Originally Posted by Mr. Wiz
No matter how much our hard right leaning friends here at LTUP wish they could forget the Bush years it ain't going to happen any time soon. They rightly point out Obamas faults and claim the big problems for the country started just a few months ago. Of course, anyone that is willing to accept reality knows that just isn't true. There are no fiscally conservative politicians in Washington and there haven't been for quite some time. Here is a pretty good little piece on the subject.
While most of what the piece explains is quite true, the writer doesn't touch on the straw that broke the country's back.
In order to make the story reflect the truth about what in the end caused the crisis that we find ourselves in, the story would have to go back to the Clinton Administration and the dems in congress who invented new and broad Affirmitive Action policies that eventually forced and coerced lenders to provide loans to low income/no income people who couldn't ever pay them back.
Then passed legislation that would make Freddie/Fannie responsible for the unpaid debt, and make us, the tax payer responsible for the failures of Fannie/Freddie.
Though many have found everyone but their own to blame for the Housing/Lending collaps, the trail leads back to Clinton and the Congressional Dems that sought to buy more votes and political support from the poor and minority communities by making the American dream of home ownership available to those who weren't qualified to pay for those homes.
The plan was a failed excercise in social engineering and a grand socialist income redistribution scheme, a piramid type of scheme that by it's very construct could never have worked except in the manner that it did.
And what only can be discribed as idiotic, except when one considers what it takes to run a halfassed cover up, the very people who took part in the theft of this country's wealth and headed the programs that achived that theft, were appointed by the new administration to oversee the reconstruction of that part of the economy that they themselves ruined.
It's been said that all of the above is irrelevent, because the Bush Administration was in power and had the majority in congress for six out of the eight years leadig up to the melt down.
But what's dismissed is that the Bush administration started warning congress as far back as 2001, and every year there after, that the affirmitive action lending policy's of the last administration were doomed to fail, but that the words of Barney Frank and Chris Dodd that "The poliicies of the lending industry in regards to low income loans are working well, are in no danger of failing, and are otherwise stable" quieted the fears of congress.
At the point where it started to be apparent that that we were in real trouble the power in congress changed to the dems, and the Frank/Dodd plan was untouchable.
Did the Bush administration do it's best to head it off, No it didn't, does the Bush Administration deserve some blame for this crisis, you bet they do.
But it was the progressive liberal agenda of trying to make everybody equal economically, an impossible task, one that defies reality in a country that has it's roots in opportunity and personal advancement based on one's own hard work and aquired skills.
And that's the rest of the story.