"Those that ignore history are bound to repeat it."
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The housing crisis and the cause of Americas Economic downfall.
Sung to the tune: "It was all Bush's fault." The Democratic Party also gave America – Jimmy Carter. Our recent economic crisis began with the Community Reinvestment Act of 1977. America had just gone through the turmoil of the late 60’s and early 70’s, a period in which the anti-American Leftists/Fascists/Communists gained much political power as they took over the Democratic Party. Jimmy Carter was just the right weak white man that the anti-American Leftists/Fascists/Communists wanted. He was easily swayed towards anti-Americanism dogma, and his anti-Americanism is still prevalent in his actions today. I contend that Jimmy Carter is clearly the ‘Father of Modern Terrorism’. The Community Reinvestment Act of 1977: * The Community Reinvestment Act is a United States federal law that requires banks and thrifts to offer credit throughout their entire market area and prohibits them from targeting only wealthier neighborhoods with their services, a practice known as "redlining." The purpose of the CRA is to provide credit, including home ownership opportunities to underserved populations and commercial loans to small businesses. It has been subjected to important regulatory revisions. * The bill encouraged the Federal National Mortgage Association, commonly known as Fannie Mae, to enable mortgage companies, savings and loans, commercial banks, credit unions, and state and local housing finance agencies to lend to home buyers. It also encouraged the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, to buy mortgages on the secondary market and sell them as mortgage-backed securities on the open market. Due to massive financial losses, on September 7, 2008 the Federal Housing Finance Agency (FHFA) put Fannie Mae and Freddie Mac under the conservatorship of the FHFA. * Clinton Administration Changes of 1995 – In 1995, as a result of interest from President Bill Clinton’s administration, the implementing regulations for the CRA were strengthened by focusing the financial regulators’ attention on institutions’ performance in helping to meet community credit needs. * George W. Bush Administration Proposed Changes of 2003 – In 2003, the Bush Administration recommended what the NY Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." The Bush administration recomended changes were generally opposed along Party lines and eventually failed to happen. Representative Barney Frank (D-MA) claimed of the thrifts "These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." Summary: Jimmy Carter created the 'Foundation Block' of this economic crisis, the Democratic Party then started building upon it, and Bill Clinton "strengthened" the entire disastrous process by giving even more power to anti-American Leftist/Fascist/Communist groups like ACORN. When President Bush "43" offered Congress a chance to fix the looming economic crisis – in 2003 – Democrats like Representative Barney Frank and Senator Chuck Schumer said there was no problem. Then – in 2005 – John McCain Warned Of Mortgage Collapse, and Democrats like Senator Barack Obama blocked the Federal Housing Enterprise Regulatory Reform Act of 2005. Yeah, it was all Bush's fault. Remember, it was Jimmy Carter that claimed Bush to be the worst president, which became the mantra for the democratic party, and shouted repeatedly during the 2008 Obama campain. It is my contention that Obama was running against Bush, as perceived by the many ignorant Obama worshipers, and helped him get elected. --JB |
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