Forecast of Housing Foreclosures for the Next 5 Years
This is not about inciting fear. It’s about providing the accurate numbers. We have been forecasting these downturns for the past 3 years. Sub Prime wasn’t a surprise and this next wave shouldn’t be either. You can’t LEND on the honor system. Like it or not… this info is accurate.
In this video they are saying now what they should have been saying years ago. and contrary to popular belief it is not the effect of the whole Fannie/Feddie thing. It is the effect of repealing acts such as the Glass-Steagal, among others.
Bill Clinton repealed the Glass-Steagal Act. He still defends that move. It is not clear whether that contributed to the banking crisis. It may have it may not have. The primary cause of the banking crisis was the crash of the housing industry which was brought to us by the Community Reinvestment Act.
Let’s not ignore the two primary individuals who recommended the Glass-Steagal Act repeal to Clinton. Our present Secretary of the Treasury, Timothy Geithner and the infamous Larry Summers. Both powerful players in Obama’s Administration. Connect the dots. Wake Up America.