First, I know that I’m not going to win my point. However, just for the record, this all financial mess started with Obama and Acorn in Chicago when they started the bank megers and forced the banks to make sub prime mortgages to the people in the Chicago area.
http://www.city-journal.org/html/13_2_acorns_nutty_regime.html
Do facts matter? Or is Obama’s rhetoric and the media’s spin enough to make facts irrelevant?
Fact Number One: It was liberal Democrats, led by Sen. Christopher Dodd and Congressman Barney Frank, who for years — including the present year — denied that Fannie Mae and Freddie Mac were taking big risks that could lead to a financial crisis.
It was Sen. Dodd, Congressman Frank, and other liberal Democrats who for years refused requests from the Bush administration to set up an agency to regulate Fannie Mae and Freddie Mac.
It was liberal Democrats, again led by Dodd and Frank, who for years pushed for Fannie Mae and Freddie Mac to go even further in promoting subprime mortgage loans, which are at the heart of today’s financial crisis.
Alan Greenspan warned them four years ago. So did the chairman of the Council of Economic Advisers to the president. So did Bush’s secretary of the Treasury, five years ago.
Yet, today, what are we hearing? That it was the Bush administration “right-wing ideology” of “de-regulation” that set the stage for the financial crisis. Do facts matter?
We also hear that it is the free market that is to blame. But the facts show that it was the government that pressured financial institutions in general to lend to subprime borrowers, with such things as the Community Reinvestment Act and, later, threats of legal action by then Attorney General Janet Reno if the feds did not like the statistics on who was getting loans and who wasn’t.
Now, we tax payers must cough up $700 billion this month. What will it be in a few months from now? In the last 30 days we payed $200 billion for Fannie Mae & Freddie Mac, $300 billion for homeowners that were over extended, $85 billion for an insurance company that had no business buying home mortgages. Congress doesn’t care since they can just tax the people for more if need be. That’s why the dems love taxes!