By Neal Boortz
One of ObamaÂ’s primary talking points on the campaign trail is that the evil RepublicanÂ’s solutions to our sluggish economy are the very policies that got us into this mess in the first place. Now Â… how do I put this delicately? That, my friends, is a trainload of Bolshoi.
The primary cause of what weÂ’re calling The Great Recession was our suicidal rush to make sure that anyone in America, no matter how financially unqualified, could own a home. This policy was shared by Democrats and Republicans. But .. .there was one big difference. Somewhere along the way the Republicans figured out that this effort to increase home ownership at any cost was suicidal. Republicans soon figured out that some of these people ---- MANY of these people --- needed to be renters.
Early in the 1st term of George W. Bush the signs of trouble were surfacing. There were literally tens of millions of bad mortgages out there .. variable rate mortgages that would soon be in trouble as borrowers found themselves unprepared to make the higher payments. Since many of these borrowers had no skin in the game --- no actual equity in their homes – they would simply walk away. As these mortgages --- promoted, supported and backed by federal mortgage giants Fannie Mae and Freddie mac --- started to fail President Bush made several – at least three – unsuccessful attempts to reform the practices of Fannie Mae and Freddie Mac. Every single time Bush tried to gain control of this impending financial disaster two men, Barney Frank and Chris Dodd, stepped in to block him. In the meantime large banks and financial institutions were investing trillions of dollars in these mortgages – encouraged to do so by suggestions that the mortgages were guaranteed by the government of the United States.
As I said Â… some people saw it coming. Ron Paul, George Bush, John McCain .. these are just a hand full of people who predicted the collapse and tried to do something about it. While these many, and IÂ’m sure many others, saw what was heading our way. IÂ’ve already mentioned that Barney Frank and Chris Dodd blocked reform attempts .. but there was someone else out there helping them. That man was Barack Obama.
The Daily Caller has done a review of previously unpublished court information on a case Obama championed. HereÂ’s what they report:
President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.
As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.
Our Dear Ruler contributed to the problem then, and he continues to contribute to the problem now. Now, his “recovery” is based on bigger government, more spending and redistribution of wealth. That’s no way to grow an economy … assuming that’s his goal, which I’m not entirely sure it is.
So .. are the Republicans proposing that we go back to the same economic policies that got us in this mess? Hardly! In fact, that needs to be pinned on Democrats. ItÂ’s the Democrats who are once again pushing for a relaxation of mortgage underwriting standards so that Democrat voters can buy homes they simply cannot afford. DonÂ’t expect the ObamaMedia to explain this to you, however. ThereÂ’s a media icon to reelect.
Obama's America | Nealz Nuze | www.boortz.com
