Speaker Daniel Brackins is speaking about the economy and the current “economic crisis”.
From → Ideas, Salon
Dan, I blame the root cause on the so-called Community Reinvestment ACT of 1977 by Jimmy Carter & Congress that initiated mortgages to people who could not afford them and was promoted ACORN members trained by Obama using heavy-handed tactics similar to Blackmail. This was exacerbated by Bill Clinton who literally forced banks to make loans even to illegals based on the premise that these mortgages would be guaranteed by government. His sponsored sale of mortgage backed bonds given AAA ratings and created credit default swaps that delayed the day of reckoning. In brief what we are experiencing is another failed experiment in socialism on a grand scale this time.
I do not agree with creation of the FED and if I had my way I would abolish it. However, we cannot lay all the faults of financial crisis over the years on the FED. Creation of fiat money was initiated by Congress and Presidents as was taking us off Gold or Silver back currency. Lets discuss potential solutions some time with Ken.
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