Bill Clinton started this Financial Crisis
Brian pointed out in a comment that Bill Clinton is more responsible than anyone else for the U.S. economic disaster. On his 1992 legislation:
… Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers … Operating under that requirement, Fannie Mae, in particular, was more aggressive and creative in stimulating minority gains. It aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income. That made banks willing to lend to lower-income families they once might have rejected. …
It does sound like do-gooder Democrats messed with the free market and started this trend:
But did George Bush fix the Clinton mess when he got into office?
… But it was under Bush when the practice began to threaten the economy in a very real way and it was allowed to continue and even encouraged. It was also a mistake to expand the program after 2000 and that is all on Bush’s HUD crew. …
Was Clinton responsible for the Financial Crisis? – Blog for Democracy
I object to graphs where the Y axis does not start at zero. Why not show this graph at y=10 if you want to make a point?
Peter
September 27, 2008 at 3:22 pm
Good point, Peter.
That is common practice when trying to exaggerate the facts.
rickmccharles
September 27, 2008 at 4:00 pm
Speaking of Bill Clinton:
It is opined that Bill Clinton committed racist hate crimes, and I am not free to say anything further about it.
Respectfully Submitted by Andrew Y. Wang, J.D. Candidate
B.S., Summa Cum Laude, 1996
Messiah College, Grantham, PA
Lower Merion High School, Ardmore, PA, 1993
(I can type 90 words per minute, and there are probably thousands of copies on the Internet indicating the content of this post.)
_________________
“If only it were possible to ban invention that bottled up memories so they never got stale and faded.” Off the top of my head—it came from my Lower Merion High School yearbook.
Wang
March 17, 2009 at 5:43 pm