Here’s a little item that the MSM seems to continue (deliberately) to miss. The National Bureau of Economic Research has recently released a study (not an opinion) that shows policies pushed by Bill (Bubba) Clinton did, indeed, cause the housing market collapse. The Community Reinvestment Act (CRA), actively pursued by Bubba, was a primary factor in the housing market crash specifically, and the overall economy in general.
President George W. Bush went to Congress numerous times (17 times in 2008) to warn them that quasi-governmental home lending agents Fannie Mae and Freddie Mac were going to destroy the home market in particular, and the economy in general. But Democrats continuously ignored him, shut down his proposals along party lines, and continued coercing Fannie and Freddie for campaign contributions. Guess which party controlled Congress in 2008.
In 2000, Fannie Mae Vice Chair Jamie Gorelick, said, at a banking conference, “We want your CRA loans because they help us meet our housing goals. We will buy them from your portfolios or package them into securities.” She said that soon after the Department of Housing and Urban Development (HUD) raised Fannie Mae’s affordable housing loans quotas to 50% and pressed it to buy more CRA-eligible loans to help meet the new quota. Fannie Mae and Freddie Mac bought about half of all CRA home loans between 2001 and 2007, with most of those loans being subprime. And, yes, that’s the same Jamie Gorelick who was Deputy Attorney General under Janet Reno, a member of the September 11 commission, and personally responsible for instituting the “wall,” a key obstacle to cooperation between law enforcement and intelligence operations before the 9/11 terrorist attacks. To say that Jamie Gorelick is a Democratic political hack would be an understatement.
And this one really has to hurt. Even The New York Times admitted that there is “little evidence” of any connection between the deregulation measures that Obama blames, like the Gramm-Bleach-Liley Act, and the collapse of the housing market. By the way, Bubba signed the act in 1999.
And we cannot omit President Barack Hussein Obama and his role in the housing market and economy collapse. Obama personally signed on in 1995 to sue Citibank into lowering its lending standards to include people from extremely poor and unstable areas. Even Snopes, a blatantly leftist fact-checker, had to admit that this one is true. Snopes tried to, by using some tortured logic, excuse or minimize Obama’s part in the suit. Obama’s role in the lawsuit, as presented by Snopes, is both interesting and hilarious.
And, in September 2012, Obama did it again! His “anti-redlining” suit/campaign pushed banks to give subprime loans to Chicago’s African Americans.
So, where does that leave us? The vast majority of the MSM, in an effort to blame Republicans while protecting Democrats, will continue to report what is blatantly and demonstrably untrue. The very liberal MSM has spent years relentlessly and deliberately spreading falsehoods, providing people with anything but the facts, turning them to mindless blame Bush robots who say Bush was in charge when Democratic policies destroyed the housing market and the economy.
Unfortunately, most of the US population will believe what the MSM reports, never will question their reporting, will never do any research (or even reading) for themselves. Yet this continued falsehood is what forms the basis for decision making in this country. Pity!
But that’s just my opinion.