What led to 2008 financial crisis, and how exactly did it affect the whole world?

A lot of things. Easy credit (too easy), deregulation of the financial industry, rampant consumerism, inflated housing market...



Basically, our boom economy was built on tomorrow's income and the bill came due.What led to 2008 financial crisis, and how exactly did it affect the whole world?
We deregulated Wall Street and the banks. During the Great depression of the 1930's laws were enacted to prevent another event. Prior to that the United states suffered financial panics in 1785, 1792, 1819, 1837, 1857, 1893. 1907 and 1929. These regulations were removed one by one starting in the 1980's. Much of the world had invested in overpriced mortgages in the United States so when that bubble burst, many countries who invested in them also had a financial crisis.
Brazil is booming,



Europe is in crisis due to deficits and entitlements which can not afford



America outsourcing of whole areas of her economy including the industrial base and the massive immigration legal and illegal saturated the job market lowering hiring, keeping wages down and living standards frozen



plus the deficits and the borrow and spending created a fiscal nightmare living on borrow money does not work



Those nations who are not burden with great debts, high spending in social entitlement and in some ways protect vital sectors of their economy shows us the way to prosperityWhat led to 2008 financial crisis, and how exactly did it affect the whole world?
The toxic loans from the liberal entitlement programs were diversified in derivatives that were sold to unsuspecting countries around the world, when the toxic loans went belly up it effected everyone. The deregulations of the Clinton administrating in order to finance the entitlement programs lead to it.
Wall street gambling trillions of dollars and losing caused the meltdown.



Less that 2% of homes went into forclosure...and most of those were million dollar mansions and not minority homes as some claim



Fact is, AIG was the bookie for all wall street corps and they got 185 billion in bailout money yet they did not sell a single mortgage.



Some republicans still repeat the lie that it was cause dems gave everybody a free house but it was bush who did that and then wall street guys betted trillions that these people would not repay their loans.



Why did Bush ask/order fannie mae to make 440 BILLION in home loans to minorities in 2002?

Here is the offical press release from the bush white house.

http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html



Bush appoints the management of freddie mac and fannie mae and "asked" his appointees to make 440 BILLION in loans to poor minorities. He also asked for 2.4 billion in tax credits (corporate welfare) for homebuilders who build low income housing. And he asked for 200 million per year to pay the mortgage closing costs. (If the president appoints you to your job and asks you to do something, that is pretty much an order if you want to keep your job)



This is what Bush's press release states:

"Today, President Bush announced a new goal to help increase the number of minority homeowners by at least 5.5 million before the end of the decade. The President's aggressive housing agenda will help dismantle the barriers to homeownership by providing down payment assistance, increasing the supply of affordable homes, increasing support for self-help homeownership programs, and simplifying the home buying process %26amp; increasing education.



The President is issuing "America's Homeownership Challenge" to the real estate and mortgage finance industries to join in his effort to increase the number of minority homeowners by 5.5 million families by the end of the decade. Many organizations have already responded to the President's challenge by committing to:

"Substantially increase by at least $440 billion, the financial commitment made by the government sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market"

The President wants to dramatically increase the supply of homes available to low and moderate income families. The President has proposed the Single-Family Affordable Housing Tax Credit, which will provide approximately $2.4 billion to encourage the production of 200,000 affordable homes for sale to low and moderate income families."





Did you know that bush's top donors were subprime mortgage lenders, real estate developers, and his finance chairman is one of the biggest homebuilders in america...his name is dwight scharr and he lives in a 70 million mansion in palm beach.

Did you know that Bush's cousin, Herbert Walker, was vice president of the Goldman Sachs department that placed TRILLIONS in bets that these people would not repay their loans.



Coincidence? No. Crime of the centruy. Yes.What led to 2008 financial crisis, and how exactly did it affect the whole world?
George Bush and the evil republicans plotted to profit from the misery of Americans.

-or-

Obama and the democrats destroyed the economy to make the republicans look bad.
Giving loans to people who couldn't pay it back.
tax cuts, mortgage fraud, NWO