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Thread: 1999, Was this the start of the present crisis

  1. #1
    Senior Member Kwozzie1's Avatar
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    1999, Was this the start of the present crisis

    I read in NY Times site that Fannie Mae started the sub-prime lending spree in 1999!!!


    Was this the beginning of the strife we are all in
    Rex
    On the Sunshine Coast, in the Sunshine State Queensland (QLD), Australia

  2. #2
    Vulture of The Western World Eric's Avatar
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    Quote Originally Posted by Kwozzie1 View Post
    I read in NY Times site that Fannie Mae started the sub-prime lending spree in 1999!!!


    Was this the beginning of the strife we are all in

    Sub-prime lending is a symptom, not a cause. The cause is the manipulation of money and credit via fractional reserve banking by the (so-called) Federal Reserve which is neither "federal" nor in possession of any "reserves." Rather it is a private banking cartel given a monopoly to print and distribute essentially worthless paper money.

    That is the root of the problem.

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    Quote Originally Posted by Eric View Post
    Sub-prime lending is a symptom, not a cause. The cause is the manipulation of money and credit via fractional reserve banking by the (so-called) Federal Reserve which is neither "federal" nor in possession of any "reserves." Rather it is a private banking cartel given a monopoly to print and distribute essentially worthless paper money.

    That is the root of the problem.
    Yes, but the US is based on ideals of freedom to do business.

    Ingenious people disguising bad loans on an huge sacle. That was only partly down to the so-called Fed... and they were not *allowed* to invoke more stringent rules about writing loans. Because of political defenders of freedom.

    Where is the Libertarian ethic now, Eric?

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