One of the great things about "owning" the media is that history is whatever you say it is.
Obama and the Democrats laid responsibility for the financial crisis squarely at the feet of Wallstreet, and pronounced themselves "the solution" to corporate greed and capitalism generally.
I'm pretty sure that the average American knows nothing about the Bush administration's pleading with Democrats in Congress to do something about Fannie Mae and Freddie Mac. Even the videotaped assurances of Barney Franks and various other prominent Democrats that there was "no problem" and no reason to change anything as far back as 2005, have been conveniently dumped down the memory hole.
I see no reason that this will change, even with Peter Wallison's expose of the damning statistics that prove that the Democrats blew up the economy on purpose.
...more interesting than the FHA's prospective losses on its 2007 and 2008 book are the agency's losses on its 2005 and 2006 guarantees, when the housing bubble was inflating at its fastest rate and there was no need for government support. FHA-backed loans during those years also have delinquency rates between 20% and 30%. These adverse results—not the result of a "policy" effort to shore up markets—pose a significant challenge to those who are trying to absolve the U.S. government of responsibility for the financial crisis.
Not surprising really--socialism is just another name for fascism, where the elite seize control of the economy so they can live like capitalists while everyone else lives like Ukrainians under Soviet rule. Obama and the Democrats spent 16 billion to save 30,000 state government jobs. Gotta take care of your own after all. Meanwhile, the people who pay the taxes that make these jobs possible are losing their homes left, right and center.
I encourage everyone to read the article, which confirms, not new revelations, but facts that are part of the public record and well-known--just not by Americans generally.
FACT 1. The Bush administration did NOT deregulate the financial markets.
FACT 2. The crisis was triggered by 25,000,000 sub-prime mortgages (nearly half of all mortgages).
FACT 3. The Crats blamed the mortgage brokers, but the reality is that mortgage brokers only sell "qualifying" mortgages. What that means is that the mortgage has to meet the specifications of the buyer--in this case Fannie Mae, Freddie Mac and the FHA. Those agencies bought 2/3rds of all the bad mortgages because they met their criteria for a qualifying mortgage.
FACT 4. The crisis started during the Clinton administration, when Democrats decided that mortgages should be "affordable" by low income people (or as it turned out--no income people).
Bernie Madoff is in prison for taking the life savings of thousands of people, but to date, no politician or political appointee involved with this scam is even in danger of indictment. Many have in fact walked away with multi-million dollar fortunes. One of the chief villains in all of this--Barney Frank, is more than likely to retire from Congress with a healthy pension and perhaps a public building or two named in his honor.
We've had revolutions for less...
