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PTBC J-Log

A conservative OPINION blog --with bite. OPINION by Joel Johannesen.

Wednesday, September 24, 2008

Let’s ascribe financial crisis blame—there’s an election coming up!  Ready:  L-I-B-E-R-A-L-S

Written by Joel Johannesen on Wednesday September 24 2008 at 04:15 PM


As we now know, it was Big Government liberals and particularly Democrats Bill Clinton and Jimmy Carter who created the current Fannie Mae and Freddy Mac financial crisis.  You can tell, because today, liberals and Democrats in Congress, and particularly Barack Obama, are all saying things like “well, no need to ascribe blame right now…” and “there’s more than enough blame to pass around…” and “this is not the time to talk about who’s to blame…”, and the big favorite from big government liberal hacks, “Wall Street ‘fat cats’ are of course to blame…” (ironic particularly because they’re half of the Dems’ base, and their sugar daddy). 

Here’s a timeline put together by Fox News Channel (which won’t ever, ever be shown on CBC) to show how President Bush, starting in 2002, warned Congress and the nation about action needed to reign in a coming crisis vis-a-vis Fannie Mae and Freddy Mac, unless action was taken.  His administration continued to warn.  And continued.  Senator McCain warned, starting in 2005, of the exact crisis that is now taking place. The do-nothing Congress, as led by Democrats Nancy Pelosi and Harry Reid, have failed to act since they took over power. 

At every step, Democrats balked at the warnings.  Stymied the efforts to reform the system. 



Ann Coulter  Today, our Ann Coulter helps explain the inconvenient truth in “THEY GAVE YOUR MORTGAGE TO A LESS QUALIFIED MINORITY”:

...This crisis was caused by political correctness being forced on the mortgage lending industry in the Clinton era.

Before the Democrats’ affirmative action lending policies became an embarrassment, the Los Angeles Times reported that, starting in 1992, a majority-Democratic Congress “mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains.”

Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton’s secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

Instead of looking at “outdated criteria,” such as the mortgage applicant’s credit history and ability to make a down payment, banks were encouraged to consider nontraditional measures of credit-worthiness, such as having a good jump shot or having a missing child named “Caylee.”

Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke—it’s a fact.

When Democrats controlled both the executive and legislative branches, political correctness was given a veto over sound business practices. ...

Here’s some other inconvenient facts to help you conservatives who aren’t already banned from the cocktail circuit —to secure that ban. 

I said this in this September 16 blog entry called:  “Carter/Clinton-era social engineering should share most blame for current turmoil in credit markets”: 

Liberals.  They throw wrenches in the free market, then blame the free market for failing.  And their answer is always… whadoyaknow: More government regulation.  More rules.  Raise taxes and create new ones.  “Provide” more taxpayer cash and “programs” for folks to become totally reliant on.  And I love this one the best:  government “investment” in order to save the day (literally—a day). 

In a word:  socialism. 

To quote Rush Limbaugh, which I know liberals love because they love it when citizens speak truth to power:

“Liberals create economic circumstances that force businesses to lay people off, and then liberals blame capitalism for failing. When the economy is strong, liberals want to grow government. When the economy is weak, they want to grow government. There is no business cycle in government. There is just growth.”

...and I included this great article:

The Real Culprits In This Meltdown

By INVESTOR’S BUSINESS DAILY | Posted Monday, September 15, 2008 4:20 PM PT

Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it’s dysfunctional, Democrats during the Clinton years are a prime reason for it.

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the “trickle-down” economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”

Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the ‘90s by Clinton and his social engineers. They were the political catalyst behind this slow-motion financial train wreck.

And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America.

[...Read the rest.  ...]



And there’s more.  You won’t find it on CBC though, so don’t waste your time. 

Top Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

**

Name - Office - Party/State - Total
[“D” stands for Democrat]

1. Dodd, Christopher - S - D-CT - $133,900

2. Kerry, John - S - D-MA - $111,000

3. Obama, Barack - S - D-IL - $105,849

4. Clinton, Hillary - S - D-NY - $75,550

5. Kanjorski, Paul H - D-PA - $65,500


LATE ADDITION:

See this MUST SEE VIDEO

Lasts nearly 10 minutes.  Watch every minute.  Even has good music.
UPDATE: REMOVED FROM YOUTUBE!

See this new version!


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Posted by Joel Johannesen on   Wed, September 24, 2008 at 4:15:05 PM • If you think PTBC has no value, then don't pay anything for it. It will fade into the sunset. That's the free market at work.
• Email this article to a Friend Spread the word! Email this to a friend | • Printer-Friendly | • Permalink
• Category: The liberal-left ruining the free-market, capitalist economy +


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We require you to to be registered, and comment under your real name (full name), email address, and location. **EXISTING REGISTRANTS: NOTE NEW POLICY FOR COMMENTS: you must ensure that your profile includes your real, full name, and a working email address. Only comments using a real, full name, will be allowed. If we don't know you, you may be asked to prove your identity. (See this article for more.)

  1. Doowleb's avatar Doowleb says:

    I posted this info on a CBC comment section.
    They seem a bit touchy.

    -sigh- more people that won’t be sending me Christmas Cards.

    Posted by Doowleb  from   on  Wed, September 24, 2008 at 7:14:20 PM
  1. Terry Haryett says:

    Why aren’t the Republicans all over this in their election campaigns? Presidential and Congressional Republicans should be able to ride this to big gains,
    The media won’t bring it up.

    Posted by Terry Haryett  from  Keene Ont.  on  Thu, September 25, 2008 at 1:12:28 PM
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