Who and What caused the 2008 Recession.

Around 1977 Jimmy Carter noticed something unfair was going on.

Banks in minority communities were accepting deposits from minorities, but would not lend money back to those minorities.

So a Bill called the Community Reinvestment Act was passed.

It required banks to lend money back to the minority communities they were accepting deposits from.

But no one enforced this law. For a very good reason, banks depend on people repaying loans to stay in business. The banks were making loans only to people they knew were very likely to pay them back. Credit history not skin color was the deciding factor.

Bill Clinton changed all this in 1994.

Clinton Quote – ”because I enforced the Community Reinvestment Act for the first time and over 90 percent of all lending done under that law was done when I was president”

Suddenly banks were forced to make loans to people who couldn’t pay them back. This was combined with an all out assault on the Mortgage Industry by the Federal Government. FHA, HUD, Fannie Mae, Freddie Mac…

Here is a quote taken from Clinton’s 1996 website –

Bill Clinton 1996 On The Issues

Expanding Affordable Housing

FHA is also providing home purchase loans for low-income and minority home buyers at more than twice the rate of conventional home purchase loan insurers.

Working to reduce barriers to home ownership caused by unlawful discrimination. To date, HUD has signed 70 “Best Practices” agreements with key lenders that are resulting in more fair lending practices and expanded opportunities for low-income and minority families.

Bill Clinton 1996 On The Issues Expanding Affordable Housing

Ultimately, there were well over 100 “Best Practices”.

In 1998 the Federal Reserve Bank of Boston produced a document entitled “Closing the Gap: a Guide to Equal Opportunities Lending”, which instructed banks that an applicant’s “lack of credit history should not be seen as a negative factor” in obtaining a mortgage.

Suddenly Credit History didn’t matter. Job History didn’t matter. Income didn’t matter, Loan Documentation didn’t matter.

HUD lowered down-payments from 20% to 3% and then to 0%. The Clinton Administration ordered Fannie and Freddie to expand their quotas of risky loans from 30% of portfolio to 50%.

Because of Clinton’s strong arm tactics, a giant housing boom began. Home values rose and rose and rose and rose.

But the phrase “sub-prime loan” was also born. Basically meaning that the people receiving these loans really couldn’t pay them back. But the ever increasing equity in their homes made it possible to “balance the books”…at least for a while.

Clinton’s next actions are almost impossible to believe.

The ultra-liberal website Slate –

Bill Clinton accepts responsibility for the recession.

He removed almost all regulations on the Banks and told them just get rid of these “sub-prime loans” any way you see fit.

The ultra-liberal website Daily Kos –

In 1999, Democrats led by President Bill Clinton and Republicans led by Sen. Phil Gramm joined forces to repeal Glass-Steagall at the behest of the big banks. What happened over the next eight years was an almost exact replay of the Roaring Twenties. Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008. The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.

Did Bill Clinton Cause the Financial Crisis?

If that’s not enough for you, Bill Clinton’s Secretary of Labor also explains how Clinton caused the collapse.

http://robertreich.org/post/1241…

The Project On Government Oversight offers a chilling, in the room viewpoint, taken from actual handwritten notes – as Clinton, Rubin, Greenspan, Summers and Levitt charted the course to America’s financial destruction.

Rather than taking the opportunity to tighten the rules for derivatives trading, Congress and the President enacted an appropriations bill in October 1998 that included a six-month moratorium prohibiting the CFTC from taking any action.

Douglas Elmendorf—who was serving on the Council of Economic Advisers and is now the head of the Congressional Budget Office, wrote – “As I suggested before, I think it’s useful to emphasize the idea that financial-market innovation has made the existing disclosure rules and regulatory approaches inadequate,” he wrote. “I’m not sure how much of the story this really is, but it’s a convenient argument because it absolves us of regulating badly in the past and neatly justifies the range of actions we’re now proposing.”

The following year, Congress passed and President Clinton signed the Commodity Futures Modernization Act, which effectively shielded OTC derivatives from virtually all regulation or oversight

How the Clinton Team Thwarted Effort to Regulate Derivatives

The reason DailyKos, Reich and Clinton are willing to admit guilt in causing the recession in some areas while denying it in others, is a common tactic among guilty criminal defendants. Plead guilty to a lesser charge to avoid responsibility for a more serious charge.

If you place the blame on “creative bookkeeping and investing” or as Warren Buffet called them, “financial weapons of mass destruction” then Clinton can share blame with the Banks.

If you place the blame on the refusal to regulate the “financial weapons of mass destruction” then Clinton can share blame with the Alan Greenspan (the FED).

If you place the blame on Government Agencies handing out of free home loans to people with no money then Clinton can share the blame with his Council of Economic Advisers, corrupt Government Sponsored Enterprises and Congressional Democrats.

If you place the blame on Glass-Steagall repeal then Clinton can share the blame with Congressional Republicans.

But if you place the blame on the Community Reinvestment Act, which is where it all started, there is no one to blame but Bill Clinton.

This is why Democrats are now willing to throw anyone and anything under the bus in order to avoid this conclusion.

Clinton goes into great detail explaining how the actions he took are directly blamed for the collapse.

In this NY Times article, he lays it out just like a lawyer, as if these are charges against him and then attempts to plead guilty to what he considers the lesser charge.

Bill Clinton, on His Economic Legacy

It’s this simple… Gas + Match = Boom.

Clinton forced banks to loan money to people who couldn’t pay them back.

Clinton then destroyed the regulations on the banking industry.

Banks did what they had to do to stay in business.

A completely fraudulent boom occurred. Everybody got rich.

Then Bush took office, he saw the completely fraudulent boom occurring and tried to fix the problem.

In a split second, Democrats labeled him a racist and a bigot for trying to stop lending programs that were putting many minorities into homes.

NY Times 2003-

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

How Democrats Attacked Bush –

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed. ”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

New Agency Proposed to Oversee Freddie Mac and Fannie Mae

California Democrat Maxine Walters, said: “There were nearly a dozen hearings where we were trying to fix something that wasn’t broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines.”

In 2006, it was revealed that Fannie Mae had overstated its earnings – to which its senior executives’ bonuses were linked – by a stunning $9.3billion.

Dominic Lawson: Democrat fingerprints are all over the financial

Who Caused the Economic Crisis? – FactCheck.org

Bush should have done more. But the Boom was occurring on his watch too. What was he supposed to do?

How could he convince that average American that a complex financial shell game was going on and that bad loans which got poor people into homes was at the very heart of it? How was that ever going to fly?

So he did almost nothing.

Next, the FED went crazy. 17 consecutive interest rate hikes.

Beginning June 30th 2004 (1.25%) to June 29th 2006 (5.25%)

The FED kept rates sky high at 5.25%, for more than a year, until Sept. 18 2007.

People with adjustable rate mortgages could not make their payments.

Foreclosures started and the dominoes began to fall.

And then came the final blow.

From our great friends and allies in OPEC….

From Jan. 2007 until Jul. 2008, as America’s economy was struggling, OPEC almost tripled the price of Oil.

From $56 in Jan. 07 to $145 dollars a barrel in July 2008.

Aren’t you glad we spill our children’s blood to defend their oil?

With friend like these, America doesn’t need enemies.

The whole smoke and mirror Clinton economy fell apart in autumn of 2008.

Republicans tried to stop it… But no one could better prove this than Maxine Walters, who openly said: “There were nearly a dozen hearings where we were trying to fix something that wasn’t broke…..”

No Maxine, the those dozen hearings, where Republicans kept trying to fix things you and Bill Clinton broke, would have greatly limited the damage done in 2008.

There was always going to be a correction, but it didn’t have to almost be another depression.

To once again quote this article –

Congressman Artur Davis of Alabama, who confessed this week: “Like a lot of my Democrat colleagues I was too slow to appreciate the recklessness of Fannie and Freddie when in retrospect I should have heeded the concerns raised. I wish my Democrat colleagues would admit that we were wrong.”

Dominic Lawson: Democrat fingerprints are all over the financial

Bill Clinton is responsible for almost every part of this mess.

He was the most evil, reckless, short-sighted President in America’s history.

What makes it worse is that he was also brilliant.

If Jimmy Carter did this, I would say he made a mistake. He was just trying to help poor people get into homes.

But Clinton’s actions went way beyond a simple mistake.

People in his own administration were trying to warn him… every step of the way…but he didn’t care.

PBS –

The Warning | FRONTLINE

The Warning: Brooksley Born’s Battle With Alan Greenspan, Robert Rubin And Larry Summers

And what is so dangerous about this is how so few people realize what happened and who is at fault….so we can make sure it never happens again.

From a non-crackpot… has Cancer been Cured?

The SCIENCE exists to CURE CANCER.

All you need to CURE CANCER and save millions of lives is to pay attention to the latest medical research and implement what has been discovered at the highest levels..Harvard, Yale, John Hopkins, Stanford, etc.

These aren’t witch doctors or quacks, The REAL SCIENCE TO CURE CANCER is sitting in the labs of the top Medical Research institutions, right now.

So why isn’t anybody doing anything about it?

Apathy. – It doesn’t effect me right now… so who cares?

Laziness. – It’s hard to understand this “science “ stuff… so who cares?

Money. – You can not imagine how much is at stake.

Red Tape and Bureaucracy. – It takes decades to get new treatments and drugs to the patients who desperately need them.

The AIDS COCKTAIL is a miracle, not because of the treatment of the disease.

But because all the problems I just mentioned were cast aside by doctors who didn’t give a damn about playing by the rules anymore.

Drugs were developed and brought to market at a speed that has never been seen before in the history of Medicine.

Decades of useless animal testing and Phase III clinical trials were thrown in the toilet, where they belong. Real testing was conducted on human beings.

YEAH THAT’S RIGHT…Straight up human experimentation occurred. And yes, a few eggs got broke in order to make an omelet. People did get hurt as the researchers dialed in the correct dosages of these drugs.

But the reward was clearly worth the risk. Millions of lives have been saved.

IF AIDS DRUGS WERE TREATED THE SAME WAY WE CURRENTLY TREAT CANCER DRUGS, THE FIRST PEOPLE TO RECEIVE THE AIDS COCKTAIL WOULD OCCUR SOMEWHERE 2020 AND 2025.

Today, it takes an average of 12 years from discovery to market for a new drug.

According to medicinenet –

Only 5 in 5,000 drugs that enter preclinical testing progress to human testing. One of these 5 drugs that are tested in people is approved. The chance for a new drug to actually make it to market is thus only 1 in 5,000

Drug Approvals – From Invention to Market…12 Years!

If you want to use a new drug in combination with other drugs, as in the AIDS cocktail you have to start the merry-go-round all over again.

And somebody has to pay for all of this.

This is the tragedy. This is what everyone else is doing wrong.

It is obvious that testing of NEW DRUGS on humans could have disastrous consequences. There is good reason for the animal testing and the Phase III clinical trial process for NEW DRUGS.

But what about OLD DRUGS?

What about drugs that have been approved and prescribed for years, but have only recently been discovered to have AMAZING CANCER KILLING PROPERTIES?

What is the excuse for keeping these OLD DRUGS out of patient treatment plans and prohibiting doctors from taking the same kinds of risks that were taken with the AIDS COCKTAIL?

What if some of these CANCER KILLING DRUGS are so safe they can be bought over the counter at Wal-Mart?

BUT DOCTORS STILL AREN’T BEING ALLOWED TO TELL PATIENTS ABOUT THEM OR USE THEM IN PATIENT TREATMENT PROTOCOLS!

WHY!?!?!?!??!?!??!?!?!?

How dangerous can ASPIRIN be?

University of Portsmouth

Why do we need 10–15 years of clinical trials for this –

Brain Tumours Could Be Treated With Simple Soluble Aspirin Liquid – The Best Of Health

British scientists have found that a new formula containing soluble aspirin could be ten times more effective than chemotherapy in treating brain tumours. Previous cancer drugs have had a problem crossing the blood brain barrier, a membrane which protects the brain but blocks drugs from reaching brain tumours. British experts from the University of Portsmouth and Innovate Pharmaceuticals in Manchester have found that a drink containing soluble aspirin can cross the blood brain barrier and thereby kill cancer cells.

BREAKTHROUGH: Soluble brain tumour drug ‘ten times’ more effective for treating cancer

Breakthrough in brain tumor research

Liquid aspirin breakthrough in brain tumour research

Think about the devastating effects of chemotherapy.. not necessary.

Think about the devastating effects of surgery.. not necessary.

Think about the devastating effects of radiation.. not necessary.

How dangerous can AN ANEMIA (iron deficiency) TREATMENT be?

Stanford University School of Medicine.

Iron nanoparticles make immune cells attack cancer

Stanford researchers accidentally discovered that iron nanoparticles invented for anemia treatment have another use: triggering the immune system’s ability to destroy tumor cells.

The mouse study found that ferumoxytol prompts immune cells called tumor-associated macrophages to destroy cancer cells, suggesting that the nanoparticles could complement existing cancer treatments.

“It was really surprising to us that the nanoparticles activated macrophages so that they started to attack cancer cells in mice,” said Heike Daldrup-Link, MD,

Iron Nanoparticles Could Be the Next Line of Treatment in Battling Cancerous Tumors

Iron nanoparticles make immune cells attack cancer

Iron Nanoparticles Trigger Immune System Offensive Against Cancer

Ferumoxytol has been in everyday use for the treatment of iron deficiency since 2009. But it remains unused in cancer treatment.

Think about the devastating effects of chemotherapy.. not necessary.

Think about the devastating effects of surgery.. not necessary.

Think about the devastating effects of radiation.. not necessary.

How dangerous can A PINWORM TREATMENT be?

Johns Hopkins Medicine

Mebendazole: A Cancer Fighting Drug We Find at the Supermarket

At a lab on the edge of the Johns Hopkins University’s East Baltimore medical campus, researchers grow tumors on mice so they can try and cure them. But one day, the cancer wouldn’t grow.

They tried again and again for months. Figuring there must be something different about this batch of mice, they finally discovered the rodents had been given a drug to prevent pinworm.

Parasite treatment may help people with brain cancer

A Pinworm Medication Is Being Tested As A Potential Anti-Cancer Drug

Mebendazole is an antiparisitc drug developed in 1972 to treat infections from pinworms, hookworms, roundworms and the like. It has been a very safe and effective drug. We found accidentally that mebendazole has anticancer properties for brain cancers when it was used in our mouse colony to treat pinworm infection.

Dr. Gary Gallia, has run a phase 1 trial to test the safety of this drug in patients newly diagnosed with brain cancer — the situation that Sen. McCain now unfortunately finds himself. While the drug looks promising, not overly toxic and safe, we won’t know for sure if it is really benefiting survival until a much larger (phase 2) trial is performed. Right now we are between trials for the adult patients, looking at the phase 1 results and raising funding for the phase 2. Since there is no drug company backing our trials we raise the money through donations and foundation funding, such as Accelerate Brain Cancer Cure, who funded the phase 1 in adults.

Can a pinworm drug help brain cancer patients like John McCain?

Repurposing an Antiparasite Drug to Fight Glioblastoma

We found that MZ inhibited growth of the cells 5-fold compared with that of control cells. The growth-inhibitory effect was not restricted to lung cancer cells, because MZ also profoundly inhibited the growth of breast, ovary, and colon carcinomas and osteosarcomas,

Mebendazole Elicits a Potent Antitumor Effect on Human Cancer Cell Lines Both in Vitro and in Vivo

Think about the devastating effects of chemotherapy.. not necessary.

Think about the devastating effects of surgery.. not necessary.

Think about the devastating effects of radiation.. not necessary.

How dangerous can TAGAMET be?

The first reports on the anticancer activity of cimetidine appeared at the end of the 1980s; since then it has been suggested to be effective against a number of tumours including renal carcinomas, melanomas, gastric carcinomas, and colorectal carcinoma

The first reports suggesting a beneficial effect of cimetidine in GI cancer appeared in 1988, when Burtin et al..improved survival of gastric cancer patients to the extent that they survived six times longer (172 ± 113 days) than patients receiving palliative treatment with barbiturates or analgesics (26 ± 16 days, ..

…another multicentre, randomized, double-blind, placebo-controlled study by Tonnesen et al. [6]involving 181 patients showed that cimetidine on its own at a normal therapeutic dosage (800 mg/day) also prolonged the survival of gastric cancer patients significantly, …

.. a case study by Taylor et al. [7], even a complete healing was found after 3 weeks of treatment with cimetidine….

… by Adams and Morris [8] …

they found that the immunosuppressive effect of surgery for colorectal carcinomas was reduced by a 5-day pre- and 2-day postoperative treatment with cimetidine (800 mg/day). Somewhat surprisingly, however, they also reported a survival advantage for patients with Dukes A, B and C tumours. At a median 30-month follow-up period, the 3-year mortality in the 7-day cimetidine-treated patients was only 7% as compared with 41% for the non-treated patients.

Matsumoto [9]also performed a randomized, controlled study involving 64 patients,

at a mean 31-month follow-up, period, the 3.9-year survival was significantly higher in the cimetidine-treated group than it was in the untreated group (colon cancer: mortality in the treated group 3.7%, in the untreated group 32%; rectal cancer: mortality in the treated group 0%, in the untreated group 46.7%).

Does Cimetidine Improve Prospects for Cancer Patients?

Cimetidine Shows Anticancer Efficacy That Warrants Further Investigation

Cimetidine (Tagamet) May Have Anti-Cancer Properties

Cimetidine – page 1

How a common antacid could lead to cheaper anti-cancer drugs

Think about the devastating effects of chemotherapy.. not necessary.

Think about the devastating effects of surgery.. not necessary.

Think about the devastating effects of radiation.. not necessary.

How dangerous can A BLOOD TRANSFUSION be?

Wake Forest University

The Mouse That Wouldn’t Die: How a Lack of Public Funding Holds Back a Promising Cancer Treatment

He injected white blood cells from cancer-resistant mice into non-resistant mice with tumors. Amazing! The tumors shrank and disappeared. More experiments revealed what was killing the tumors: granulocytes, the largest class of white blood cells.

Cui’s second PNAS article, on transferable anticancer immunity appeared in March 2006.

Cui began to seek funding to test the transfusion theory. He already knew support wouldn’t come easily; blood transfusions are old technology and so can’t be patented. The pharmaceutical industry of course would take no interest.

Finally, in 2008, he obtained a grant and FDA approval for a clinical trial at Wake Forest. But shortly before the trial was to start, the university cancelled it without explanation.

Cancer cure ‘may be available in two years’

Life Extension Funds Study of Therapy That Cured Cancer in Mice

About | LIfT BioSciences

Scientists for the first-time show cancer-killing activity of human neutrophils produced in the laboratory | Home | LIfT BioSciences

Think about the devastating effects of chemotherapy.. not necessary.

Think about the devastating effects of surgery.. not necessary.

Think about the devastating effects of radiation.. not necessary.

How dangerous can a VITAMIN D analog be?

Redifferentiation therapy in brain tumors: long-lasting complete regression of glioblastomas and an anaplastic astrocytoma under long term 1-alpha-… – PubMed – NCBI

Simultaneously, the patients showed a complete clinical remission, observed respectively for 7, 5 and 4 years. In the series of 10 patients with glioblastomas, 2 cases showed this response; after 4 years, 2 of 10 patients with glioblastomas (20%) were alive; the median survival time is 21 months.

Think about the devastating effects of chemotherapy.. not necessary.

Think about the devastating effects of surgery.. not necessary.

Think about the devastating effects of radiation.. not necessary.

How dangerous can Diclofenac be?

Painkiller tapped to become future cancer-killer: Cheap diclofenac has anti-cancer properties

Diclofenac Inhibits Tumor Growth in a Murine Model of Pancreatic Cancer by Modulation of VEGF Levels and Arginase Activity

We found that diclofenac treatment (30 mg/kg/bw for 11 days) of mice inoculated with PANC02 cells, reduced the tumor weight by 60%

A common painkiller has a side effect — it seems to fight cancer too | Spectator Health

Ibuprofen and Diclofenac Restrict Migration and Proliferation of Human Glioma Cells by Distinct Molecular Mechanisms

Think about the devastating effects of chemotherapy.. not necessary.

Think about the devastating effects of surgery.. not necessary.

Think about the devastating effects of radiation.. not necessary.

I can go on and on and on, naming drugs that are on the market, that had the unintended side effect of curing cancer.

But there is no money to be made devising a treatment protocol of cheap, easily affordable drugs.

Everybody is whining about Obamacare… But what if people didn’t need Hospitals and Surgeons to treat cancer?

How much money would that save the healthcare system?

How much money would be added to the economy overall, when a healthy person isn’t removed from it?

It’s about apathy… people would rather die than do research and act upon it.

It’s about money…the treatments won’t be developed because there’s no money in it.

Hello WordPress World.

A little about me and the purpose of this blog.

Most of what I will initially post here is content that was originally posted on another website. A website that claimed to welcome discussion.

However, when it turned out that a voice that wasn’t in keeping with their political agenda had gotten over a million views…and was exponentially growing…they decided the discussion was over. It was time to burn books.

Nonetheless, since I am not the least bit talented as a writer, I can only assume there must have been some content value to the things I wrote.

As such, before it passed into internet oblivion, I thought I would re-post it here. In case somebody new wanted to read it.

Please feel free to copy anything you like without attribution to me.

After all. this entire blog is written under the “Fair Use Copyright Exception”. It is free. There are no adds I profit from. I never intend to charge. This blog is for educational and satirical purposes only.

When I copy something, I try to provide a link and identify the source. If you copy someone else’s work from here, it’s probably fair you should include a link to the original source.