Tuesday, July 12, 2011

Liberal Eleanor Clift Lies Like Hell About the Subprime Mortgage Meltdown; is Refuted by New York Times

One of the most glaring examples of Democrat economy-ruining policies is the subprime mortgage meltdown.  The meltdown brought on the worst recession in my six decades of life.  It was caused by the Clinton Administration forcing banks and mortgage companies to make bad home loans to minorities, which caused a real estate bubble that eventually burst, causing thousands of banks and mortgage companies to fail, thereby spreading the failure throughout the financial sector like a tsunami of bad debt, uncollectible because the loans were collateralized by real estate worth less than the loan balances.

The Democrats have been acting like contortionists ever since, in order to avoid taking responsibility for the disaster that they caused.  Now Eleanor Clift, well-know Democrat propagandist, has asserted on television that it was Wall Street who caused the meltdown, not the bad loans through Fannie Mae and Freddie Mac, who were only innocently following Wall Street down the road to serfdom.

This is B.S. and doesn't square with the recorded facts.  Newsbusters proves that it was indeed the Democrats, through the lending agencies Freddie Mac and Fannie Mae, that planned, executed and carried off the disaster.  Newsbusters quotes articles from the New York Times, circa 1999, that explains the Dem plan to bring home ownership to minorities, through relaxed lending standards at Freddie Mac and Fannie Mae.  Clift is shown to be a liar.  But you knew that.

Read the Newsbuster's article here.

No comments: