Care to trace it back...U Libs beyond delusional. Lets debate with facts instead of bs lib rhetoric.
Twenty years ago the buzz-word in the media was "redlining." Newspapers across the country were filled with hard-hitting investigative reports about evil and racist mortgage lenders refusing to make real estate loans to various minorities and to applicants who lived in lower-income neighborhoods. Meaning they would not give loans to people whi could not pay, imagine that.
Political correctness won the day. Washington made it clear to banks and other lending institutions that if they did not do something .. and fast .. to bring more minorities and low-income Americans into the world of home ownership there would be a heavy price to pay. Congress set up processes (Research the Community Redevelopment Act) whereby community activist groups and organizers could effectively stop a bank's efforts to grow if that bank didn't make loans to unqualified borrowers. Enter, stage left, the "subprime" mortgage. These lenders knew that a very high percentage of these loans would turn to garbage - but it was a price that had to be paid if the bank was to expand and grow. We should note that among the community groups browbeating banks into making these bad loans was an outfit called ACORN...which a Dem front goup.
People who can't pay their bills should not own houses. This is the route cause of the current crisis. U can blame Bush all u want but he did not ask anybody to change the laws in 1995, Clinton did. He didn't ask anybody to push home loans poor people like the Dems did. Ur only argument will be that Bush didn't regulate the industry, yeah got it, but plenty of Republicans including Bush complained about this crisis before it became one. And now the same idiots who got us into this mess, who profited from it, advise Obama. The same guys who sank Leman brothers and both Freddie and Fanni, the same guys investigated for fraud, are writing economic policy for the "messiah".
