Liberal Eleanor Clift Lies Like Hell About the Subprime Mortgage Meltdown; is Refuted by New York Times

One of the most glaring examples of Democrat economy-ruining policies is the subprime mortgage meltdown.  The meltdown brought on the worst recession in my six decades of life.  It was caused by the Clinton Administration forcing banks and mortgage companies to make bad home loans to minorities, which caused a real estate bubble that eventually burst, causing thousands of banks and mortgage companies to fail, thereby spreading the failure throughout the financial sector like a tsunami of bad debt, uncollectible because the loans were collateralized by real estate worth less than the loan balances.

The Democrats have been acting like contortionists ever since, in order to avoid taking responsibility for the disaster that they caused.  Now Eleanor Clift, well-know Democrat propagandist, has asserted on television that it was Wall Street who caused the meltdown, not the bad loans through Fannie Mae and Freddie Mac, who were only innocently following Wall Street down the road to serfdom.

This is B.S. and doesn't square with the recorded facts.  Newsbusters proves that it was indeed the Democrats, through the lending agencies Freddie Mac and Fannie Mae, that planned, executed and carried off the disaster.  Newsbusters quotes articles from the New York Times, circa 1999, that explains the Dem plan to bring home ownership to minorities, through relaxed lending standards at Freddie Mac and Fannie Mae.  Clift is shown to be a liar.  But you knew that.

Read the Newsbuster's article here.

Democrats Learn Nothing From Their Mistakes: A New Push for Subprime Mortgage Lending

Investors Business Daily is reporting a new push for the same insanity that caused the current recession.  The Department of Justice is forcing banks to make bad mortgage loans to minorities with bad credit and no income:

the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination

Many times I have argued with liberals about the causes of this mini-depression we are now suffering through.  They simply reject the overwhelming evidence that the Democrats caused the melt-down with their forced subprime mortgage lending program.  Now the Democrats are right back at it:

Prosecutions have already generated more than $20 million in loan set-asides and other subsidies from banks that have settled out of court rather than battle the federal government and risk being branded racist. An additional 60 banks are under investigation, a DOJ spokeswoman says.

Read it all here.

When it comes to race and finances, Democrats are just plain nuts.  If you like the recession, if you enjoy going without, if you crave poverty, then by all means, vote Democrat.

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The True Causes of the Financial Crisis

Liberals and Democrats have continually tried to evade blame for their overwhelming guilt in causing the 2008 financial crisis and the resulting recession.  Congress appointed a Financial Crisis Inquiry Commission to determine the causes of the financial crisis, but it was a whitewash of the federal government's culpability and a disingenuous effort to blame "Wall Street."

The Obama Administration used this whitewash as a basis for enacting the Dodd-Frank Act (DFA) to more heavily regulate the financial services sector.

Peter J. Wallison was a member of the Inquiry Commission and a dissenter in the Commission's erroneous conclusions.  He tells why in an article for the American Spectator.  He writes:

The DFA was sold to the American people by the media and the Obama administration as necessary to prevent another financial crisis, but as outlined in this article and made very clear in my dissent, the financial crisis was not caused by weak or ineffective regulation. On the contrary, the financial crisis of 2008 was caused by government housing policies -- sponsored and promoted by many of the same people who framed and ultimately enacted the DFA.

Read his entire article here.  It is a good article to bookmark because Dems will issue all sorts of propaganda in the coming election campaign, in order to sidestep their guilt in the financial disaster.