I completely plagiarized (well, not really) this from another blog this morning. It is an exactly accurate historical summary of why we are where we are. Liberal Democrat social engineering that has hurt the country in the worst possible way. Enjoy.
Brief history of the financial crisis:
1977: Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families.
1999: Bill Clinton (D) puts the CRA on steroids, pushing Fannie Mae and Freddie Mac to increase the number of sub-prime loans.
2003: The White House calls Fannie and Freddie “a systemic risk.” The Bush administration pushes Congress to enact new regulations.
2003: Barney Frank (D-CN) says F&F are “not in a crisis.” He bashes Republicans for crying wolf and calls F&F “financially sound.” Democrats block the Republican-sponsored regulation legislation.
2005: Federal Reserve Chairman Alan Greenspan voices a warning over F&F accounting. “We are placing the total financial system of the future at a substantial risk.
2005: Sen. Charles Schumer, (D-NY) says “…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: Sen. John McCain (R-AZ) again calls for reform. “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 GSE’s (government sponsored enterprises) need to be reformed without delay.”
2006: Democrats again block reform legislation.2008: housing market collapses; Democrats blame the Republicans!
2008: Housing market collapses bringing down the economy with it.
2009: America ushers in an era of big government, big spending, and out-of-control government.
1977: Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families.
1999: Bill Clinton (D) puts the CRA on steroids, pushing Fannie Mae and Freddie Mac to increase the number of sub-prime loans.
2003: The White House calls Fannie and Freddie “a systemic risk.” The Bush administration pushes Congress to enact new regulations.
2003: Barney Frank (D-CN) says F&F are “not in a crisis.” He bashes Republicans for crying wolf and calls F&F “financially sound.” Democrats block the Republican-sponsored regulation legislation.
2005: Federal Reserve Chairman Alan Greenspan voices a warning over F&F accounting. “We are placing the total financial system of the future at a substantial risk.
2005: Sen. Charles Schumer, (D-NY) says “…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: Sen. John McCain (R-AZ) again calls for reform. “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 GSE’s (government sponsored enterprises) need to be reformed without delay.”
2006: Democrats again block reform legislation.2008: housing market collapses; Democrats blame the Republicans!
2008: Housing market collapses bringing down the economy with it.
2009: America ushers in an era of big government, big spending, and out-of-control government.
