CHARLOTTE, NC — Wednesday night’s DNC2012 proceedings will focus on the economy and jobs with business leaders Austin Ligon, founder and retired CEO of CarMax and Jim Sinegal, CEO of Costco speaking about the importance of investing in innovation and infrastructure. AFL-CIO President Richard Trumka will be speaking in the second hour of the program 6pm-7pm (EDT). Tom Steyer, Co-Founder of Advanced Energy Economy will speek following a video presentation on the importance of energy to our economy.
A significant contingent of California elected officials will address the convention tonight. Assembly Speaker John A. Perez will be up early in the 5pm (EDT) hour, followed by Assemblyman Thomas Menino, Rep. Judy Chu, former Controller Steve Westly. In the second hour, Rep. Karen Bass will speak with members from the Congressional Black Caucus. In the third hour, 7pm-8pm (EDT), former Speaker of the House Nancy Pelosi will address the convention. In the 8pm-9-pm (EDT) hour California Attorney General Kamala Harris will speak.
Woman’s Rights Activist Sandra Fluke will be speaking during the third hour along with former employees of Mitt Romney’s Bain Capital.
In the final hour, Massachusetts U.S. Senate candidate Elizabeth Warren will speak along with Convention Chair, Los Angeles Mayor Antonio Villaraigosa, and President Bill Clinton. Clinton will nominate President Barack Obama and Vice President Joe Biden after his remarks. With the nomination in place, Secretary of the Democratic National Committee, Alice Germond, will poll the delegations one by one in alphabetical order to record their delegation votes for the nomination.
There will be livestreaming coverage on www.DemConvention.com/live.
Causes of the subprime mortgage collapse.
http://en.wikipedia.org/wiki/Subprime_mortgage_crisis
(The link above is 45 printed pages, – few want to understand the complexity, – most want a campaign slogan)
With a mix of truths, lies, and mostly omission Slick Willie (Bill Clinton) will save Obama from defeat and blame the Republican Party for the subprime mortgage collapse.
“Government Policies”
“The George W. Bush administration was accused of blocking ongoing state investigations into predatory lending practices as the bubble continued to grow.[144] However, in 2003 when George W. Bush called for an investigation and more controls on Fannie Mae and Freddie Mac, Congressman Barney Frank vocally objected, saying … “
“Republican Mike Oxley, the former chairman of the House Financial Services Committee, has pointed out that the House of Representatives (Republican majority) did in fact pass a law strengthening regulation of the GSEs [Government Sponsored Enterprises] (the Federal Housing Finance Reform Act of 2005) but the Bush White House scuttled it. In Oxley’s words, “All the hand wringing and bedwetting is going on without remembering how the House stepped up on this. What did we get from the White House? We got a one-finger salute.”[147]
“High-risk mortgage loans and lending/borrowing practices”
“In the years before the crisis, the behavior of lenders changed dramatically. Lenders offered more and more loans to higher-risk borrowers,[1][82] including undocumented immigrants.[83] Lending standards particularly deteriorated in 2004 to 2007, as the GSEs market share declined and private securitizers accounted for more than half of mortgage securitizations.[1] “
(Under pressure from Bush Jr. and his Attorney General banks lowered their mortgage requirements).
“The qualification guidelines kept getting looser in order to produce more mortgages and more securities. This led to the creation of NINA. NINA is an abbreviation of No Income No Assets (sometimes referred to as Ninja loans)”
(Clintons contribution to the crises.)
“The Glass-Steagall Act was enacted after the Great Depression. It separated commercial banks and investment banks …”
In 1999 Clinton signed the bill that formally ended the Glass-Steagall separation. The killing of Glass-Steagall created the “Too Big to Fail” banks. In 2007 the banks had $ Trillions in factitious assets, MBSs (Mortgage Backed Securities), CDOs (Collateralized Debt Obligation), and other derivatives, who’s “Asset” value was based on the NINA, the No Income NO Asset, ‘Ninja loans’.
If the crash was a three decade plan – then it’s treason.