Nonsense. Democrats blackmailed bankers into issuing mortgages to minorities of face the charge of racism, collapsing the financial sector.<quoted text>
Here's what did it:
Bush offers up 'ownership society'
""Bush is placing new emphasis on restructuring Social Security, the centerpiece of his ownership pitch, as he lays out his second-term priorities in Wednesdays State of the Union address and his 2006 budget next week.
The phrase ownership society began popping up in presidential speeches three years ago, as Bush took note of the growing numbers of Americans who own stock and of the importance of home ownership.
As early as February 2002, Bush said at a conference on retirement savings,I want America to be an ownership society, a society where a life of work becomes a retirement of independence. Even as Texas governor, he told senior citizens:Ownership in our society should not be an exclusive club.... Everyone should be a part owner in the American dream.
Bush made the banks loan money to people who couldn't pay it back because it made him look good - until the loans defaulted.
America gets it - that's why Obama will be reelected!!
WALTER RUSSELL MEAD: Black Depression.
The October employment numbers deepened the gloom among African Americans and those (including the Via Meadia team) who believe that the United States as a whole cannot progress as it should unless African Americans are getting ahead too. As a report from Think Progress reminds us, in October, African American unemployment rose almost a full percentage point to 14.3 percent.
As weve noted in earlier posts, unemployment is only part of the story. Americas Black middle class is facing a crisis of historic proportions. African Americans were among the biggest losers in the housing bubble; well intentioned but ill advised policy changes intended to get more low income families and marginal households into home ownership kicked in just in time to lure African American families into the housing market at the peak of the bubble. The loss of wealth and savings has been nothing short of catastrophic; decades of progress in building net worth for middle class and lower middle class minority families have been wiped out since 2007.
So. Hows that hopey-changey stuff workin out for ya?