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Entries for October 2008

Chaldean Business Leaders Debate The Economic Bailout
By joe acho :: 30274 Views :: Business & Finance

 

The economic explosion continues to ripple throughout the country.  Calls for taxpayers to bailout private companies for fear of an economic downturn plays on every network and old guard paper media outfits.  “You only seem to get the real news from talk radio and the Internet,” says Bashar Jarbow.  “You can’t trust the TV networks or newspapers anymore.”

Jarbow has good cause to be disillusioned.  However, hidden in some news pages were weak warnings of the looming economic crisis.  Fadi Faraj of Chicago, Illinois e-mails www.CHALDEAN.org an archived article in the New York Times back Business Page titled, Fannie Mae Eases Credit To Aid Mortgage Lending. 

Faraj, highlights the intense pressure from the Clinton Administration to force mortgage loans to low and moderate income people.   Congressional leaders arm twisted private banks to make more subprime loans to borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans.

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