We've seen the CRA video floating around blaming the financial crisis on Bill Clinton and the Democrats. Well, I think it's time we had a proper response, easy to understand, easy to send around. So I made this:
http://www.youtube.com/...
We need to refute the lies. People will tell you that bad home loans crashed the economy and blame the people for taking out loans they couldn't afford. Well, they shouldn't have, but people have been defaulting on loans since loans were invented. That didn't crash the economy.
It was the banks dressing bad loans up as "Securities" and selling them to each other. They sold so many that they didn't have any real money left in their coffers when the MBSs (mortgage-backed security) turned out to be worthless.
Pass the video on! And here's a link to a version without music: http://www.jasonboyce.com/... - Add your own music and get it out there!
Phil Gramm and John McCain want you to believe it was somebody else's fault for this mess. I say we point the finger right back where it belongs.