Friday, September 07, 2012

Bush Bashing Lies

I’ve been waiting for a short article like this that tells the truth about the root cause and the more-immediate causes of the housing meltdown that destroyed an economy that had recovered from the Clinton recession, had recovered from 9/11, and was producing average unemployment figures of less than 5%. Don’t let the Democrats, who held both Houses of Congress during the last two years of the Bush presidency, tell their “blame Bush” lies.

The Housing Bubble? Clinton Helped Build That

by David Frum September 6, 2012 The Daily Beast

As Bill Clinton collects his accolades, let's recall: the key decisions that inflated the housing bubble of the 2000s - and that laid waste to the US economy in 2008 -- were taken under Bill Clinton's administration: the decision to leave derivative trading unregulated, the decision to allow deposit-taking institutions to engage in proprietary trading, the pressure on banks to relax mortgage lending standards, the decision to allow Fannie Mae and Freddie Mac to grow enormously large thanks to the implicit subsidy of the government guarantee of their bonds and borrowing.

If President Obama inherited a mess not of his own making, it should be remembered of whose making the mess was.

It was Janet Reno, Clinton’s Attorney General, the one who sent the tanks in to murder 76 Branch Davidians, including at least 20 children (“she killed them to save them from abuse”), who informed US banks that they had better start giving mortgages to deadbeats (my terminology) as required by the Community Reinvestment Act, passed by Jimmy Carter and strengthened by Bill Clinton, or she would prosecute them.

It was Barney Frank and Christopher Dodd who resisted 17 attempts by President Bush to strengthen regulation of CDO’s (collateralized debt obligations) and CDS’s (credit default swaps) – both commonly called “derivatives” – and to rein in Fannie Mae and Freddie Mac.

It was Democrat policies and Democrat actions that caused the housing bubble and the resultant housing crash. Again, don’t let the lying bastards get away with blaming Bush.


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At 9:48 AM, Anonymous Joe said...

Obama has to slam his opponent because he has nothing to run on. He's a complete failure and he knows it. He had said previously that if he couldn't turn things around in one term, then he's going to be a one term president. Well, he didn't do it so now he's singing a different tune. "I need four more years to get it done." ya, right! What a "shit bird" he is! He wouldn't make a pimple on a good president's ass! This country needs him like Navy needs screen doors on a submarines.

I can just see him now being interviewed by Fox's Bill O'Reilly.

"Tell me Mr. President, what were your accomplishments in the past four years?"

Obama: Well,--ah-ah-ah, Mitt Romney made a mess out of people's lives when he was at Bain.

O'Reilly: "What measure have you taken to improve the economy create jobs?"

Obama: "Ah,-ah,-ah,-Romney carried his dog in a cage on the roof of his car when he and his family went on a vacation."

This is the only crap you're going to hear out of Obama's aligator mouth for the next ninty days.

I've reached a point where I hate the guy and I switch TV channels every time I see his face or listen to him speak. We really need to be rid of him for good. Believe me. It just can't come soon enough to suite me.

At 8:33 AM, Anonymous Anonymous said...

I've read some good stuff here. Definitely worth bookmarking for revisiting.


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