Organizing for America | Joe Working Mom's Blog: Economic Crisis Timeline

Economic Crisis Timeline

By WorkingMom - Oct 23rd, 2008 at 10:47 pm EDT

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Tags: community reinvestment act, CRA, economic crisis, economy, housing crisis, hq-republicans-for-obama, mortgage crisis, republican, Republicans

I put this together after I heard a number of comments from friends and family about Dems CRA policy causing the issue. From my point of view the Republican claim that this is a Dem only problem is false. Reguardless of how we got here I believe we can overcome this crisis. It may take time, but the markets, house prices, and credit will recover as long as we learn from our mistakes.

1977 - Origination of Community Reinvestment Act(CRA)
Nov 1992 - Clinton Elected as President
Nov 1994 - Republicans win house and senate
1. 1999 - CRA changes to include Gramm-Leach-Bliley Act
Nov/Dec 2000 - Bush wins Presidency / Senate Split Dems - Rep Cheny deciding vote/House retains Rep
1. 2001-2003 - Housing Bubbles Start in USA
2. Dec 2001 - Enron Files for Bankrupcy
3. June 2002 - Investigations into WorldCom
4. June 2002 - President Bush announcs "America's Homeownership Challenge"
5. Oct 2002 - President Bush Hosts Conference on Minority Homeownership
Nov 2002 - Republican Regain Control Of Senate
1. Dec 2003 - American Dream Downpayment Initiative
2. March 2004 - Congress Introduces Zero Down Payment Plan Act of 2004
3. 2005 - Office of Thrift Supervision introduced regulator changes to CRA
4. May 2006 - Fortune Magazine Announces House Market Bubble Declining
Nov 2006 - Democrats Gain Majority in House and Senate
Sept - Oct 2008 Morgage Crisis / Credit Crisis
1. Republicans blame crisis on CRA
2. Dems blame crisis on Republican Policies

References:

Community_Reinvestment_Act

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

Nov 1992 - Clinton Elected as President
   http://en.wikipedia.org/wiki/Bill_Clinton

Nov 1994 - Republicans win house and senate
   http://en.wikipedia.org/wiki/Republican_Revolution

Nov/Dec 2000 - Bush wins Presidency / Senate Split Dems - Rep Cheny deciding vote/House retains Rep
   http://en.wikipedia.org/wiki/Republican_Revolution

2001-2003 - Housing Bubbles Start in USA start depends on area of country
   http://en.wikipedia.org/wiki/United_States_housing_bubble#cite_note-50

Dec 2001 - Enron Files for Bankrupcy
   http://en.wikipedia.org/wiki/Enron_scandal

June 2002 - Investigations into WorldCom
   http://money.cnn.com/2002/06/25/news/worldcom/index.htm

June 2002 - President Bush announcs "America's Homeownership Challenge"
   http://www.whitehouse.gov/news/releases/2004/08/20040809-9.html
   http://www.whitehouse.gov/infocus/homeownership/homeownership-policy-book-ch2.html

Nov 2002 - Republicans gain control of Senate

Oct 2002 - President Bush Hosts Conference on Minority Homeownership
   http://www.ronpaul.com/2008-09-26/gw-bush-on-the-housing-boom-oct-2002/
   http://www.policyalmanac.org/social_welfare/archive/wh_minority_housing.shtml

Dec 2003 - American Dream Downpayment Initiative
   http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/

March 2004- Congress anounces Zero Down Paymnt Act 2004
   http://www.heritage.org/research/budget/wm529.cfm
   http://commdocs.house.gov/committees/bank/hba95010.000/hba95010_0f.htm

May 2006 - Fortune Magazine Announces House Market Bubble Declining
   http://en.wikipedia.org/wiki/United_States_housing_bubble

Nov 2006 - Democrats Gain Majority in House and Senate
   http://www.usatoday.com/news/washington/2006-10-05-governor-races_x.htm

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