Who Caused This Economic Collapse Anyway?
13/24/09 2:55pm

You may, like me get a little queasy when you open up your 401(k) these days. Most everybody I know has stopped looking. It can really ruin your day when your retirement account has sagged by 50%. And there sure has been a lot said about who killed it. The not-to-smart among us are still blaming George Bush but they would be wrong (more on that later). To find out who is at original fault all you have to do is go back to the Carter Era CRA (Community Reinvestment Act). That was the piece of legislation that got the ball rolling. The CRA put into law that Fanny Mae and Freddy Mac make home loans available to low income and moderate income families so that more people than ever in America could be a home owner . . . if they could afford it or not.

Fast forward to the Clinton Administration. Andrew Cuomo was Secretary of Housing and Urban Development. Mr. Cuomo, with the help of Congress then started their mau mau of lending institutions to not "red line" whole areas of low income habitation and to start making home loans to these income groups as specified by the CRA and as Fanny and Freddie had been doing for years. In fact Fan and Fred announced that they would buy any of these high risk loans. That really got the ball rolling. See the video just below.

#2. This next clip is Democrat Shumer already talking about the "Fairness Doctrine". The "Fairness Doctrine" is going to be used to shut down conservative talk radio free speech.

So this is just a small video taste of the new Obama America. Add in what happened to private citizen Joe the Plumber using government resources [Link], all because he asked a question [Link], redistributing wealth [Link], bald Marxism/Socialism [Link], nationalizing oil companies (like that Marxist paradise Venezuela) [Link] and you have a brand new America that you'll never recognize [Link].