Posted on 06/11/2009 2:56:24 AM PDT by Scanian
The American people are pretty well convinced that the mortgage meltdown was the fault of greedy bankers, stupid borrowers, and the odd Friend of Angelo Mozilo like Sen. Christopher Dodd (D-CT). That's hardly surprising, since the mainstream media has shown a vivid disinterest in getting to the bottom of it all.
That's why we have Thomas Sowell. His latest book, The Housing Boom and Bust, is a workmanlike analysis of the housing crisis. It's short enough, at about 50,000 words, for anyone to get through on a weekend.
Needless to say, Dr. Sowell does not find that the meltdown was all the fault of greedy bankers -- or even foolish borrowers. He puts most of the blame on politicians and activists that insisted that the US had an "affordable housing" crisis when it didn't. The government agencies that implemented the will of the political sector -- the Federal Reserve System, Fannie and Freddie, and the US Department of Housing and Urban Development -- they were the guilty suspects with actual fingerprints on the victim.
When analyzing a political scandal, our liberal friends usually like to expose the "myths" that the stupid American people were in thrall to. Dr. Sowell does not descend to such oversimplification, but we will.
Myth #1: The Housing Boom was Nationwide. No it wasn't. It was concentrated in just a a few places. News reports and scholarly research have found that even during the boom affordable housing "has been the norm across most of the country, but with glaring exceptions[.]" Writes Dr. Sowell:
(Excerpt) Read more at americanthinker.com ...
The Democrats, through stealth socialism increased demand for housing by forcing loans. With a limited supply, the price of housing went up and up creating a housing bubble. Lending institutions were pressured by Democrats to give toxic, subprime loans to credit unworthy borrowers. The greedy loan institutions were able to get away with this because Fannie Mae and Freddie Mac took them off the hook, so all could enrich themselves.
Demand for housing went up, as did the cost of housing as demand outstripped supply with this new initiative in play. Mr. & Mrs. Jones on Main Street were caught up in this false economy and paid $379,000 for a home now worth $229,000. These homeowners now have negative equity on their home.
The Democrats sabotaged our economy and took control because the Republicans got the blame.
The Democrats sabotaged our economy....
How do these politicians sleep at night?
Dodd, Frank, et al, should all be in jail.
For all of the libs who continue to blame George W. Bush for this mess I suggest you watch this congressional hearing concerning Fannie and Freddie. This really does confirm Thomas Sowell’s position that this crisis was more of a political problem which created an economic meltdown.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
For all of the libs who continue to blame George W. Bush for this mess I suggest you watch this congressional hearing concerning Fannie and Freddie. This really does confirm Thomas Sowell’s position that this crisis was more of a political problem which created an economic meltdown.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
They won’t listen to anyone. They’re still suffering from Bush derangement syndrome.
If we would have had informed and responsible citizens, this mess wouldn’t be nearly as bad..
Bull shit, bush was pushing the same agenda. Do I need to post his several speeches on it again.
I remember in one of Bush’s state of the unions he took credit for the increase in the percentage of home ownership through affordable housing.
“Bull shit, bush was pushing the same agenda”
W didn’t threaten bankers with charges of racism or ACORN demonstrations if they didn’t lower lending standards.
W attempted to reign in Freddie Mac and Fannie Mae who inflated the housing bubble. Blocked Frank and Dodd.
Let that W seething go.
Truth is the more fundamental value.
Nothing surprises me. Ever since Bush allowed/encouraged Section 8 vouchers in 2002 as downpayment/payment on mortgages, all bets were off. There’s a bipartisan effort to destroy this country and it’s working.
4 posted on Thursday, June 11, 2009 9:11:57 AM by Kimberly GG (SARAH PALIN - Supports a "path to citizenship" for ILLEGAL ALIENS.)
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I think you have misplaced blame for the destruction of the financial sector. Whatever little tidbits you come up with while trying to pin the blame on W don’t add to the trillions of dollars of toxic loans passed through the system that were encouraged and protected by the Democrat network.
You’re just way off base.
Read the Sowell book.
If we would have had informed and responsible citizens, this mess wouldn’t be nearly as bad..
People didn’t want to listen.
I knew people who actually thought the Republicans still had control of Congress during the last two years of Bush.
It’s ridiculous how stupid people are.
I don’t even know how Bush won a second term.
I remember in one of Bush’s state of the unions he took credit for the increase in the percentage of home ownership through affordable housing.
Yes he did.
I work around plenty of Bush and McCain bashing types. While they were busy bashing, they neglected to look into what OB was really about. These people just assumed it couldn't get any worse with OB as TOTUS..
bump
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