Comments on: Rehberg Blames Housing Bust on Federal Government
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By emerson on 07-05-12 @ 9:39 am
Right-wingers like Denny Rehberg have been pushing this debunked notion that poor people caused the financial collapse since the day Wall Street imploded. It is total bunk—and has been
discredited a thousand times. For example, this Business Week article from 2008 line-by-line
explains why Rehberg is either lying or is totally misinformed.
http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinv.html
Fact is that loans that fell under the jurisdiction of the Community Reinvestment Act had a LOWER
default rate than other loans. That is just one of the many facts that blow Rehberg’s “poor people
tanked the economy” myth.
By fourweight on 07-05-12 @ 2:44 pm
I swear you have to be as dumb as Rehberg to even think of voting for the guy.
The simple fact is that greedy “Jamie Dimon” type bankers caused the mortgage meltdown.
They pressed for federal policies which allowed them to double down on every hand at the
poker table. People like Denny just sat their chewing them gum, and nodding in approval like
the kid in math class that has no clue whatsoever. “Yesseree mr Big Banker Buddie - you go
do all that deeerivitive stuff - I trust you will never put the poor folks who actually own the
houses in any peril…” Seriously Denny - How dumb can one person be??
Rehberg has no idea that the real cause of all of this was TOO LITTLE regulation, not too
much. If there are horrible accidents on a road with no limits or cops, then you put speed limits
ande cops on the road. Rehberg can’t even spell cops (unless he reads it the paper after he
goes boat-ramping wich his single malt buddies)
By Gabby Johnson on 07-07-12 @ 7:12 am
Both Democrats and Republicans supported the idea of getting more Americans into home ownershipbecause even politicians knew it was good for communities.
In execution of the law, GOP deregulation of the banking industry allowed big outfits to use
high-pressure sales tactics to make bad loans in the first place and then bundle them with
others and quickly sell them off to investors as far away as Iceland and Europe, each
bean-counter along the way taking a piece of the action.
Local banks that offer mortgages and hold the paper would never had made the same mistake, but
the GOP always serves the needs of big, multi-national corporations, not Main Street.
Rehberg would have you believe that the 2008 global financial collapse was because Mabel Brown
got a mortgage for a house in Cleveland she couldn’t afford.
Billions of dollars don’t just go “poof” and disappear. It went into the pockets of fraudsters
on Wall Street, and Mabel didn’t get a dime—only an eviction notice.
We could jail the thieves and gamblers on Wall Street, but Rehberg and other Republicans in the
House will never write the laws needed to do that.
By David E on 07-08-12 @ 8:21 am
Well said Gabby. It was the Banks, Mortgage Insurance Companies (AIG), Wall Street and lax regulation. It was and is also the lose of jobs and the lowering of wages and benefits for working
people. How many American who have no healthcare lost their homes? I’d like to know.
Just watch what is going to happen in the next few days to a few months. JP Morgan Chase just lost
9 billion dollars, mortgage backed derivatives. Now more big banks are to follow. Barclay’s. It is all
rigged, a pyramid scam. Those at the top, the .01% win and the rest of of us loose.
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