And guess who caused the "great recession"?
I as Biden is wont to say "absolutely guarantee"!!! That all of you are totally unaware of the major cause of the 2008 recession that WRONGFULLY Blames Bush when the start of the mortgage bubble was due to Obama's lawsuit in 1995!!!
FACTS not made up information!!!
"Obama leverage the 1995 lawsuit against Citibank in Chicago that caused the housing collapse!"
That settlement was only the tip of the iceberg.
When Citibank, in April 1998, sought federal approval for a merger with Travelers Group, it only got OK from the Clinton administration progressives after it promised
in May to provide $115 billion for anti-redlining loans.
Anti-redlining promises made by other financial institutions added up to $600 billion between 1993 and 1998, according to a 2000 Treasury Department report.
It was the progressive dreams of Barack Obama that would crash the nation's economy in 2008, wipe out at least $4 trillion in equity and help keep the unemployment rate above 8% for four years.
As president, Obama would blame his predecessor, George W. Bush, and Wall Street.
But before the housing market finally collapsed, it was a young lawyer named Barack Obama who helped put the wrecking ball in motion.
Barack Obama was one of many Chicago activists who
pioneered the national subprime real estate bubble, which contributed to the financial scandal which has affected the whole country.
The article is titled “
With landmark lawsuit Barack Obama pushed banks to give subprime loans to Chicago’s African Americans,” and contains the following quote:
Fay Clayton, a Chicago progressive activist, initiated the discrimination lawsuit in 1994. Obama’s employer, a lawyer named Judson Miner, allied with Clayton to file a class-action lawsuit a year later.”
The suit was filed against Citibank on behalf of several African-Americans based on allegations that it had refused to issue them mortgage loans.
Originally the suit named only three plaintiffs, but it grew to a total of 186. In 1995,
Obama
represented almost half of the 186 clients in his landmark lawsuit against Citibank.
Eventually, Citibank settled the suit in 1997. Their top executives negotiated with the Clinton administration “to bargain for their future.
Their future was at stake because of a successful campaign by Obama’s allies In Chicago.”
In a rousing speech while running for office, Senator Barack Obama quoted Judge Louis Brandeis, “Sunlight is the greatest disinfectant.” He promised that his administration would be open and transpa…
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