Reminder of our present financial situation and the dems responsible for it:<quoted text>
Republican G W Bush stock Market crash of 2008 reminded voters of the republican depression of 1929
The Government-Created Subprime Mortgage Meltdown
by Thomas J. DiLorenzo
The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria.
The original lobbyists for the CRA were the hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various "neighborhood organizations," as they like to call themselves, such as "ACORN" (Association of Community Organizations for Reform Now). These organizations claim that over $1 trillion in CRA loans have been made, although no one seems to know the magnitude with much certainty. A U.S. Senate Banking Committee staffer told me about ten years ago that at least $100 billion in such loans had been made in the first twenty years of the Act.
Been 4 years, I think it's time to hold Obama the free market destroyer accountable. He get's credit for 200,000 new federal jobs and the failed "green" energy disasters that cost us app.$90 billion, but no credit for a single private sector job, quite the contrary.
Piling on tens of thousands of new rules and regulations is not how you unloose the free market, only in the delusions of misguided communists would that scheme work..
Jobs??? We don't need no steenking jobs!!! Barak Obama