Christianity Caused the Crash

american.com/archive/2009/december-2009/christianity-caused-the-crash/#

This is a long read, in which once again christians are the blame

Didn’t Nero blame the Christians for the fire of Rome?

I read the article in the Atlantic yesterday. The premise is that "prosperity gospel" preachers have through their machinations convinced a large number of ignorant and unlettered people to take on debt they can't afford because of the belief that God wants them to be rich. These preachers (Joel Osteen types following in the footsteps of Oral Roberts) are hugely successful leaders of megachurches that rely less on scripture and more on motivational stories. A large number of evangelical pastors vehemently disagree with the "prosperity gospel." There is nothing unchristian about being poor. In my limited experience, I have never heard any Catholic clergy or lay speaker preach the prosperity gospel. So, I think the heading of this thread should be "Some Christian Pastors may have contributed to the Crash." The article is worth the time to read.

Fat cat bankers caused the crash. That's what our fearless leader says.;)

Barney Frank and his friends, Freddie and Fannie Mae Mac, caused the crash. The banks had the sense not to lend money to people they knew couldn’t make the payments, but Big Gov forced them into it.

Lol Christine, you wouldn’t have happened to have caught Glenn Beck today, would you? He had a pretty good show on ‘fat cats’ and just who they are and how they relate to Barack Obama.

This claim that Christianity Caused the Crash is pure and simple scapegoating at its worst.

The people that run these Wall Street banks and their friends in the News Media are not going to search out and blame the real culprits: themselves.

Banks were not obligated to loan the money in the form of mortgages to anyone; the Banks call the shots as far as who obtains a loan or not.

In fact, the Banks knew they were writing junk loans; the Credit Rating agencies like Standards and Poors, and Moody’s were approving the loans, which they knew were junk, in return for more business from the Banks.

If you want to learn more about the financial crisis, watch some of these investigative journalism programs from PBS’s Frontline.

This show, ‘Inside the Meltdown’ gives a good introduction to the financial crisis:

pbs.org/wgbh/pages/frontline/meltdown/view/?utm_campaign=viewpage&utm_medium=grid&utm_source=grid

None of the experts in these programs stated that any one religion caused the crash or that religious beliefs were a cause.

Don’t buy ‘The Atlantic Monthly’ in the future for publishing this rubbish.

It’s also too bad the AEI basically agrees with ‘The Atlantic Monthly’.

[quote="CHRISTINE77, post:4, topic:179730"]
Fat cat bankers caused the crash. That's what our fearless leader says.;)

[/quote]

The United States Congress caused the crash, and I don't care what Our Feckless Leader says.

[quote="Dwyer, post:7, topic:179730"]

The people that run these Wall Street banks and their friends in the News Media are not going to search out and blame the real culprits: themselves.

Banks were not obligated to loan the money in the form of mortgages to anyone; the Banks call the shots as far as who obtains a loan or not.

In fact, the Banks knew they were writing junk loans; the Credit Rating agencies like Standards and Poors, and Moody's were approving the loans, which they knew were junk, in return for more business from the Banks.

If you want to learn more about the financial crisis, watch some of these investigative journalism programs from PBS's Frontline.

This show, 'Inside the Meltdown' gives a good introduction to the financial crisis:

pbs.org/wgbh/pages/frontline/meltdown/view/?utm_campaign=viewpage&utm_medium=grid&utm_source=grid
. . .

[/quote]

My wife was a banker when all this ORIGINALLY STARTED under the Clinton administration. Clinton, Christopher Dodd, Barney Frank, and several other powerful politicians forced the banks, through the Community Reinvestment Act, destroyed this economy and caused this crash. Period. No other place to lay the blame.

The FRONTLINE show does not talk about the origins of the crash, only about the actual crash. But this was literally 15 years in the making! My wife used to come home angry that she was being FORCED by new regulations to make bad loans to people who could not pay them back. The loans had to be made in blighted areas, it was basically throwing money down a rat hole. These were all sub-prime mortgages and they were REQUIRED to be made as a % of the lending portfolio of the bank.

Combine the fact that CONGRESS forced lenders to make bad loans, with the fact that mortgages are resold by banks (this is very typical) to investment banks, who bundled them and sold them to investors. It was a simple recipe for disaster. But there is no way to lay the blame on Wall Street. Wall Street simply followed a common practice that had been profitable for DECADES prior to the whole Community Reinvestment Act created housing bubble! The C.R.A. caused the bubble by forcing bad loans, as they did this in blighted areas the real estate values rose, that cause other values to rise outside of those areas, which caused home values to artificially rise all over the nation. Houses everywhere were going up in value, 10%, 20% and even 50%. All because of the C.R.A. and its artificial inflation of property values in selected areas.

Blame the "fat cats" or blame Wall Street? NOPE. Blame Barney Frank, Christopher Dodd and Bill Clinton.

You all need to read the article. It is not the article from the Atlantic, and it is not a scapegoat article.

There is a lot of truth to this post, but enough distortion to warrant a response. Inconvenient fact is the VERY few of the foreclosure disasters (by value, not numbers) were loans mandated by the CRA. What the CRA DID do was force banks into making loans that they historically wouldn’t have made. But a funny thing happened. Those loans had high subprime interest rates and INITIALLY made a lot of profit. Because of those initial profits, banks started dropping their standards in return for higher interest rates on all kinds of loan products.

In short, if banks had restricted their irresponsible lending to ONLY those cases mandated by the CRA, we wouldn’t be in this mess. The CRA started a snowball rolling, which picked up a LOT of greedy and/or dishonest bankers and mortgage brokers along the way to disaster.

Yes, it’s fair to lay blame at the feet of Clinton, Barney Frank and the other CRA champions (which NO doubt included ACORN and other, ahem, comunity activists at the time). They started this mess. But the greedy and short-sighted scam artists of Wall Street grew it from a big problem to a disaster. BOTH get rotten tomatoes from me!

As to the OP, “prosperity gospel” (which requires a stretch to call “christian” in the first place) followers may be idiots, but they are far too few in numbers to be a major player in this economic mess we are in.

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