Isn't this essentially how Democrats ruined our economy?

Question

HOW THE ECONOMY COLLAPSED 101

1) 1977: Jimmy Carter (D) signs the Community Reinvestment Act, guaranteeing home loans to low-income families.

2) September 14, 1993 Bill Clinton (Democrat) signs NAFTA bill, killing US jobs

3) December 08, 1994 Bill Clinton (Democrat) signs GATT, killing US jobs

4) September 03, 1998, HUD publishes report damning FREDDIE MAC and FANNIE MAE for not lending home loans to unqualified blacks and Mexicans. EEOC charges that FREDDIE MAC and FANNIE MAE create "hostile" work environment toward blacks.

5) 1999: Bill Clinton (D) puts the CRA on steroids, pushing Fannie Mae and Freddie Mac to increase the number of sub-prime loans.

6) March 02, 2000, Franklin D. Raines (Democrat) chairman of FANNIE MAE pledges to open lending to unqualified blacks and Mexicans.

7) October 10, 2000 Bill Clinton (Democrat) signs U.S.-China Relations Act of 2000, killing US jobs 

8) April 2001, Bush administration raised red flags over massive low-documentation loans by FNMA

9) September 30, 2002, African-American Safiyyah Rahmaan, (Democrat) sues FANNIE MAE for not lending to enough unqualified blacks.

10) September 10, 2003, Treasury Secretary John Snow (Republican) recommends to the House Financial Services Committee to impose controls on FANNIE MAE and FREDDIE MAC. Barney Frank (Democrat) and Maxine Waters (Democrat) object to controls.

11) October 2003, less than a month later, Fannie Mae disclosed 1.2 billion dollars in "accounting errors". 

12) November 2003, Bush Administration increases warnings of toxic loans made by FANNIE MAE.

13) December 21, 2004, Franklin Raines (Democrat) resigns from FANNIE MAE.

14) February 2005, Bush budget plan exposes potential disaster from FANNIE MAE loans.

15) February 17, 2005, Alan Greenspan recommends limits on FANNIE MAE lending.

16) April 6, 2005, Senator Chuck Schumer (Democrat) refutes placing limits on FANNIE MAE. 

17) June 2005, Deputy Secretary of Treasury, Samuel Bodman (Republican) warns of risks caused by FANNIE MAE lending to unqualified lenders.

18) April 2006, Goldman Sachs sold $494 million of securities on toxic FANNIE MAE loans.

19) May 25, 2006, Senator John McCain (Republican) warns of risks of slack limits on FANNIE MAE lending.

20) August 2007, Bush (Republican) asks Congress to put through limits on FANNIE MAE lending.

21) December 2007, Bush (Republican) warns Congress to hurry limits on FANNIE MAE lending.

22) March 2008, Bush (Republican) warns Congress again.

23) April 2008, Bush (Republican) warns Congress again.

24) April 2008, Goldman Sachs donates $1,000,000 to Obama campaign.

25) April 2008, AIG donates $630,000 to Obama campaign.

26) April 2008, Morgan Stanley donates $485,823 to Obama campaign.

27) May 03, 2008, Bush (Republican) warns Congress again.

28) May 19,2008, Bush (Republican) warns Congress again.

29) May 31, 2008, Bush (Republican) makes radio address warning Congress to pass limits on FANNIE MAE.

30) June 2008, Bush (Republican) warns Congress again.

31) July 2008, Congress finally passes a reform bill on FANNIE MAE lending.

32) November 4, 2008, Hussein Obama elected president.

33) December 18, 2008 House Oversight and Government Reform Committee conducts further hearings into FANNIE MAE and FREDDIE MAC.

34) February 17, 2009, Hussein Obama (Democrat) signs bailout program.

35) March, 2009, AIG reports $62,000,000,000 loss.

36) April 2009, Goldman Sachs reports $780,000,000 loss.

37) April, 2009, Morgan Stanley reports $1,300,000,000 loss.

38) American taxpayers get stuck in the a$$ with over $787,000,000,000 in bailouts

Chewy Ivan 2 · Accepted Answer

No.  That's just a bunch of spin by conservatives to claim Republicans are blameless, like pinning all the blame on Clinton for bills pushed through by a Republican-controlled Congress during his lame duck years.

It&#39;s not magic, it&#39;s physics! · Answer

You only got half the story, but the half you have is correct.

The other half:  Republicans controlled Congress when Clinton signed all those bills.  It was the Republicans who ought to be taking the blame for all those things you attribute to Bill Clinton.

You missed the part about Republicans repealing Glass-Steagal, which repeal was again signed by Clinton.  Glass-Steagal separated commercial banks from investment banks.

Since the government was in the business of guaranteeing home loans, banks decided to use it to make even more money than thye were already making.  They bundled up mortgages and sold them as investments.  When so many of these mortgages turned out bad (as expected with no credit check or income requirement), investors soon found themselves all out of money.  Crash.  Then the banks decided to foreclose on the homes whose mortgages they no longer owned, having sold them as investments.  Illegal.

You also missed TARP.

honestamerican · Answer

I noticed how you skipped all the things republicans did!

Starting with selling out millions of manufacturing jobs to destroy union political power in the 1970s!

I also see where you ignored when Bush ordered Freddie and Fannie to make $600 billion available to first time minority home buyers. Then to save home buyers a couple of hundred bucks Bush relaxed the regulation requiring mortgage companies to verify credit and income unless they were 'suspicious' of the application!

Lastly  your last "fact" is wrong!

$787 billion was the cost of the stimulus! Which was set up as being 40% tax rebates!

Anonymous · Answer

so Reagan Bush 1 Bush 2 Hoover Nixon Harding were Democrats

Anonymous · Answer

and that entire time the con party did nothing? Is that what you're telling us?

good lord, and cons say it's democrats that blame everything on others

? · Answer

Absolutely.  To make matters worse the Dems want the government to take over health care.

What could possibly go wrong?

Anonymous · Answer

It's the jew bag bankers that own the liberals and conservatives.

? · Answer

Democrats have historically been better for the economy than Republicans, even Fox admits so.

http://www.foxbusiness.com/investing/2012/09/04/history-shows-markets-gdp-outperform-under-democrats/

http://www.usnews.com/news/blogs/rick-newman/2012/09/06/bill-clinton-is-right-the-economy-really-does-do-better-under-democrats

http://washingtonexaminer.com/80-year-study-democrats-better-at-economics/article/2505194


Don't you cons just hate how history always disproves your opinions, disguised as facts?

? · Answer

Yes.

Anonymous · Answer

And you say I am crazy?  What do you call this????

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Isn't this essentially how Democrats ruined our economy?

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