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The Brass Standard

mnakagawa Wrote: Sep 13, 2012 10:02 AM
The root cause of the worst recession since the depression is the melt down of real estate financing institutions.The root cause of this melt down of real estate financing institutions is a legislation called Community Reinvestment Act which is passed in the time of president Clinton pushed by people like Barney Frank, Jean Garafalo. In Bush presidency, some Republicans Congress tried to reform this legislation, but this reform bill was blocked by Democrats including Barak Obama.

Politics takes a lot of brass. And Bill Clinton is a master politician. His rousing speech at the Democrats' convention told the delegates that Republicans "want to go back to the same old policies that got us into trouble in the first place."

That is world class brass. Bill Clinton's own administration, more than any other, promoted an unsustainable housing boom, which eventually and inevitably led to a housing bust that brought down the whole American economy.

Behind all the complex financial processes that reached to Wall Street and beyond, there is one fundamental fact: many people stopped making...