Monday, August 08, 2011
"How Network News Helped Bring About the Crash"
If you've watched anything but the mainstream media on this subject, you already know this.
Our "genius" elected officials decided everyone should have a house, and then made it so; at the expense of all of us...
Our "genius" elected officials decided everyone should have a house, and then made it so; at the expense of all of us...
Andrew Klavan tells the story at PajamasMedia.com:
"To put it in simplified but not inaccurate terms, what happened as a result was this: The Clinton administration essentially gave orders to lenders to give unwise loans to people based on their race. Those orders required banks to adopt bad lending practices. The dangerously easy credit made house prices rise. And unscrupulous sharks on Wall Street and elsewhere rushed in to make a profit off the housing bubble by luring investors into funding the crummy mortgages. Thus the poison of the government-mandated bad loans flooded the system. When housing prices inevitably fell, the system collapsed.
At the center of all this were Fannie Mae and Freddie Mac, dishonestly run lenders with government backing and a mandate to make housing somehow affordable to those who couldn’t afford it. You can watch videos here and here to see Republicans, including George W. Bush and John McCain, warning of the coming disaster and calling for regulatory legislation to bring the madness at Fannie Mae under control. The videos also show Democrats — most especially and most perfidiously Congressman Barney Frank of Massachusetts — repeatedly claiming nothing is wrong.
If our mainstream news media had not been so politically one-sided, all of this might have been prevented."
