APP - Barack Obama and the Democrats did not inherit the bad economy;

DamnYankee

DamnYankee

Loyal to the end
they caused it and made it worse.
Click to expand...

culprits.jpg


1. Jimmy Carter pushed for and signed into law the Community Reinvestment Act which forced banks to lower their standards so that previously unqualified people could get a mortgage.
2. Bill Clinton then doubled-down on the Community Reinvestment Act and greatly lowered mortgage standards to allow a lot more unqualified borrowers to get loans.
3. Bill Clinton’s Attorney General, Janet Reno, then intimidated banks with threats of legal action if they did not give loans to unqualified borrowers who
would not have the income to pay the loans back.
4. A member of the Clinton administration, Franklin Raines was then put in charge of Fannie Mae by Bill Clinton. Fannie Mae bought up a majority of the bad loans made by banks to unqualified borrowers. Raines then falsified Fannie
Mae financial reports so he could collect bonuses which totaled over $90 million for 5 years.
5. Senator Chris Dodd, head of the Senatorial Financial Committee, suppressed efforts by President George W. Bush and congressional Republicans to rein in the corruption at Fannie Mae and Freddie Mac. He got a very favorable loan by a bank associated with Fannie Mae and Freddie Mac. He got large political campaign contributions from Fannie Mae and Freddie Mac.
6. Barney Frank, head of the House of Representatives Banking Committee, also suppressed efforts by President George W. Bush and Congressional Republicans to investigate corruption at Fannie Mae and Freddie Mac.
7. Barack Obama, while he was an attorney, filed lawsuits against banks on behalf of ACORN in order to force banks to give loans to people who could not afford to pay them back. Obama, while he was a U.S. Senator, also suppressed efforts by President George W. Bush and Republican Congressmen to investigate and rein in Fannie Mae and Freddie Mac.
Click to expand...
http://www.uscitizensassociation.com/pdfs/USCA_Ad.pdf
 
I find it hard to believe Southerntool claims a college degree and posts this garbage.
They lowered standards, so the idiots on wallstreet decided no standards were ok.
Your argument is as weak as the shit degree you got.
 
Last edited:
Topspin said:
I find it hard to believe Southerntool claims a college degree and posts this garbage.
They lowered standards, so the idiots on wallstreet decided not standards were ok.
Your argument is as weak as the shit degree you got.
Click to expand...
Talk about weak; that doesn't even make sense. *shrug*
 
every leftard depicted in that picture is at fault for pushing the US economy to a credit/debt based cycle of bubble inflating and deflating.
 
Didn't SM make that thread about lefties being in another universe?
Well that site is another universe as well.
 
This is the Bush Recession and its much much worse than the Carter recession was!
 
[nomedia="http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related"]YouTube - Broadcast Yourself.[/nomedia]
[ame="http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related"]YouTube - Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown[/ame]
Dems warned about Freddie and Fanny....

Other pertinent videos removed from youtube....figures
 
Last edited:
You must log in or register to reply here.
Back
Top