TruthDialogue | the Blog: The Economic Crisis: Who's to Blame?

I have the answer right here: Carter, Clinton, the Democrats, and the spineless, non-fiscally-conservative Republicans in Congress over the last 10 years.

Want proof? Check out this New York Times article dating back to September 30, 1999: Fannie Mae Eases Credit To Aid Mortgage Lending.

Here are a few excerpts to give you the gist of the article:

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

.....

''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.''

.....

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. (emphasis added)

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

This is exactly what has happened. A big government, entitlement mentality envisioned by Carter, ushered in by Clinton, cultivated by a spineless Republican majority, and now coming into maturity with a Democrat majority put us in a recession and set the culture in this country that has led to today's economic crisis. Overly simplistic? Perhaps. But big, careless, corrupt, spend-crazy governments cannot sustain prosperity.

And let's not forget the likes of Barny Frank, who has insisted for years that Fannie and Freddie were in good shape, and accused the President for valuing financial safety over housing when he suggested tighter regulation. Now that the companies that he allowed to go bankrupt and throw our economy into a tailspin have gone down, he's blaming the private sector and the Bush administration. What a crook! (See Frank's fingerprints are all over the financial fiasco)

I haven't lost a dime in this mess. I'm not angry because I lost any money. I'm just sick and tired of corrupt, power-hungry Washington bureaucrats, mostly liberals, who lie with every breath they take, cheat the system, and steal from the innocent hard-working people they duped to elect them into office, and then blame everyone else when the world falls apart.

Labels: politics

2 Comments:

At October 04, 2008 8:34 PM, Hunter Three said...: Sean,
Did you hear Palin's comments about the financial crisis a couple of nights ago? For a woman who can't even name a magazine that she reads from the east coast, she sure seems to have great economic sense: Americans, don't buy houses you can't afford.
At October 06, 2008 9:29 AM, Sean Scribner said...: Kory, that's exactly right. Although I thought she pandered to Americans just a little bit by pinning all the blame on those sleazy mortgage companies and calling us all victims. While there is truth in that statement, it is not the full truth. Too many Americans live beyond their means and rely too much on credit to fund their indulgent lifestyles. That needs to be addressed a little more directly, but I guess a prime time political debate isn't the time to do it.