New study confirms economy was destroyed by Democrat policies
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Fox News shows timeline for economic meltdown
Video: Fox News
A new study
from the widely respected National Bureau of Economic Research released
this week has confirmed beyond question that the left's race-baiting
attacks on the housing market (the Community Reinvestment Act--enacted
under Carter, made shockingly more aggressive under Clinton) is
directly responsible for imploding the housing market and destroying the
economy.
Photo: Alex Wong/Getty Images
The study painstakingly sorted through failed home loans that caused
the housing market collapse and identified an overwhelming connection
between them and CRA mortgages.
Again, let's review:
-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.
-John McCain also co-sponsored
urgently critical reforms that would have prevented the housing market
collapse, but Democrats shut that down as well, along party lines, and
even openly ridiculed
anyone who suggested reforms were necessary...to protect their
taxpayer-funded campaign contributions as the economy raced
uncontrollably toward the cliff.
-No one was making bad loans to unqualified people until Democrats came along and threatened
to drag banks into court and have them fined and branded as racists if
they didn't go along with the left's Affirmative Action lending
policies...all while federally insuring their losses. Even the New York
Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.
-Democrats themselves are even on the record personally helping sue
one lender (Citibank) into lowering its lending standards to include
people from extremely poor and unstable areas, which even one of the
left's favorite blatantly partisan "fact-checkers," Snopes, admits (while pretending to 'set the record straight').
-Even The New York Times admitted
that there is "little evidence" of any connection between the
"Republican" deregulation measures Democrats blame, like the
Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse
of the housing market.
But non-Fox media have spent years deliberately and relentlessly
inoculating people against the facts, training them to mindlessly blame
Bush for being in charge when Democrat policies destroyed the economy.
So here we sit, to this day, still watching Democrats excuse and shrug
off endless economic failures, illegal government takeovers and utter
national bankruptcy with zero accountability.
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