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This page contains a single entry by Westley Annis published on September 18, 2008 10:52 PM.

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Who Caused the 2008 Economic Woes?

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This is not your typical blog post, especially from me. This is a copy of an email I sent to a friend of mine. As you can summize, he's liberal and I'm conservative.

Seems to me, the Dems have a lot of hands in pot of economic woes. Was it just plain deceit or was it a conspiracy for select members of the Democrat Party make some HUGE bucks while in the process converting the US from a capitalist to a socialist country?

Let's see, first we have Clinton Deputy Attorney General Jamie Gorelick, the "Mistress of Disaster". After ruining the AG's office, she moved to FannieMae where she would take in $26 million as VP even though she had no experience or training in finance. (Wonder if that lack of experience is what led to the $10 billion accounting scandal?)

Now, let's take a look at DNC power house Barney Frank, ranking Democrat back in 2003, now CHAIRMAN of Senate Financial Services Committee. Now, why do we look at 2003?

Well, in 2003 REPUBLICAN PRESIDENT GEORGE W. BUSH proposed a new agency to oversee both Freddie Mac and FannieMae that would "determine whether the two are adequately managing the risks of their ballooning portfolios."

The plan "was an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates."

Who opposed it? None other than Barney Frank, who said "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (I guess he forgot saying this when he started the run on IndyMac back in July.)

But who caused all of this? How could we get into such a mess? I guess we need to travel even further back than 2003.

Seems if we go back another decade to 1992, the Boston Federal Reserve released a study that claimed lenders were using race as a basis for determining who would be approved for a loan. Based on this faulty study, the Fed came up with new REGULATIONS that stated "discrimination may be observed when a lender's underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower-income minority applicants."

Just what could this arbitrary or outdated criteria be? Why none other than the borrower's credit history, income verification, and the size of the mortgage payment relative to income.

So who was President during this time? GASP! The horrors! It was Bill Clinton. How could he allow such a thing to have happened? Why, he's suppose to be the greatest President in the 20th Century (not counting those over liberal stalwarts such as FDR or JFK).

Mortgage Lending to Minorities: Where's the Bias?

And this Slate article seems to be pretty bi-partisan (one mustn't forget that Slate is a liberal rag). Both parties have their hand the cookie jar, although it appears the Democrats had a bigger hand:

Does Obama wish for everyone to have a casa they can call "Mudd Manor"?

Apparently the DNC is real good at covering the hide of their operatives.

Could the government cleanup of Enron have led to AIG's failure?

Now, I realize as a faithful yellow-dog Democrat, you are just not going to believe a single word in this posting, but I will pass it along none the less. Don't worry, the author does have good things to say about Clinton and bad things about Bush, but you can't pick and choose what you're going to believe out of this. It's an all or nothing deal.



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