Posted on 10/02/2008 10:36:13 PM PDT by Jim Robinson
Of late, at least in conservative quarters, reports have made clear how much of the current financial crisis may be laid at the feet of Democrats and their social engineering policies.
Jeff Jacoby, the lone conservative columnist at the Boston Globe, wrote Sunday, "Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so -- or else."
Charles Hurt, in his "Inside Washington" column in Monday's New York Post, wrote, "It's not that taxpayers refuse to dig deeper to avoid an even bigger catastrophe. It's that they're all puking over the notion that it's the same bums in Washington who caused the mess by allowing it to fester who are now demanding their money to fix it." Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness. It all came under the rubric of encouraging "minority home ownership" and "ending redlining."
Free Republic crashed, whether because of overloading or sabotage. I got the story when a money manager circulated the whole text.
The next to last paragraph of that story makes clear how the mortgage pool deteriorated, and why it deteriorated so fast:
(Excerpt) Read more at spectator.org:80 ...
WOW! bump!
Great post JR. We need to hammer this home, then hammer it again, then weld it. Sarah did good tonight, but McCain needs to push this. Here we are in a huge economic crisis, 100% the fault of the democrats, easily shown with videotape and quotes - it’s a gift from above. We must make this a war cry.
That must have been when the admin accidental deleted the indexing file! LOL
A very timely historical fact.
Here’s the FR thread. It was brought to my attention by FReeper Rodger Schultz:
http://www.freerepublic.com/focus/f-news/2086781/posts
The sickening thing is that a very large majority of the American public still believes that the Clinton administration was a great success--when in fact they were laying a series of time bombs that detonated after Bill had safely left office: The mortgage time bomb, the 9/11 time bomb, the Russian time bomb, etc.
I shudder, physically shudder, at the thought of the damage that an Obama administration will do to this country.
BTTT for both threads...!!!
LOL. Why shoot down a perfectly good conspiracy theory.
“Charles Hurt, in his “Inside Washington” column in Monday’s New York Post, wrote, “It’s not that taxpayers refuse to dig deeper to avoid an even bigger catastrophe. It’s that they’re all puking over the notion that it’s the same bums in Washington who caused the mess by allowing it to fester who are now demanding their money to fix it.” Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness. It all came under the rubric of encouraging “minority home ownership” and “ending redlining.”
Free Republic crashed, whether because of overloading or sabotage. I got the story when a money manager circulated the whole text.”
Wow!
I just hope the congresscritters don’t cave.
Can you believe that, 50%? Amazing. The fact this was on Free Republic and caught someone’s attention was great. The word got spread far and wide, not just on FR. Excellent.
As large as Fannie Mae goes that year, 50% of the loans were to potentially problematic individuals. That is shocking.
This is what political pandering on the left leads to. I don’t think I’ve seen a more clear example of what that pandering leads to when taken to it’s final conclusion.
In this instance it actually threatens our complete economic system. Of course a Democrat can’t be found today that remembers what they were hawking back in the 90s.
These people are enemies of our way of life.
Thank you so much
ping for later
Bump!. Needs to be broadcast far and wide. Must be time to write another letter to the editor providing a link to the articles.
Don't fool yourself. Anybody who is anybody reads FR daily.
Just another reason to donate and keep FR running.
I saw a thread or two about DOS attacks on Free Republic.
To be certain they are wholly responsible for the Fannie/Feddie sub-prime slushfund; which was completely exploited by predatory lenders upon the rest of the citizenry once they realized liar loans & reverse amortization was SOP. Not to mention a will public who, due to the housing bubble, could not afford to conventionaly buy a house on their average salaries.
The other 15% I would assign to (R)s who played along so they would not be called racist and the 15% goes to the WMD-packing-financial-terrorists who have gamed/cornered the Default Credit Swap markets which have sucked out much of the oxygen from cCredit markets {see small businesses who can't meet payroll because their usual cash flow has vanished for no fault of their own}.
Please keep in mind BillyJeff Clinton, upon Robert Rubin's recommendation, signed the law that made Credit Swap regulation illegal in 2000.
Exactly. And I'm sick and tired of the truth of this not getting out to the public. It should be laid at the feet of democrats. Disgusting that more voters trust the democrats, who do not believe in free market principles, to handle the economy and this economic crisis.
I like this one http://www.youtube.com/watch?v=_MGT_cSi7Rs
Thanks. I agree with your take on it, and second your comments on donating.
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