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.
-Democrats themselves are 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 Democrats
blame, 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 Democrats
excuse and shrug off endless economic failures, illegal government takeovers
and utter national bankruptcy with zero accountability.
See Video at https://www.youtube.com/watch?v=cMnSp4qEXNM
Suggested Links
- Fact-Check: Bill Clinton's policies were a total disaster
- Top ten signs something is wrong with the 2012 election results
- There is a reason presidents seal their college records
http://www.examiner.com/article/new-study-confirms-economy-was-destroyed-by-democrat-policies
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