Good day all, I meant to write about this over the weekend, but that damn snowfish Nemo stopped by. There is a new study out on what happened to the economy and who was responsible.
A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left’s race-baiting attacks on the housing market (the Community Reinvestment Act–enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.
Gee, what a big surprise. NOT! The Democrats have been working to destroy the free enterprise system since at least Franklin Delano Roosevelt was in office. (Herbert Hoover was no great shakes regarding economics either)
The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.
Any number of Republicans tried to short circuit this disaster before it happened. They failed of course.
President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.
That would be Barney “Hot Bottom” Frank. He, along with the other Democrats had no interest in cleaning up the mess. It would have meant they would have to admit their ideas were wrong. Still, others continued to try and fix the problems.
John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary…to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.
Democrats protecting their cronies and their source of bribes. What a surprise! Why, they were doing all those things they have long accused Republicans of doing…even thought they weren’t. Now this mess started when the Democrats stuck their communist noses into the banking system.
No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn’t go along with the left’s Affirmative Action lending policies…all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.
Extortion, threats, intimidation and as I recall, some outright violence by people like Al Sharpton and Jesse Jackson. (Having their minions confront bankers in the streets and their homes, screaming “RACIST!”) And of course, King Putt had to get in on the act.
Obama himself is even on the record personally helping sue one lender (Citibank) into lowering its lending standards to include people from extremely poor and unstable areas, which even one of the left’s favorite blatantly partisan “fact-checkers,” Snopes, admits (while pretending to ‘set the record straight’).
Snopes jumped the shark almost as soon as they started with their “Fact Checking.” They have been caught many times in the past denying stories as not true even when documentation is provided to them. With them has been the Main Stream Media, know known as the Obama Steno Pool.
Non-Fox media have spent years deliberately and relentlessly inoculating people against the facts, training them to mindlessly blame Bush for being in charge when Democrat policies destroyed the economy. So here we sit, to this day, still watching Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.
One of the problems we have today are exactly who infests the Democrat Party these days. These are the people, who in the 1960’s, did nothing but drop acid, smoke pretty much anything they could inhale and protest “The Man.” Once they managed to finish school, rather then go into the private sector, or the military, (Which they hate), they went into various government agencies or working for elected officials. None of them have a clue how the business world works and don’t trust the Free Enterprise system. Many of these Moonbats actually come from money and never had to work. They feel guilty about having all those trust funds, so they decided that they would “Help” people.
While people who didn’t come from money, and struggled to pay for collage took courses that would allow them to be successful in life, the Liberal Elite took classes in Karl Marx, the Communist Manifesto and advanced Colombian Basket Weaving and Coke snorting. In other words, they studied all the economic theories that have utterly failed and came to the conclusion that they failed because the “Right” people hadn’t tried to implement it.
We are now seeing the results of their “Implementation” of the “Politically Correct” economic policies. A national unemployment/underemployment rate of between 11-18%1, inflation running at 10% and trillion dollar deficits as far put as we can see. The Progressive Liberal Elite is unable to see what damage they have wrought and instead of cutting back, are planning to double down. A classic case of this denial is former speaker of the house Nancy Pelosi. In an article on Fox News:
House Democratic Leader Nancy Pelosi claimed Sunday it is a “false argument” to say the federal government has a spending problem, in the latest shot across the bow to Republicans who couldn’t disagree more. Pelosi, in an interview with “Fox News Sunday,” locked arms with President Obama in calling for Washington to avert a looming round of budget cuts — by replacing them with a blend of cuts and tax hikes.
Allow me to translate. The only cuts Democrats will make is to the Defense Department. They literally want to shut down the United States Military and rely on the United Nations to deal with threats to the country. As to taxes, they want every single dime anyone has with the exception of those that support the Progressive Democrat Elite. That’s who they plan to give your hard earned money.
Well, it looks like the Republicans have gotten tired of being kicked in the balls time and time again. Boehner and McConnell have rolled over repeatedly for Il Douche and the results have been higher taxes and no significant cuts other then to the military. Now, we have Sequestration coming up and the SCoaMF and the others in the Progressive Liberal Democrat party are in a blind panic. Besides gutting the Pentagon, it will also hit the non-defense parts of the Government. Many Republicans are saying that if Obama and the Progressive Liberal Democrats don’t pass a budget, as well as make the significant cuts required, they’re going to let it happen. They have finally figured out that they can’t win, so to speak, so if it’s the only way to force Obama to do what has to be done, then so be it.
I’m in agreement. Even though I am a major supporter of the defense of this country, with what the Democrats have done for the last 30 years, and what will happen if it isn’t corrected. Then let it burn. Shut the whole thing down.
Obama is already making his threats to cut the funding for those that truly need it, but as you might expect, he won’t be cutting the worthless budget items that support his cronies. The typical Democrat policy when dealing with responsible adults. If Obama can’t get what he wants, hurt those who are truly in need.
Fine I say. Let the Sequester happen and no more continuing resolutions. Force Obama to make the hard choices over what will be funded and what won’t be. If he tries something stupid like not paying the interest on the debt, impeach him. Just because he can’t borrow money from China doesn’t mean there won’t be money coming into the treasury. We have enough tax money coming in to fully fun the Defense Department, pay the interest on the debt and take care of a few other critical items. I say force the Democrats to actually live within their means. Tear up the credit cards. Let them scream, rant and rave. They’ve done enough damage as this report shows and it’s time to send them to their rooms without their dinner. (Most are so fat they could afford to miss a few meals in any case)
~The Angry Webmaster~