Kucinich Dec. 2007: "profound economic crisis"

[ProSense]

REP. DENNIS KUCINICH: Well, there's a number of different areas that needed to be looked at initially. The Fed has not had proper oversight of banks. The Securities and Exchange Commission has not had proper oversight of hedge funds. So you take those two conditions, and you see what's burst forward now, which is hedge funds in trouble because of their investment in subprime mortgages, and you see millions of Americans losing their homes because there wasn't a cop on the beat.

So, obviously, what needs to happen is there needs to be a financial mechanism that basically creates a wraparound mortgage that would help protect the people who are in danger of losing their homes, that's number one. But, number two, we have to get to the underlying issue of predatory lending here.

There are many areas in our cities that have basically been red-lined, cannot get access to credit. And that is a violation of the Community Reinvestment Act, Judy. During the Carter administration, the Community Reinvestment Act was put forth so that inner-city areas would have access to credit.

And what's happened is that the credit for homes has dried up. Minorities in particular were offered these subprime products, no-document loans. As chairman of the Domestic Policy Subcommittee, I was the first one to put my finger on this and identify it and begin to ask the questions.

But this is a broader issue that deals with: Can Americans have a dream of homeownership? Can the government form a role in protecting that? Can we get these banks to be honest with their credit policies? Do they have a responsibility to provide capital to people who happen to be minorities? What about these adjusted prime rates that are going to start coming in and forcing people's mortgages up on a monthly level? There's going to be more people losing their homes.

This is a profound economic crisis and a moral crisis in this country.

link

Has the crisis gone away?

[Forkboy]

1. And?

I suspect I know where this is trying to go, but I'd rather hear it from you before jumping to conclusions.

[ProSense]

2. Wait, I'll spell it out in the OP. n/t

[Forkboy]

4. Ok, to answer your question, no, the crisis hasn't gone away.

But that doesn't mean one has to latch on to the highly flawed bill in an attempt to solve it either.

I honestly see both sides of this argument very clearly, and can't really fault either side for their fears and concerns (this may make me even more unpopular here lol...the nerve of not seeing things in straight black and white terms!).

[ProSense]

5. Yeah, but

crises don't allow people to stop and craft our perfect solution.

[Forkboy]

6. Agreed.

Which is why we need to be extra careful when we do stuff like this. In the fear that's driving this I'm not seeing that care at all so far, just a rush to do something, mostly for the sake of being able to say, "We did something." Perfection isn't required, but thought and care is.

[RollWithIt]

3. The whole "manufactured crisis" speech really bothered me....

But at least the other great Ohio Congressman (Tim Ryan) voted yes and knows whats up.

[msallied]

7. This needs a K&R. Funny how it's sunk like a rock in here...

Gee, wonder why. :eyes:

[ProSense]

8. Not sure. n/t

[mvd]

9. Maybe we should just give people the money, not the banks only

:hi: