Burning Down The House Explains Economic Mess

Here is a 10 minute video that helps explain the sources of the economic crisis that Congress is trying to bail us out of. There is a lot of information here, and they back all of it up. Following the video is an incomplete list of links used as sources by the video. Enjoy the music and put on your reading glasses. Here is the video, “Burning Down The House: What Caused Our Economic Crisis?”;

Here is a list of links used by the video:

Subprime Lender Implosion: Bad Omen For Housing Market

Community Reinvestment Act

The Community Reinvestment Act (CRA)

City Journal The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities

Wachovia Press Release First Union Capital Markets Corp., Bear, Stearns & Co. Price Securities Offering Backed By Affordable Mortgages

CSR Wire Press Release Fannie Mae Announces Pilot to Purchase $2 Billion of “MyCommunityMortgage” Loans; Pilot Lenders to Customize Affordable Products For Low- and Moderate-Income Borrowers

NHI.org Going Subprime Will low-income homebuyers gain or lose when Fannie Mae and Freddie Mac move into the subprime lending market?

Washington Post Fannie’s Perilous Pursuit of Subprime Loans
As It Tried to Increase Its Business, Company Gave Risks Short Shrift, Documents Show

Harvard Education Publications Loans with affordability features have lost market value

CSR Wire press release Fannie Mae Announces Pilot to Purchase $2 Billion of “MyCommunityMortgage” Loans; Pilot Lenders to Customize Affordable Products For Low- and Moderate-Income Borrowers

WSJ Marketwatch Options expert calls Fannie, Freddie shares ‘worthless’

Bloomberg.com Regulators Spin Public to Boost Fannie, Freddie: Jonathan Weil

CNN Money 12th bank failure of the year announced Regulators close down Ameribank Inc., a West Virginia-based-bank with total assets of $115 million

The Guardian.com IMF says US crisis is ‘largest financial shock since Great Depression’

The New York Times New Agency Proposed to Oversee Freddie Mac and Fannie Mae

The Minority Report John McCain Warned Of Mortgage Collapse In 2005

Federal Housing Enterprise Regulatory Reform act of 2005

The Slate Chris Dodd’s Loan Problem

Minipost.com Obama turns to trusted political insider Jim Johnson for key campaign role

The LA Times Barack Obama advisor Jim Johnson quits under fire

Politico.com Advice from Raines

BBC news The two most senior executives at US mortgage giant Fannie Mae have resigned after accounting irregularities were uncovered at the company

Obama has only been in the senate for three years but he is the second highest receivers or donation from Fannie Mae and Freddie Mac

Chicago Sun Times OBAMA’S LEGAL CAREER | He was ‘smart, innovative, relentless,’ and he mostly let other lawyers do the talking

The New York Times Schools in Chicago Are Called the Worst By Education Chief

The Plank Obama, Education, and Accountability

The Christian Science Monitor Kids’ protest highlights rich-poor schools gap in Illinois

Wharton Education The Immigration Debate: Its Impact on Workers, Wages and Employers

Kansas City Star Fannie Mae, Freddie Mac blind to bubble

CNN Money 4 Fannie Mae senior execs resign

The Hill.com Pelosi: Dems bear no responsibility for economic crisis

The Washington Post Obama Ridicules McCain’s Economic Response