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The Economy Was Destroyed by the Dems...New Study Confirms.

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America, designed by geniuses to be run by idiots. 

New study confirms economy was destroyed by Democrat policies

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.

-Obama himself is 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 Obama blames, 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 Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.

Hope everyone has an inoffensive politically
correct seasonal period of celebratory behaviour with variations of
traditions & significance!

by on Dec. 30, 2012 at 6:24 AM
Replies (21-30):
Natesmom507
by Member on Dec. 30, 2012 at 1:09 PM
7 moms liked this
The Bush Admin and Senator McCain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis -- starting in 2002 (and actually even earlier -- in the Clinton and…
00:04:00
Added on 9/24/08
6,333,092 views

http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1 

 This video clearly shows that George Bush tried to warn Congress starting in 2001, that this economic crisis was coming, if something was not done. But congress refused to listen, along with the arrogant Congressman, Barney Frank. This video says it all.

cbk_mom3
by on Dec. 30, 2012 at 1:13 PM
4 moms liked this

Just confirmed what we all already knew. Not one bit surprised.

GaleJ
by Member on Dec. 30, 2012 at 2:00 PM
3 moms liked this

In reality the economic collapse had very little to do with any mortgage directly but was primarily caused by what financial institutions did with them. They took mortgages and lumped them over and over into derivatives that were sold as a much higher level of investment than the mortgages would be worth if not so bundled. It was a scam somehow allowed under the reduced regulations that the Republicans have forced through in their effort to give the financial institutions that bought and paid for their seats what they wanted. The financial institutions made huge profits from this questionable method of operation and when as much profit as could be wrung out of the deal was made they were left with a vulnerable house of cards that could do nothing other than crumple taking the global economy with it. They then were bailed out using our tax money, most recovered, and are back trying to again do such deals as led us to where the economy faltered. 

SallyMJ
by Ruby Member on Dec. 30, 2012 at 2:10 PM
4 moms liked this

Absolutely right. And we've actually known this for some time.

But everyone knows - due to the shrill voices of the left - especially President Obama, who has mentioned it hundreds of times over the past 5 years -  that the meltdown was all Bush's fault.

susan115
by on Dec. 30, 2012 at 2:25 PM
4 moms liked this

Well, this has been around for awhile, but if you say something, somehow you are a Nazi.  Yes, it has always been Barney and Frank's fault.  Go back to 1992, yes, but women who lack critical thinking skills will never understand.  They need someone to pay for their birth control, because they are not very smart.

Friday
by Platinum Member on Dec. 30, 2012 at 3:46 PM
4 moms liked this

Anyone who blames one political party over the other, for the mess we are in, is ignorant or a partisan hack. Or maybe both.

 


Thank God......it's Friday!!!

Sisteract
by Socialist Hippie on Dec. 30, 2012 at 4:24 PM

Yep

Quoting Friday:

Anyone who blames one political party over the other, for the mess we aqre in, is ignorant or a partisan hack. Or maybe both.


mustbeGRACE
by Silver Member on Dec. 30, 2012 at 4:29 PM
4 moms liked this


Quoting GaleJ:

In reality the economic collapse had very little to do with any mortgage directly but was primarily caused by what financial institutions did with them. They took mortgages and lumped them over and over into derivatives that were sold as a much higher level of investment than the mortgages would be worth if not so bundled. It was a scam somehow allowed under the reduced regulations that the Republicans have forced through in their effort to give the financial institutions that bought and paid for their seats what they wanted. The financial institutions made huge profits from this questionable method of operation and when as much profit as could be wrung out of the deal was made they were left with a vulnerable house of cards that could do nothing other than crumple taking the global economy with it. They then were bailed out using our tax money, most recovered, and are back trying to again do such deals as led us to where the economy faltered. 

Mortgages that SHOULD NOT have been given to begin with.

mustbeGRACE
by Silver Member on Dec. 30, 2012 at 4:33 PM
1 mom liked this


Quoting Clairwil:

Quoting acrogodess:

Funny, because we didn't take out loans we couldn't afford. Neither did my parents. It's called reading the fine print. It is also called personal responsibility. No one made those individuals take on debt they couldn't afford. That is all on them, not on the government or the banks. 

On an individual level, yes.

On a group level, you can predict in advance that a certain percentage of a particular group will be foolish and irresponsible.   The job of a bank is to make sure that risk isn't a systematic risk - that there isn't a single element which is going to cause all of the foolish borrowers to default AT THE SAME TIME.

I doubt people have become fundamentally less responsible since the 1960s.   What did change, perhaps, is how long it had been since a property downturn.   If the same market history had affected their parents' generation, those parents would probably have contained the same percentage of fools.

Your proof of that ????

Clairwil
by Gold Member on Dec. 30, 2012 at 5:08 PM
Quoting mustbeGRACE:
Quoting Clairwil:

I doubt people have become fundamentally less responsible since the 1960s.

Your proof of that ????

None.

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