.. Under Democrats and Republicans, regulation grows. “
” So Clinton — not Bush — was the bank deregulator.
Were those acts responsible for the financial debacle of 2008? No. Bear Stearns, Lehman, etc. were not affiliated with commercial banks.
Banks got in trouble because they filled their portfolios with securities built on shaky mortgages. And here is where Clinton does bear responsibility.
His secretary of housing and urban development was Andrew Cuomo, now governor of New York and apparent presidential wannabe.
Cuomo, as Wayne Barrett wrote in the VillageVoice in 2008, made a series of decisions that “helped plunge Fannie and Freddie into the
subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing
Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a
federal judge has branded ‘kickbacks’ to brokers that have fueled the sale of overpriced and
unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why.” “
Clik here to view.
