Bill Clinton, Goerge Bush, and Financial Blame
Bill Clinton is all about one thing- Bill Clinton. Recently the hyper-narcissist claimed that if members of his own party had listened to him about Fannie Mae and Freddie Mac then taxpayers would not have had to (and we didn't anyway) bail them out. He was supposed to join other Democrats and blame eight years of G.W. Bush, but he keeps breaking from the script. Its almost as if he wants Obama to lose or something!
There is plenty of blame to go around for the wider banking crises. George Bush has been in charge eight long years, including years when his party had control of both houses of Congress. He could have fixed any Clinton blunders. In a moment you can read what he did instead.
Now for the real un-PC root cause of the sub-prime crisis: AW has heard whispers from bankers (not that they would go public with something as non-PC as what they may say in private) that Clinton put in place a rule that said 21% of new mortgage loans had to go to minority neighborhoods! Later that quota was upped by Bush to over 30%! One banker claimed he was so far behind on his "quota" that he had to purchase millions of dollars worth of home loans from Los Angeles!
This would make the sub-prime crises an illegal immigration crises. Bankers were shoveling all this money to people who were not even in the country legally, and who did not have a reliably credit history, and in some cases likely never intended to pay on the loan in any case. Bush would not say that because he has sold us out to the globalists, and has consistently and treacherously taken the side of illegal aliens over the GOP base that elevated him to the Presidency.
Instead of ending Clinton's mad effort to legislate the laws of economics, Bush increased them. He announced he was going to alter programs to make it easier for minorities to own homes. Now minorities with no ability to make mortgage payments could get zero-down home loans! In other words, he did not fix Clinton's Affirmative Action Home Loan Mess, he added to it! For a more detailed analysis of the Bush-Clinton administrations Affirmative Action Mortgage Train Wreck, squeeze here.
Now of course, he wants legal citizens of this country to bail out every corporate boat that his colossal fiscal mismanagement put holes in.
Government intervention, specifically telling banks they had to make a certain percentage of home loans to minorities when there were not that many minorities who were good credit risks, has precipitated this crisis. Now they want more government intervention to fix it. Just say no. No bailout, and change the insane home mortgage regulations that helped force us into this crisis.