More Proof That the Democrats Ruined the Economy

Jim Yardley at American Thinker gives more details on the Democrat melt-down of 2008, including a graph of real estate prices.  Yardley explains how the subprime mortgage fiasco, which was forced on banks and morgage companies, and the graph shows the resulting spike in home prices that resulted.  Yardley writes:

Claims of racial discrimination were frequently aimed at banks in the mid-1990s by community activists who, through judicial actions or by producing demonstrations by irate citizens, embarrassed banks into lowering their lending requirements to the point where, in common parlance, banks began issuing "sub-prime" mortgages. In an effort to both protect the financial integrity of local community banks and provide access to enormous amounts of cash for mortgages, Congress instructed Fannie Mae and Freddie Mac to purchase such mortgages from the original lender, returning the original lender to his original state of liquidity.

Fannie and Freddie then offered institutions such as Lehman Brothers and other major Wall Street firms a chance to "bundle" these mortgages and sell derivative securities, with their value basis predicated on such bundles.

More about the Democrat-engineered meltdown can be read in Mark Levin's book, "Liberty and Tyranny" and in Thomas E. Wood's book, "Meltdown."

The meltdown not only wrecked the economy, it provided the duplicitous mass media and the Democratic Party an opportunity to benefit from their own misdeeds.  The bubble burst in the last few months of George Bush's presidency.  In an extraordinary display of bad faith, the Democrats then blamed the meltdown on a lack of governmental oversight, the machinations of Wall Street and the Republican policies of George W. Bush.

Read Yardley's article:  So Obama Inherited a Mess, Did He? From Whom?

The Daily Beast is Actually the Daily B.S.

I took a look at the Daily Beast website today.  It is a cesspool of Democrat B.S. and distortion.  In their article on Obama insulting Romney they write:

“I know Gov. Romney came to Des Moines last week,” the shirt-sleeved, sweating Obama told a crowd of fervent supporters. “Warned about a ‘prairie fire of debt.’ That’s what he said. ‘Prairie fire.’ But he left out some facts. You know, his speech was more like a cow pie of distortion.”

Taken at face value, the president was simply quoting his Republican opponent to buttress his argument that Romney’s economic proposals were nothing but a throwback to George W. Bush’s disastrous policies that produced financial meltdown and a near-depression.       

Oh really?  So it was Bush's "disastrous policies" that moved the country into a near-depression?  Will some Democrat explain exactly what those policies were and the mechanics of how they caused the housing bubble, the burst, and the subsequent failure of thousands of mortgage companies, banks and investment firms?,

No, it is clear that the near-depression was caused by Democrats and Democrat policies, namely, forcing banks and mortgage companies to make bad loans, first to minorities and then to everyone. This was going on well before Bush was president; it started mainly with Clinton.

Yet the Daily Bee Ess mouths the above drivel without any kind of support for it.  They believe on faith and faith alone, the anything bad that happens was caused by a Republican and only good stuff flows from Democrats.  Like Barney Frank and Chris Dodd who vigorously defended this reckless policy, which blew up in their faces.  Now Democrats achieve some really incredible contortions to blame their mess on Republicans.

Don't believe them.