Mortgage Crisis - Who is Responsible
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Mortgage Crisis - Who is Responsible
I blame our government for this mortgage crisis, that means Democrats, Republicans, and Independents. Although lately I'm getting pretty tied of the Democrats blaming the Republicans lack of regulation, when it was the Democrats that blocked "Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190"; http://www.govtrack.us/congress/bill.xpd?bill=s109-190 a bill that would have placed much needed regulations on Fannie Mae and Freddie Mac. Every single Democrat voted against it in Committee, and threatened it with a filibuster if it were to be brought to the Senate floor for a full vote by the Senate. Now we need John McCain to wake up and expose these Democrats for what they are. He needs to in his own words: "Fight for whats right for our country. Fight for the ideals and character of a free people. Fight for our childrens future. Fight for justice and opportunity for all. Stand up to defend our country from its enemies. Stand up for each other; for beautiful, blessed, bountiful America. Stand up, stand up, stand up and fight. Nothing is inevitable here. Were Americans, and we never give up. We never quit. We never hide from history. We make history." Come on McCain, get with it! Now here's part of an article I read. The truth about the Mortgage meltdown. It is a Democratic debacle! In 1999, liberals were bragging about extending affirmative action to the financial sector. Los Angeles Times reporter Ron Brownstein hailed the Clinton administration's affirmative action lending policies as one of the "hidden success stories" of the Clinton administration, saying that "black and Latino homeownership has surged to the highest level ever recorded." Meanwhile, economists were screaming from the rooftops that the Democrats were forcing mortgage lenders to issue loans that would fail the moment the housing market slowed and deadbeat borrowers couldn't get out of their loans by selling their houses. Rep. Barney Frank denounced Mankiw, saying he had no "concern about housing." How dare you oppose suicidal loans to people who can't repay them! The New York Times reported that Fannie Mae and Freddie Mac were "under heavy assault by the Republicans," but these entities still had "important political allies" in the Democrats. Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients. Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
YouTube | October 5, 2008
