[Anyone] tommy doesn't understand history

[totem at laplaza.org]

Actually, this is the result of reaganomics and the practice thereof - de-regulation of the banking 
and S&L industries.  The S&L industry was gutted and Neil bush was one of the primary recipients of 
the monies from that theft.  He should be in jail, but instead, he is the prinicple owner of the Texas 
firm that provides all the testing needs for the "Every Child Left Out In The Cold" Act that has 
teachers teaching to tests after tests after tests.  

No wonder 50% of Taos students drop out between 9th grade and graduation (according to the NM 
State Department of Education).

But this is also a national problem with the more than 30% dropping out.

So it does go further back than Clinton, and it even goes further than raygun.

Check out www.zeitgeistmovie.com
and note in the third section how the bankers, including the Rockefellers and Warburgs have 
controlled the world economies, started WW I and WW II, and pushed for the Korean War and the Viet 
Nam war (a reason to have JFK assassinated as he did not want to go to war in SE Asia).

So, good read more history, mikeintaos.  I suggest you start with "A Peaple's History of the United 
States."  When you finish that one, let me know and I will recommend some other good reading for 
you.



Mike in Taos <mikeintaos at hotmail.com> said:

> 
> jimmah carter started the rot that led to the present financial crisis
> 
> To hear tommy, you'd think all this started in the last couple years. But the crisis began much 
earlier. The carter-era Community Reinvestment Act forced banks to lend to uncreditworthy 
borrowers, mostly in minority areas. Age-old standards of banking prudence got thrown out the 
window. In their place came harsh new regulations requiring banks not only to lend to 
uncreditworthy borrowers, but to do so on the basis of race.
> 
>     These well-intended rules were supercharged in the early 1990s by President clinton. Despite 
warnings from GOP members of Congress in 1992, clinton pushed extensive changes to the rules 
requiring lenders to make questionable loans. [...] Failure to comply meant your bank might not be 
allowed to expand lending, add new branches or merge with other companies. Banks were given a 
so-called "CRA rating" that graded how diverse their lending portfolio was. [...] In the name of 
diversity, banks began making huge numbers of loans that they previously would not have. They 
opened branches in poor areas to lift their CRA ratings.
> 
>     Meanwhile, Congress gave Fannie and Freddie the go-ahead to finance it all by buying loans 
from banks, then repackaging and securitizing them for resale on the open market. That's how the 
contagion began. With those changes, the subprime market took off. From a mere $35 billion in 
loans in 1994, it soared to $1 trillion by 2008.
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