community reinvestment act which the banks didn't even comply with.
    The only people I've heard this shit from are fascist right wing nut job propagandists.

  • orginunknown

    You've been watching glenn beck and sean hanity too much.

    You didnt name one fucking freedom thats in jeopardy. NAME ONE ASSWIPE. And don't give me this gun shit too cuz you'll still be able to have your gun you dumb fucking hillbilly.

    what the hell does public education have to do with this? maybe we should all pay for basic education like mexico so only the rich are educated, then the poor here can migrate to different countries to find work. brilliant.

    Stupid fuck

  • orginunknown

    This was biased as shit. again NOT ONE CREDIBLE economist has echoed this bullshit propaganda. Only rush limbaugh and his ditto/shit heads.

    Republicans are the most mindless, unthinking morons around who believe any propaganda put out by the rnc an their mouthpiece propagandists. Morons like u make their job easy.

  • orginunknown

    The mortgage industry passed subprime loans without regard as to whether or not they'd be paid back cuz they were packaged into securities and sold on Wall street. This didn't happen UNTIL the republicons in congress made it legal. They never even complied with the community reinvestment act. If that were the case why didn't the housing industry tank in the 80's or 90's.

    I think you need to do your homework

    Try thinking for your self instead of letting glen beck do it for you. shit head.

  • Leigh G.

    I have to say the video is very biased and misleading. The video mentioned the change under Clinton's reign, but nothing on time scale. Little subprime lending appeared until 2003!

    The main reason for subprime crisis is not the CRPlan. The plan started in mid 70s but why no crisis merged until 2006?
    If you say, it was a "mistake" for Mr Carter and Clinton to start the program, then why should our beloved GOP leader exhaust this program to its summit during 2002 and 2005?

  • jensen1901

    The mortgage meltdown was Bush's fault. From a Bush 2002 speech:

    "Now, we've got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. (Applause.) And we've got to focus the attention on this nation to address this."

  • jensen1901

    continued…

    "
    And it starts with setting a goal. And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we've got to set a big goal for America, and focus our attention and resources on that goal. "

  • jensen1901

    continued….

    "I want to thank Franklin Raines, of Fannie Mae and Leland Brendsel of Freddie Mac. Thank you all for coming. Three-quarters of white America owns their homes. Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. The single greatest barrier to first time homeownership is a high down payment.

  • jensen1901

    and finally….

    "This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)"

    Bush pushed minority homeownership for YEARS knowing it would not work in the end.

  • shananagans5

    This started long before Bush was in office. I was a money broker while I was in college. Clinton put teeth into the CRI which really got the ball rolling on B and C loans. Everyone in the industry knew this would eventually become a problem. At that time it was viewed as a bunch of poor people getting in over their heads. The effective sale of that debt was not going on early in the process so nobody knew how much it would effect the overall market in the end. Clinton created the big problem.

  • w5cdt

    All of you folks blaming the Democratic subprime mandate should remember that no bankers or conservatives were complaining as they collected $BILLIONS in sub-prime loan origination fees. There's plenty of blame on both sides. Take your partisan (brainwashed) politics on this matter and stickem where the sun don't shine.

  • w5cdt

    @jensen1901 Is it really practical for EVERYBODY to own a home? I suggest NO based on a host of factors not the least of which is steady employment in a single location.

  • ShortFingeredShreder

    I believe that the U.S. Government should start producing feature movies. Even a decent film nowadays gets over 100 million dollars, and when making dozens of films, that money really adds up! But it'll be a long shot to make 12 trillion!

  • Albee213

    @ShortFingeredShreder Why do they need to make the films? That can just raise the taxes on the fil makers and take their "record profits". Maybe 50% taxes on all forms of entertainment! Its funny that there is less taxes on what we dont "need" than what we do need such as fuel and transpertation…

  • Albee213

    @Dogbonesmen THe problem we dont need MORE regulation, if you dont enforce the rules on the books what does it matter if you make more rules? This is the problem with our nation as of now, immigration, corporate CEO's, congressmen, no one is held accountable for their actions. Start throwing CEO’s and government officials in fail and you might see a change.

  • D.A. Archer

    This video has many lies & inconsistencies that I posted a response video where I dissected it. I provided the actual articles AND relevant facts. If you want to remain ignorant, don't research & assume what you see on youtube are facts. However, if you want to know the truth about ANYTHING, learn ECONOMICS. The mortgage "crisis" did not cause the US economic "crisis"; it is the lack of worlwide spending on US goods, possibly because of inflation due to accelerated increases in oil prices.

  • quinnrasta

    The world started buying from the US and come here to vacation and shop because oil went up and that forced the US Dollar down which made our products cheaper especially in Europe.The housing crisis didn't cause this??? How many banks closed due to foreclosures?How many banks stopped lending after the sub-prime mess?This mess started with Jimmy Carter and exploded under Clinton after his admin put put pressure on banks. Fan & Fred have taken 150 Billion from tax payers 20% of the entire bail out

  • quinnrasta

    Fannie&Freddie have taken 150Billion from tax payers 20% of the entire bailout & are still asking for more,all in they are expected to ask for nearly $1 trillion from the treasury dept.That validates the majority of this video.The SEC along with Fan &Fred are not to be subjected to the Freedom of Information Act when the latest financial regulation reform was passed.Friends of OBAMA Raines$90Mill,Johnson$25mill Garelik$20Mill as CEOs of the company
    Fan&Fred paid out $230mill in bonuses last yr

  • BCcappy

    GOOGLE IT? Google blatantly misdirects searches to hide anti-socialist info, & articles that make Libs & 'Anointed One' look bad. I recommend Big Brother loving Google, be replaced with a more TRUTH friendly search engine. Google is a Anti-American, Anti-Capitalism, anti-Patriotic search engine. If I could figure how to take the D#@* engine off my search bars, and everything else I would.
    Tracking & Spying on users, keeping info forever- DON'T give Google more advertising to hide the truth.

  • bigstU25

    @rubiscubis There wasnt enough Republicans (I should say conservatives) in 1995 to vote against the revisions Clinton made. On top of that Clinton and The liberals put a 7yr mandate on the revisions.

  • cds162

    funny how people are still stuck in that LEFT RIGHT THING..
    JIMMY CARTER? SIR IF IT WAS SO BAD.. THEN WHY DIDN'T THE REPUBLICANS REPEAL IT?
    stop it stop it now.. it's the banks against us.. the political parties are playing both sides of the field.. WAKE UP!

  • ahensley1000

    Remember the saying 'History repeats itself'? Remember the Great Depression? Look up facts on the Great Depression and tell me it doesn't sound like what's happening now. Remember the that we are in a war now? People tend to have short term memories so I thought I'd bring that up to remind people.

  • thelongshotplayer

    @Cokie907 Some people just don't get it. Before the democrats "Great Society" in 1964 when govt. spending was 5% (excluding defense spending) of GDP a factory worker and a housewife with a nice house and one car could pay for their daughters college and buy her a new chevorlet to commute. How many families c ould of done that in the '70s through today. They just don't get it. keep on telling it like it is..

  • John Walker

    @LinkHimora when Carter left office the national debt was around 600 billion,when Ronnie Raygun left it was about 2.5 TRILLION and the Bush crime family added the next 10TRILLION

  • John Walker

    @thelongshotplayer You don't get it,before the wall street goons sent all our jobs to third world countries, and Ronnie Raygun gave huge tax breaks to the super rich ,this country was in pretty good shape!

  • thelongshotplayer

    @nicenonya3, hey before Reagan, Carter and the dems gave us a misery index of 25% and Reagans tax cuts gave unprecendented growth in gdp for 4 straight years

  • John Walker

    total bullshit video,this kind of disinformation should be taken off the internet,no wonder the American public is so stupid!!!!
    1)LOOK UP COMMODITIES FUTURES MODERNIZATION ACT!!!
    2)FORECLOSURE PHIL GRAMM
    3)GOP DEREGULATION BANKING
    4)BUSH 2002 HOUSING SPEECH

  • John Walker

    @thelongshotplayer Ronnie Raygun took the national debt from 600 billion to 2.5 trillion, and gave us the Bush crime family that added 10 trillion more debt,three unfunded wars,$147 oil,and the second worldwide depression

  • thelongshotplayer

    @nicenonya3 Reagan was bound in his budgets to fund programs and agencies that the dems enacted over the years, starting with the "Great Society". Funding for medicaid, dept. of education, epa, dept. of energy, public housing, food stamps, title Ix, job training, human services etc. Yes his tax cuts created a deficit but like I said it created for 5 years the largest growth in the economy.

  • thelongshotplayer

    @nicenonya3 What do you think is better tax and spend democrats that take money from us to grow the federal govt. or tax cutting republicans that keep more money in the private sector for investment and growth. Both create deficits. Former senator Corsine said it best I think when the dems were bashing Bush's proposed tax cuts. "is it not better to build a school bus then to build a mercedes benz". That sentence sums up the great divide between the philosophy of the 2 parties.

  • fikepros

    Democrats suck, although they have proven themselves to be the far more fiscally responsible party. Republicans are all about redistribution of wealth…from the middle and working class to the rich.

    This video is a cruel joke, and WAY off the mark. Banks were never forced to loan money to unworthy borrowers.

    LOL at blaming the Democrats. Obviously a post by a stupid, angry white male.

  • thelongshotplayer

    @mrgetrealpeople I left out FICA because that's a pet of the Dems and that had to be kept solvent for the long term. His other 2 tax increases were outpaced by a cumulative effect of several billion dollars in tax cuts. About 40 to 50 percent of tax payers were taking off the tax rolls and the gas tax increase had a negilible affect because of that and the other tax increase was to close several loopholes in the tax code that affected mainly higher incomes. Thanks for reminding me.

  • thelongshotplayer

    @Kubrick1989, the Fed sets monetary policy on a reactionary basis stemming from the effects of an ailing economy. The Fed did'nt create "TheRecovery Act". And I repeat Reagan's tax cuts had a cumulative effect of several billion dollars that helped stoked unprecedented growth for 60 straight months.

  • thelongshotplayer

    @Trickle4321, yeh my bias sources,and yours? " media matters". you compare those think tanks with the likes of "Russia Today" wow. What happens when you tax and spend? Corporations don't hurt me the ill effects of big govt. hurts me

  • thelongshotplayer

    @Trickle4321 you libs are good at calling names but hey when I raise your rent from higher energy costs and the trickle down effects from Obama Care I'll be called a lot of nasty names. But you should'nt blame me but you will.

  • Lewis Wood

    1997 BJ investigation, Rev Jackson & Rodney King Ritot.
    Treasury Secretary resigns & takes job with CitiCorp.
    2001 Bush deregulated further. 2002 Capital Gains Tax Cut was like WD40 for derivitive Markets, allowing Mortgages to trade quickly & be profitable.
    2004 Financial Credit Card furth deregulation & banking sub-prime overdrive passed. This is partisan propaganda.

  • Jamie .And His Ego

    No, you morons, they're all bloody involved. Capitalist-worshipping politicians wasting taxpayer's money, investing it in projects that they slash/pervert once the opposition gets involved, and allowing the shadow of big business to loom large over people rather than responsibile, ethical capitalist markets and reinvestment in long-term social justice. Left? Right? Nah. Economics if a balance of finance, politics is a balance of social demands, and right now, they overlap too much.

  • InvisibleMan542

    @Jaygull U r aware that the same bloodlines who gave u capitalism also gave u communism? Make no bones about it, America and England funded the rise of the USSR. That being set aside, I don't understand your logic, I don't think we need dictatorship to save us from dictatorship. Communism is NOT some love dove peace hippy festival such as impressionable idealistic minds wanna fathom, I've never been to a greatful dead concert with death squads and gulags.

  • Jamie .And His Ego

    @InvisibleMan542 I'm a social anarchist, why do you assume if you're anti-capitalist that you must therefore demand a dictatorship of the proletariat?

  • InvisibleMan542

    @Jaygull Well I'm not on the side of capitalists either, your post just appeared to be polarizing the issue and putting all the blame on the capitalists… Personally, if I was anything I'd be an anarchist, but true anarchy can't really exist until people do a lot of evolving (and not the "evolution" the controllers have in mind). True anarchy means no hierarchy, but hierarchy is bred into humans naturally…

  • InvisibleMan542

    @Jaygull I think I am at the point now where I've practically given up on the masses, I'm focused on saving my own ass when shit gets hot. I mean eventually if you dig far enough for truth, u end up wrestling paradoxes bred into nature and shit… Environment effects evolution, nature bred us to be overall psychopathic race of beings, we need technology to alter our environment for a better evolution, but b/c of the fact that we're not evolved enough to use this tech responsibly (cont)

  • InvisibleMan542

    @Jaygull B/b ppl can't use this technology responsibly, it won't be used to evolve us. I'm sure the controllers will sell the ppl *their* "evolution," but I'm not buying it. Theyr just breeding more efficient slaves. All our tech is being weaponised against us, so there u have it, we need more technology to evolve better but we can't be trusted with that technology, because it won't be used for our good.

  • russianvoices1

    I've been in the mortgage business for 15 years and EVERYTHING in this video is 100% TRUE. Sad, but true.

  • Zip Zenac

    At least, after time has passed, we see that Obama doesn't have to solely rely on Zionist funding like their stooge, McCain, who has done his level best to start WW3.

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