yota5
VIP Member
It is fact that Obama, inherited an economy in a tail spin. It is fact that the burst of the housing bubble caused our economic slide.
Liberals conveniently forget that the sorry state of our economy can be traced all the way back to the Clinton administration when he signed in the Community Reinvestment Act of 1977. The CRA 1977 opened the door for banks to get involved with risky investment practices for the first time in US history.
Then democrats in congress did two things. First through their efforts with Fannie Mae, Freddie Mac, and A.C.O.R.N' democrats pressured banks into issuing mortgages to folks that couldn't afford them, and no chance of ever paying them back . The catalyst behind this Charlie Foxtrot was provided by Barack Obama, Barney Frank, Chris Dodd, and Maxine Waters: all democrats. Then the democrats took control of the congress, and spent us into oblivion.
Liberals may have forgotten these events but the American people didn't. That is why the 2010 election was such a resounding republican success. Barack Obama, inherited a financial catastrophe that was engineered by, and voted for by Barack Obama, and the liberal congress. The American people continue to pay for the mistake of putting these yahoos into office. I can't wait for 2012. How about you?
Government-mandated loans
Starting with the Community Reinvestment Act (CRA) of 1977 Congress forced banks to give loans they would not otherwise give.[14] According to the Cato institute, this raised demand and gathered momentum after Reagan left office when the White House pressured HUD,[15] the Attorney General,[16] The Federal Reserve and all institutions with regulatory authority over banks to pressure them to make loans to low income African-Americans using racial statistics to determine whether the banks were compliant. Jonathan R. Macey, a professor at Cornell University Law School, stated "No bank, no matter what it does, is safe from charges of discrimination. And this is true despite the fact that the industry spends over half of its profits to comply with regulations."[16]
Causes of the United States housing bubble - Wikipedia, the free encyclopedia
United States housing bubble - Wikipedia, the free encyclopedia
Liberals conveniently forget that the sorry state of our economy can be traced all the way back to the Clinton administration when he signed in the Community Reinvestment Act of 1977. The CRA 1977 opened the door for banks to get involved with risky investment practices for the first time in US history.
Then democrats in congress did two things. First through their efforts with Fannie Mae, Freddie Mac, and A.C.O.R.N' democrats pressured banks into issuing mortgages to folks that couldn't afford them, and no chance of ever paying them back . The catalyst behind this Charlie Foxtrot was provided by Barack Obama, Barney Frank, Chris Dodd, and Maxine Waters: all democrats. Then the democrats took control of the congress, and spent us into oblivion.
Liberals may have forgotten these events but the American people didn't. That is why the 2010 election was such a resounding republican success. Barack Obama, inherited a financial catastrophe that was engineered by, and voted for by Barack Obama, and the liberal congress. The American people continue to pay for the mistake of putting these yahoos into office. I can't wait for 2012. How about you?
Government-mandated loans
Starting with the Community Reinvestment Act (CRA) of 1977 Congress forced banks to give loans they would not otherwise give.[14] According to the Cato institute, this raised demand and gathered momentum after Reagan left office when the White House pressured HUD,[15] the Attorney General,[16] The Federal Reserve and all institutions with regulatory authority over banks to pressure them to make loans to low income African-Americans using racial statistics to determine whether the banks were compliant. Jonathan R. Macey, a professor at Cornell University Law School, stated "No bank, no matter what it does, is safe from charges of discrimination. And this is true despite the fact that the industry spends over half of its profits to comply with regulations."[16]
Causes of the United States housing bubble - Wikipedia, the free encyclopedia
United States housing bubble - Wikipedia, the free encyclopedia