And all this time, you believed it was Bushs Fault-- Nope, the degradation of black culture and the American economy is simply and rightly laid at the feed of Democrat leaders and policies-- got the balls to see the truth-- read on! Seeding the 2008 Economic Collapse 2014-03-26-cbc08297.jpg In 2006, five years into two war fronts with al-Qaida and a slow recovery from the devastating 9/11 attacks, the domestic mortgage markets began to unravel and take the rest of the American economy down with them. By 2008, Barack Obama was waltzing to the White House amid the ashes of the near-total collapse of the American financial markets. But George W. Bush, whom Obama reflexively and incessantly blamed for the nations economic woes, did not sow the seeds of that disaster -- Bill Clinton did. On 20 November 1994, Clinton signed the United Nations International Convention on the Elimination of All Forms of Racial Discrimination. Article V(e)(iii) of that treaty asserts that all people have a right to housing. A year later, Clinton signed legislation making it easier for minority constituents with bad credit to obtain mortgages. His Treasury Secretary, Robert Rubin, rewrote the lending rules for the ill-conceived Community Reinvestment Act (which had been signed into law by none other than Jimmy Carter), opening the Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) subprime floodgates. In other words, mortgage lenders were able to make millions of loans to borrowers who, had they been subject to free-market lending practices, would not have been able to qualify for loans. And all of these loans were guaranteed by American taxpayers. The mortgage markets, of course, welcomed their new customers with open arms, fueling a real estate boom across the board. In short, Clintons legislation applied affirmative action to the lending industry. And despite what Democrats and their Leftmedia minions would have you believe, the resulting crisis was not a free market failure but the failure of central governments socially engineered housing and lending policy. Five years later, the New York Times noted, Fannie Mae, the nations biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people... In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the [thrift industry] savings and loan industry in the 1980s. Indeed, the article quoted American Enterprise Institute economist Peter Wallison, who warned, If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry. But the S&L bailout was a drop in the bucket compared to the gathering storm over mortgage lending practices. In October 2008, Bill Clinton admitted, I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress ... to put some standards and tighten up a little on Fannie Mae and Freddie Mac. Democrat Rep. Artur Davis was a bit more direct: Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. In retrospect I should have heeded the concerns in 2004. Frankly I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong. But the Democrats insist you can now trust Slick Willie as their 2014 midterm election point man -- at least if youre among their mass-constituency of dullard fools. In 1776, John Adams wrote, Public virtue cannot exist in a nation without private, and public virtue is the only foundation of republics. Those words are eternally true in the context between Liberty and tyranny, though they fall on deaf ears of most Democrats.
Posted on: Thu, 27 Mar 2014 17:05:17 +0000
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