So here is another political blog, Beatdowners. Sorry. But some things I reading, hearing, and seeing has me beyond frustrated with the direction this country is going. The grid-lock sucks. It's time for people to COMPROMISE. It's time for people to take blinders off and stop blaming Bush. Sure, his administration made some mistakes. But so did Clinton's. And so is Obama's. Get over it.
The word FORECLOSURE is becoming a little TOO repeated, don't you think?
Here's a quick history lesson...and by all means, double and triple check my facts. I can assure you, I am right.
Over the last decade or more, there has been a strong liberal base in Congress (this includes left-leaning Republicans) that pushed hard...perhaps even MANDATED...for banks to give mortgage loans to just about anyone, regardless of poor(er) credit histories and perhaps "inadequate" fiscal means to repay the loans, especially after certain grace periods of low interest rates expired. We have seen, since 2008, the obvious...a large percentage of these loans were defaulted on, and foreclosures have been happening at break-neck speed. All of these foreclosures contributed significantly to the housing and mortgage meltdown, which has served as THE foundation for the current mess our economy is in today.
The housing market tanked, the economy tanked, and the inevitable started - businesses shutting down and laying people off. Hello current unemployment crisis (face it, guys...it's WAY more than a mess, even when we see good numbers like came out today).
My opinion...when ultra-left liberalism succeeds, America fails.
Some points of historical FACT:
1977 - Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families.
1999 - Bill Clinton (D) puts the Community Reinvestment Act on a whole new level by pushing Fannie Mae and Freddie Mac to increase the number of sub-prime loans they approve.
2003 - The Bush Administration cites Fannie Mae and Freddie Mac as a "systemic risk". The White House urges Congress SEVENTEEN SEPARATE TIMES to enact new regulations.
2003 - Good ol' Barney Frank (D-CN) boasts that Fannie Mae & Freddie Mac are "not in a crisis". He straight bashes any and all Republicans for "crying wolf". Further, Mr. Frank says Fannie Mae and Freddie Mac are both "financially sound". The Democratic Congress blocks the Republican-sponsored regulation legislation.
2005 - Federal Reserve Chairman Alan Greenspan warns that the accounting principles of Fannie Mae and Freddie Mac are "placing the total financial system of the future at a substantial risk".
2005 - Senator Charles Schumer (D-NY) states, "I think Fannie and Freddie over the years have done an incredibly good job and are an intrinsic part of making America the best-housed people in the world...if you look over the last 20 or whatever years, they’ve done a very, very good job".
2006 - Senator John McCain (R-AZ) takes up the calls for reform. He says, "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac and the sheer magnitude of these companies and the role they play in the marketplace...the Government Sponsored Enterprises' need to be reformed without delay".
2006 - The Democratic Congress AGAIN blocks reform legislation, this time that had some bi-partisan support.
2008 - The housing market collapses...and, without hesitation, Democrats blame the Republicans and the Bush Administration.
Again, double and triple check my facts. They are spot on. To my liberal friends - sorry, facts are facts. Take your blinders off. Stop being sheep. Open up to other ideas. Obama is NOT the savior he was touted to be. Palin is certainly NOT the answer. The only answer is REAL and TRUE representation. PAC's, Special Interest Groups, and ideology that doesn't work don't belong in government; they never did, but their influence has swallowed the system and made it a whore.
To BOTH sides of the isle - stop pointing fingers. Stop slinging mud. Stop the perpetual campaigning. COMPROMISE. Our country is in the proverbial sh*tter. Work to pull us out.