KTC> And when did Barney Frank assume a leadership position? Boy, he worked fast to cause the biggest financial collapse since the Great Depression (if even that) in ten months.
http://startthinkingright.wordpress.com/2010/08/10/barney-frank-and-democrat-party-most-responsible-for-2008-economic-collapse/
You’re right, Barney. It wasn’t the Dot-com situation. It was a hundred times WORSE than the Dot-com situation, even given as bad as the Dot-com bubble was. And yeah, you sure were right when you said there wouldn’t be a collapse, weren’t you?
So first of all, we have Barney Frank – liberal Democrat par excellence – acknowledging that the bad policy that led to the mortgage market meltdown was actually a CLINTON policy that Bush merely continued (most likely because he knew he’d be called a “racist” the moment he ended a program that gave billions of dollars to minorities to buy homes they couldn’t afford).
From the New York Times, September 30, 1999:
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
It’s beyond asinine that Democrats blame Bush for ruining the economy, and praise Clinton as having the mostest wonderfulest economy ever, when it was a Clinton program that ruined the Bush economy. But that’s the mainstream media narrative for you.
It’s ironic that Frank in hindsight so laughably compared the housing mortgage bubble that brought down the economy in 2008 to the Dot-com bubble that brought down the economy just as Clinton was leaving office. Because that’s TWO giant economy-killers that “Mister Wonderful Clinton” inflicted on George Bush. The Clinton-era Dot-com crash ultimately destroyed 78% of the Nasdaq composite. Clinton benefited with a huge market surge, and Bush paid with a huge market collapse that began taking place while the handprint on the Bible from Bush’s oath of office was still warm.
So Barney Frank reminds us that the destruction of the Bush economy was bookended by massive Clinton failures – the Dot-com bubble collapse in 2001 and the housing market bubble collapse in 2008. And Clinton was never blamed for either of them by the propagandist mainstream media.
The second thing you can notice is that Democrats like Barney Frank – who were so quick to pounce all over the mortgage meltdown and blame Bush for it – were not only the ones who created the problem, but were the ones who defended the problem.
What’s the Democrat-mainstream media-created narrative for why we had the 2008 collapse? Republicans refusing to regulate? Read what the New York Times said back in September 11, 2003:
WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
So Bush WANTED to regulate, in contradiction to all the lies that you heard.
And who blocked those regulations? Omigosh, it was Barney Frank and his Democrats.
(Much more is at this site. Zim.)
Mad Poet Strikes Again.
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