The Real Origin of Our Great Recession

29 Apr

[Despite Obama and other Democrats and liberals, both in and out of the media, blatantly and boisterously bashing Bush over the economy, this is for those of you who didn’t already know that if our so-called Great Recession were a crime scene, Democrat fingerprints would be all over it.]

Quoting from www examiner.com:

“A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left’s race-baiting attacks on the housing market (the Community Reinvestment Act — enacted under Carter and made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let’s review:

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary…to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn’t go along with the left’s Affirmative Action lending policies…all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.

-Obama himself is even on the record personally helping sue one lender (Citibank) into lowering its lending standards to include people from extremely poor and unstable areas, which even one of the left’s favorite blatantly partisan “fact-checkers,” Snopes, admits (while pretending to ‘set the record straight’).

-Even The New York Times admitted that there is “little evidence” of any connection between the “Republican” deregulation measures Obama blames, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

But non-Fox media have spent years deliberately and relentlessly inoculating people against the facts, training them to mindlessly blame Bush for being in charge when Democrat policies destroyed the economy. So here we sit, to this day, still watching Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.”

And, as Paul Harvey used to say (and if you don’t know who that is, look it up), “Now, you know the rest of the story.”

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One Response to “The Real Origin of Our Great Recession”

  1. Tom Schuckman May 1, 2013 at 12:54 PM #

    I like you well written blog, buddy!! It’s good to bring out the HISTORY and facts, lest the enemy change things with their constant lies. I, also, write a small, humble Blog: TOM’S JOURNAL, looking to help other disabled combat Veterans, and share the Word of God. –Tom Schuckman –email: tschuckman@aol.com

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