By Robert Moon
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, 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.
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